Property Type

TruAmerica Acquires 608-Unit Multifamily Portfolio in Las Vegas, Metro Atlanta for $97M

by Amy Works May 9, 2019

LAS VEGAS AND LITHIA SPRINGS, GA. — TruAmerica Multifamily, in partnership with an institutional partner, has purchased a two-property apartment portfolio in an off-market transaction valued at $97 million. The properties are Vintage Pointe, a 368-unit community in Las Vegas, and Sweetwater Creek, a 240-unit asset in Lithia Springs, a suburb of Atlanta. Neither property—Vintage Pointe built in 1994, nor Sweetwater Creek built in 2003—have undergone significant renovations. The new ownership plans to invest in a multi-million dollar capital improvement program to reposition both properties.

May 9, 2019

Arizona Development Hospitality Loans Western

Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix

by Amy Works May 9, 2019

AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix. Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in summer 2020, the hotel will feature a fitness center and pool, free Wi-Fi, in-suite workspaces and an on-site business center. Hotel Equities will manage the hotel.

May 9, 2019

Leasing Activity New York Northeast Office

Madison Realty Capital Relocates to 20,000 SF Office Space in Midtown Manhattan

by Taylor Williams May 9, 2019

NEW YORK CITY — Private equity firm Madison Realty Capital has relocated its New York City headquarters to a 20,000-square-foot space located at 520 Madison Ave. in Midtown Manhattan. After spending 12 years at 825 Third Avenue, the company will now occupy the 35th floor at its new high-rise building, which is located between 53rd and 54th streets. Adam Doneger, Anthony LoPresti and Ethan Silverstein of Cushman & Wakefield represented Madison Realty Capital in the lease negotiations for the new space. Tishman Speyer owns the building, which offers approximately 1 million square feet of office space.

May 9, 2019

Acquisitions California Retail Western

Nazareth Enterprises Buys Ice Rink for $11.5M in San Mateo After Public Campaign

by Amy Works May 9, 2019

SAN MATEO, CALIF. — Nazareth Enterprises has purchased the ice rink facilities and retail building at BridgePointe Shopping Center, a 55,000-square-foot asset located at 2200-2202 BridgePointe Parkway in San Mateo. SPI Holdings sold the property for $11.5 million in an off-market transaction. SPI Holdings, the previous owner, wished to convert the property into retail-only space, but the City of San Mateo and the public mounted a “Save the Rink” campaign. In 2017, Nazareth Enterprises leased the space from the seller and reopened — and later acquired — the ice rink.

May 9, 2019

Industrial Loans Massachusetts Northeast

EagleBridge Capital Arranges $2.1M Acquisition Loan for Industrial Building in Metro Boston

by Taylor Williams May 9, 2019

HINGHAM, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $2.1 million in acquisition financing for a 23,600-square-foot industrial building located at 80 Sharp St. in Hingham, a southern suburb of Boston. The borrower, Yankee Trader Seafood, which prepares and sells frozen prepackaged seafood meals, will occupy and renovate the space. Ted Sidel of EagleBridge Capital secured the loan, specific terms of which were not disclosed, through a Massachusetts thrift institution.

May 9, 2019

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $2.6M Sale of Retail Building in Inland Empire

by Amy Works May 9, 2019

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at Rancherias Plaza, located at 20162 Highway 18 in Apple Valley. A private Los Angeles-based investor sold the property to a private San Diego-based investor for $2.6 million. Built in 1991, the asset features 15,105 square feet of retail space. At the time of sale, the shopping center was 92 percent occupied. CVS/pharmacy and 99 Cents Only Stores anchor the property. Greg Bedell and Chris Lindholm of Progressive Real Estate Partners represented the seller in the transaction.

May 9, 2019

Acquisitions Hospitality Midwest Wisconsin

Hospitality Properties Trust Acquires Milwaukee-Area Hotel for $30M

by Kristin Harlow May 9, 2019

WAUWATOSA, WIS. — Hospitality Properties Trust has acquired the 198-room Crowne Plaza Milwaukee West in Wauwatosa for $30 million. The full-service hotel, built in 2008, includes 6,100 square feet of meeting space, a health and fitness center, indoor pool, restaurant and lounge. IHG operates the property. Atlanta-based Peachtree Hotel Group was the seller, according to local media.

May 9, 2019

Acquisitions Kansas Midwest Multifamily Student Housing

Cushman & Wakefield Negotiates Sale of 888-Bed Student Housing Community Near University of Kansas

by Kristin Harlow May 9, 2019

LAWRENCE, KAN. — Cushman & Wakefield has negotiated the sale of The Connection at Lawrence, an 888-bed student housing community located near the University of Kansas campus in Lawrence. Travis Prince, Victoria Marks, Gib Kerr and Jeffrey Bentz of Cushman & Wakefield represented the unnamed seller in the transaction. University Partners acquired the property for an undisclosed price. The Connection at Lawrence was built in 2010 and features 14 three-story buildings offering one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a 24-hour fitness center, charcoal grills, lighted basketball and sand volleyball courts, a tanning bed, two resort-style swimming pools, a heated spa, game room, computer lounge, clubhouse, private study rooms, an outdoor fireplace and a private shuttle to campus.

May 9, 2019

Healthcare Iowa Loans Midwest

Marcus & Millichap Arranges $15M Acquisition Loan for Medical Facility in Hiawatha, Iowa

by Kristin Harlow May 9, 2019

HIAWATHA, IOWA — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the acquisition of an 80,000-square-foot medical facility in Hiawatha. Mercy Medical Hospital has a 20-year lease at the property while Wolf Eye Clinic has a 14-year lease. The five-year loan features a 30-year amortization schedule, a 70 percent loan-to-value ratio and a fixed rate of 4.58 percent. Borrower information was not disclosed.

May 9, 2019

Development Michigan Midwest Multifamily Seniors Housing

Pathway to Living Completes Renovation of Assisted Living Community in Kentwood, Michigan

by Kristin Harlow May 9, 2019

KENTWOOD, MICH. — Pathway to Living has completed a $2.1 million renovation of Azpira Place of Breton, an 81-unit assisted living and memory care community in Kentwood near Grand Rapids. Pathway acquired the property, formerly known as Elmcroft of Kentwood, in February 2018. Pathway’s improvements to the property included upgraded common areas with new paint, carpeting and furniture; a remodeled community room and the addition of a fireplace in the dining room. Pathway also added an exercise room. All units received new paint, carpet and remodeled kitchenettes. The memory care portion received new windows, artwork and furniture.

May 9, 2019

Newer Posts

Older Posts