Property Type

SRS Negotiates $11.8M Sale of Retail Center in Central Florida

by Alex Tostado July 25, 2019

VIERA, FLA. — SRS Real Estate Partners has negotiated the $11.8 million sale of Viera Colonnade Shops, a 27,051-square-foot retail center comprising three buildings, in Viera. The asset is situated at 2328, 2338 and 2348 Citadel Way, 35 miles east of downtown Orlando. The property was delivered in 2017 and 2018. Viera Colonnade is fully leased to 14 tenants, including UPS, Jersey Mike’s, Great Clips, Mattress One and Blaze Pizza. Additionally, all 14 tenants recently signed brand new 10-year triple-net leases with extension options. Patrick Luther and Matthew Mousavi of SRS represented the seller, a developer based in Florida. The buyer, a private partnership comprising domestic and foreign investors, was self-represented. The property closed at a 6.85 percent cap rate.

July 25, 2019

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Negotiates Six Industrial Leases Totaling 132,798 SF in Broward County

by Alex Tostado July 25, 2019

POMPANO BEACH, FLA. — Cushman & Wakefield has negotiated six industrial leases totaling 132,798 square feet at Pompano Center of Commerce II, a warehouse and distribution campus in Broward County. Butters Construction & Development developed the property, the existing buildings of which are now at full occupancy. Tenants represented in the new leasing activity include Milestone Pavers (14,640 square feet), Empire Delivery (26,605 square feet), Larsen’s Manufacturing (17,436 square feet), Farco Plastics (17,381 square feet), Event Effects Group (37,786 square feet) and ATI Electrical Supply (18,950 square feet). Chris Metzger, Richard Etner, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the landlord, a joint venture between Butters and an institutional capital partner, in all of the lease negotiations.

July 25, 2019

Acquisitions Multifamily Utah Western

Olympus Property Acquires 170-Unit Apartment Community in South Jordan, Utah

by Amy Works July 25, 2019

SOUTH JORDAN, UTAH — Olympus Property has purchased Promenade at the District, a Class A multifamily property located at 11391 S. River Heights Drive in South Jordan, for an undisclosed price. Effective immediately, the asset will be renamed Olympus at the District. Built in 2012, the property features 170 apartments, fitness center, eco-friendly/solar-powered units, two swimming pools, sunning decks, a clubhouse featuring a lounge area, televisions, a fireplace and billiards rooms, and two playground areas. Unit amenities include stainless steel appliances, granite countertops, gourmet kitchens, full-size washers and dryers, vaulted ceilings, faux-wood flooring, gas ranges, designer wood cabinets, oversized walk-in closets, 2.5-inch wood-composite blinds, one- and two-car direct-access garages, and front patios in select units. The buyer plans to spend $800,000 on top of the existing finish-outs to enhance the interiors, add minor renovations to the clubhouse, rebrand the property, paint the exterior, update exterior lighting and add a pet park. Interior upgrades will include adding smart-home packages, ceiling fans, vinyl flooring and a lighting package to further increase the value of the asset.

July 25, 2019

Acquisitions California Retail Western

Lucescu Realty Negotiates Sales of Two Shopping Centers in Northern California for $24.6M

by Amy Works July 25, 2019

OROVILLE AND AUBURN, CALIF. — Lucescu Realty has arranged the sales of two shopping centers located in Northern California. Community Centers of America sold the properties for a total of $24.6 million. A Sacramento, Calif.-based private development/investment company acquired Currier Square, a 131,017-square-foot, open-air community shopping center in Oroville, for $14.8 million. At the time of sale, the property was 88.5 percent leased to a variety of tenants, including Raley’s Grocery, Marshalls and Petco. The asset also includes four out-pad parcels positioned for redevelopment/buildout. A Los Angeles-based private investor purchased Crossroads Shopping Center, a 125,791-square-foot, open-air community shopping center in Auburn, for $9.8 million. Built in 1994, the property was 91.9 percent leased at the time of sale. Current tenants includes Safeway, Ross Dress for Less, CACFit, AutoZone and Famous Footwear. Mark Lucescu, Samer Khalil and Greg Wendelkin of Lucescu Realty represented the seller and procured the buyers in the deal.

