Property Type

NorthMarq Provides $25.3M Acquisition Loan for Multifamily Community in Burlington, North Carolina

by Alex Tostado April 22, 2020

BURLINGTON, N.C. — NorthMarq has provided a $25.3 million Fannie Mae acquisition loan for Retreat at the Park, a 249-unit multifamily community in Burlington. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property was built in two phases from 2015 to 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a conference room with Starbucks coffee bar, saltwater pool, fitness center, game lounge, outdoor fireplace and a clubhouse. Melissa Marcolini-Quinn and Lee Weaver of NorthMarq originated the loan on behalf of the borrower, Carter Exchange, a Carter Funds Co. The seller was not disclosed.

April 22, 2020

Acquisitions Georgia Industrial Office Southeast

NAI Brannen Goddard Arranges $13.7M Sale of Office, Warehouse Portfolio in Metro Atlanta

by Alex Tostado April 22, 2020

DORAVILLE, GA. — NAI Brannen Goddard has arranged the $13.7 million sale of North Park, a 181,799-square-foot portfolio comprising office, warehouse and showroom space in Doraville. The property is situated at 3591-3649 Clearview Parkway, along Interstate 285 and 16 miles northeast of downtown Atlanta. David Beak and Mark Sheffield of NAI Brannen Goddard represented the seller, New North Park LLC, in the transaction. An affiliate of Atlanta-based Mimms Enterprises acquired the property.

April 22, 2020

Georgia Healthcare Industrial Southeast

Medical Suppliers Using Port of Savannah to Reach Hospitals in Georgia, Southeast

by Alex Tostado April 22, 2020

SAVANNAH, GA. — Medical suppliers are using the Port of Savannah to ship equipment to hospitals across the state and the Southeast. The Georgia Ports Authority (GPA) is collaborating with companies such as Drive Medical, which is a major supplier of beds, IV poles and other goods, to supply items needed at COVID-19 pop-up hospitals around the country. GPA is providing information such as vessel status, estimated time of arrival and container availability, as well as expedited container processing for cargo destined for COVID-19 hotspots such as New York, Detroit and New Orleans. With help from shipping lines and cargo owners, GPA can also identify containers, locate them on the vessel via U.S. Customs manifests and speed vessel discharge for specific containers. Most of the supplies are moving through the Garden City Terminal.

April 22, 2020

District of Columbia Retail Southeast

NRF Lauds Legislation to Expand Funding for Small Businesses by $300B Amid Pandemic

by Alex Tostado April 22, 2020

WASHINGTON, D.C. — The National Retail Federation (NRF) has praised the $300 billion legislation the U.S. Senate passed to financially aid small businesses that are struggling during the COVID-19 crisis. The Small Business Administration (SBA) ran out of its originally allotted $376 billion Paycheck Protection Program (PPP) fund, which had 200,000 small businesses partaking in the program. The PPP is a product of the Coronavirus Aid, Relief and Economic Securities Act (CARES Act), which was signed into law March 27. “Retailers continue to deal with catastrophic hardships from COVID-19, and small retailers are the hardest hit,” NRF President and CEO Matthew Shay said. “The CARES Act was an important first step, but funding for the PPP has already been exhausted and additional relief is essential to keeping employees of small retailers on the payroll and contributing to the economy until we can get through this challenge.” The total allotment of the new legislation is $484 billion, with additional funding going to hospitals and COVID-19 testing. The U.S. House of Representatives is expected to vote on the bill Thursday. Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.

April 22, 2020

Civic Development Idaho Western

Granite Awarded $245M Contract to Pour Concrete at Naval Spent Fuel Handling Facility in Idaho

by Amy Works April 22, 2020

IDAHO FALLS, IDAHO — Granite has been awarded a $245 million subcontract by Fluor Marine Propulsion for the concrete placement construction of the Naval Spent Fuel Handling Facility near Idaho Falls. The work includes providing all labor, equipment and materials in order to backfill the excavation site from all bedrock up to the elevation that will support super-structure foundations. The backfill will include approximately 10 million pounds of rebar and 300,000 cubic yards of concrete materials. Construction is underway and the concrete placement phase is slated for completion by summer 2021.

