Property Type

Berkadia Negotiates $14.6M Sale of Multifamily Community in Harrisonburg, Virginia

by Alex Tostado June 7, 2019

HARRISONBURG, VA. — Berkadia has negotiated the $14.6 million sale of Foxhill Townhomes, a 101-unit multifamily community in Harrisonburg. Foxhill Townhomes is located at 1627 Devon Lane, less than two miles from James Madison University. Community amenities include a playground, business center, swimming pool, clubhouse, picnic and barbecue areas, tanning salon, conference room and a residents’ lounge. The community was built in 1998 and was sold at a rate of $144,950 per unit to DD Foxhill LLC. David Hudgins and Alan Meetze of Berkadia represented the seller, THH II LLC, in the transaction.

June 7, 2019

Acquisitions Healthcare North Carolina Southeast

HFF Arranges $10.2M Sale of Medical Office Building in Metro Charlotte

by Alex Tostado June 7, 2019

DAVIDSON, N.C. — HFF has arranged the $10.2 million sale of Davidson Medical Office Building, a healthcare building located at 705 Griffith St. in Davidson, about 20 miles north of downtown Charlotte. Situated on 1.8 acres, the property was delivered in 2001 and was 95 percent leased at the time of sale to medical tenants including Atrium Health. Zack Drozda, Evan Kovac, Ben Appel and Andrew Milne of HFF represented the seller, Canvass Capital, in the transaction. The team also procured the buyer, a real estate private equity firm.

June 7, 2019

Acquisitions Multifamily Utah Western

SALT Development Sells 493-Unit Multifamily Community in Downtown Salt Lake City

by Amy Works June 7, 2019

SALT LAKE CITY — SALT Development has completed the sale of 4th West, a multifamily property located at 255 N. 400 W in downtown Salt Lake City. Although the acquisition price and buyer were not released, the company claims that the transaction represents the largest total dollar single-asset sale in Utah’s history. Constructed in 2017, 4th West features 493 units, a one-acre rooftop community space with zero-edge pool and private cabanas; exclusive Sky Lounge with fire pits and grilling stations; and a clubhouse with a full-service kitchen and 5,100-square-foot health club, including a spin and yoga studio. Additionally, the community features a gated dog park, pet grooming station, bike wash with storage, business center with conference rooms, and a sports lounge with a TruGolf simulator, pool tables and 16-screen multiplex LED TV. The property is located adjacent to TRAX, offering direct access to Salt Lake City’s light rail system. Eli Mills and Patrick Bodnar of CBRE represented the seller in the deal.

June 7, 2019

California Development Multifamily Western

Pathfinder Partners Completes 41-Unit Creekside Apartments in Metro San Diego

by Amy Works June 7, 2019

VISTA, CALIF. — Pathfinder Partners, in partnership with Silvergate Development, has completed the construction of Creekside Apartments, a multifamily community located at 215 Vista Village Drive in Vista. Situated on 1.5 acres, the property features 41 units in a mix of studio, one- and two-bedroom layouts ranging from 480 square feet to 1,135 square feet. All units include washers/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and energy-efficient stainless steel appliances. Community amenities include a high-end clubhouse and lounge, as well as an outdoor area with barbecues, fire pit and complimentary Wi-Fi. San Diego-based Sunrise Management is overseeing all marketing/branding, leasing and day-to-day operations at the property.

June 7, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $34.5M

by Amy Works June 7, 2019

CITY OF INDUSTRY AND SUN VALLEY, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for $34.5 million. The company purchased a 190,900-square-foot industrial property at 218 S. Turnbull Canyon Road in City of Industry for $27.1 million, or $142 per square foot. Situated on 8.8 acres, the property was fully leased to a single tenant at a below-market rent. The facility features 30-foot clear heights, 44 dock doors and ESFR fire sprinklers. Additionally, Rexford Industrial acquired an asset located at 9750 San Fernando Road in Sun Valley for $7.4 million, or $63 per square foot. The fully leased, paved site features 35,624 square feet of improvements on 2.7 acres, with significant outdoor storage space and potential for future development of a new distribution building. Year-to-date, Rexford has acquired $463 million in assets.

