Property Type

Real Capital Markets: Seniors Housing Investment Outlook Strong Despite Slowdown in Sales, Construction

by Jeff Shaw April 23, 2019

CARLSBAD, Calif. — Seniors housing investment and construction in the United States slowed in the first part of 2019, but investors are confident in the long-term outlook for this sector, according to a “Senior Housing Snapshot” report by Real Capital Markets (RCM). Following several years of robust sales and construction activity, the seniors housing market is redefining itself, adjusting to shifts in investor activity and a focus by many investors on a long-term horizon, the report concludes. RCM’s national report incorporates the sentiments of investors across the country and national statistics on investment activity from Real Capital Analytics (RCA), as well as construction and occupancy statistics from the National Investment Center for Seniors Housing & Care (NIC). Based in Carlsbad, RCM is a marketplace for selling commercial real estate properties. U.S. investment sales in seniors housing totaled $2.8 billion in the first two months of 2019, down from $3 billion in the same time period in 2018. This follows $15.2 billion in sales for all of 2018. According to U.S. investors, developers and real estate brokers surveyed and interviewed for the report, 66 percent believe that activity levels in 2019 will be comparable to the total sales for 2018. “Perspective …

April 23, 2019

Development Georgia Multifamily Southeast

Banyan Street, Greystar Receive Construction Loan for $125M Multifamily Building in Downtown Atlanta

by Alex Tostado April 23, 2019

ATLANTA — Banyan Street Capital and Greystar have received construction financing for Ascent Peachtree, the partners’ $125 million, 29-story apartment building in downtown Atlanta. Ascent Peachtree will comprise 345 residential units, 70 of which will be reserved for workforce housing, and will be built on top of an existing parking garage, with residential units beginning on the 11th floor. Invest Atlanta has provided the joint venture with a $9 million loan from Atlanta’s Eastside Tax Allocation District, as well as a lease-purchase bond financing for the project to ensure the workforce units. Additionally, 20 percent of the units will be affordable housing units. Ascent Peachtree will offer studio, one-, two- and three-bedroom floor plans ranging in size from 680 to 2,380 square feet. Amenities will include a swimming pool, outdoor entertainment space and a rooftop lounge. Banyan Street and Greystar expect to break ground in May.

April 23, 2019

Development Florida Industrial Southeast

Rooker Breaks Ground on 155,820 SF Spec Industrial Facility in Jacksonville

by Alex Tostado April 23, 2019

JACKSONVILLE, FLA. — Atlanta-based developer Rooker has broken ground on a 155,820-square-foot speculative industrial facility located just off Interstate 295 in Jacksonville. In October 2018, Rooker acquired 39 acres in Perimeter West Industrial Park, including three industrial-zoned parcels, one of which will be the site of this project. Pieper O’Brien Herr Architects is designing the project, and FCL Builders is serving as the general contractor. Construction is expected to be complete by early December.

April 23, 2019

Development Multifamily Seniors Housing South Carolina Southeast

Cardinal Ventures, Blake Management to Develop 88,000 SF Seniors Housing Community in Greenville

by Alex Tostado April 23, 2019

GREENVILLE, S.C. — A partnership between Cardinal Ventures LLC and Blake Management Group will develop an 88,000-square-foot seniors housing community in Greenville. The property will offer assisted living units in studio, one- and two-bedroom formats and memory care units in studio and one-bedroom floor plans. Construction is scheduled to be complete by spring 2020.

April 23, 2019

Arizona Development Hospitality Western

Catellus, Mortenson to Build 259-Room Hyatt Hotel in Tempe’s Novus Innovation Corridor

by Amy Works April 23, 2019

TEMPE, ARIZ. — A partnership between Catellus Development Corp. and Mortenson will bring a dual-branded hotel to the Novus Innovation Corridor in Tempe. Groundbreaking occurred this week, with completion slated for summer 2020. Situated at the corner of East Veterans Way and East Sixth Street, the eight-story hotel will feature 259 rooms under the Hyatt Place and Hyatt House flags. The LEED-certified hotel will feature rooftop amenities, including a pool, bar, outdoor gathering area and fitness center. Additional amenities will include an open lobby, shaded patio spaces and banquet, meeting and outdoor event spaces. The property will be within walking distance of Arizona State University’s Sun Devil Stadium, as well as adjacent to Wells Fargo Arena and the planned multi-purpose arena. The project team include PK Architects, ESG Architects and Design Force Corp.

