Property Type

Joint Venture Acquires Land Site for 480-Unit Millenia Apartment Complex in Chula Vista, California

by Amy Works May 13, 2020

CHULA VISTA, CALIF. — A joint venture between MetLife Investment Management, Allstate and Ryan Cos. has acquired a land site for the development of an eight-building multifamily property within Millenia, a 210-acre mixed-use community in Chula Vista’s Otay Ranch submarket. Meridian Development is developing Millenia on behalf of landowner Stratford Land. The 512,000-square-foot apartment project will feature 480 market-rate units in a mix of one-, two- and three-bedroom flats, two-story mezzanine lofts, live-work units and three-story townhomes. The apartments will range between 616 square feet and 2,336 square feet. Additionally, the community will feature 16,000 square feet of commercial space. Community amenities will include a pool, spa, clubhouse kitchen with lounge, community co-working spaces, fitness center, leasing center, two large dog run areas, rooftop deck, bocce court, bike maintenance and storage facilities, a speakeasy, live music studio and community green areas, including gardens. The project team will include ARK Architects, Design Line Interiors, Hunsaker & Associates and GMP. Ryan Cos. will serve as general contractor for the project, which is slated to break ground this summer. Completion of the first building is scheduled for late 2021. Pre-leasing will begin in August 2021. Additionally, the completed project will be part of …

May 13, 2020

Arizona Development Multifamily Western

P.B. Bell Opens First Phase of $45M Copper Falls Multifamily Community in Glendale, Arizona

by Amy Works May 13, 2020

GLENDALE, ARIZ. — P.B. Bell has opened the first phase of Copper Falls, an apartment property located at 5151 N. 95th Ave. in Glendale. The $45 million community is the first of the company’s multiple projects in the Glendale area. Copper Falls features 240 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,315 square feet. The open-concept apartments feature smart light switches, smart thermostats, modern kitchen layouts with granite countertops, subway tile backsplashes, stainless steel energy-efficient appliances and kitchen islands. Additionally, the units offer wood-style flooring, nine-foot ceilings, a full-size washer and dryer, and a personal patio or balcony. The first phase includes a variety of floor plans and community amenities, including a resident clubhouse designed for entertaining, a theater room with complimentary movie rentals, a 24-hour fitness center with a group exercise studio, and a swimming pool and spa. The community also features a package locker systems, valet trash, electric vehicle charging stations, a playground, dog park and pet spa.

May 13, 2020

California Industrial Loans Western

NorthMarq Arranges $10M Refinancing for Lambert Industrial Campus in Fullerton, California

by Amy Works May 13, 2020

FULLERTON, CALIF. — NorthMarq has arranged $10 million in refinancing for Lambert Industrial, a two-building industrial property in Fullerton. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. Daniel McCarthy and Michael Elmore of NorthMarq’s Newport Beach, Calif., office secured the loan for the undisclosed borrower through a national bank. Totaling 87,652 square feet, the properties are a 45,761-square-foot building at 150 Lambert and a 41,891-square-foot asset at 110 Lambert.

May 13, 2020

Acquisitions Arizona Industrial Western

NAI Horizon Negotiates $7M Sale of Corbins Electric Corporate Headquarters in Phoenix

by Amy Works May 13, 2020

PHOENIX — NAI Horizon has arranged the sale of the Corbins Electric corporate headquarters, an industrial property located at 4829 S. 38th St. in Phoenix. Staffield Family LLC acquired the asset from ML Commercial Properties for $7 million. The building features 52,744 square feet of industrial space. Lane Neville and Logan Crum of NAI Horizon represented the buyer, while Clint Hardison and Blake Hardison of Keyser represented the seller in the transaction.

May 13, 2020

Acquisitions California Industrial Western

Avison Young, NKF Broker $5M Sale of Industrial Asset in West Los Angeles

by Amy Works May 13, 2020

LOS ANGELES — Avison Young and Newmark Knight Frank (NKF) have arranged the sale of an industrial building with excess land located at 2133 and 2143 Pontius Ave. in West Los Angeles. A California-based private investor sold the property to a West Los Angeles-based private investor for $5 million. Built in 1948 on a 0.3-acre land parcel, the 6,500-square-foot building features a high-clear-span, bow truss design with sufficient loading and power, warehouse skylights and 14-foot minimum ceiling height. Patrick Barnes, Chris Maling and David Maling of Avison Young, along with John DeGrinis of Newmark Knight Frank, represented the seller, while David Kamran of Diva Real Estate Group represented the buyer in the deal. According to the brokers, the transaction was record-setting for the West Los Angeles submarket with the highest price per square foot of $590 paid for an industrial building under 10,000 square feet and $300 per square foot for the land, per CoStar records.