July 25, 2019

Development Multifamily Oregon Western

Wood Partners Breaks Ground on 318-Unit Alta Civic Station Near Portland

by Amy Works July 25, 2019

GRESHAM, ORE. — Wood Partners has broken ground for Alta Civic Station, a multifamily property located at 1699 NW Civic Drive in Gresham, an eastern suburb of Portland. Slated to open spring 2021, Alta Civic Station will feature 318 market-rate units in a mix of studio, one-, two- and three-bedroom layouts, as well as live-work townhome-style units. Community amenities will include a community room with kitchen and social areas, fitness center, co-working, meeting space and ground-floor retail. Additionally, the project includes a half-acre public plaza adjacent to the Civic Drive MAX Light Rail station. The public plaza will feature outdoor gathering spaces and a children’s play area.

July 25, 2019

Acquisitions California Retail Western

Faris Lee Investments Arranges $11.5M Piecemeal Sale of Shopping Center in Lake Elsinore, California

by Amy Works July 25, 2019

LAKE ELSINORE, CALIF. — Faris Lee Investments has brokered $11.5 million in sales of three different properties to three different buyers within the Central Plaza Shopping Center in Lake Elsinore. The sales include a Marshalls, Panera Bread and a two-tenant sale of Pieology and Ono Hawaiian BBQ. HFC/PRP Elsinore LLC sold the properties to undisclosed buyers. Situated on 7.3 acres, the 66,000-square-foot property was completed earlier this year and was 100 percent pre-leased to national tenants upon commencement of construction. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in the transaction.

July 25, 2019

Loans Multifamily Seniors Housing Utah Western

Hunt Real Estate Capital Provides $3.7M Refinancing for Assisted Living Property in Utah

by Amy Works July 25, 2019

TREMONTON, UTAH. — Hunt Real Estate Capital had funded a $3.7 million Fannie Mae loan for the refinancing of Our House of Tremonton, a seniors housing property in Tremonton, about 20 miles from the Idaho border. The borrower and property owner is Utah-based SAL Management. Brady Johnson, Andy Kitts and Heath Coryell of Hunt Real Estate Capital originated the deal. Originally built in 1995, the assisted living facility features 28 units. The property recently opened 12 new units after completing a renovation and expansion. The remodel included a complete update to all areas of the building, including resident suites, bathrooms and common areas, as well as adding vaulted ceilings and natural light throughout the front entry, dining room and hallways.

July 25, 2019

Acquisitions Multifamily Seniors Housing Texas

TEXLA, Crow Holdings Acquire 744-Bed Student Housing Community Near Texas Tech University

by Taylor Williams July 25, 2019

LUBBOCK, TEXAS — A partnership between TEXLA Housing Partners and a private equity fund managed by Crow Holdings Capital has acquired Thrive in Lubbock, a 744-bed student housing community serving Texas Tech University. The 264-unit property was built in 2004 and recently underwent a $1.6 million renovation program that upgraded certain amenities, including the clubhouse and fitness center. Benjamin Roelke and Ian Walker of CBRE arranged acquisition financing through East West Bank for the transaction. The loan carried a five-year term, a floating interest rate and three years of interest-only payments.

July 25, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 395-Unit Self-Storage Facility in Bellville, Texas

by Taylor Williams July 25, 2019

BELLVILLE, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has arranged the sale of AAA Self Storage, a 395-unit facility in Bellville, located approximately 30 miles northwest of Houston. The property features 219 climate-controlled units and 176 non-climate-controlled units for a total of 65,950 net rentable square feet. The property, which was 91 percent occupied at the time of sale, originally opened in 2005 and has since been expanded. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Austin-based partnership, in the transaction. The sale included 1.6 acres for additional expansion.

July 25, 2019

Acquisitions Multifamily Texas

Partnership Sells 300-Unit Apartment Community in Houston

by Taylor Williams July 25, 2019

HOUSTON — A partnership between New York-based GAIA Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds has sold Cashel Springs, a 300-unit apartment community in northwest Houston. The partnership acquired the community in 2015 and executed a value-add program. The property offers one- and two-bedroom units ranging in size from 534 to 1,107 square feet. Amenities include two pools, a fitness center, an outdoor grilling area and onsite laundry facilities. Matt Saunders of Newmark Knight Frank represented the undisclosed buyer in the transaction.

July 25, 2019

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