Property Type

Carrfour, Pride Center Break Ground on 48-Unit Community in Metro Miami Targeting LGBTQ Seniors

by Alex Tostado October 30, 2019

WILTON MANORS, FLA. — Carrfour Supportive Housing and The Pride Center at Equality Park have broken ground on a 48-unit affordable community in Wilton Manors that will offer supportive services specifically targeting LGBTQ seniors. Located approximately 30 miles north of Miami, The Residences at Equality Park is scheduled for completion in 2020. Of the 48 units, 34 will be set aside as permanent supportive housing for low-income seniors ages 55 and older with a disabling condition who need onsite supportive services in order to maintain their housing. Forty-three units will be available to residents earning 60 percent or less of Broward County’s area median income (AMI) — about $35,400 per year for a one-person household, and about $40,400 per year for a two-person household. The remaining five units will be available to those earning 33 percent or less of the AMI, or about $17,700 per year for a one-person household and $20,200 per year for a two-person household. Monthly rents will be based on income, ranging from approximately $350 to $1,029. Carrfour will serve as the project’s developer, operator and service coordinator, while The Pride Center will provide residents with onsite supportive services, including service linkage, senior support groups, wellness …

October 30, 2019

Acquisitions Florida Industrial Self-Storage Southeast

Marcus & Millichap Arranges $7.9M Sale of Self-Storage Facility in Central Florida

by Alex Tostado October 30, 2019

WILDWOOD, FLA. — Marcus & Millichap has arranged the $7.9 million sale of My Garage | Self-Storage & Flex Warehouses, a 98,350-square-foot self-storage facility in Wildwood. The property is located at 5626 C Thomas Road, 50 miles northwest of downtown Orlando. David Vaughan and Ray Turchi of Marcus & Millichap represented the undisclosed private seller in the transaction. The buyer was also not disclosed.

October 30, 2019

California Development Life Sciences Office Western

Joint Venture Buys 640,000 SF Life Sciences Development Site in San Diego for $70M

by Amy Works October 30, 2019

SAN DIEGO — Gemdale USA Corp., with Lincoln Property Co. (LPC), has acquired Aperture Del Mar, an infill development opportunity located in the Del Mar Heights submarket of San Diego. An institutional investor sold the property for $70 million. Situated on 15.7 acres, the site is fully entitled for a 640,000-rentable-square-foot office and life sciences project. According to LPC, the project team is currently working on development and design plans for the site. The property is located within a five-minute walk of more than 185,000 square feet of newly developed retail amenities. Kevin MacKenzie, Doug Bond, Nick Psyllos, Michael Leggett and John Chun of JLL’s Capital Markets represented the seller and buyer in the deal. Additionally, JLL’s Chad Urie, Tony Russell and Grant Schoneman will oversee leasing of the project.

October 30, 2019

Acquisitions Arizona Office Western

Velocis Acquires Kierland One Office Building in Scottsdale from Hines, PCCP

by Amy Works October 30, 2019

SCOTTSDALE, ARIZ. — Dallas-based Velocis has purchased Kierland One, a Class A office building located in Scottsdale. Hines, along with PCCP as joint venture equity partner, sold the 175,441-square-foot property for an undisclosed price. Situated in Scottsdale’s Airpark submarket, the four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled, two-story lobby, new tenant improvements and high-end spec suites. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE’s Luke Walker, Brad Anderson and Mike Strittmatter will continue to handle leasing for the property under the new ownership. Hines will continue to serve as property manager to Kierland One.

October 30, 2019

Development Mixed-Use Multifamily Retail Utah Western

Crandall Capital Breaks Ground on The Commons Mixed-Use Project in Park City, Utah

by Amy Works October 30, 2019

PARK CITY, UTAH — Crandall Capital has started construction of The Commons, a mixed-use development in Park City. The project is scheduled for completion in October 2020. Located in the Newpark Towncenter at Kimball Junction, The Commons is the final component of the larger development’s master plan. Totaling, 37,659 square feet, The Commons will feature 38 affordable apartments in a mix of studio, one-, two- and three-bedroom floor plans and 12,500 square feet of ground-floor retail space, as well as outdoor patio and dining areas overlooking Newpark Amphitheater and the 1,200-acre Swaner Nature Preserve. Zwick Construction is serving as general contractor and Stearns Bank provided financing for the project.

October 30, 2019

Belmont-Shores-Mobile-Estates-Laguna-Beach-CA

California Loans Multifamily Seniors Housing Western

Greystone Funds $33.7M Freddie Mac Loan for 347-Unit Age-Restricted Community in Long Beach, California

by Amy Works October 30, 2019

LONG BEACH, CALIF. — Greystone has provided a $33.7 million Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit, age-restricted, manufactured housing and mobile home community in Long Beach. The borrower was Alamitos Bay Partnership LLC. The loan carries a 15-year term and 30-year amortization, and will fund capital improvements to the property’s common-area buildings. Dale Holzer of Greystone originated the transaction, with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

Development Industrial New Jersey Northeast

Joint Venture Underway on 535,790 SF Spec Industrial Development in East Greenwich, New Jersey

by Alex Patton October 30, 2019

EAST GREENWICH, N.J. — A joint venture between Pacific Coast Capital Partners LLC (PCCP) and CRG is underway on development of The Cubes at East Greenwich, a two-building, Class A industrial warehouse project totaling 535,790 square feet in East Greenwich, a southern suburb of Philadelphia. The first building, located at 100 Huff Road, will comprise a 283,040-square-foot structure with 36-foot clear heights, 43 exterior docks, two drive-in doors, 60 trailer parking spaces and a 130-foot truck court. The second building, located at 191 Harmony Road, will consist of a 252,750-square-foot structure with 36-foot clear heights, 38 exterior docks, two drive-in doors, 79 trailer parking spaces and a 130-foot truck court. Construction of both buildings, which are being developed on a speculative basis, is slated for completion in the third quarter of 2020.

October 30, 2019

Acquisitions Multifamily Texas

American Landmark Buys Two Multifamily Assets Totaling 484 Units in Houston

by Taylor Williams October 30, 2019

HOUSTON — Tampa, Fla.-based multifamily investment firm American Landmark has purchased two assets totaling 484 units in Houston. The company acquired the 234-unit Newport on the Lake in West Houston and the 250-unit Harbor View Apartments in the northeastern suburb of Kingwood. The properties were built in 2008 and 2010, respectively, and will undergo a combined $5.9 million capital improvement program and be respectively rebranded as Lakefront Villas and The JaXon. Both assets feature granite countertops and walk-in closets but have different amenity packages. With this transaction, American Landmark now owns 38 properties in Texas, including 14 in Houston.

October 30, 2019

Leasing Activity New York Northeast Office

Oak Hill Advisors Preleases 45,954 SF of Office Space at One Vanderbilt Avenue in Manhattan

by Alex Patton October 30, 2019

NEW YORK CITY — Investment firm Oak Hill Advisors has preleased 45,954 square feet of office space at One Vanderbilt Avenue, a 1.6 million-square-foot tower under development in the East Midtown neighborhood of Manhattan. One Vanderbilt is now 64 percent preleased to tenants including investment firm The Carlyle Group, equity firm Sentinel Capital Partners, TD Bank Group and German financial firms DZ Bank and DVB Bank. One Vanderbilt will offer a 30,000-square-foot, tenant-only amenity floor with meeting spaces, lounge and an outdoor terrace. The building will also include an 11,000-square-foot restaurant concept from French chef Daniel Boulud. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord and developer of the building, SL Green Realty Corp. Construction is slated for completion in August 2020.

October 30, 2019

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