Property Type

Marcus & Millichap Arranges $14.3M Sale of Retail Property in Southwest Florida

by Alex Tostado October 15, 2019

CAPE CORAL, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Towers I and Towers II, a 72,453-square-foot retail property in Cape Coral. The asset, located at 2612-2708 Santa Barbara Blvd., was 89 percent leased at the time of sale to tenants including Five Guys Burgers & Fries, Firehouse Subs, Sylvan Learning of Cape Coral, Anytime Fitness, Sumaq Peruvian Cuisine Bar & Grill and Tony’s Jewelry. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented both the buyer, a private investor, and the seller, a personal trust, in the transaction.

October 15, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $53M Refinancing for Apartment Complex in Metro Orlando

by Alex Tostado October 15, 2019

CLERMONT, FLA. — Hunt Real Estate Capital has provided a $53 million Fannie Mae refinancing for Vista at Lost Lake, a 468-unit, garden-style apartment community in Clermont. The undisclosed borrower has made renovations throughout the property, including adding a clubhouse, fitness center and leasing center. The borrower plans to make several more upgrades with the new loan. Vista at Lost Lake offers one-, two- and three-bedroom floor plans. Communal amenities include two swimming pools, a maintenance shop, central mailbox center, and a clubhouse, which contains a community room, kitchen, fitness center, guest center, game room and indoor basketball court.

October 15, 2019

Florida Loans Multifamily Southeast

Preferred Apartment Communities Funds $10.9M Investment Loan for Multifamily Property in Orlando

by Alex Tostado October 15, 2019

ORLANDO, FLA. — Preferred Apartment Communities Inc. has provided a $10.9 million investment loan for TDK Development’s Vintage Horizon West project. Vintage Horizon West is a planned 340-unit multifamily property in Orlando’s Horizon West neighborhood. With the investment, PAC will have the option to acquire the community following stabilization. The property will offer one-, two- and three-bedroom floor plans. TDK expects to complete the project in two years.

October 15, 2019

Acquisitions California Multifamily Student Housing Western

The Dinerstein Cos., Harrison Street Acquire Six Student Housing Communities Near UC Berkeley

by Amy Works October 15, 2019

BERKELEY, CALIF. — A joint venture between The Dinerstein Cos. and Harrison Street has acquired six student housing communities located near the University of California, Berkeley. Equity Residential sold the properties for an undisclosed price. Acquisitions include The Berkeleyan, Renaissance Villas, ARTech, Touriel, Fine Arts and Gaia. The properties have been rebranded The Sterling Berkeley Collection, and renamed Sterling Addison, Sterling Allston, Sterling Haste, Sterling Jefferson, Sterling Oxford and Sterling University Ave.

October 15, 2019

Acquisitions California Office Western

AEW Sells 111,391 SF Office Building in Southern California for $59M

by Amy Works October 15, 2019

ALISO VIEJO, CALIF. — AEW has completed the sale of One Enterprise, a Class A office building located in Aliso Viejo. BDC, a private 1031 exchange buyer, acquired the asset for $59 million. Situated on 7.3 acres, the four-story property features 111,391 square feet of office space. Built in 1999, the asset recently underwent a renovation. Microsemi Corp. and Ambry Genetics occupied the property at the time of sale. The property features a first-floor lobby, large corporate boardroom, executive kitchen, cafeteria and gym with locker rooms and showers, as well as landscaping and panoramic views of the Saddleback Valley. Paul Jones, Kevin Shannon, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank (NKF) represented the seller, while Nick Kucha, also of NKF, represented the buyer in the deal

October 15, 2019

Acquisitions Arizona Retail Western

SRS Negotiates Sale of 119,525 SF Glendale Galleria in Arizona

by Amy Works October 15, 2019

GLENDALE, ARIZ. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Glendale Galleria, a neighborhood shopping center located at 5880 W. Peoria Ave. in Glendale. Brixmor Property Group sold the asset to a Florida-based private investor for an undisclosed price in a 1031 exchange. Built in 1989/1990 and renovated in 2018, the 119,525-square-foot property is situated on 12.7 acres. At the time of sale, the shopping center was 87 percent occupied by major tenants including LA Fitness, Sears Outlet, Synergy Gymnastics and TitleMax Title Loans. Additionally, the asset has four outparcels, which were not part of the sale. Outparcel tenants include Applebee’s, Arby’s, a car wash and Manuel’s Mexican Restaurant. Chris Tramontano and John Redfield of SRS represented the seller in the deal.

