Property Type

Aztec Group Arranges $17.4M Refinancing for Retail Center in Miami

by Alex Tostado February 3, 2020

MIAMI — Aztec Group has arranged a $17.4 million refinancing loan for Sunset Strip, an 86,029-square-foot retail center in Miami. Presidente Supermarket and Dollar Tree anchor the property, which includes other tenants such as Atlantis Academy, Metro PCS, Inkaholik and Atlakat Restaurant & Grill. The property is situated at 10855 S.W. 72nd St., 12 miles west of downtown Miami. Starwood Mortgage Capital provided the loan to an affiliate of Miami-based CF Properties. The nonrecourse, interest-only loan has a 10-year term with a fixed 3.57 percent interest rate.

February 3, 2020

Development Leasing Activity North Carolina Office Southeast

Golden Corral Signs 42,500 SF Office Lease for Headquarters in Raleigh

by Alex Tostado February 3, 2020

RALEIGH, N.C. — Golden Corral has signed a lease agreement with landlord Keystone Corp. to occupy 42,500 square feet of the first two floors of Palisades III, an under-construction office building in Raleigh. Palisades III will stand six stories and span 166,290 square feet. Building amenities will include a café, onsite conferencing, lounge, fitness center and a rooftop terrace. Keystone expects to deliver the property in early 2021. The property is situated at 5410 Trinity Road, adjacent to Palisades I and II, which Keystone acquired in summer 2018. CBRE|Raleigh represented the landlord in the transaction. Golden Corral’s headquarters are currently located at 5151 Glenwood Ave. in Raleigh. The company operates 100 buffet and grill restaurants nationwide with franchisees operating another 400 locations.

February 3, 2020

California Development Multifamily Seniors Housing Western

San Francisco Campus for Jewish Living Prepares to Open $140M Seniors Housing Expansion

by Amy Works February 3, 2020

SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL) is preparing to open the Lynne and Roy M. Frank Residences, a $140 million expansion to the property. The 270,000-square-foot project adds 113 assisted living apartments and 77 memory care suites. Byer Square, a new multi-generational community center, will feature a fitness center, pool, cinema, performance center, art studio and café. Construction began in mid 2017. Residents are expected to begin moving in during spring 2020. In conjunction with the expansion, SFCJL has created partnerships with Alzheimer’s Association, Creative Aging SF, Medical Clown Project, UCSF, Family Caregiver Alliance, California Institute of Integral Studies and MA Psychology student interns in expressive arts and drama therapy.

February 3, 2020

Colorado Development Industrial Western

Cale Enterprises Breaks Ground on 142,180 SF Mountain Gateway Industrial Park Near Denver

by Amy Works February 3, 2020

ARVADA, COLO. — Los Angeles-based Cale Enterprises has broken ground for Mountain Gateway, a two-building industrial park in Arvada, a suburb 10 miles northwest of Denver. Slated for completion in third-quarter 2020, Mountain Gateway will feature 142,180 square feet of speculative industrial space. Located at West Ridge Road and Robb Street, the facilities will feature 20 dock-high doors, 11 drive-in doors, 24-foot clear heights, an ESFR fire protection system, office spaces to suit and 290 parking spaces. Building 1 will feature 59,710 square feet, while Building 2 will offer 82,470 square feet. Tyler Carner and Jeremy Ballenger of CBRE are handling marketing for the development.

February 3, 2020

Acquisitions Arizona Industrial Office Retail Self-Storage Western

Occidental Capital Holdings Buys Office, Retail, Self-Storage Asset in Arizona for $8.2M

by Amy Works February 3, 2020

VAIL, ARIZ. — Occidental Capital Holdings has acquired Old Vail Station Office and Retail Center and Vail Self Storage, a mixed-use commercial property located in Vail, a suburb of Tucson. Old Vail Station LLC sold the asset for $8.2 million. The transaction includes the 26,563-square-foot Old Vail Station, which was developed in 2006, and the 46,005-square-foot Vail Self Storage, which was developed in 2016. At the time of sale, the office and retail center was 94 percent occupied and the self-storage facility was 90 percent occupied. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.

