Property Type

Baron Properties Sells 258-Unit Arcadia Apartments in Phoenix for $40.3M

by Amy Works June 12, 2019

PHOENIX — Arcadia 4127 Apts LLC, an entity formed by Denver-based Baron Properties, has completed the sale of Arcadia 4127 in Phoenix. HGI Acquisitions LLC, an entity formed by Norfolk, Va.-based Harbor Group International, purchased the multifamily asset for $40.3 million. Located at 4127 E. Indian School Road, Arcadia 4127 features 258 units in a mix of one- and two-bedroom floorplans, with an average size of 819 square feet. Each unit features quartz countertops, stainless steel appliances, hardwood-style flooring and undermount kitchen sinks. Select units offer views of Camelback Mountain. On-site amenities include two swimming pools, outdoor barbecue grills, a fire pit, fitness center, covered parking, gated access, laundry facilities and a dog park. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

June 12, 2019

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Negotiates Sale of 99,000 SF Industrial Building in Houston

by Taylor Williams June 12, 2019

HOUSTON — Lee & Associates has negotiated the sale of a 99,000-square-foot industrial building located at 701 Plastics Ave. in Houston. Trey Erwin and Dalton Knipe of Lee & Associates represented the buyer, Investment Property Exchange Services, in the transaction. Read King represented the seller, Usha Martin Americas Inc.

June 12, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $19.9M Refinancing for Independent Living Community Near San Francisco

by Amy Works June 12, 2019

CONCORD, CALIF. — CBRE has arranged $19.9 million in financing for Carlton Senior Living Concord, a 152-unit independent living community in Concord, approximately 25 miles northeast of San Francisco. The borrower, a joint venture between Carlton Senior Living and Piedmont Properties Group, will use the funds to refinance existing debt. The community is located in an affluent suburb, with average housing value within a five-mile radius of the property of $640,385, while average household income stands at $117,447. The property is located less than 1.5 miles from the John Muir Medical Center, the No. 1 ranked adult specialty hospital in the nation. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year, fixed-rate Fannie Mae loan features full-term interest-only payments. Carlton Senior Living is a Bay Area owner-operator with 11 seniors housing communities across Northern California.

June 12, 2019

California Development Industrial Western

Rexford Industrial Acquires 15.5-Acre Development Site in the Inland Empire for $18.2M

by Amy Works June 12, 2019

EASTVALE, CALIF. — Rexford Industrial Realty has purchased a 15.5-acre, fully entitled development site in Eastvale, within the Inland Empire West submarket, for $18.2 million, or $26.93 per land square foot. Rexford has retained the undisclosed seller as fee developer to construct the project, branded as “The Merge,” which will contain a total of 333,500 square feet of industrial space within six buildings. Once completed, the project will feature 10 warehouse spaces, ranging from 20,000 square feet to 45,000 square feet, offering 30- to 32-foot clear heights, ESFR fire sprinklers and market-leading dock-high loading capacity. Delivery is slated for the third quarter of 2020, after incurring incremental all-in development and construction costs of approximately $37 million.

June 12, 2019

Acquisitions California Net Lease Retail Western

Flocke & Avoyer Negotiates Sale of Three Triple-Net Leased Assets in Oceanside, California

by Amy Works June 12, 2019

OCEANSIDE, CALIF. — Flocke & Avoyer Commercial Real Estate has directed the sale of three single-tenant, triple-net leased assets at Pacific Coast Plaza Center, a 450,000-square-foot retail center in Oceanside. AGC Pacific Coast Plaza sold the three properties for a total consideration of $11.2 million. Mahalah PCP Pad A and C acquired two properties, occupied by McDonald’s and Mimi’s, while H&S Energy purchased the Chevron-occupied asset. Steve Avoyer of Flocke & Avoyer represented the buyer, a private 1031 exchange, in the McDonald’s and Mimi’s transaction. El Warner of The Matthews Group, along with Stewart Keith, Brad Williams and Ashley Tiefel of Flocke & Avoyer Commercial Real Estate, represented the seller of the McDonald’s and Mimi’s deal.