April 23, 2019

Acquisitions Healthcare Maryland Southeast

Avison Young Brokers $20.6M Sale of Medical Office Building in Metro D.C.

by Alex Tostado April 23, 2019

BRANDYWINE, MD. — Avison Young has brokered the $20.6 million sale of a Class A medical office building located in the Washington, D.C. suburb of Brandywine. Maryland-based investment firm Foulger-Pratt sold the property to Milwaukee-based Hammes Partners. The 61,614-square-foot building was completed in 2016 and was 92 percent leased at the time of sale to healthcare providers such as Johns Hopkins and Physicians Reliance. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster, Mark Johnson and Georgianna Condoiu of Avison Young represented the seller in the transaction.

April 23, 2019

Acquisitions Florida Mixed-Use Southeast

Cushman & Wakefield Arranges $6.7M Sale of South Florida Development Site to Flagler Global Logistics

by Alex Tostado April 23, 2019

HIALEAH, FLA. — Cushman & Wakefield has arranged the $6.7 million sale of Transfer Turnpike, a vacant site spanning 8.6 acres in Hialeah. The buyer, Flagler Global Logistics (FGL), already owns 500 acres nearby where it is developing Countyline Corporate Park, an 8 million-square-foot business park that will offer office, warehouse and industrial space. Turnpike Transfer is situated at the intersection of 170th and 97th streets, southwest of the intersection of Interstate 75 and the Florida Turnpike and about 22 miles northwest of downtown Miami. Wayne Ramoski, Miguel Alcivar and Gian Rodriguez of Cushman & Wakefield represented the seller, Turnpike Transfer LLC, in the transaction.

April 23, 2019

Acquisitions Arizona Multifamily Western

Bridge Investment Group Buys 304-Unit Verona Park Apartment Community in Arizona for $43.7M

by Amy Works April 23, 2019

MESA, ARIZ. — Salt Lake City-based Bridge Investment Group has acquired Verona Park, an apartment community located at 1666 S. Extension Road in Mesa. Salt Lake City-based Millburn Co. sold the property for $43.7 million. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented the seller, while Bridge Investment Group was self-represented in the sale. Built in 1981, Verona Park consists of 19 residential buildings totaling 248,224 square feet. The property features 304 apartments in a mix of one- and two-bedroom layouts, averaging 817 square feet. At the time of sale, 25 of the units had undergone renovations, leaving the remaining apartments with classic interiors for upgrading.

April 23, 2019

Acquisitions California Industrial Retail Western

Online Vehicle Auction Company Acquires 51 Acres in San Diego for $30M

by Amy Works April 23, 2019

SAN DIEGO — Copart, a Dallas-based online vehicle auction company, has purchased 51 acres of land in San Diego’s Otay Mesa submarket. The Street Family sold the property for $30 million. Located at the north end of La Media Road and the east side of Brownfield Airport, the property was most recently used as a truck yard. Additionally, the asset was recently improved with power, water, landscaping, fencing, screening and secure gates. Rob Hixson of CBRE represented the seller, while Joe Carroll of Resource One represented the buyer in the deal. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.

April 23, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Arranges $11M Sale of 81-Unit Amherst Apartments in Denver

by Amy Works April 23, 2019

DENVER — Nexus Commercial Realty has arranged the sale of Amherst Apartments, a multifamily building located at 2775 S. Federal Blvd. in Denver. Vukota Amherst Apartments LP sold the property to PARS LLC for $11 million. Totaling 58,003 square feet, Amherst Apartments features 81 units in a mix of one- and two-bedroom layouts. On-site amenities include a leasing office, playground, clubhouse and laundry facilities. Adam Riddle of Nexus Commercial represented the seller, while Jason Koch, also of Nexus Commercial, represented the buyer in transaction.

April 23, 2019

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