COLUMBIA, S.C. — Cushman & Wakefield has arranged the $23.4 million sale of Heron Lake, a multifamily complex in Columbia. The property offers one-, two- and three-bedroom floor plans. Communal amenities include bike storage, a car care center, fitness center, swimming pool, sand volleyball courts and a pet park. Tai Cohen, Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, MAS Broken Arrow, in the transaction. Collins Group acquired the property.
EWA BEACH, HAWAII — Walker & Dunlop has structured $40.6 million in financing across four loans for Keahumoa Place Apartments, a multifamily housing community under development in Ewa Beach on Oahu. The Michaels Organization, the borrower, is developing the master-planned community. Located 20 miles west of Honolulu, the garden-style project will be built on previously vacant, state-owned land and provide much-needed affordable housing options. Once completed in 2021, Keahumoa Place Apartments will consist of 320 one-, two- and three-bedroom units in 37 two-story buildings across 20 acres of land. Community amenities will include a garden space, picnic area, pet park and community center with multi-purpose room and computer lab. The property will also feature solar panels with efficient energy storing and sharing technology to reduce the project’s carbon footprint, as well as lower utility costs for residents. Kyle Peterson and Michael Liefer of Walker & Dunlop structured the financing through Freddie Mac’s Tax-Exempt Loan and Unfunded Forward Commitment programs, allowing the borrower to lock in interest rates through the entire term of each 16-year loan. The Walker & Dunlop team worked closely with the borrower, the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased …
FLAGSTAFF, ARIZ. — Vestar has purchased University Plaza, a shopping center located 1312 S. Plaza Way in Flagstaff. An undisclosed seller sold the property for $27.5 million. Situated near downtown Flagstaff, University Plaza features 165,615 square feet of retail space. At the time of sale, the property was 98 percent leased and anchored by Safeway, Ross Dress for Less, Bed Bath & Beyond and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in transaction.
GLENDALE, ARIZ. — Kasten Long Commercial Group has arranged the sale of a warehouse asset, located at the northwest corner of 51st Avenue and Camelback Road in Glendale. CBRE Global Investors acquired the property for $17.5 million from an undisclosed seller. Built in 1987, the property features 105,906 square feet of cold-storage space. Sprouts Farmers Market is a tenant at the property. Walter Unger of Kasten Long Commercial brokered the deal.
SAN DIEGO — Sudberry Properties has started construction of The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9850 Carroll Canyon Road in San Diego’s Scripps Ranch submarket. Situated on 9.5 acres, The Hub will features 260 apartments and 10,700 square feet of retail and restaurant space. The property is slated to open in phases, with the first apartments and commercial spaces available for occupancy in the fourth quarter of 2020. The Hub will consist of five four-story, garden-style residential buildings, a leasing center, 2,053-square-foot gym, lounge and a terrace overlooking a landscaped pool area, as well as high-visibility locations for restaurants and retailers. The property will feature apartment units in a mix of one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet. Interior amenities will include stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is handling leasing for the property. Aldon Cole and Olga Walsh of HFF arranged a construction loan through a commercial bank, as well as mezzanine financing from a correspondent life company …
FLINT, MICH. — General Motors Co. plans to invest $150 million at its Flint assembly plant to increase production of the all-new Chevrolet Silverado and GMC Sierra heavy-duty pickup trucks, which begin shipping to dealers this week. This is the second major expansion of GM’s full-size pickup truck production capacity this year. The news follows GM’s announcement last month to expand light-duty, full-size pickup truck production capacity in Fort Wayne, Ind. GM has invested more than $1.6 billion in the Flint assembly plant since 2013. The work will be completed in the first half of 2020. The Flint plant opened in 1947 and currently has three production shifts.
CEDAR RAPIDS, IOWA — Woda Cooper Cos. has broken ground on Anderson Greene, a 44-unit, mixed-income apartment community in Cedar Rapids. The $8.7 million first phase will include 39 units for residents at or below 60 percent of the area median income, with five units offered at market rate. Woda Cooper also plans to develop a $9.2 million second phase with 48 units that will be built approximately one year after the first phase. A community center with a clubroom as well as outdoor spaces and a playground will be part of Phase I. Funding for the first phase of development was made possible through the allocation of housing tax credits by the Iowa Finance Authority, with primary investment by Wells Fargo, permanent and construction loans by Merchants Capital and additional loans from the Housing Fund for Linn County and Monticello Structured Products LLC. The city of Cedar Rapids also provided funding. Woda Construction Inc. is the general contractor. Other project partners include architect Hooker DeJong Inc., engineer Hall & Hall Engineers Inc. and sustainability consultant Sol Design + Consulting.
KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.
LAKE GENEVA, WIS. — The Barry Co. has brokered the sale of a 68,000-square-foot industrial facility located at 901 Maxwell St. in Lake Geneva for an undisclosed price. The property sits on 5.7 acres. Kevin Barry represented the seller, Everett Smith Group. The buyer, Lake Geneva Self Storage LLC, plans to convert the property into a self-storage facility.
LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of the 33,340-square-foot Raintree Village shopping center in Lee’s Summit for an undisclosed price. The property sits on eight acres at 817-899 SW Lemans Lane. Phil Peck of Block & Co. represented the seller, Compton Holdings LLC. The buyer was not disclosed. Block & Co. will continue to handle leasing for the center. Six spaces are currently available for lease, ranging from 1,139 to 3,626 square feet. Some of the tenants include Love Coffee, Envy Salon, Papa John’s, Snap Fitness and La Fuente Mexican restaurant.
