CATHEDRAL CITY, TEMECULA AND REDDING, CALIF. — SRS Real Estate Partners has arranged the sales of three restaurant properties totaling $10 million. Starbucks Coffee occupies the three newly constructed properties, which include drive-thrus, under long-term, corporate-guaranteed triple-net leases. The sales include: – A 1,900-square-foot property at the southwest corner of Highway 111 and Date Palm Drive in Cathedral City. A Northern California-based private investor acquired the asset from a Newport Beach, Calif.-based retail and restaurant development company for $3.7 million. Alexander Moore of SRS Capital Markets represented the buyer in the deal. – A 3,600-square-foot property at 27425 Ynez Road in Temecula. A West Coast-based developer sold the property to a California-based private investor for $3.6 million. Pat Kent and Parker Walter of SRS Capital Markets brokered the sale. – A 2,055-square-foot building at 3045 Shasta View Drive in Redding that sold for $2.7 million. Alexander Moore of SRS Capital Markets represented the seller, a California-based private investor, and the buyer, a Northern California-based private investor.
RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail property located at 4990 Van Buren Blvd. in Riverside. Portland, Ore.-based developers Zach Bonsall and Braden Bernards of Cole Valley Partners sold the asset to a Long Beach, Calif.-based private investor for $2.8 million. Dutch Bros Coffee will occupy the 1,025-square-foot drive-thru building, which is currently under construction, on a 15-year absolute triple-net ground lease with 10 percent rental increases every five years. An opening date has not been announced for the location. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Mark Troughton of Whittier, Calif.-based Mark Troughton Real Estate represented the buyer in the deal.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $24 million sale of the 217-room Stadium Hotel in Miami Gardens. Situated across from the Hard Rock Stadium, home arena of the Miami Dolphins and Miami Hurricanes, the nine-story property was originally built in 1973 and renovated in 2017. Amenities at the hotel include an Olympic-size swimming pool, miniature golf course, basketball court and meeting and event spaces. The Legends Sports Grill restaurant is also located onsite at the hotel. Ryan Shaw of Marcus & Millichap represented the buyer in the transaction. The Kabani Hotel Group represented the private seller. Both parties requested anonymity.
MIDLOTHIAN, VA. — Newmark has negotiated a $23.1 million HUD-insured construction loan to fund the next phase of Summerfield Apartments, a multifamily complex located within the Winterfield Crossing development in Midlothian, a suburb of Richmond. Nemo Hannafin and Ed Belz of Newmark secured the financing on behalf of the landlord, an entity doing business as Summerfield Apartments LLC, in the transaction. The next phase of the Summerfield Apartments’ project will bring an additional 122 units to the Winterfield Crossing mixed-use development. The construction timeline was not disclosed.
BIRMINGHAM, ALA. — Northmarq has arranged a $19.6 million loan for the refinancing of Market Lofts on Third, a 192-unit multifamily complex located at 2225 3rd Ave. N in Birmingham. Jesse Lemos and William Rhett of Northmarq’s Nashville Debt and Equity team arranged the 10-year Fannie Mae loan on behalf of the borrower, an entity doing business as EPT Holdings LLC. The loan features five years of interest-only payments. Originally known as Birmingham’s Municipal Market, the property has also served as a home for an automobile equipment company, bowling alley and office space. Market Lofts on Third was renovated in 2023 as a mixed-use development and now offers 140,000 square feet of living space, as well as 8,000 square feet of space dedicated for commercial use. The complex features studio, one- and two-bedroom floorplans up to 973 square feet in size, according to Apartments.com. Amenities include a rooftop deck with downtown views, a courtyard gathering space and fire pit, fitness center, laundry center, off-street parking, residential lounge, coffee bar, billiards, pet park with shampoo station and 24-hour emergency maintenance, as well as “wash, dry and fold” laundry services. Market Lofts on Third also offers furnished apartment options available through the CORT Furnishing rental …
SANDY SPRINGS, GA. — Life Time, a leading healthy lifestyle fitness brand, has opened its ninth athletic club in Atlanta in the northern suburb of Sandy Springs. Situated between the “King and Queen” office towers along the confluence of I-285 and Ga. Highway 400, Life Time Perimeter transformed the former Concourse Athletic Club into a three-story, 79,000-square-foot facility. The multimillion-dollar renovation includes eight outdoor pickleball courts, five tennis courts and a beach club-style swimming pool area. Other facilities include an expansive fitness floor with cardio equipment, resistance machines and free weights, as well as a recovery space that features water massage and cold therapy chairs. The club also offers more than 100 classes weekly, including barre, yoga and Pilates, a LifeCafe and a Kids Academy. Life Time Perimeter joins other area athletic clubs in the Atlanta submarket including Alpharetta, Sugarloaf, Johns Creek, Woodstock, Peachtree Corners, Buckhead and North Druid Hills, which opened in December 2024.
