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DevelopmentMidwestMultifamilyOhio

Casto, Homeport to Build 180-Unit Workforce Housing Community in Clintonville, Ohio

by Kristin Harlow

CLINTONVILLE, OHIO — Casto and its nonprofit partner, Homeport, have unveiled plans to develop Graceland Flats, a workforce housing community in Clintonville near Columbus. Of the property’s 180 units, 50 percent will be designated for renters who earn between 80 and 100 percent of the area median income. Project financing comes from the Federal Housing Administration’s construction loan program and the Affordable Housing Trust for Columbus and Franklin County. Amenities at the property will include a pool, outdoor fireplace and bike storage. A timeline for completion was not disclosed.

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DevelopmentIllinoisIndustrialMidwest

Premier Delivers 407,338 SF Build-to-Suit Warehouse in Elwood, Illinois

by Kristin Harlow

ELWOOD, ILL. — Premier Design + Build Group has delivered a new warehouse for Midwest Warehouse & Distribution System in Will County’s Elwood. This is the second project Premier has completed for Midwest Warehouse, a full-service logistics company based in Woodridge. Built on a 24-acre site, the new 407,338-square-foot warehouse features a clear height of 36 feet, 70 exterior truck docks, three drive-in doors, 104 trailer parking stalls and 95 car parking stalls. It also includes offices, a conference room, training room and lounge. The build-to-suit project is located at 21157 Walter Strawn Drive, south of Joliet. The project team included Cornerstone Architects Ltd., Manhard Consulting Ltd. and Structures Unlimited.

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Phoenix-Townhomes-Fresno-CA
AcquisitionsCaliforniaMultifamilyWestern

Bascom, Artemis Buy 248-Unit Phoenix Townhomes Apartment Community in Fresno for $35M

by Amy Works

FRESNO, CALIF. — The Bascom Group, in partnership with Artemis Real Estate Partners, has acquired Phoenix Townhomes, a condominium-style apartment complex located at 5355 N. Valentine Ave. in Fresno. An undisclosed seller sold the asset for $35 million, or $141,129 per unit. Constructed in 2004, Phoenix Townhomes features 248 apartments in a mix of two- and three-bedroom layouts. The property is located six miles northeast of downtown Fresno and within minutes of Fresno State University, as well as State Highways 99, 41 and 180. Mark Mimm of SVN/MJM & Associates brokered the transaction.

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Crismon-Gateway-Village-Mesa-AZ
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailWestern

CCR North Starts Construction of Phase II at Crismon Gateway Village in Mesa, Arizona

by Amy Works

MESA, ARIZ. — CCR North LLC has started construction on Phase II of Crismon Gateway Village, an approximately $40 million mixed-use project situated at the northeast corner of Crismon and Baseline roads in Mesa. The second phase will bring a mix of tenants, including Martin Dental, Vantage West and Sassy’s Café & Bakery. Current tenants include Black Rock Coffee, Bella Nail Bar, Filiberto’s, Radius Fitness and Doc’s Artisan Ice Cream. Upon completion, the master-planned community will include 22,040 square feet of retail, restaurant and office space and a 128-unit multifamily property with individual suite patios. Mary Nollenberger and Nicole Ridberg of SVN/Desert Commercial Advisors are handling leasing efforts for the development.

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CaliforniaLoansMultifamilyWestern

KeyBank Arranges $39M in Financing for Monte Vista Apartment Homes in Southern California

by Amy Works

LA VERNE, CALIF. — KeyBank Real Estate Capital has secured $39 million in Fannie Mae Green financing for San Diego-based MG Properties Group. The borrower will use the loan to refinance Monte Vista Apartment Homes in La Verne. Built in 1972 and renovated in 2018, the 207-unit community comprises 18 two-story apartment buildings on 14 acres. Since 2016, MG Properties has spent more than $6 million on exterior renovations and interiors renovations for 151 units. MG plans to finish renovations, which will cost approximately $1 million, to the remaining 56 units. Peter Kurzeka of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing.

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Southport-Office-Park-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

Voit Brokers $8.7M Sale of Southport Office Park in San Diego

by Amy Works

SAN DIEGO — Voit Real Estate Services has arranged the sale of Southport Office Park, an eight-building office complex located in San Diego’s National City submarket. Dan Floit, a San Diego-based private investor, acquired the asset from San Diego-based H.G. Fenton Co. for $8.7 million. Totaling 33,894 square feet, the office park is located at 102, 132 and 202 Miles of Cars Way; 2403, 2435, 2425 and 2427 Hoover Ave.; and 2405 Transportation Ave. Michael Mossmer and Curt Perry of Voit Real Estate Services represented the seller, while Mark Caston and Spencer Kerrigan, also of Voit, represented the buyer in the deal.

