WEST ALLIS, WIS. — Marcus & Millichap has arranged the $2.1 million sale of a 1,544-square-foot restaurant property net leased to Arby’s in the Milwaukee suburb of West Allis. Constructed in 2004, the building is located at 10743 W. National Ave. Damien Yoder and Madison Harman of Marcus & Millichap’s The Yoder-Harman Group represented the buyer, 12947 Woodbridge Street LLC, a private investor. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.
DAVIS, CALIF. — Dwight Capital has closed a $59.9 million HUD 223(f) refinance for Tanglewood @ Davis, a garden-style apartment complex in Davis. Spanning 14.3 acres, the property offers 216 one-, two- and three-bedroom units across 30 two-story residential buildings. Units include modern appliances, granite countertops, fireplaces and balconies or patios. Community amenities include private parking garages, a basketball court, dog park, fitness center, barbecue and firepit lounge and a swimming pool. Elliot Haft of Dwight Capital originated the transaction. The borrower was not disclosed.
PORT ORCHARD, WASH. — Northmarq has provided a $43.6 million Fannie Mae loan for the refinancing of Haven Apartments, a garden-style multifamily property in Port Orchard, about 22 miles west of Seattle. The borrower was not disclosed. Located at 4999 Sidney Road SW, Haven Apartments offers one-, two- and three-bedroom floor plans with quartz countertops and high-end finishes, luxury vinyl flooring, walk-in closet options, balconies or patios, kitchen islands, full-sized washers/dryers, stainless steel appliances and primary suites. Robert Spiro of Northmarq’s Seattle Debt + Equity team originated the fixed-rate loan on behalf of the borrower. The interest-only financing was arranged through Northmarq’s Fannie Mae DUS program.
VANCOUVER, WASH. — Ethos Commercial Advisors has secured bridge financing for Skyview Station, a 77,000-square-foot retail property in north Vancouver. The borrower, Vancouver-based Hurley Development, received $24 million in non-recourse financing from an unnamed life insurance company. Completed in early 2024, the eight-building Skyview Station is anchored by a 13,000-square-foot Trader Joe’s. Other tenants include Chase Bank, Jersey Mike’s Subs, Chipotle Mexican Grill and a range of healthcare clinics. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the financing on behalf of the borrower.
BROOMFIELD, COLO. — Tepuy Properties has acquired an industrial facility located at 11331 Dillon Road in Broomfield for $4.7 million. Jaime Pletcher of Gibbons White represented the buyer, while Matthew Trone of Cushman & Wakefield represented the undisclosed seller in the deal. Glass to Glass Denver, a subsidiary of Owens-Illinois, occupies the 27,116-square-foot glass recycling facility. The tenant specializes in transforming post-consumer glass into high-quality, reusable glass for manufacturers. The company processes a variety of glass materials, including bottles, jars and containers, for reuse in manufacturing new glass products. Built in 1973, the facility is located off Highway 287 and E-470, providing direct access to Denver International Airport.
ALISO VIEJO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a vacant restaurant building within Aliso Viejo Town Center in Southern California. ValueRock Realty Partners acquired the asset from a private investor for $5.3 million. Located at 26641 Aliso Creek Road in Aliso Viejo, the freestanding, 7,914-square-foot building was built on 1.3 acres in 1997. The property was formerly occupied by Macaroni Grill. Other tenants at Aliso Viejo Town Center include Ralphs, CVS Pharmacy, Staples, T.J. Maxx, HomeGoods, PetSmart and Regal Cinemas. Sean Cox, Bill Asher and Kevin Fryman of Hanley Investment Group represented the seller and buyer in the transaction.
MIAMI — Newmark has brokered the more than $400 million sale of the W Hotel South Beach in Miami. Reuben Brothers purchased the 20-story, oceanfront property from Tricap. The sale marks the largest hotel transaction in the Miami market this year, according to Newmark. The property is also the newest hotel to sell in the market since 2021. The W Hotel, which Tricap completed in 2009, features more than 300 hotel and condo units. There are multiple luxury restaurants, including The Grove, Mr. Chow and WET Bar, as well as a full-service spa. The 3.8-acre site at 2201 Collins Ave. formerly housed a Holiday Inn hotel, which was demolished in 2006. The tower sits immediately adjacent to Miami Beach with views of Biscayne Bay and the Miami River. The hotel features convenient access to I-195 and I-395 and is proximate to luxury retail options along the waterfront. Newmark represented Manhattan-based Tricap in the sale. Eastdil Secured also advised the seller. Tricap has developed a portfolio of real estate holdings, including hotel, office, retail and mixed-use properties in major metropolitan markets such as New York City, Miami, Silicon Valley, Seattle and Las Vegas. London-based Reuben Brothers is a private equity, real …
By Taylor Williams The concept of cap rates is an interesting phenomenon when you stop to think about it. Short for “capitalization rate” and calculated as net operating income (NOI) divided by sales price, this all-important real estate metric represents a page borrowed from Wall Street’s playbook, a savvy maneuver by investors to create a vehicle of asset valuation and apply it to select securities on a widespread basis. The circumstances of the metric’s inception are largely unknown, but all that matters is that the real estate industry has successfully propagated the use of cap rates as a crucial mechanism to underwriting and pricing transactions for these assets. And the most basic thing to know is that to a point, sellers like low cap rates because they reflect high purchase prices, and buyers prefer high cap rates for the opposite reason. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Yet for all their ubiquity, cap rates are fluid, representing snapshots of valuations at random points in time. Tenants move out, leaving spaces vacant, and a property’s …
GREENSBORO, N.C. — IQE Inc., a global semiconductor manufacturer based in Wales, has announced plans to invest $305 million to expand its manufacturing facility in Greensboro to produce next-generation compound semiconductor material. The investment is subject to customer commitments and funding from the federal CHIPS Act. The expansion is expected to create 109 new jobs in North Carolina’s Piedmont Triad region, which sits between Charlotte and Raleigh-Durham along I-85. “IQE’s major reinvestment in Guilford County is a testament to the quality of our world-class workforce, the strength of our business climate and our leadership in clean energy and technology,” says North Carolina Gov. Roy Cooper. Operating in Greensboro for more than a decade and with 72 employees, IQE manufactures “epi wafers” using molecular beam epitaxy for the defense and aerospace industries. The new investment would add a complementary epitaxy called metal-organic chemical vapor deposition (MOCVD) and would provide a new clean technology for semiconductor chip production to help serve the electric vehicle (EV) market. North Carolina is growing its EV manufacturing base. For example, VinFast, an EV manufacturer based in Vietnam, is currently building out a $4 billion factory in nearby Chatham County.
ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.
