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FloridaLoansMultifamilySoutheast

JLL Secures $48M Refinancing for Westshore Palm Bay Apartments on Florida’s Space Coast

by John Nelson

PALM BAY, FLA. — JLL has secured a $48 million loan for the refinancing of Westshore Palm Bay, a 248-unit luxury apartment community located at 2331 Commerce Park Drive NE in Palm Bay, a city on Florida’s Space Coast. Brian Gaswirth, Ted Taylor, Kyle Butler, Aaliyah St. Louis and Noli Muratovic of JLL arranged the floating-rate loan through ACORE Capital LP on behalf of the borrower, Northshore Development. Built in 2023, Westshore Palm Bay features a 24-hour fitness center with on-demand virtual classes, resort-style pool with sun shelves, clubhouse and an 8-acre lake within a nature preserve. The property was 94 percent occupied at the time of financing.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Berkadia Brokers $43.8M Sale of Highline North Apartments in Asheville, North Carolina

by John Nelson

ASHEVILLE, N.C. — Berkadia has brokered the $43.8 million sale of Highline North, a 168-unit apartment community located at 602 Highline Drive in Asheville. The seller, North Carolina-based Carlisle Residential Properties, delivered the property in 2023. Caleb Troop, Thomas Colaiezzi and Matt Robertson of Berkadia represented the seller in the transaction. Jeremy Lynch and Jake Adoni of Berkadia’s Philadelphia office originated a Freddie Mac acquisition loan on behalf of the buyer, Greenville-based Graycliff Capital. Highline North features one-, two- and three-bedroom apartments, as well as three-bedroom townhomes, with units ranging in size from 822 to more than 1,500 square feet. Amenities include a fitness center with cardio and weight lifting equipment; clubhouse featuring a TV lounge, wet bar and shuffleboard; pet spa and park; salt-water swimming pool; Amazon package lockers; detached garages; and electric vehicle charging stations.

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AcquisitionsRetailSoutheastVirginia

Greysteel Negotiates $9M Sale of Laburnum Park Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Greysteel has negotiated the $9 million sale of Laburnum Park Shopping Center, a 61,060-square-foot retail center located at 4320, 4356 and 4396 S. Laburnum Ave. in Richmond. Oklahoma-based The Criterion Fund purchased the property from the seller, a private individual. Ben Wilson of Greysteel represented the seller in the transaction and procured the buyer. The seller received 10 competitive offers during marketing, according to Greysteel. Laburnum Park Shopping Center features two in-line retail buildings, a standalone retail pad and a bank pad.

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AcquisitionsRetailSouth CarolinaSoutheast

Marcus & Millichap Arranges $7.1M Sale of Two Vacant Retail Properties in Columbia

by John Nelson

COLUMBIA, S.C. — Marcus & Millichap has arranged the $7.1 million sale of two vacant retail buildings located on a 3.2-acre site at 3818 Devine St. in Columbia. The 38,816-square-foot property was home to a Piggly Wiggly for more than 40 years before the grocer closed in April. Harrison Creason and Andrew Margulies of Marcus & Millichap brokered the transaction between the seller, an out-of-state owner, and the buyer, locally based Cason Development Group.

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Polytechnic-High-School-Long-Beach-CA
CaliforniaCivicDevelopmentWestern

C.W. Driver Breaks Ground on $175M Modernization Project at Polytechnic High School in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — C.W. Driver Cos. has broken ground on a $175 million modernization project at Long Beach Unified School District’s Polytechnic High School in Los Angeles County. The project includes interim student housing, a new 65,000-square-foot Career and Technical Education (CTE) classroom building and the modernization of eight historic, existing campus buildings. The new three-story CTE classroom building will include a medical simulation lab supporting the school’s medical pathway; engineering and computer science labs; standard and intensive studies classrooms; robotics and automotive technology labs; spaces for the school’s Junior Reserve Officers’ Training Corp (JROTC); and dedicated engineering courtyards and outdoor learning environments. Interim housing will also be built in a new complex consisting of 52 portable classrooms, four restroom buildings and a lunch shelter. During the additional phases, which are scheduled across two subsequent summers, C.W. Driver will modernize the aging infrastructure, update utilities and enhance the school’s learning environment through partition walls, new flooring, fire alarms and utility connections across eight buildings. Updates will include HVAC and technology modernizations, new audiovisual systems, lighting, electrical and interior/exterior finishes. Additionally, the school will be upgrading its accessibility and safety through ADA-compliant pathways and signage and bringing fire alarm systems, tactile …

