Property Type

Foundry Commercial to Develop 320,000 SF Spec Industrial Building in Metro Miami

by Alex Tostado October 21, 2019

HIALEAH GARDENS, FLA. — Foundry Commercial has acquired an 18-acre site in Hialeah Gardens with plans to develop a speculative 320,000-square-foot industrial building. The site is situated on NW 107th Avenue between NW 144th and NW 146th streets, about 20 miles northwest of downtown Miami. Orlando-based Foundry Commercial plans to break ground in early 2020 and expects to deliver the asset by the end of 2020. Wayne Schuchts, David Spillers and Bobby Benton of Avison Young represented the buyer in the land acquisition and have been tapped to lease the building. Two undisclosed sellers sold the land to Foundry for an undisclosed price in the off-market transaction.

October 21, 2019

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Arranges $29.4M Sale of Multifamily Property in Upstate South Carolina

by Alex Tostado October 21, 2019

SIMPSONVILLE, S.C. — Marcus & Millichap has arranged the $29.4 million sale of Garden District, a 223-unit multifamily community in Simpsonville. The property was delivered in 2008 and offers one- through three-bedroom floor plans. Communal amenities include barbecue areas, picnic areas, an internet café, fitness center, swimming pool, business center and a clubhouse. Garden District is located at 100 Garden District Drive, 15 miles southeast of downtown Greenville. Drew Babcock of Marcus & Millichap represented the seller, an undisclosed Florida-based partnership, in the transaction. The buyer was a private investor based in Simpsonville.

October 21, 2019

Leasing Activity Office Southeast Virginia

Rolls-Royce North America to Occupy 17,000 SF for Corporate Headquarters in Northern Virginia

by Alex Tostado October 21, 2019

RESTON, VA. — Rolls-Royce North America will relocate its corporate headquarters to the fourth floor of Reston Station in early 2020. Rolls-Royce North America designs, develops, manufactures and tests jet engines for the U.S. Department of Defense and commercial aerospace markets. The company will occupy 17,000 square feet of the 16-story glass building, located at 1900 Reston Metro Plaza in Reston, 20 miles west of downtown Washington, D.C. The office tower offers amenities including multiple rooftop event and social spaces with catering kitchens, a fitness facility, multi-room conference facility and a two-story lobby on the Metro Plaza.

October 21, 2019

Acquisitions Colorado Multifamily Western

Bascom Northwest Ventures Buys 260-Unit Apartment Complex in Denver for $90.5M

by Amy Works October 21, 2019

DENVER — Bascom Northwest Ventures has acquired 1000 South Broadway Apartments, a multifamily property located at 1000 South Broadway in Denver. An undisclosed seller sold the asset for $90.5 million, or $348,076 per unit. Built in 2015, 1000 South Broadway Apartments features 260 Class A units. Avenue 5 Residential will manage the property. Terry Daly of Cushman & Wakefield arranged a $54.5 million loan with Wells Fargo Bank for the buyer. The property was also purchased with proceeds derived from the sale of a 15-year investment in an urban infill property in Bellevue, Wash.

October 21, 2019

California Development Hospitality Loans Western

CBRE Secures $43M in Construction Financing for AC Hotels by Marriott in San Rafael, California

by Amy Works October 21, 2019

SAN RAFAEL, CALIF. — CBRE has arranged $43 million in non-recourse construction financing for the development of an AC Hotels by Marriott in downtown San Rafael. John Nelson and David Kaim of CBRE’s San Francisco office arranged the financing on behalf of the sponsorship, Monahan Parker. ACORE Capital provided the floating-rate financing. Located at the corner of Fifth Avenue and B Street, the hotel will feature 140 rooms. Construction is slated to begin immediately, with completion scheduled for third-quarter 2021. CSI Construction will serve as general contractor for the project. The property will be the first major hotel to be developed in Marin County in more than two decades, according to CBRE.

October 21, 2019

Acquisitions California Multifamily Western

Joint Venture Sells 88-Unit Cambridge Apartments in Los Angeles for $29.3M

by Amy Works October 21, 2019

LOS ANGELES — A joint venture between NNC Apartment Ventures and Bailard Inc. has completed the sale of Cambridge Apartments, a multifamily complex located in the Sherman Oaks neighborhood of Los Angeles. Interstate Equities Corp. acquired the property for $29.3 million, or $333,523 per unit. Constructed in 1962, the asset consists of two contiguous 44-unit buildings on adjoining parcels near Van Nuys and Ventura boulevards. Joe Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 21, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Brokers $12.7M Sale of Self-Storage Facility in Washington

by Amy Works October 21, 2019

NORTH BEND, WASH. — Marcus & Millichap has negotiated the sale of Eastside Self Storage, a 50,055-square-foot self-storage facility in North Bend. An out-of-state institutional buyer acquired the property for $12.7 million, or $253 per rentable square foot. Located at 1410 Boalch Ave. NW, the facility features 361 self-storage units spread across 6.1 acres. The asset was built in 2005. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, a Washington-based limited liability company, and secured the buyer in the deal.

October 21, 2019

Loans Multifamily Oregon ORIX Seniors Housing Western

Lancaster Pollard Arranges $15.2M Refinancing for Two Seniors Housing Communities in Oregon

by Amy Works October 21, 2019

MEDFORD, ORE. — Lancaster Pollard, a division of ORIX Real Estate Capital, recently arranged a $15.2 million HUD loan for Sapphire Health Services. The transaction will refinance the loans used to acquire Ridgeview Assisted Living and West Wind Enhanced Care, and provide additional funds to make repairs to the properties. Both assets are located in Medford, in the southwest portion of Oregon near the California border. Jason Dopoulos led the transaction for Lancaster Pollard.

October 21, 2019

Development Illinois Industrial Midwest

Amazon to Open 1 MSF Fulfillment Center in Channahon, Illinois

by Kristin Harlow October 21, 2019

CHANNAHON, ILL. — Amazon has unveiled plans to open a fulfillment center in Channahon, southwest of Joliet. The facility will create more than 500 new full-time jobs. Employees at the more than 1 million-square-foot center will pick, pack and ship large items, such as sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and household goods. Amazon currently employs more than 11,000 full-time associates throughout the state of Illinois.

October 21, 2019

Acquisitions Iowa Midwest Multifamily

Berkadia Arranges Sale of Four-Property Multifamily Portfolio in Davenport, Iowa

by Kristin Harlow October 21, 2019

DAVENPORT, IOWA — Berkadia has arranged the sale of a 413-unit, four-property multifamily portfolio in Davenport for an undisclosed price. The properties, built in the late 1970s, include The Racquet Club, Candlelight Commons, Candlelight Village and Candlelight Colony. Parker Stewart, Alex Blagojevich and Michael Sullivan of Berkadia represented the seller, Iowa-based Advance Homes Inc. Colorado-based Monarch Investment and Management Group purchased the portfolio. Peter Benedetto of Berkadia secured an undisclosed amount of acquisition financing on behalf of the buyer.

October 21, 2019

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