Property Type

Gordon Partners Nears Completion of 40,000 SF Office, Retail Expansion Project at Lake Conroe

by Taylor Williams March 31, 2020

CONROE, TEXAS — Houston-based developer Gordon Partners is nearing completion of its expansion of Waterpoint Center, a lifestyle center that fronts Lake Conroe, about 40 miles north of Houston. The project will add roughly 40,000 square feet of retail, restaurant and office space, as well as 60 new boat slips. Restaurants that have signed new leases at the property include Akashi Asian Bistro and Kenz Mediterranean. Several office users, Gary Greene Realtors and Optimus Med Spa have also signed leases. Construction is scheduled to be complete in August.

March 31, 2020

Development Midwest Minnesota Multifamily

26-Story Luxury Apartment Tower Opens in Minneapolis

by Kristin Harlow March 31, 2020

MINNEAPOLIS — Rafter, a 26-story, 283-unit luxury apartment tower in northeast Minneapolis, has opened. Cuningham Group designed the 407,530-square-foot project. Mortenson Development was the developer. The tower’s exterior is a blend of white and textured charcoal concrete that creates a look reminiscent of modern ceramic arts, according to Cuningham. Photographs, paintings and sculptures by local artists can be found throughout Rafter’s shared spaces. Located at 333 Hennepin Ave., the development also features 6,000 square feet of retail space and a seven-story, 279-space parking garage. Monthly rents start at $1,425. The property name comes from the fact that a group of turkeys is called a “rafter.” Many wild turkeys call this part of Minneapolis home.

March 31, 2020

Development Midwest Missouri Multifamily

CBKC to Develop $12.6M Multifamily Project in Kansas City

by Kristin Harlow March 31, 2020

KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.

March 31, 2020

Michigan Midwest Retail

The State Bank Unveils Relief Measures for Consumers, Businesses Affected by COVID-19

by Kristin Harlow March 31, 2020

FENTON, MICH. — The State Bank has unveiled a set of initiatives to support its consumer and business customers as well as local communities as they face mounting financial challenges as a result of the COVID-19 pandemic. Key components of the relief measures include: access to an interest-free emergency loan of up to $1,000 with no payments due for 90 days and a 12-month repayment period; a community support program where people in financial need can be nominated by family or neighbors to receive one of 10 checks of $250 paid daily between April 6 and May 1; payment deferrals of up to 90 days or interest-only payments up to 180 days for all small business association and commercial loans; relief from everyday banking and credit card fees; payment deferrals on mortgages and consumer loans; and appointments to discuss assistance available through federal and state relief programs. Fenton-based The State Bank has assets of $950 million and currently operates 15 full-service offices in Genesee, Livingston, Oakland, Saginaw and Shiawassee counties as well as loan production offices in Washtenaw and Saginaw counties.

March 31, 2020

Loans Midwest Multifamily Nebraska

NorthMarq Secures $13M Refinancing for Apartment Complex in Omaha

by Kristin Harlow March 31, 2020

OMAHA, NEB. — NorthMarq has secured a $13 million loan for the refinancing of Ontario Place Apartments in Omaha. The 156-unit apartment complex is located at 7325 Ontario St. Amenities include a pool, clubhouse, fitness center and business center. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan, which features a fixed rate of 3.32 percent.

March 31, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $2.8M Sale of Retail Asset in Woodridge, Illinois

by Kristin Harlow March 31, 2020

WOODRIDGE, ILL. — Marcus & Millichap has arranged the $2.8 million sale of a 5,972-square-foot retail property in Woodridge, about 30 miles west of Chicago. Located at 1001 W. 75th St., the building serves as an outparcel to Woodgrove Festival shopping center. It is fully leased to Noodles & Co., T-Mobile and Zoup. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was undisclosed.

March 31, 2020

Acquisitions Industrial Texas

Vending Concepts Buys 29,500 SF Industrial Property in East Fort Worth

by Taylor Williams March 31, 2020

FORT WORTH, TEXAS — Vending Concepts LLC, which sells commercial vending machines and private label coffee, has purchased a 29,500-square-foot industrial property in east Fort Worth for its new headquarters and distribution center. The two-building property was developed on two acres in 1960. Christopher Fleeger and David Jimenez of Morrow Hill represented the seller, Graco Supply Co., in the transaction. Bradford Commercial Real Estate Services represented the buyer.

March 31, 2020

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 69-Room La Quinta Inn Hotel in Karnes City, Texas

by Taylor Williams March 31, 2020

KARNES CITY, TEXAS — Marcus & Millichap has arranged the sale of the 69-room La Quinta Inn & Suites by Wyndham Karnes City-Kenedy, about 75 miles southeast of San Antonio. The property, which had a list price of $5.4 million, offers a pool, business center and complimentary breakfast. Andrew Frosch, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio, along with Joseph Manuel of Marcus & Millichap, also procured the Texas-based buyer. Both parties requested anonymity.

March 31, 2020

Acquisitions California Multifamily Western

Fore Property Sells Arte Apartment Community in Rancho Cucamonga for $68M

by Amy Works March 31, 2020

RANCHO CUCAMONGA, CALIF. — Santa Barbara, Calif.-based Fore Property has completed the disposition of Arte, a multifamily property located in Rancho Cucamonga. An affiliate of Encinitas, Calif.-based Providence Capital Group acquired the asset for $68 million, or $373,626 per unit. Located at 10130 Foothill Blvd., Arte features 182 apartments in a mix of 10 floor plans, including one-, two- and three-bedroom layouts. Each unit features a patio or balcony, washer/dryer, stainless steel appliances, quartz countertops, hardwood-style flooring and walk-in closets. On-site amenities include an outdoor kitchen and barbecue fireplace; bar area; television entertainment wall; fire tables; a pool and spa; two-story fitness center with spin/yoga room; dog park; and game room. The property was built in 2019 on 4.4 acres. Peter Hauser, Matt Hauser and Masa Ito of Avison Young’s Irvine, Calif., office represented the seller and buyer in the transaction.

March 31, 2020

Acquisitions California Multifamily Western

Universe Holdings Acquires Serena Vista Multifamily Property in Metro San Diego for $34.4M

by Amy Works March 31, 2020

LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment community located in La Mesa, for $34.4 million. The name of the seller was not released. Located at 5810 Amaya Drive, Serena Vista features 110 apartments in a mix of one- and two-bedroom layouts spread across 17 residential buildings on a 5.2-acre site. Community amenities include a swimming pool, spa, two laundry facilities, fitness center, clubhouse, garages and covered parking with storage. Built in 1971, the property has undergone significant interior and exterior upgrades, with Universe planning to implement a light capital improvement plan to upgrade the property’s common areas. At the time of sale, the property was fully leased and stabilized.

March 31, 2020

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