Property Type

Continental Realty Acquires Retail Center in Suburban Maryland for $23.5M

by Alex Tostado August 29, 2019

HAGERSTOWN, MD. — Continental Realty Corp. has acquired Centre at Hagerstown, a 331,000-square-foot retail center in Hagerstown, for $23.5 million. The property was 93 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Books-A-Million, OfficeMax, PetSmart, Regency Furniture, 2nd & Charles and A.C. Moore. Centre at Hagerstown is located at 17850 Garland Grosh Blvd., three miles from downtown Hagerstown, the county seat of Washington County. Danny Finkle, Jordan Lex and John Owendoff of JLL represented the seller, WashREIT, in the transaction.

August 29, 2019

Acquisitions Louisiana Retail Southeast

Marcus & Millichap Arranges $6.4M Sale of Shopping Center in New Orleans

by Alex Tostado August 29, 2019

NEW ORLEANS — Marcus & Millichap has arranged the $6.4 million sale of River Commons, a 59,483-square-foot shopping center in New Orleans. River Commons, which is shadow-anchored by Walmart, was leased to 17 tenants at the time of sale, including Dollar Tree, Shoe Show, Cato and Sally Beauty. Zach Taylor and Don McMinn of Marcus & Millichap represented the seller, Rivercrest Realty, in the transaction. The buyer was Salim Rupani, a private investor based in Texas.

August 29, 2019

Conference Coverage Features Georgia Mixed-Use Southeast

InterFace Panelists Predict More Variety, Less Food for Future Mixed-Use Projects

by Alex Patton August 29, 2019

ATLANTA — Traditionally, mixed-use developments are multifamily-based with ground-floor retail or dining and a few floors of offices in between or adjacent. That combination still works, but changing demographics demand more variety from the popular model, according to panelists of InterFace Mixed-Use Southeast on Aug. 22 at the Westin Buckhead in Atlanta. Projects like The Battery Atlanta and the upcoming Revel development in nearby Duluth are anchored by popular entertainment sites — SunTrust Park and Infinite Energy Center, respectively. Other upcoming developments in the Southeast like Kern’s Bakery in Knoxville, Tennessee, will feature student housing, while others like 12|12 Aventura in South Florida will feature seniors housing units. Speakers at the show cautioned that while restaurants are necessary elements of a successful mixed-use project and often bring some added variety, food and beverage options nationwide are becoming oversaturated, especially in mixed-use settings. Professionals involved with some of the most successful mixed-use developments in the Southeast spoke about prominent trends and the future of the product type at the conference. Overall the various speakers were bullish on the product type going forward as demand generators such as job and population growth are strong in the Southeast’s top markets. “I see two …

August 29, 2019

Arizona Development Hospitality Loans Western

Hall Structured Finance Provides $86.5M Construction Loan for Westin Tempe in Arizona

by Amy Works August 29, 2019

TEMPE, ARIZ. — Dallas-based Hall Structured Finance (HSF) has funded a new first-lien loan totaling $86.5 million to finance the construction of the full-service Westin Tempe hotel, located at 11 E. Seventh St. in Tempe. The borrower, Las Vegas-based CAI Investments, is developing the project. Construction began in March, with completion slated for second-quarter 2021. The 18-story hotel will feature 290 guest rooms, a rooftop infinity pool, poolside bar, fitness center, full-service restaurant and bar, business center, Starbucks Coffee and more than 10,000 square feet of meeting space. Aden Kuh of Silver Ridge Partners sourced the financing for the project.

August 29, 2019

Acquisitions Multifamily Oregon Western

Greystar Sells 264-Unit Avana Orenco Station Apartments in Hillsboro, Oregon

by Amy Works August 29, 2019

HILLSBORO, ORE. — Greystar has completed the disposition of Avana Orenco Station, a 264-unit multifamily property located at 6710 NE Vinings Way in Hillsboro. Jackson Square Properties purchased the asset free and clear of existing financing for an undisclosed amount. The 12-building community features 156 one-bedroom, 100 two-bedroom and eight three-bedroom units, averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers/dryers. Community amenities include a swimming pool, spa, grilling areas, fire pit, gazebo, fitness center, community lounge, Wi-Fi, pool table, business center and dog park. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller.