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AcquisitionsNevadaRetailWestern

BK National Solutions Sells 25,892 SF Gramercy Commons Retail Center in Las Vegas for $6.3M

by Amy Works

LAS VEGAS — BK National Solutions LLC has completed the disposition of Gramercy Commons Retail Center, a multi-tenant retail building in Las Vegas. Manjinder Saini acquired the asset for $6.3 million. Located at 5752 S. Fort Apache Road, the property features 25,892 square feet of retail space. Roy Fritz, Cathy Jones, Paul Miachika, Taylor Vasquez and Dylan Heroy of Sun Commercial Real Estate represented the buyer, while Logic Commercial Real Estate represented the seller in the transaction.

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AcquisitionsMarylandRetailSoutheastTexasTop Stories

InvenTrust Acquires Two Grocery-Anchored Shopping Centers in Texas, Maryland for $123M

by Taylor Williams

FRISCO, TEXAS AND ROCKVILLE, MD. — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired two grocery-anchored properties in Texas and Maryland for $123 million. Eldorado Marketplace is a 186,068-square-foot property in Frisco, a northern suburb of Dallas, and Travilah Square is a 56,220-square-foot center in Rockville, a suburb of Washington D.C. The properties fetched sales prices of $71 million and $52 million, respectively. Market Street serves as the anchor tenant for Eldorado Marketplace, which also houses tenants such as AT&T, Jersey Mike’s, PetSmart and UPS. Trader Joe’s anchors Travilah Square, which houses tenants such as TITLE Boxing and Tropical Smoothie. InvenTrust officials cited Frisco’s emergence as a hub for corporate relocations, specifically the PGA and Keurig Dr. Pepper, as a key factor in the acquisition of Eldorado Marketplace. InvenTrust pointed to growing household income and steady population growth as the drivers behind the purchase of Travilah Square. The basic need to deploy capital before year’s end also played into the equation, says Christy David, executive vice president of InvenTrust. “InvenTrust has now acquired over $400 million of high-quality, grocery-anchored centers in key growth markets year-to-date. We remain on track to hit the company’s acquisition goals for 2019, and …

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Conference CoverageFeaturesMultifamilyTexasTexas & Oklahoma Feature Archive

InterFace Panel: Fickle Nature of Renter Tastes Creates Challenges for Multifamily Architects, Contractors

by Taylor Williams

DALLAS — Multifamily projects are becoming more costly and time-consuming to complete, and the need to cultivate a unique amenity package that differentiates a property from the competition is contributing to inflated budgets and lengthier timelines. As noted by a panel of multifamily architects and construction managers at the InterFace Multifamily Texas on Sept. 5, the definition of what constitutes an ideal amenity package is in a constant state of flux. The event, held at the Westin Galleria hotel in Dallas, drew more than 225 attendees. The complications of designing and building multifamily communities are challenging and costly enough. That the amenities are subject to ever-changing consumer tastes adds another layer of complexity to maintaining project costs and schedules. Yet curating the right mix is a critical part of product differentiation in saturated markets. Many amenities found in new properties reflect broader changes in consumer behavior, which is fickle by definition. Features such as Amazon package lockers, rideshare lounges, electric car charging stations and coworking office space exemplify how changes in the ways people shop, travel and work are trickling down to the design and construction of apartment communities. “In our world, projects are increasingly complex,” said moderator Spencer Stuart, …

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Land Scarcity in Baltimore Driving More ‘Smart Growth’ for Industrial Sector

by Alex Tostado

Continuing a trend that started approximately 10 years ago, the Central Maryland region remains an extremely attractive area for warehouse and industrial development with vacancy rates hovering in the 7 percent range, more than 3 million square feet currently underway and an additional 5 million square feet of space expected to break ground over the next 18 months. But new challenges are also starting to emerge in this marketplace, driven by barriers-to-entry such as land scarcity and increased government regulations. On the positive side, rental rates continue to inch upwards and end-user requirements in the 30,000- to 100,000-square-foot range, long the bread and butter of this region, have returned. Over the past decade, numerous local and national developers have been enjoying the high life in the Interstate 95 corridor spanning from Harford County north of Baltimore City, through Howard County and touching Prince George’s County, which is considered a suburb of Washington, D.C. A who’s who of retail royalty have signed substantial leases such as Amazon, Best Buy, FedEx, Floor & Décor, The Container Store, The Home Depot, Pier 1 Imports, Sephora Cosmetics, XPO Logistics and Under Armour. While many touched 1 million square feet of space, what previously was …

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