Property Type

Grandbridge Provides $42.9M Refinancing Loan for Apartment Complex Near Nashville

by Alex Tostado December 3, 2019

MURFREESBORO, TENN. — Grandbridge Real Estate Capital LLC has provided a $42.9 million construction refinancing loan for The Banks at West Fork Apartments, a 328-unit apartment complex 30 miles southwest of Nashville, in Murfreesboro. The non-recourse loan was structured with a 15-year fixed interest rate and a 30-year amortization beginning after a period of interest-only payments. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge, along with Carl Bedwell of Pinnacle Financial Partners, originated the loan on behalf of the undisclosed borrower. The Banks at West Fork Apartments offers eight residential buildings comprising one-, two-, and three-bedroom layouts. The property is located at 1405 Riverwatch Court, near Interstate 24. Communal amenities include a clubhouse, pool, patio with grilling stations, yoga/fitness studio, billiard room, playground, pet spa and gated entry.

December 3, 2019

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado December 3, 2019

CHESTER, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including Petco, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler of Thalhimer represented the seller, Giant Food Stores, in the sale. David Crawford and Pete Waldbauer, also of Thalhimer, served as leasing advisers during the disposition.

December 3, 2019

Acquisitions California Multifamily Western

IPA Brokers $58.5M Sale of Pico Lanai Apartment Community in Santa Monica, California

by Amy Works December 3, 2019

SANTA MONICA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Pico Lanai, a multifamily complex located in Santa Monica. Raintree Properties sold the asset to Pacific Reach Properties for $58.5 million, or $336,494 per unit and $868 per square foot. Situated on 2.8 acres at 2501 Pico Blvd., Pico Lanai Apartments features 174 for-rent units. The property was developed in 1960. The buyer plans to reposition the asset to cater to high-income, tech-savvy millennials, according to IPA. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller in the deal.

December 3, 2019

Acquisitions Office Oregon Western

Shorenstein Properties Sells 209,000 SF River Forum Office Campus in Portland

by Amy Works December 3, 2019

PORTLAND, ORE. — Shorenstein Properties has disposed of River Forum, a two-building office asset located in Portland. Clarity Real Estate acquired the campus for an undisclosed price. Situated along the South Waterfront, River Forum features 209,000 square feet of Class A office space. At the time of sale, the property was 90 percent leased to a diverse tenant base. Charles Safley, Paige Morgan and Trevor Kafoury of CBRE represented the seller in the transaction.

December 3, 2019

Loans Multifamily Oregon ORIX Western

Hunt Real Estate Capital Provides $11.8M Refinancing for Albany Meadows Apartments in Oregon

by Amy Works December 3, 2019

ALBANY, ORE. — Hunt Real Estate Capital has provided an $11.8 million Fannie Mae DUS conventional multifamily loan to refinance Albany Meadows Apartments in Albany, approximately 70 miles south of Portland. The borrower is KRBO Oregon Properties, backed by Paul A. Kerley as key principal. The loan features a 12-year term with four years of interest-only payments followed by a 30-year amortization schedule. Additionally, yield maintenance will apply during the first 138 months. Developed in 1974 on 10.5 acres, the property features 121,352 square feet of rentable space spread across 39 one-story residential buildings offering a total of 127 garden-style apartments. Property amenities include a clubhouse with fitness center and swimming pool, as well as 190 parking spaces.

December 3, 2019

Acquisitions California Retail Western

Sares Regis Divests of The Ashton Retail Center in San Francisco Bay Area

by Amy Works December 3, 2019

BELMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) has closed escrow on the retail portion of The Ashton in Belmont. Terms of the transaction, including acquisition price and buyer, were not disclosed. The one-story, 4,900-square-foot retail center is fully occupied by three tenants: Bank of America, Row House and Apizza. Developed by SRGNC affiliate Regis Homes Bay Area, The Ashton features 74 for-sale residences spread across two four-story residential buildings. The transit-friendly property is located in Belmont’s City Center neighborhood at the corner of Davey Glen Road and El Camino Real, near Highway 101 and within walking distance of the Belmont Caltrain station. The development team included Tricon Capital, Dahlin Group, BKF Engineers, Nishkian Menniger and Regis Contractors Bay Area.

December 3, 2019

Acquisitions Colorado Industrial Loans Self-Storage Western

Berkadia Arranges $10.1M in Acquisition Financing for Self-Storage Property in Colorado

by Amy Works December 3, 2019

COLORADO SPRINGS, COLO. — Berkadia has arranged financing on behalf of Las Vegas-based Crystal View Capital for the acquisition of AAA Platte Self Storage, a self-storage facility in Colorado Springs. Located at 4510 Edison Ave., AAA Platte Self Storage is a 308,749-square-foot, 877-unit self-storage and industrial warehouse facility located near Peterson Air Force Base. Cutt Ableson and Johnny King of Berkadia’s Houston office secured the three-year, adjustable-rate loan, which MidCap Financial Services provided.

December 3, 2019

Development Healthcare Michigan Midwest

Harrison Street to Develop 205,659 SF Medical Building in Partnership with Michigan State’s College of Human Medicine

by Kristin Harlow December 3, 2019

GRAND RAPIDS, MICH. — Harrison Street Social Infrastructure Fund, in partnership with Michigan State University (MSU), has unveiled plans to develop the Doug Meijer Medical Innovation Building at MSU’s Grand Rapids Innovation Park. The park is a research and clinical facility at the university’s health campus in Grand Rapids. The public-private development partnership also includes Murphy Development Group, Walsh Investors and Rockford Construction. Under the arrangement, MSU will retain long-term ownership of the land. The 205,659-square-foot building will be dedicated to research and healthcare innovation as well as the advancement of MSU’s artificial intelligence, bioinformatics and biostatistics departments. MSU, Spectrum Health and BAMF Health will occupy space. Completion is slated for fall 2021.

December 3, 2019

Acquisitions Illinois Industrial Midwest

Bridge Development Sells 87,640 SF Industrial Facility in Addison, Illinois

by Kristin Harlow December 3, 2019

ADDISON, ILL. — Bridge Development Partners LLC has sold an 87,640-square-foot industrial facility in Addison for an undisclosed price. Cabot Properties purchased the building, which is located at 133 N. Swift Road. Bridge purchased the property in December 2018 and completed extensive upgrades. Associated Material Handling Industries Inc. is the tenant. Mike Caprile, Ryan Bain and Zach Graham of Bridge represented Bridge in the sale.

December 3, 2019

Acquisitions Illinois Midwest Retail

JLL Negotiates Sale of Single-Tenant Retail Building in Chicago

by Kristin Harlow December 3, 2019

CHICAGO — JLL has negotiated the sale of a 9,794-square-foot, single-tenant retail building in Chicago for an undisclosed price. The property is triple net leased to Walter E. Smithe, a family-owned and operated local furniture business. Located at 2009 N. Clybourn Ave., the building is one of the tenant’s 10 Chicagoland showrooms. Nicholas Kanich and Alex Sharrin of JLL represented the seller, a Chicago-based private partnership. JLL also procured the buyer, a California-based family office, which purchased the asset while completing a 1031 tax-deferred exchange.

December 3, 2019

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