August 29, 2019

Acquisitions Colorado Retail Western

NKF Negotiates $10.1M Sale of Roundhouse Retail Property in Colorado Springs

by Amy Works August 29, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado has arranged the sale of a Roundhouse, a retail building located at 600 S. 21st St. in Colorado Springs. CWC Income Properties 6 LLC acquired the property from 600 S. 21st LLC as an investment asset for $10.1 million. Riki Hashimoto, Dan Grooters, Brian Wagner and Mark O’Donnell of NKF Colorado represented the seller in the transaction.

August 29, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $12.5M Sale of Two-Story Shopping Center in Los Angeles’ Koreatown

by Amy Works August 29, 2019

LOS ANGELES — Marcus & Millichap has arranged the sale of The Heyman Center, a two-story shopping located in Los Angeles’ Koreatown. A California-based limited liability company sold the property to another California-based limited liability company for $12.5 million. Located at 730 S. Western Ave., The Heyman Center features 25,252 square feet of retail space and a 48-car parking lot on a 28,918-square-foot site. At the time of sale, the property was 87 percent occupied by a mix of net-leased tenants. Brandon Michaels of Marcus & Millichap’s Encino office represented the seller and buyer in the deal.

August 29, 2019

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $2.3M Sale of Restaurant Asset in Inland Empire

by Amy Works August 29, 2019

BEAUMONT, CALIF. — Progressive Real Estate Partners has facilitated the sale of a restaurant property, located at 501 E. Fifth St. in Beaumont. A private Riverside-based investor sold the property to San Jose-based private investor for $2.3 million, or $1,006 per square foot. Built in 2008, the 2,250-square-foot building, which features a drive-thru, recently underwent a renovation. Popeyes Louisiana Kitchen occupies the single-tenant property. Greg Bedell of Progressive Real Estate Partners represented the seller, while Cindy Hipwell of Hipwell Real Estate represented the buyer in the deal.

August 29, 2019

Acquisitions Michigan Midwest Multifamily

Berkadia Brokers $32.5M Sale of Multifamily Property in Michigan

by Kristin Harlow August 29, 2019

FARMINGTON HILLS, MICH. — Berkadia has brokered the sale of Hillside Forest, a 252-unit multifamily property in Oakland County’s Farmington Hills. Built in 1986, the community features one- and two-bedroom floor plans. Amenities include a 24-hour fitness center, clubhouse, pool, jogging trail and tennis courts. Kevin Dillon, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Corey Krug and Carly Dietz of Berkadia represented the seller, Michigan-based Berger Realty Group Inc. Affiliates of Highgate Capital Group, based in Chicago, purchased the asset. Robert Falese of Berkadia originated $26.8 million in acquisition financing on behalf of the borrower. The 10-year Freddie Mac loan features a fixed interest rate of 3.87 percent and a loan-to-value ratio of 80 percent.

August 29, 2019

Industrial Leasing Activity Midwest Ohio

Spartan Logistics Signs 257,962 SF Lease in Columbus

by Kristin Harlow August 29, 2019

COLUMBUS, OHIO — Spartan Logistics has signed a 257,962-square-foot industrial lease at 3100 Creekside in Columbus. The three-year lease brings the 340,000-square-foot property to 76 percent occupancy. Plymouth Industrial REIT Inc. owns the property. Spartan Logistics is a full-service, third-party logistics company providing transportation solutions throughout the United States and Canada. Spartan, which plans to use the facility for warehousing and distribution of personal care supplies, will take occupancy of the space in September. The company has several locations in Arkansas, Ohio and South Carolina.

August 29, 2019

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