RUSTBURG, VA. — Locally based Blue Ridge Beverage Co., a full-service wholesale beverage distributor, will move its Lynchburg division of operations to Campbell County in Rustburg with the construction of an 80,000-square-foot industrial facility. The building will house the division’s operations, sales, delivery, product inventory and administrative offices on more than 14 acres at Seneca Commerce Park, a 145,000-square-foot industrial property currently under development. The company will transfer its existing workforce from Lynchburg to the new Rustburg location.
WEST LAFAYETTE, IND. — Purdue Research Foundation (PRF) and American Campus Communities (ACC) have opened 3rd & West, a 984-bed student housing development at Purdue University in West Lafayette. Located at the intersection of Third Street and McCormick Road, the complex rises five stories and totals 325,000 square feet. Units come in studio, one-bedroom, two-bedroom and four-bedroom configurations. Amenities include an entry plaza for community gatherings, dual courtyards, study lounges, private study rooms and a fitness center. The first students will move into the new housing at the start of the fall 2025 semester. A public-private partnership between PRF and ACC developed the project. SCB served as architect.
Midas Hospitality, Double Eagle Development Deliver 227-Unit Luxury Apartment Complex Near St. Louis
ELLISVILLE, MO. — Midas Hospitality and Double Eagle Development have completed MILA Apartments, a 227-unit luxury apartment complex in the St. Louis suburb of Ellisville. The four-story project is situated on a 7-acre site at 15970 Manchester Road. MILA Apartments features eight floor plans for studio, one-, two- and three-bedroom apartments ranging in size from 552 to 1,363 square feet. Amenities include a courtyard, grills, a pool, turf lawns, bocce ball, mini golf, a fitness center, dog park and conference rooms. The property manager is 2B Residential. The project team included Rosemann & Associates as architect and MBG as general contractor. A Starbucks location fronts the property.
MINNEAPOLIS — Tenants have signed leases totaling nearly 60,000 square feet at LaSalle Plaza, an office tower in downtown Minneapolis. Owner Hempel Real Estate has completed $10 million of improvements and upgrades in the last 18 months. The largest new lease is with Greiner Construction, which will move from Deluxe Plaza into 20,000 square feet on the second floor of LaSalle Plaza. In addition, Interstate Parking is moving into 6,300 square feet from Canadian Pacific. Relx, a data and information consulting company, leased 5,100 square feet; and Gems, a Target vendor, is moving into a 1,700-square-foot spec suite. Additionally, four existing tenants renewed their leases. These include Centerspace (7,000 square feet), Hershey (10,000 square feet), Henkel (6,000 square feet) and PACE Loan Group. PACE moved into LaSalle Plaza in 2024 and expanded its lease by nearly 3,000 square feet, now occupying 6,500 square feet. Totaling 650,000 square feet, LaSalle Plaza offers an amenity package called The LaSalle Club, which includes an exclusive tenant lounge on the fourth floor and a fitness center with a sauna, cold plunge, fitness studio and pickleball court. The property also features a Grey Fox coffee shop; two fast-casual restaurants, Green and the Grain and Bep; …