Property Type

Avison Young Brokers $2.7M Sale of Industrial Building in Temecula, California

by Amy Works October 18, 2018

TEMECULA, CALIF. — Avison Young has brokered the sale of an industrial property located at 43223 Business Park Drive in Temecula. Forum Capital acquired the building from a locally based owner-occupant for $2.7 million. Built in 1991 and situated within Rancho California Business Park, the 25,182-square-foot building features 22-foot to 24-foot clear height warehouse space. In addition, the property contains 6,000 square feet of office space in a two-story configuration with a reception area, conference room, offices, restrooms and break room. The buyer plans to use the 25,182-square-foot industrial facility for auto parts distribution. Stan Nowak of Avison Young represented the seller, while Cody Lerner, also of Avison Young, represented the buyer in the transaction.

October 18, 2018

Arizona Development Multifamily Seniors Housing Western

Brookdale Completes $2.5M Memory Care Expansion at Community in Phoenix

by Amy Works October 18, 2018

PHOENIX — Brookdale Senior Living has completed an expansion at its Brookdale Desert Ridge community in Phoenix, adding 20 units for memory care residents. Brookdale invested approximately $2.5 million into the project. Memory care will be provided through the company’s Clare Bridge program. A grand opening for the expansion was held on Thursday, Oct. 11. Brookdale Senior Living is the largest owner and operator in the United States, with approximately 980 communities in 46 states.

October 18, 2018

Hospitality Loans New York Northeast

S3 Capital Partners Arranges $76M Construction Loan for 21-Story Hotel in Manhattan

by David Cohen October 18, 2018

NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an upscale boutique hotel brand.

October 18, 2018

Acquisitions Connecticut Multifamily Northeast

IPA Brokers Sale of 339-Unit Multifamily Property in Groton, Connecticut

by David Cohen October 18, 2018

GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty Partners.

October 18, 2018

Acquisitions Florida Multifamily Southeast

Taurus Investment Acquires 296-Unit Multifamily Property in Orlando for $47.9M

by Amy Works October 18, 2018

ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit. Berkadia arranged a $35.2 million loan for the acquisition of the property. Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton, Fla., office arranged the 10-year, floating-rate loan with five years interest-only financing for the borrower. Fannie Mae provided the loan as part of its Green Rewards program. Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units have an average size of 1,090 square feet and an average market rent of $1,355. At the time of sale, the property was 96.3 percent occupied. All units at the property features private entries, fenced patios, ceramic tile flooring, modern maple cabinetry, washers and dryers, a wood-burning fireplace and two-inch mini-blinds. Select apartments have stainless steel appliances, 16-foot vaulted ceilings and California closets. Community amenities include two resort-style swimming pools with summer kitchens, a renovated clubhouse, cyber café, fitness …

October 18, 2018

Acquisitions Louisiana Multifamily Southeast

Carter Multifamily Buys Apartment Community Near New Orleans for $28.6M

by Amy Works October 18, 2018

SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to implement a renovation program to modernize the property. Renovations will include flooring, appliance and lighting updates in units, as well as upgrades to building exteriors and common areas. The buyer also plans to add a tech café, an outdoor kitchen with grills, bar seating by the pool, outdoor fitness trail, dog park and fire pits.

October 18, 2018

Loans Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $17.5M Construction Financing for Seniors Housing Community Near Charlotte

by Amy Works October 18, 2018

ROCK HILL, S.C. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $17.5 million in financing for the construction of HarborChase of Riverwalk, an 88-unit assisted living and memory care community in the Charlotte suburb of Rock Hill in South Carolina. An affiliate of OZ Real Estate is providing the capital on behalf of the borrower, private equity firm Bridgeforth Capital. HarborChase of Riverwalk, expected to open mid-2019, will feature 63 assisted living units and 25 memory care units. The development will be part of Riverwalk Carolinas, a master-planned community that will include more than 1,000 single-family homes and 550 apartments, as well as retail and restaurants. Additional amenities include recreational trails and outdoor spaces. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig and Timothy Hosmer.

October 18, 2018

Arkansas Georgia Industrial Loans Mixed-Use Office Retail Southeast

North Avenue Capital Closes Two Loans Totaling $16.8M for Properties in Georgia, Arkansas

by Amy Works October 18, 2018

WAYCROSS, GA. AND PARAGOULD, ARK. — North Avenue Capital has closed two acquisition loans totaling $16.8 million for properties in Georgia and Arkansas. USDA Rural Development Business & Industry funded the loans on behalf of the undisclosed borrowers. In Waycross, North Avenue arranged $7.3 million in financing for the acquisition of a 51,548-square-foot mixed-use center. Enhanced Resource Corp., a business management operation, anchors the property. Other tenants include Surchero’s Fresh Grill, AppleCare, Bone & Joint Institute and Southeastern Credit Union. In Paragould, North Avenue arranged a $9.3 million acquisition loan for a 579,015-square-foot, single-tenant industrial facility. Arkansas-based LA Darling occupies the property, which it has leased for more than 50 years. LA Darling, a Berkshire Hathaway subsidiary, is a retail merchandising solutions firm that builds out physical displays and fixtures for chains such as Walmart and Best Buy.

October 18, 2018

Company News District of Columbia Midwest Minnesota Northeast Office Southeast Texas Western

SIOR Foundation Selects Aaron Barnard as New President

by Amy Works October 18, 2018

WASHINGTON, D.C. — SIOR Foundation has announced Aaron Barnard as its new president for the 2018-2019 term. The transition from current president Bill Ginder to Barnard occurred last week at the Society of Industrial & Office Realtors (SIOR) Fall World Conference in Denver. Barnard is a veteran broker in Minneapolis with Cushman & Wakefield and specializes in investment analysis, tenant and landlord representation. Additional 2018-2019 SIOR Foundation officers are President-Elect Chris Curtis (Nugent Curtis Real Estate), Vice President Albert McNeel (Endura Advisory Group) and Treasurer Stan Kleweno (Transpacific Investments). New SIOR Foundation Trustees who began three-year terms at the latest conference include Nancy Morse (Newmark Knight Frank), Jack O’Donoghue (Grant Street Associates/Cushman & Wakefield Alliance), Adrian Arriaga (AAA Real Estate & Investments), Robert Horn Jr. (JLL), Jesse Laikin (Lee & Associates) and Peter Richardson (Primera Cos.). As the largest association of commercial real estate brokers, Washington, D.C.-based SIOR Foundation promotes and funds programs that advance the real estate profession through educational scholarships, research projects, publishing and development of real estate curricula for higher education.

October 18, 2018

Development Industrial Texas

Crow Holdings to Develop 530,000 SF Industrial Facility in North Houston

by Taylor Williams October 18, 2018

HOUSTON — Dallas-based Crow Holdings Industrial has purchased 45 acres in north Houston for the development of Layne Crossing, a 530,000-square-foot industrial project that will encompass six buildings ranging in size from 56,400 to 174,000 square feet. Building features will include 24- to 32-foot clear heights, large truck courts and ample trailer storage. The groundbreaking of Layne Crossing is scheduled for January and delivery is slated for the fourth quarter of 2019. Richard Quarles and Bubba Harkins of JLL represented the seller of the land, Dallas-based Sarofim Realty Advisors. Cory Driskill and Travis Covington represented Crow Holdings Industrial internally.

October 18, 2018

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