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3000-W-Marina-Dr-Moses-Lake-WA
HospitalityLoansWashingtonWestern

Gantry Secures $14M Loan for Refinancing of Best Western Plus Hotel in Moses Lake, Washington

by Amy Works

MOSES LAKE, WASH. — Gantry has secured a $14 million permanent loan to refinance the Best Western Plus Lake Front Hotel, located at 3000 W. Marina Drive in Moses Lake. The hotel, including onsite restaurant, underwent an improvement program in 2023. The hotel features a heated outdoor pool, hot tub, steam room, cocktail lounge, meeting and banquet facilities, a business and convention center and a fitness center. Drit Shoemaker of Gantry represented the borrower, a private real estate investor. A regional bank provided the seven-year, fixed-rate loan, which features a 25-year amortization schedule.

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5335-Xenon-St-Arvada-CO.jpg
AcquisitionsColoradoIndustrialWestern

Pinnacle Real Estate Brokers $5M Sale of Industrial Property in Arvada, Colorado

by Amy Works

ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the $5 million sale of an industrial property located at 5335 Xenon St. in Arvada. The single-tenant property offers 15,975 square feet of industrial space. Mark Alley of Schneider Grimes Investment Services Group of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal. The buyer was not released.

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Rancho-Vallejo-CA
CaliforniaLoansRetailWestern

PSRS Arranges $4.5M Refinancing for Two Retail Buildings in Vallejo, California

by Amy Works

VALLEJO, CALIF. — PSRS has arranged $4.5 million for the refinancing of two retail buildings within a shopping center in Vallejo. The asset offers 10 retail units, totaling 16,452 square feet, spread across two buildings. Thomas Rudinsky of PSRS secured a 60 percent loan-to-value loan with a three-year term and 25-year amortization with the option to fully amortize the deal with a rate reset option from the lender every three years. A correspondent life insurance company funded the loan.

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11122-11126-Bonwood-Rd-El-Monte-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Negotiates $2.6M Sale of Multifamily Property in El Monte, California

by Amy Works

EL MONTE, CALIF. — Marcus & Millichap has directed the purchase of a 12-unit apartment property located at 11122 and 11126 Bonwood Road in El Monte. A private investor acquired the asset for $2.6 million. David Covarrubias and Doug McCauley of Marcus & Millichap procured the buyer in the deal. Built in 1958, the property offers two-bedroom units, an onsite laundry room and 12 parking spaces. Recent capital improvements at the property include a new roof, windows, exterior painting and remodeling on select units.

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DevelopmentIllinoisMidwestRetail

PENN Entertainment to Open $185M Hollywood Casino Joliet in August

by Kristin Harlow

JOLIET, ILL. — PENN Entertainment has unveiled plans to open the new land-based Hollywood Casino Joliet on Monday, Aug. 11. The casino in Illinois is scheduled to open nearly six months ahead of the company’s originally scheduled construction timeline. The entertainment facility will anchor Rock Run Collection, a mixed-use development from Cullinan Properties located adjacent to the I-80 and I-55 interchange. The casino will feature 1,000 slots and 43 live table games, including a baccarat room, retail ESPN BET sportsbook, 10,000-square-foot event center and 1,330 parking spaces. Hollywood Casino Joliet will also include several dining experiences. PENN has partnered with celebrity chef Giada De Laurentiis to debut Sorellina by Giada, which will offer 170 seats for dining and a contemporary bar with a comprehensive wine selection. PENN has also partnered with McClain Camarota Hospitality to bring prominent Chicago chefs and restaurants to the casino. Through this partnership, the property will feature the Boulevard Food & Drink Hall, a dining experience that will include Lucky Goat, Antique Taco, Pretty Cool Ice Cream and Five50 Pizza. PENN is expected to work with the Illinois Gaming Board on the transfer of operations from the existing Hollywood Casino Joliet, which is located on the …

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