Property Type

JLL Negotiates Sale of 208,568 SF Retail Center in Metro Birmingham

by Alex Tostado August 19, 2019

FULTONDALE, ALA. — JLL has negotiated the sale of Promenade Fultondale, a 208,568-square-foot retail center in Fultondale. The property was completed in 2008 and is located five miles north of downtown Birmingham. The center was 96 percent leased at the time of sale to tenants including Ross Dress for Less, Five Below, JC Penney, Books-A-Million and Shoe Dept. LBX Investments acquired the property for an undisclosed amount. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the undisclosed seller in the transaction.

August 19, 2019

Development Loans Maryland Mixed-Use Southeast

SunTrust, Harbor Bankshares Provide $19.8M in Debt, Equity for Mixed-Use Development in Baltimore

by Alex Tostado August 19, 2019

BALTIMORE — SunTrust Community Capital (STCC) and Harbor Bankshares Corp. have provided a total of $19.8 million in financing for Village Center at Stadium Place in Baltimore. STCC provided $4.8 million of equity and $4 million in its New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. Govans Ecumenical Development Corp. (GEDCO) and Commercial Development & Investments LLC (CDI) are co-developing the property, which will meld with the existing Stadium Place Adult Community Campus master plan. Village Center will include 70 discounted market-rate senior housing units and 30,000 square feet of medical office and retail space. A timeline for completion was not disclosed.

August 19, 2019

Loans Multifamily New York Northeast Seniors Housing

Contemporary Provides $2.1M Mezzanine Loan for Refinancing of Seniors Housing Community in Upstate New York

by Alex Patton August 19, 2019

NEWFANE, N.Y. — Contemporary Healthcare Capital has provided a $2.1 million mezzanine loan for the refinancing of a 165-bed seniors housing community in Newfane, a city located about 40 miles north of Buffalo. The borrowers were affiliates of Maximus Healthcare Group. CoastalStates Bank (CSB) provided an accompanying senior loan. The loans will refinance an existing and maturing term loan originally provided by Contemporary and another regional bank for the acquisition of the facility.

August 19, 2019

Acquisitions Multifamily Texas

Western Wealth Capital Acquires Two Multifamily Assets Totaling 939 Units in Texas

by Taylor Williams August 19, 2019

DALLAS AND HOUSTON — Multifamily investment firm Western Wealth Capital has acquired two apartment properties totaling 939 units, one of which is located in Dallas and the other in Houston. The undisclosed properties were built in 1980 and 1976, respectively. Western Wealth Capital, which now owns five multifamily assets in Dallas and seven in Houston, will upgrade the communities’ unit interiors. Newmark Knight Frank worked with Clint Duncan and Matt Phillips of CBRE to broker the deal.

August 19, 2019

Acquisitions Multifamily Student Housing Texas

Vie Management Buys 252-Bed Student Housing Property in San Marcos

by Taylor Williams August 19, 2019

SAN MARCOS, TEXAS — Vie Management has purchased Ella Lofts, a 252-bed student housing property located within walking distance of Texas State University in San Marcos, a city situated between Austin and San Antonio. The 75-unit mid-rise building features one-, two- and four-bedroom floor plans and amenities such as a fitness center, yoga studio, pool, coworking space, study lounge and a coffee shop. Vie Management will undertake a $1 million renovation program over the next several months. The seller was not disclosed.

August 19, 2019

Industrial Leasing Activity Texas

NAI Partners Negotiates 41,866 SF Industrial Lease in Houston

by Taylor Williams August 19, 2019

HOUSTON — NAI Partners has negotiated a 41,866-square-foot industrial lease at 4300 Windfern Road in Houston for Henry Avocado Corp., a year-round grower and distributor of the fruit. Darren O’Conor and John Ferruzzo of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

August 19, 2019

Acquisitions Multifamily Texas

180 Multifamily Properties Buys 65-Unit Community in Arlington

by Taylor Williams August 19, 2019

ARLINGTON, TEXAS — 180 Multifamily Properties has purchased Summit Plaza, a 65-unit apartment community located adjacent to University of Texas at Arlington. The new ownership will implement a value-add program that will convert the Class C property into a Class A community. The seller was a local investor. 180 Multifamily now owns five assets in Arlington.

August 19, 2019

Arizona Development Multifamily Western

Defer Gain, Pacific Oak Capital to Develop Three Affordable Apartment Assets in Downtown Phoenix

by Amy Works August 19, 2019

PHOENIX — A joint venture between Arizona-based Defer Gain LLC and Pacific Oak Capital Advisors is developing three apartment communities that combine affordability with amenities in downtown Phoenix. The projects are valued at $61 million. Situated within the Presidential District, the projects include the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments. Located along the light rail line, the two communities are one stop from downtown Phoenix and three stops from Sky Harbor Airport. Additionally, the properties will feature luxury lobbies with mail rooms, including secured lockers for packages and cold/freezer storage for grocery deliveries; clubhouses; multi-purpose rooms; private conference rooms; exercise facilities; resort-style swimming pools; cabanas with private barbecues; and secured ingress/egress. Both properties will also feature street-level retail and mixed-use space. In September, the joint venture plans to break ground on The Imperial Apartment, a 140-unit workforce housing project located in the Edison Eastlake Choice Neighborhoods, which is undergoing a $150 million redevelopment.

August 19, 2019

Development Industrial Nevada Western

Panattoni Development Completes 270,975 SF Longley Commerce Center in Reno, Nevada

by Amy Works August 19, 2019

RENO, NEV. — Panattoni Development Co. has completed the construction of Longley Commerce Center, a Class A industrial building located at 6550 Longley Lane in Reno. Built on the last large industrial site in south Reno, the asset features 270,975 square feet of flex units ranging in size from 8,400 square feet to 16,800 square feet, as well as bulk industrial units from 24,000 square feet to 218,775 square feet. The project features 30-foot clear heights in all suites, ESFR sprinkler systems, LED lighting and build-to-suit office space. Additionally, the property’s location allows access to Interstate 580, a variety of amenities and the Reno-Tahoe International Airport. Longley Commerce Center is owned by Longley Commerce Center LLC, a joint venture between Markaz and Panattoni Development. Alston Construction served as general contractor for the project, which began in July 2018. Kidder Mathews is providing brokerage services for the project.

August 19, 2019

Colorado Loans Retail Western

JLL Arranges $20M Refinancing for 61,443 SF Central Park Retail in Metro Denver

by Amy Works August 19, 2019

DENVER — JLL has secured $20 million in refinancing for Central Park Retail, a multi-tenant retail center located at 1400 Plaza Drive in the Denver-area community of Highlands Ranch, Colo. The borrower is Shea Properties. Completed in 2018, the 61,443-square-foot property is occupied by 21 national and regional tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks Coffee, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. Additionally, the nine-building property can be expanded to 64,243 square feet via development of the final pad site. Eric Tupler and Kristian Lichtenfels of JLL arranged the 12-year, fixed-rate loan with a correspondent life insurance company for the borrower. Loan proceeds will be used to refinance the borrower’s construction loan.

August 19, 2019

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