June 7, 2019

Acquisitions Colorado Retail Western

Pinnacle Real Estate Advisors Arranges $7.2M Acquisition of Arvada West Town Center Retail Asset in Colorado

by Amy Works June 7, 2019

ARVADA, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of The Arvada West Town Center, a retail strip center in Arvada, a suburb roughly 10 miles northwest of Denver. Courtyard on Vine St LLC and William Penn Apartments LLC acquired the asset for $7.2 million to complete a 1031 exchange. The name of the seller was not released. Located at 14455-14715 W. 64th Ave., the property features 40,859 square feet of retail space. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the buyers in the deal.

June 7, 2019

California Development Multifamily Seniors Housing Western

Silverado Prepares to Open $12M Memory Care Community in Orange County

by Amy Works June 7, 2019

BREA, CALIF. — Silverado plans to open Silverado Brea, located approximately 20 miles southeast of Los Angeles, by the end of summer 2019. The nearly 34,000-square-foot, two-story community joins nearby Silverado communities in Tustin, Costa Mesa and San Juan Capistrano. The number of units in the community was not disclosed. The $12 million development sits on 1.15 acres.

June 7, 2019

Industrial Leasing Activity Texas

Furniture Manufacturer Signs 618,000 SF Industrial Lease at Spec Facility in Metro Dallas

by Taylor Williams June 7, 2019

CARROLLTON, TEXAS — Steelcase Inc., a manufacturer of furniture for the office, hospitality and education sectors, has signed a 618,000-square-foot industrial lease in the northern Dallas suburb of Carrollton. The company will occupy the entirety of the space at 1050 and 1150 Luna Road, a facility that Atlanta-based Core5 Industrial Partners built on a speculative basis. Mark Miller and Dave Peterson of NAI Robert Lynn, along with Arie Saloman of NAI Puget Sound negotiated the transaction on behalf of Steelcase. Rick Medinis and Tyson Erwin, also with NAI Robert Lynn, represented the landlord. Steelcase expects to assume occupancy of the new space, which features 32- to 36-foot clear heights and proximity to several major thoroughfares, this summer. Steelcase also plans to hire approximately 400 seasonal employees this year and recently acquired manufacturing space in Plano that was occupied by one of its competitors, Smith System Manufacturing Co.

June 7, 2019

Development Industrial Texas

City of Mesquite Approves Zoning for $71M Industrial Park

by Taylor Williams June 7, 2019

MESQUITE, TEXAS — The City of Mesquite, located east of Dallas, has approved a change in zoning for the development of Urban District 30, an 80-acre industrial park that will be located near Interstate 30 and Republic Parkway. The project, which will be built on spec by Urban Logistics Realty, will ultimately encompass more than 979,000 square feet of industrial space across five buildings. The developer also expects that the project, which carries a $71 million price tag, will generate more than 500 new jobs in Mesquite. Discussions for economic incentives between the developer and the city’s economic development department are still ongoing, but both sides hope to be able to break ground before the end of the year.

June 7, 2019

Development Multifamily Texas

CWS Apartment Homes to Open New Community in Downtown Austin on June 15

by Taylor Williams June 7, 2019

AUSTIN, TEXAS — CWS Apartment Homes, a locally based multifamily developer and manager, will open The Clark, a new community located in downtown Austin, on June 15. Situated near an array of dining, shopping and entertainment venues, The Clark offers amenities including a pool, 24-hour fitness center with virtual classes, sky lounge, an outdoor kitchen and grill areas and a dog park with a grooming station. Units feature quartz countertops, marble tile backsplashes and smart front door locks and thermostats that can be controlled via smartphone. Oden Hughes Taylor Construction LLC served as the general contractor.

June 7, 2019

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