TAUNTON, MASS. — Dacon Corp. has completed the design and construction of a 10,500-square-foot headquarters expansion for beer distributor Quality Beverage in Taunton, located approximately 30 miles south of Boston. The $1.8 million project comprised a ground-up construction of a climate-controlled warehouse adjacent to the company’s existing headquarters in the Myles Standish Industrial Park.
NEW YORK CITY — Seafood restaurant Mighty Catch has signed a 1,360-square-foot retail lease in Manhattan. Located in the Columbia University submarket, the lease encompasses 960 square feet on the ground floor of 940 Columbus Avenue., as well as an additional 400-square-foot basement space. The restaurant is slated to open in early 2020. Anton Marchuk of Harvest International Commercial Real Estate represented Mighty Catch in the lease negotiations. Michael Shkreli of Winick Realty Group represented landlord, Walter & Samuels.
KENT, WASH. — RedHill Realty Investors has completed the sale of RedHill Pines, a garden-style multifamily community located in Kent. An undisclosed buyer acquired the property for $34.5 million. Located on more than 7 acres off Canyon Drive, RedHill Pines is a 10-building multifamily complex made up of the 98-unit RedHill Pines, which was built in 1980, and the 70-unit RedHill Pines North, which was built in 1988. The adjacent communities share a centralized clubhouse and leasing office. The communities offer a total of 168 units with an average unit size of 796 square feet, with private patios or balconies at each unit. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Additionally, IPA Capital Markets arranged $23.4 million in acquisition financing for the buyer. The 10-year loan features a fixed rate at 3.8 percent with five years of interest-only payments. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA handled the transaction, while Ray Allen and Seth Heikkila of IPA Capital Markets arranged the financing for the buyer.
SAN DIEGO — San Diego-based Sunroad Enterprises has completed the disposition of Sunroad Plaza, an office campus located in the Rancho Bernardo submarket of San Diego. Texas-based Virtus Real Estate Capital purchased the property for $19.9 million. Located at 11770 Bernardo Plaza Court, the 71,934-square-foot asset consists of one three-story building and one four-story building. The campus features on-site showers and lockers, executive conferencing facilities and 423 parking spaces. At the time of sale, Sunroad Plaza was 82 percent leased to a mix of government, medical and professional office users. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson of CBRE represented the seller, while Lars Eisenhauer of CBRE represented the buyer in the deal.
OAHU, HAWAII — Hunt Capital Partners has provided $10.4 million in federal and state low-income housing tax credit financing, as well as federal solar tax credit equity financing, for the construction of Hale Makana O Maili in Oahu’s Waianae district. Upon completion, Hale Makana O Maili will feature 52 affordable housing units spread across six garden-style residential buildings. Construction began in late September, with completion slated for November 2020. The development team comprises the Hawaiian Community Development Board, Pacific Development Group and 3 Leaf Holdings. Moss & Associates is serving as general contractor and Mark Development will serve as property management for the project.
FORT COLLINS, COLO. — Landmark Properties has started construction of The Standard at Fort Collins, a 780-bed community serving students and young professionals near Colorado State University in Fort Collins. The community is set for completion in fall 2020. The property will offer studio, one-, two-, three-, four- and five-bedroom units. Shared amenities will include a rooftop swimming pool, coffee bar, study lounge, private study rooms, a 24-hour fitness center, clubhouse, grilling spaces and outdoor courtyards. Katerra is serving as general contractor for the project.
HIGHLAND, CALIF. — Marcus & Millichap has arranged the acquisition of International Self Storage in Highland. A local investment company purchased the asset for an undisclosed price. The 17,905-square-foot International Self-Storage features 172 non-climate-controlled, drive-up units ranging in size from four feet by four feet to eight feet by 10 feet. Additionally, the property is fully fenced and equipped with security monitoring systems, including electronic gate access and individual alarms. The property also features an on-site manager’s office with residence. Keith Phillips of The LeClaire Group of Marcus & Millichap’s Encino, Calif., office procured the buyer, while the undisclosed seller was self-represented in the deal.
ATLANTA — Lenbrook, an independently owned and operated continuing care retirement community in Atlanta’s upscale Buckhead neighborhood, has broken ground on a 53-unit independent living expansion at the community. Named Kingsboro at Lenbrook, the four-acre expansion project is scheduled for completion in 2022. Development costs were estimated at $115 million. The expansion is split into two buildings. The Flats comprise 39 residences in a five-story building with a variety of floor plans ranging from 1,700 to 3,200 square feet. The Villas will consist of three buildings, each with four to five residences between 2,000 and 3,200 square feet. The project will bring Lenbrook’s total number of residences to 479, including independent living, assisted living and skilled nursing.
AUGUSTA, GA. — A joint venture between BCDC and Novare Group has broken ground on Alexander Heights, a 252-unit apartment community in Augusta. The property will offer one- and two-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center, walking trails and a pet park. It will be located on Alexander Drive, four miles north of downtown Augusta. Texas Capital Bank provided construction financing for the property, which is slated to open in late 2020.
HAMPTON, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $22 million Virginia Housing Development Authority (VHDA) construction loan for Monroe Gates Apartments, a planned 162-unit residential complex in Hampton. The property will offer eight two-story townhomes, four carriage homes and 150 one- and two-bedroom floor plans, 20 percent of which will be priced as affordable housing. The site is located at 200 S. Mallory St., two miles east of downtown Hampton and two miles west of the 409-year-old Fort Monroe. Communal amenities will include a clubhouse, fitness center, media room, conference facilities, dog park and a swimming pool. Kelly Martone of Bellwether originated the 35-year loan on behalf of the borrower, The Whitmore Co.
