Property Type

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

Acquisitions Multifamily Texas

Sentinel Peak Acquires 272-Unit Lakebridge Apartments in North Houston

by Taylor Williams April 22, 2020

HOUSTON — Dallas-based Sentinel Peak Capital Partners has acquired Lakebridge Apartments, a 272-unit multifamily community in North Houston. The property was originally built on 13.2 acres in 1984 and was expanded in 2001. Units average 896 square feet, and all ground-floor residences were recently renovated. Amenities include a pool, lake access, clubhouse, fitness center and 538 covered parking spaces. Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix of JLL represented the undisclosed seller in the transaction. Campbell Roche and James Brolan of JLL arranged floating-rate acquisition financing through Voya Investment Management on behalf of Sentinel Peak.

April 22, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 40,000 SF Retail Property in Uvalde, Texas

by Taylor Williams April 22, 2020

UVALDE, TEXAS — Marcus & Millichap has brokered the sale of a 40,000-square-foot retail property in Uvalde, located about 85 miles west of San Antonio. The property currently houses Tractor Supply Co. and Dollar General. Philip Levy of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a personal trust. Both parties requested anonymity.

April 22, 2020

Healthcare Leasing Activity Texas

University of St. Thomas Signs 20,000 SF Medical Office Lease Near Houston

by Taylor Williams April 22, 2020

SHENANDOAH, TEXAS — The University of St. Thomas, a private Catholic college in Houston, has signed a medical office lease in the northern Houston suburb of Shenandoah. The tenant will occupy 20,000 square feet at 121 Vision Park Boulevard, a 58,000-square-foot medical office building that was completed in mid-2019, to support its nursing program. Beth Young of Colliers International represented the university in the lease negotiations. Lisa Hughes and Pamela Sprouse of The J. Beard Real Estate Co. represented the landlord, a partnership between Everson Developments and VP2 Partners.

April 22, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co., Safeway Construction Underway on $14.9M Affordable Housing Project in Chicago

by Kristin Harlow April 22, 2020

CHICAGO — Joseph J. Duffy Co. and Safeway Construction Co. Inc. are underway on the construction of Hope Manor Village, a $14.9 million affordable housing project in Chicago’s Englewood neighborhood. The nonprofit organization Volunteers of America Illinois is the developer. Worn Jerabek Wiltse Architects PC is the project architect. Plans call for 28 two-bedroom units and 10 three-bedroom units. This is the fourth Hope Manor project that Joseph J. Duffy Co. has built for the developer.

April 22, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $4M Sale of Apartment Property in Saginaw, Michigan

by Kristin Harlow April 22, 2020

SAGINAW, MICH. — Greystone Bel Real Estate Advisors has arranged the $4 million sale of The Poplars Apartments in Saginaw, approximately 75 miles north of Lansing. Built in 1964, the 105-unit apartment property is located at 4444 State St. The family-owned asset features a swimming pool, patio tables and lounge seating. Austin Hull of Greystone Bel represented both parties in the sale.

April 22, 2020

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