PORT ANGELES, WASH. — Crystal Investment Property (CIP) has arranged the sale of All View Motel, an independent economy motel located in Port Angeles on Washington’s Olympic Peninsula. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not disclosed. Built in the 1930s, the single-story motel features 20 guest rooms in a mix of standard rooms with mini-fridges and microwaves and family suites with complete kitchens. Additionally, the property features a 1,400-square-foot owner/manager quarters with private laundry room, fenced front yard and storage area. Visible from Highway 101, All View Motel is situated close to downtown and the ferry port, and is less than a mile from the main entrance to Olympic National Park.
RIVERSIDE, CALIF. — Northstar Commercial Partners has completed the sale of an office building located at 1595 Spruce St. in Riverside. An undisclosed buyer acquired the asset for $6 million. An affiliate of Northstar originally purchased the 67,076-square-foot property in 2015 as one of 24 total assets in a portfolio acquisition totaling $224.3 million. Gary Stache, Doug Mack, Vindar Batoosingh and Phil Woodford of CBRE represented the seller in the deal.
GRAND BLANC, MICH. — Stan Johnson Co. has negotiated the sale of Waretech Industrial Park in Grand Blanc for $14.9 million. The multi-tenant industrial property is located at 7075 S. Dort Highway in suburban Flint. JASCO International, Joshen Paper & Packaging and WGS Global Services fully occupy the 667,000-square-foot property. Rob Gemerchak and BJ Feller of Stan Johnson represented the seller, Dallas-based developer Covington Group. Triyar Cos. LLC, a Los Angeles-based private equity group, purchased the asset.
ST. LOUIS — Fields Foods has opened an 8,200-square-foot grocery store at the Lofts@Euclid, an apartment building in the Central West End of St. Louis. Cullinan Properties owns the building, which is located at the intersection of Euclid and Delmar streets. Fields Foods now shares the ground floor of the 87-unit property with The Medicine Shoppe. A grand opening took place on Thursday, Aug. 15. Many products offered at Fields Foods come from small- and mid-sized farmers and local vendors within 300 miles of St. Louis. Chris Goodson is the owner of Fields Foods.
MISHAWAKA, IND. — Marcus & Millichap has brokered the sale of Cedar Crest Apartments and Jefferson Estates, two adjacent multifamily properties in Mishawaka near South Bend. The sales price was $5 million. Cedar Crest Apartments is comprised of 56 units while Jefferson Estates includes 112 units. The properties feature swimming pools, clubhouses, covered parking and on-site laundry facilities. Scott Harris and Samuel McCarthy of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.
HIGHLAND PARK, MINN. — Upland Real Estate Group Inc. has arranged the sale of a single-tenant property net leased to Caribou Coffee in Highland Park for $1.2 million. The 1,544-square-foot building is located at the intersection of Fairview and Randolph avenues. Caribou Coffee, founded in Edina, Minn., has just over five years remaining on its lease. Upland represented the 1031 exchange buyer, the Rush family. The seller was not disclosed.
IRVINE, CALIF. — The Bascom Group LLC, an Irvine, Calif.-based private equity firm, has refinanced an 11-property multifamily portfolio. Bascom received individual loans for each asset totaling $235 million. Bascom worked with several capital market partners and lenders to complete the refinancing. Comerica Bank provided five loans while Silvergate Bank provided two of the loans. TCF Bank, New York Life, Citizens Business Bank and Texas Capital Bank each funded one loan as well. Brian Eisendrath and Annie Rice from CBRE, Charles Halladay and Jamie Kline from JLL and Tom Sherlock and Erich Pryor from Talonvest arranged the debt financing The portfolio includes six properties that are located in California and two that are located in Las Vegas. The other three properties are located in Colorado, Arizona and Texas. All of the properties are part of Bascom’s third fully discretionary fund, Bascom Value Added Apartment Investors III LLC The transaction yielded more than $39 million in additional loan proceeds for Bascom Group, enabling the firm to reduce its debt service requirement by 16 percent. Most of the loans were structured with interest-only terms for 24 to 36 months and rates between 180 and 200 basis points over LIBOR. “Our lending partners …
Charlotte has been in expansion mode for several years, due to population growth, excellent logistics infrastructure, low operating costs and low unionization rates. At the mid-point of 2019, the market continues to expand at a healthy rate and is growing outward into Cabarrus, York and Gaston counties. This expansion follows a strong 12-month period ending first-quarter 2019 when nearly 6 million square feet of new product was delivered. Now encompassing 322 million square feet of space, Charlotte is the second largest industrial market in the Southeast. Charlotte’s accessible location and low cost of doing business is attracting many e-commerce and logistics providers, as well as more traditional industrial businesses looking to expand or realign their space requirements. One common theme is consolidation of business units, which has been a significant benefit to the Charlotte market. Among the examples are J.J. Haines & Co. consolidating its Carolina warehousing operations from several Carolinas locations into a 500,000-square-foot distribution center in Cabarrus County and Staples consolidating from multiple Charlotte facilities into a 600,000-square-foot logistics center in south Charlotte. Driven by available land and access to key transportation routes, a look at the market’s growth patterns shows that development and leasing are extending up …
STARKVILLE, MISS. — A public-private partnership between Mississippi State University (MSU) and Greystar has opened College View, 650-bed residential development on the university’s campus in Starkville. The mixed-use property features 46,000 square feet of retail space and a 7,000-square-foot addition to the MSU Child Development and Family Studies Center. Communal amenities include a fitness center, computer lab, study rooms, swimming pool, community lounge, volleyball court and fire pits. Greystar financed, built and will manage the community utilizing a 40-year lease of MSU land. The lease agreement features a 10-year renewal option.
TAMPA, FLA. — Cushman & Wakefield has arranged the $59 million sale of Mezzo of Tampa Palms, a 340-unit multifamily community in Tampa. The property offers one-, two- and three-bedroom floor plans spread across 20 three-story buildings. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The property was above 95 percent occupied at the time of sale. Communal amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand, business center, Wi-Fi in community areas, two swimming pools, poolside outdoor kitchen with a fire pit, gated access with virtual guards, dog park, tennis court, playground, barbecue and picnic area, walking/jogging trails and a sun deck. Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Boston-based Preston-Giuliano Capital Partners, in the transaction. Boston-based Taurus Investment Holdings acquired the property.