Property Type

Optima, Principal Real Estate Investors Develop 213-Unit Apartment Tower at Optima Kierland Center in Scottsdale

by Amy Works June 5, 2020

SCOTTSDALE, ARIZ. — A joint venture partnership between Optima and Principal Real Estate Investors is developing 7140 Optima Kierland, a multifamily property located within Optima Kierland Center in North Scottsdale. As the second residential tower within Optima Kierland Center, the 12-story building will feature 213 apartments in a mix of one-, two- and three-bedroom layouts ranging in size from 737 square feet to 2,225 square feet. Units will feature plank flooring, solar shades, floor-to-ceiling glass walls and an outdoor terrace. Residential amenities will include a rooftop pool, lounge and running track; outdoor spa with a steam room, sauna and hydrotherapy; fitness center; cool plunge and hot spa; full-court indoor basketball court; co-working spaces; dog park and pet spa; electronic gaming room; and golf simulator. Additional amenities will include outdoor spaces with barbeques and fire pits; event and party spaces with retractable glass walls; an outdoor bar, lounge and kitchen; and an indoor theatre and game room. Construction of the new tower is well underway, with first move-ins scheduled for August.

June 5, 2020

Hampton-Inn-Breakwater-Town-Center-Imperial-Beach-CA

California Development Hospitality Western

Sudberry Properties, Tharaldson Hospitality Open Hampton Inn & Suites in Imperial Beach, California

by Amy Works June 5, 2020

IMPERIAL BEACH, CALIF. — Sudberry Properties and Tharaldson Hospitality Management have opened Hampton Inn & Suites by Hilton at Breakwater Town Center in Imperial Beach. Situated on 1.5 acres, the four-story, 62,000-square-foot property is the final phase of Breakwater Town Center, a public-private partnership by the city of Imperial Beach and Sudberry Properties. Located at 771 Palm Ave., the newly constructed hotel features 100 guest rooms, a fitness center, breakfast and lounge area, business center, outdoor swimming pool, free Wi-Fi and 100 parking spaces. The hotel’s development team includes Joseph Wong of San Diego-based JWDA, Las Vegas-based Design Cell Architecture and Carlsbad, Calif.-based Watkins Landmark Construction. Heritage Inn of Imperial Beach LLC owns the hotel. Sudberry and Tharaldson are serving as managing partners. Tharaldson Hospitality Management operates the hotel under a franchise agreement with Hilton Worldwide Holdings.

June 5, 2020

California Loans Office Western

Gantry Arranges $35M in Financing for Two San Francisco Office Buildings

by Amy Works June 5, 2020

SAN FRANCISCO — Gantry has secured $35 million in permanent financing for two Class B office buildings in San Francisco. Located at 1301 Sansome St. and 945 Battery St., the two buildings are situated just north of San Francisco’s Financial District. Built in 1910-1940 and renovated in 1999, 1301 Sansome Street features six stories, including a penthouse, offering 38,868 square feet of office space. Grove Collaborative occupies the entire building. Built in 1911 and renovated in 1999, the six-story 945 Battery Street features 67,966 square feet of office space, including a penthouse. Second Life, an online virtual platform, and Lightstep, a provider of software solutions that help organizations stay in control of their systems, occupy the building. George Mitsanas and Josh Natker of Gantry’s Los Angeles office arranged the 15-year loan, which has a 30-year amortization schedule, with a correspondent life insurance company for the undisclosed borrower. Gantry will service the permanent loan.

June 5, 2020

Acquisitions California Industrial Western

Stos Partners Sells Industrial Asset in Southern California for $10.4M

by Amy Works June 5, 2020

TEMECULA, CALIF. — Stos Partners has completed the sale of an industrial property located at 28410 Vincent Moraga Drive in Temecula. An Orange County, Calif.-based private investor acquired the asset for $10.4 million in an off-market transaction. Tenants at the 65,300-square-foot facility include Habitat for Humanity and a publicly traded international consumer goods and farm products company. Stos Partners initially purchased the building in April 2019 for $7.1 million and immediately implemented a repositioning and improvements program. Rob Gunnes, Anthony DeLorenzo and Matt Pourcho of CBRE represented the seller, while Tucker Hohenstein and Mike Erwin of Colliers International represented the buyer in the deal.