February 3, 2020

California Development Multifamily Western

Sares Regis to Add 75 Apartments to the The Flats in Sunnyvale, California

by Amy Works February 3, 2020

SUNNYVALE, CALIF. — Sares Regis Group of Northern California (SRGNC) has broken ground for 75 new apartments at The Flats, a multifamily property in downtown Sunnyvale. The 125,000-square-foot building will expand the property’s existing, fully leased 198 units to a total of 273 apartments. Slated for delivery by late 2021, the new apartments will be located along W. Iowa Avenue, adjacent to the three existing Flats buildings. Nine of the new units will be designated as affordable. The Flats features a mix of one-, two- and three-bedroom apartments, ground-floor retail and numerous indoor and outdoor amenities. Current retail tenants include Pacific Catch, Urban Plates, AT&T and Namaste Nail Salon. The development is part of CityLine Sunnyvale, which is being developed by STC Venture LLC, a joint venture between SRGNC and Hunter Properties.

February 3, 2020

Acquisitions California Industrial Western

CBRE Arranges Sale of 90,060 SF Production, Distribution, Repair Building in San Francisco

by Amy Works February 3, 2020

SAN FRANCISCO — CBRE has arranged the sale of 200 Kansas Street, a production, distribution and repair facility located in San Francisco. An entity sponsored by Ascent Real Estate Advisors sold the property to a joint venture between Presidio Bay Ventures and Kinship Capital for an undisclosed price. The two-story, 90,060-square-foot building was fully leased to four tenants at the time of sale. Mike Taquino, Kyle Kovac, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE represented the seller in the deal. Additionally, Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE Capital Markets’ Debt & Structured Finance group arranged a five-year, non-recourse loan with full-term interest-only payments for the buyer. A Los Angeles-based asset management company provided the financing.

February 3, 2020

Acquisitions Retail Texas

Stockdale Investment Acquires Whole Foods-Anchored Preston Forest Shopping Center in Dallas

by Taylor Williams February 3, 2020

DALLAS — Stockdale Investment Group, a locally based firm, has acquired Preston Forest Shopping Center, a 200,000-square-foot retail property located at the corner of Preston Road and Forest Lane in north Dallas. Anchored by Whole Foods Market, the property houses other tenants such as Staples, Walgreens, JOANN Fabric & Crafts, Corner Bakery, Velvet Taco and Wells Fargo. Preston Forest Shopping Center was built on 13 acres in 1961 and was 95 percent leased at the time of sale. The seller was Mixon Investment Co. Inc.

February 3, 2020

Loans Multifamily Texas

ACRES Capital Provides $49M Construction Loan for Multifamily Project in Downtown Houston

by Taylor Williams February 3, 2020

HOUSTON — Acres Capital Corp., a New York-based balance sheet lender, has provided a $49 million construction loan to fund the completion of Sovereign at the Ballpark, a 229-unit apartment community located near Minute Maid Park in downtown Houston. Units at the Class A property will feature stainless steel appliances, granite and quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, game room, golf simulator and a coffee bar. The borrower was Sovereign Properties, an investment and development firm led by Russ Krivor. The construction loan carries an 18-month term.

February 3, 2020

Development Healthcare Illinois Midwest

McShane Begins Construction of 50,000 SF Build-to-Suit for Option Care Health in Itasca, Illinois

by Kristin Harlow February 3, 2020

ITASCA, ILL. — McShane Construction Co. has broken ground on a 50,000-square-foot build-to-suit facility for Option Care Health Inc. in Itasca. Quadrangle Development Co. and Janko Group are the project developers. Approximately 55 percent of the single-story building will house office space, while the remaining portion will incorporate pharmacy ambulatory suites and support spaces. The building’s warehouse areas will feature two walk-in coolers and freezers, with two truck docks and two drive-in doors. Completion is slated for June. Wright Heerema Architects and Whitney Architects make up the project team. JLL represented the tenant. Option Care is an independent, national provider of home and alternate site infusion therapy services.

February 3, 2020

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