May 13, 2020

Development Florida Mixed-Use Southeast Top Stories

Rieber Developments Breaks Ground on 10-Story Mixed-Use Project in Suburban Miami

by Kristin Harlow May 13, 2020

AVENTURA, FLA. — Rieber Developments has broken ground on 12|12 Aventura, a 10-story mixed-use project featuring medical office, luxury senior residences and a food hall. The property is situated in Aventura, approximately 20 miles north of Miami. Arquitectonica designed the development, which will include a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of office space and a 160-unit senior living component with a structured parking garage. The roof will feature gardens and micro-parks. Along with its sister project Ivory 214, the development will serve as the epicenter of what the developer is calling the Aventura Health District. Located at 21290 Biscayne Blvd., 12|12 Aventura is less than one mile from Aventura Mall and directly adjacent to Aventura Hospital. “Breaking ground on 12|12 Aventura is a significant milestone for us, especially in these challenging times,” says Bernardo Rieber, principal of Rieber Developments. “Our philosophy in creating this project has always been to bring something new and unique to the neighborhood, melding community, culture, health and wellness to benefit the area.” Cervera Real Estate will serve as the exclusive brokerage for the office condos, 40 percent of which are sold and under contract. Winmar Construction, an affiliate of Coastal Construction, …

May 13, 2020

Features Student Housing

Outlook is Bright for Student Housing in Post-COVID-19 World, Says Developer

by Katie Sloan May 13, 2020

The student housing industry has been uniquely affected by the coronavirus (COVID-19) pandemic. The niche asset class has been proclaimed “recession-proof” since its inception, and COVID-19 has been the ultimate test. One after another, universities across the country shut down, transitioned to online classes and sent their students home. What we have found during this time is that college students do not go home just because class is cancelled. Across the nation, students are still living in their off-campus apartments and rent is still being collected. Additionally, students who were turned away from traditional university-owned residence halls are now seeking off-campus apartments. With today’s students valuing privacy, distance and cleanliness more than ever, we are seeing students who typically live in residence halls transition to off-campus apartments where they can have a private bedroom and bathroom. What does this mean? Student housing is truly recession-resilient. When every university in the country cancelled classes, privately owned student housing not only remained stable but it expanded its clientele. The unknowns regarding where the economy is headed in the immediate future will likely give a lot of investors pause, but I personally remain optimistic about the opportunities that will come out of this pandemic. A few …

May 13, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $71.3M Refinancing Loan for New Multifamily Property in Metro Miami

by Alex Tostado May 12, 2020

NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. Lazul Apartments offers studio to three-bedroom units, which were 89 percent occupied at the time of the transaction. Communal amenities include a clubhouse, package services, picnic area, dog grooming area, fitness center, eight-story parking garage and a pool. The eight-story asset is situated at 2145 NE 164th St., 17 miles north of downtown Miami.

May 12, 2020

Development Maryland Mixed-Use Southeast

Holland Properties Breaks Ground on 85,000 SF Mixed-Use Development Near Baltimore

by Alex Tostado May 12, 2020

COLUMBIA, MD. — Holland Properties has broken ground on Lakeside Center, a planned 85,000-square-foot mixed-use development in Columbia. The project will comprise 55,000 square feet of retail space and 30,000 square feet of medical and office space. The office space will be designed with COVID-19 in mind, and will include features such as touchless building entry, touchless elevators and medical-grade HVAC systems. The property will also offer a parking ratio of five spaces per 1,000 square feet and exterior building signage for primary office or medical tenants. The property is situated near the intersection of Dobbin Road and Snowden River Parkway, 16 miles southwest of downtown Baltimore. Holland Construction is the owner, property manager and general contractor for Lakeside Center. Ryan Minnehan and Matt Copeland of KLNB will oversee retail leasing at the property, while David Fritz and Spence Daw, also with KLNB, will oversee office leasing. A timeline for construction was not disclosed.

May 12, 2020

Company News District of Columbia Retail Southeast

Peterson Cos. Unveils Plans for Reopening Shopping Centers Around Washington, D.C.

by Alex Tostado May 12, 2020

WASHINGTON, D.C. — In the midst of the COVID-19 pandemic, Peterson Cos. has unveiled its plans for welcoming back tenants and customers, once permitted to do so. Peterson owns and operates open-air, mixed-use and power center properties. The company will implement the plan across several of its properties, including at National Harbor, Downtown Silver Spring, Rio in Gaithersburg, Fairfax Corner and Fair Lakes. Virginia Gov. Ralph Northam says he wants to slowly begin reopening retail businesses in the state, but he will allow northern Virginia to move at its own pace given the elevated number of COVID-19 cases in the region. Maryland Gov. Larry Hogan allowed the reopenings of parks and public spaces last week, but has not yet released guidelines on retail businesses. Washington, D.C. Mayor Muriel Bowser also released guidelines for residents to participate in outdoor activities but not retail-specific guidelines. Some of the new operations that the shopping centers will implement include hand sanitizing stations located throughout centers, especially in high-traffic, high-touch areas such as elevator lobbies, breezeways, restrooms, outdoor plazas and gathering areas; social distancing signage will remind customers and employees to stay six feet apart; curbside pickup areas will remain throughout the properties and will …

May 12, 2020

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