October 15, 2019

Acquisitions Multifamily New Mexico Western

Thayer Manca Residential Buys, Renovates Two Apartment Communities in Albuquerque for $60M

by Amy Works October 15, 2019

ALBUQUERQUE — Seattle-based Thayer Manca Residential has entered the New Mexico market with the purchase of two multifamily properties in Albuquerque: Ventana Canyon and Presidio. The acquisitions, combined with renovation costs, resulted in a total investment of $60 million. Formerly Ventana Canyon, the 264-unit Circ Apartments is in its final phase of a more than $4.1 million renovation project. Upgrades included a reimagined clubhouse, expanded pool deck and outdoor amenities, upgraded 24-hour fitness facility, new landscaping, interior unit renovations, exterior paint and property rebranding. The asset was originally acquired in November 2018. Ottavo Apartments, previously Presidio, is a 200-unit property undergoing a $4 million renovation plan, which is nearing completion. Upgrades include a contemporary clubhouse, upgraded 24-hour fitness center, fully updated community kitchen and game area, new pool deck, the addition of package lockers, property rebranding, exterior paint refresh and interior unit enhancements. The property was originally acquired in August 2018.

October 15, 2019

Acquisitions Alaska Hospitality Western

Columbia Sussex Buys 348-Room Hotel Portfolio in Anchorage

by Amy Works October 15, 2019

ANCHORAGE — Columbia Sussex has purchased three hotel properties, totaling 348 rooms, in Anchorage. Blackstone Group sold the assets for an undisclosed sum. The hotels are the 125-room Hilton Garden Inn at 4555 Union Square Drive; the 101-room Hampton Inn at 4301 Credit Union Drive; and the 122-room Homewood Suites at 101 W. 48th Ave. The properties were built in 2001, 1997 and 2003, respectively. Each property features an indoor pool, fitness center with hot tub, 24-hour business center, meeting space and recently renovated guestrooms. The hotels will continue to operate under their current names with current staff and employees. With 1,341 rooms in its inventory, Columbia Sussex claims to now be the largest full-service, year-round hotel operator in Alaska. The company also owns Marriott Anchorage Downtown and Hilton Anchorage, which it has operated for more than a decade.

October 15, 2019

Development Industrial Northeast Pennsylvania Self-Storage

U-Haul to Open 251,643 SF Retail, Self-Storage Facility in Philadelphia

by Alex Patton October 15, 2019

PHILADELPHIA — U-Haul will open a 251,643-square-foot retail and self-storage facility in the Kensington neighborhood of Philadelphia. The facility will offer truck and trailer rental, moving supplies and climate-controlled self-storage space. On Oct. 18, Philadelphia-based general contractor Domus Construction will begin construction of the facility, which is slated for completion in December 2020. JKRP Architects designed the project.

October 15, 2019

Leasing Activity Massachusetts Northeast Office

E-Commerce Marketing Firm Signs 160,000 SF Office Lease in Boston, to Create 700 New Jobs

by Alex Patton October 15, 2019

BOSTON — Klaviyo, a tech firm that develops marketing software for e-commerce users, has signed a 160,000-square-foot office lease in Boston, according to The Boston Business Journal. The company will move from its 25,000-square-foot facility at 225 Franklin St. to the new location at 125 Summer St, an expansion that will create about 700 new jobs in the company’s primary engineering, sales and support teams. Oxford Properties Group is the landlord of both buildings at 225 Franklin St. and 125 Summer St.

October 15, 2019

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