June 5, 2020

California Loans Multifamily Western

Greystone Provides $33M Refinancing for Sausalito Towers Apartments in Bay Area

by Amy Works June 5, 2020

SAUSALITO, CALIF. — Greystone has provided a $33 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Sausalito Towers, a garden-style apartment community in Sausalito. Tim Thompson of Greystone’s San Francisco office originated the transaction for the borrower, Sausalito Investments. The loan refinances two existing Greystone loans on the property, and features a 10-year term and 30-year amortization with seven years of interest-only payments. Additionally, the financing has a 61 percent loan-to-value ratio that enables the borrower to continue with ongoing maintenance and renovation. Originally built in 1962, Sausalito Towers features 90 one-, two- and three-bedroom units with views of San Francisco Bay, covered balconies, wood-burning fireplaces and in-unit washers and dryers. The community features a heated swimming pool, on-site parking and private storage.

June 5, 2020

Industrial Loans New Jersey Northeast

JLL Arranges $10.1M Acquisition Loan for Industrial Property in West Deptford, New Jersey

by Alex Patton June 5, 2020

WEST DEPTFORD, N.J. — JLL has arranged a $10.1 million acquisition loan for a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Wells Fargo Bank provided the five-year, floating-rate loan to the borrower, New York-based developer Clarion Partners. Located at 100 Friars Blvd., the industrial warehouse and distribution facility is located within the Mid-Atlantic Corporate Center and features a clear height of 24 feet, 19 loading doors and one drive-in door. The property is the headquarters of ICS Corp. and offers convenient access to the New Jersey Turnpike and Interstate 295. Jim Cadranell and Max Custer of JLL originated the loan.

June 5, 2020

Industrial Loans Massachusetts Northeast

M&T Bank Provides $8.3 Million Loan for Refinancing of Industrial Property in Metro Boston

by Alex Patton June 5, 2020

MALDEN, MASS. — M&T Bank has provided an $8.3 million loan for the refinancing of an industrial property in Malden, a northern suburb of Boston. A partnership between Oliver Street Capital and Bain Capital Real Estate was the borrower. Located at 129 Commercial St., the 54,000-square-foot property features a clear height of 12 feet, four loading docks and one drive-in door. National Grid currently leases the property. David Douvadjian, Timothy O’Donnell and Brian Butler of Newmark Knight Frank placed the loan.

June 5, 2020

Connecticut Industrial Leasing Activity Northeast

Bio-Med Devices Signs 6,500 SF Industrial Lease in Guilford, Connecticut

by Alex Patton June 5, 2020

GUILFORD, CONN. — Medical engineering service Bio-Med Devices has signed a 6,500-square-foot industrial lease in Guilford, an eastern suburb of New Haven. Located at 1 Shoreline Drive, the 72,000-square-foot building features a clear height of 24 feet and was constructed in 2000. The property offers convenient access to State Route 1 and the Connecticut Turnpike, and Bio-Med’s headquarters and primary manufacturing facility is within two blocks of the facility. Bio-Med Devices manufactures personal protective equipment (PPE), including ventilators. Bill Clark, also of The Geenty Group, represented the landlord, Russo Real Estate LLC.

June 5, 2020

Acquisitions Civic New York Northeast

RIPCO Real Estate Brokers $7.4M Sale of Post Office in Queens

by Alex Patton June 5, 2020

NEW YORK CITY — RIPCO Real Estate (RIPCO) has brokered the $7.4 million sale of Woolsey Station Post Office, a 7,668-square-foot building occupied by the United States Postal Service in the Astoria neighborhood of Queens. Located at 2268 31st St., the property is situated near multiple retail and restaurant businesses and offers convenient access to Interstate 278. Greg Batista, Todd Cooper and Mark Kaplan represented the seller, Ditmars Associates, in the transaction. LG Astoria LLC was the buyer.

June 5, 2020

Acquisitions Multifamily Texas

NKF Brokers Sale of 304-Unit Preserve at Old Dowlen Apartments in Beaumont

by Taylor Williams June 5, 2020

BEAUMONT, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of The Preserve at Old Dowlen, a 304-unit apartment community in Beaumont. Built in 2008, the property offers one-, two- and three-bedroom units with stainless steel appliances, built-in desks and individual washers and dryers. Amenities include a pool and a clubhouse with a business center. Brad Shaffer and Brandon Miller of NKF represented the seller, Houston-based Venterra Realty, in the transaction. Purvesh Gosalia of NKF secured an undisclosed amount of Fannie Mae acquisition financing for the buyer, Miami-based LPI Holdings. The loan was structured with a 12-year term and a fixed interest rate.

June 5, 2020

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