JACKSONVILLE, FLA. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April. The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent of essential, full-service restaurants paid May rent. Additionally, other tenants in Regency’s portfolio, including soft goods, personal service providers and fitness centers, paid at a 28 percent rate. In April, every rent rate by category was higher than May. Regency said that as of May 31, approximately 75 percent of its tenants were open for business across the 408-property portfolio.
ORLANDO, FLA. — Westside Capital Group has purchased The Residences at Veranda Park, a 150-unit multifamily community in Orlando, for $45 million. The five-story building was built in 2008. The property offers one-, two- and three-bedroom floor plans averaging 1,239 square feet. Communal amenities include two fitness centers, two spas, a clubhouse, 482 parking spots and 48,385 square feet of commercial leasable space on the ground floor. Westside Capital aims to update common areas and perform targeted management initiatives. Evan Kristol, Jason Hague and Duane Anderson of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed. Additionally, Charles Foschini of Berkadia originated a $31.5 million Freddie Mac acquisition loan on behalf of the buyer.
GALLATIN, TENN. — Brennan Investment Group has acquired and executed a 90,250-square-foot sale-leaseback of an industrial building fully leased to Bennett Tool & Die, a contract tooling and metal stamping supplier. The building is located at 1550 Airport Road in Gallatin, 33 miles northeast of downtown Nashville. The facility serves as Bennett Tool & Die’s corporate headquarters and primary manufacturing facility. The sales price and terms of the new lease were not disclosed.
WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $13.8 million sale of Brandywine Centre I, a 69,954-square-foot office building in West Palm Beach. The three-story property comprises 60,854 square feet of office space and a 9,100-square-foot restaurant outparcel. Notable tenants at the time of sale included Divine Blalock Martin Sellari LLC, Renegades Country Western Bar, Online Trading Academy, Landcastle Title Group and DBA Trident Title. The asset is located at 580 Village Blvd., four miles west of downtown West Palm Beach. Greg Miller, Scott O’Donnell, Dominic Montazemi, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the sellers, KAS Brandywine LLC and KAS Hags CUP LLC, in the transaction. John DeMarco of ReMax 5 Star Realty represented the buyer, Palm Beach Business Center GP.
SAN DIEGO — Capstone Development Partners has closed on traditional debt and equity financing for the development of VIVA 5750, a new on-campus student housing community at San Diego State University in San Diego. Situated on ground leased by Capstone, the four-story, 80,000-square-foot community will house approximately 182 students in a mix of apartment-style units. Additionally, the project will feature indoor and outdoor amenities. Construction of the $23.5 million project commenced in May, with completion slated for the fall 2021 semester. Capstone, JWDA Architects and Cannon Constructors collaborated with the San Diego State University Research Foundation’s project stakeholders to design the new apartment property to meet the university’s goals and objectives relative to upper-division and graduate student housing options. VIVA 5750 is Capstone’s second P3 partnership with the San Diego States University Research Foundation.
VINEYARD, UTAH — Roundhouse has purchased The Alloy at Geneva, a multifamily property located within Geneva, a master-planned community in Vineyard, within the Provo-Orem metro area. An affiliate of Dekel Capital and an affiliate of Mountain Capital Partners sold the asset for an undisclosed price. Built in 2015 on 15 acres, the 314,562-square-foot apartment complex features 14 three- and four-story residential buildings, offering a total of 324 units, and a clubhouse. The average unit size is 971 square feet. Brock Zylstra, Steve Gebing, Cliff David and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal. Phil Brierley of Marcus & Millichap served as the broker of record in Utah.
PHOENIX — Colliers International has brokered the sale of a 10-property industrial portfolio in Phoenix. Hibernia Capital Advisors sold the assets to Phoenix-based Harrison Properties for $18 million, or $50 per square foot. Totaling 357,921 square feet, the properties range in size from 17,000 square feet to 77,000 square feet. At the time of sale, the Class B and C buildings were 96 percent leased. Current tenants include Strictly from Scratch, Mega Metals and Pierpont Manufacturing. The properties are located at 1701-1735 W. Roosevelt St.; 902-922 and 800 N. 17th Ave.; 1728 W. McKinley St.; 1010 and 1333-1345 N. 22nd Ave.; and 1837-1843, 2102-2112, 2202-2210 and 2212 N. 23rd Ave. Don MacWilliam and Payson MacWilliam of Colliers’ Arizona team negotiated the transaction.
MALIBU, CALIF. — Miramar Property Investment Co. has completed the sale of two office buildings located within Malibu Professional Park in Malibu. Wave Enterprises, a 501(c)(3) charitable entity of Pepperdine University, acquired the assets for $17.5 million. Located at 23805 and 23815 Stuart Ranch Road, the buildings offer a total of 39,615 square feet. At the time of sale, the properties were nearly 85 percent leased to a variety of office and medical tenants, including UCLA Medical, Pepperdine University and various local business firms. Tony Dorn of Beitler Commercial Realty, along with A.J. Dorn of Newmark Knight Frank, represented the seller in the deal.
GRAND PRAIRIE, TEXAS — U.S. Auto Parts Network Inc., (NASDAQ: PRTS), an online provider of automotive aftermarket parts and accessories and owner of carparts.com, will open a 210,000-square-foot distribution center in the metroplex city of Grand Prairie. The California-based company expects to begin operations in late 2020 and to create at least 150 jobs and $10 million in economic impact during its first 18 months. The facility will also include a “will call” window where local residents who have ordered online can pick up their parts onsite.
LUBBOCK, TEXAS — Greystone has provided a $34.4 million Fannie Mae loan for the refinancing of Catalina West, a 266-unit apartment community in Lubbock. Completed in 2019, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor lounge and a dog park. The loan was structured with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Steven Mumford of Greystone originated the debt on behalf of the borrower, Avalon Estates.