June 12, 2019

Acquisitions Colorado Industrial Net Lease Western

Unique Properties Brokers $4.1M Sale of Industrial Property in Denver

by Amy Works June 12, 2019

DENVER — Unique Properties / TCN Worldwide has negotiated the sale of an industrial asset, located at 6400 Washington St. in Denver. Gibraltar Property Management acquired the property from North Denver Group Co-Tenancy for $4.1 million. Situated on 4.7 acres, the asset consists of a 14,540-square-foot industrial service and rental center. The property features a large storage yard, oversized drive-in doors and a showroom area. At the time of sale, the property was fully leased to United Rentals under an absolute triple-net lease basis. Brett MacDougall and Michael DeSantis of Unique Properties / TCN Worldwide represented the buyer and seller in the transaction.

June 12, 2019

Development Illinois Industrial Midwest Top Stories

Elion Unveils $2B Expansion Project for Logistics Park in Wilmington, Illinois

by Kristin Harlow June 12, 2019

WILMINGTON, ILL. — Elion Partners has renamed RidgePort Logistics Center to Elion Logistics Park 55 (ELP 55) and planned a $2 billion development project at the site in Wilmington, approximately 40 miles southwest of Chicago. Following the expansion, ELP 55 will become the largest rail-served industrial park in the Midwest, according to the real estate investment firm. Elion began acquiring land for the park in 2016. To date, 6.3 million square feet of multi-tenant and build-to-suit space exists. Some of the tenants include Post, Lineage and Batory Foods. The master plan comprises up to 2,500 acres, which includes an existing, full-service TA Petro Travel Plaza and up to 140 acres for planned commercial development. Current projects underway include an on-site first responders’ station, interconnectivity via planned pedestrian walking paths and an on-site helipad. ELP 55 features two miles of frontage along the BNSF’s Transcontinental Mainline with up to 12 million square feet of potential rail services, and three miles of I-55 frontage with a complete interchange. The park is located in a regional distribution hub that reaches 27 percent of the U.S. population within a one-day drive, according to Elion. “The goal is to develop a mixed-use logistics park that …

June 12, 2019

Market Reports New Jersey Northeast Northeast Market Reports Retail

Landlords Target Dining, Personal Services and Fitness to Woo Customers

by Taylor Williams June 12, 2019

Shifting consumer preferences for convenience and variety have become key drivers for brick-and-mortar retail. And when it comes to creating co-tenancies that drive traffic to retail properties, dining, personal services and fitness are among today’s most desirable categories. Fortunately, they also are among the sector’s most active space users in today’s market. Strong restaurant demand among brands new to, and expanding in, the regional market continues unabated, and year-to-date activity reflects a new level of diversity. From national brands to regional chains like café and bakery Dulce De Leche to expanding local mom-and-pop businesses, these tenants are serving as “internet-proof” placemakers for the retail properties they occupy. And many tenants are looking to step up the dining experience with outdoor seating, revolving menus and entertainment, among other offerings that spark return visits. The same holds true for personal services, where boutique concepts have become sought-after shopping center additions. Again, diversity is a common theme, with activity involving traditional salons as well as specialized concepts like Sport Clips, which caters to men and boys, and local businesses that offer makeup services, waxing and other niche beauty treatments. We also are watching with interest the emergence of brands offering coworking space for …

June 12, 2019

Leasing Activity Office Texas

Tenet Healthcare Signs 372,000 SF Office Lease in Metro Dallas

by Taylor Williams June 11, 2019

FARMERS BRANCH, TEXAS — Tenet Healthcare, a publicly traded provider, has signed a 372,000-square-foot office lease to occupy the entirety of International Plaza I, a 13-story tower located in the northern Dallas suburb of Farmers Branch. Moody Younger and Kathy Permenter of Younger Partners represented Tenet Healthcare in the lease negotiations. Chris Taylor, Trey Smith, Matt Schendle and Lauren Napper of Cushman & Wakefield represented the landlord, Taconic Capital Advisors, which acquired the asset last summer.

June 11, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires 180-Unit Apartment Community in DeSoto, Texas

by Taylor Williams June 11, 2019

DESOTO, TEXAS — CWA202 LLC has acquired Creekwood Apartments, a 180-unit community in DeSoto, located south of Dallas. The property offers amenities such as a pool, playground, business center, onsite laundry facilities and an internet café with a coffee bar. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the deal through a partnership with Old Capital Lending. The loan featured a 12-year term and a 30-year amortization schedule.

June 11, 2019

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