April 22, 2020

Acquisitions California Loans Multifamily Western

IPA Arranges $22.4M Acquisition Loan for Multifamily Property in Southern California

by Amy Works April 22, 2020

WEST COVINA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap Capital Corp., has secured $22.4 million in financing for the acquisition of an apartment asset located in West Covina. An undisclosed borrower used the loan proceeds to purchase the 85-unit asset, which is located at 217 S. Barranca Ave. Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged the financing, while Tyler Leeson and Matthew Kipp of Marcus & Millichap’s Newport Beach office, along with Kevin Green of IPA, represented the borrowers in the acquisition. The interest rate is fixed at 3.75 percent for seven years, with the first three years bring interest-only payments followed by a 30-year amortization. The loan-to-value ratio is 60 percent.

April 22, 2020

California Civic Development Western

Meridian Development Completes Fire Station, Two Parks at Millenia Mixed-Use Project in Chula Vista

by Amy Works April 22, 2020

CHULA VISTA, CALIF. — Meridian Development has completed a $15 million infrastructure improvements program at Millenia, a 210-acre, mixed-use urban village in Chula Vista. Meridian is developing the infrastructure projects for property owner Stratford Land. The facilities include a fire station and two neighborhood parks. The Millenia Fire Station, which will be known as Chula Vista Fire Station #10, is located at the corner of Millenia Avenue and Stylus Street. The two-story, 12,500-square-foot building features three double-deep drive-through apparatus bays and accommodations for a 12-person crew. Jeff Katz Architecture designed the green-built and solar-powered fire station. EC Constructors built the property under a design-build process, with Meridian Development serving as general contractor. The infrastructure improvements also include the 1.5-acre Orion Park and the 1.9-acre Stylus Park, both of which are located along the Chula Vista Regional Trail. MIG Inc. designed Orion Park, which features two playgrounds, a dog park, shaded picnic tables, a comfort station, lawn areas and large plazas. Spurlock Landscape Architects designed Strata Park, which features an outdoor game area, fitness training circuit, interactive play area, community plaza, barbecue and picnic areas, and restrooms. Strata Park also offers a 23-plot community garden, open to all Chula Vista residents, …

April 22, 2020

Acquisitions California Multifamily Western

NAI Capital Negotiates $12.1M Sale of The Centinela Apartments in Santa Monica

by Amy Works April 22, 2020

SANTA MONICA, CALIF. — NAI Capital has facilitated the sale of The Centinela, a multifamily property located at 2643 Centinela Ave. in Santa Monica. A Charitable Trust sold the asset to a private investor for $12.1 million, or $426 per square foot. Built in 1963, the two-story building features 48 one-bedroom/one-bath apartments, including eight poolside and six patio units. Community amenities include well-manicured grounds, a pool, laundry facilities, parking and storage. Sheri Messerlian and Tim Steuernol of NAI Capital’s Multifamily Services Group represented both parties in the transaction.

April 22, 2020

Acquisitions California Multifamily Western

Colliers Brokers $6.9M Sale of Apartment Building in San Francisco

by Amy Works April 22, 2020

SAN FRANCISCO — Colliers International Northern California has arranged the sale of 99 Jersey Street, a marina-style apartment building in San Francisco’s Noe Valley district. The property traded for $6.9 million. The names of the seller and buyer were not released. Brad Lagomarsino and James Devincenti of Colliers International Northern California represented the seller and buyer in the deal. Located at 99 Jersey St., the building features 15 studio apartments.

April 22, 2020

Industrial Leasing Activity Texas

CBRE Negotiates 585,910 SF Industrial Lease in Irving

by Taylor Williams April 22, 2020

IRVING, TEXAS — CBRE has negotiated a 585,910-square-foot industrial lease at 2650 Rental Car Drive in Irving. According to LoopNet Inc., construction of the 710,000-square-foot property was completed this year, and building features include 36-foot clear heights, 126 loading docks, 236 car parking spaces and 68 trailer parking spaces. Steve Trese and Steve Koldyke of CBRE represented the landlord, an affiliate of Trammell Crow Co., in the lease negotiations. The representative of the tenant, Sealy Mattress, was not disclosed.

April 22, 2020

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