OMAHA, NEB. — NorthMarq Capital has arranged a $21 million Freddie Mac loan for the refinancing of Tranquility Pointe Apartments in Omaha. The 230-unit apartment property is located at 4202 N. 126th Court. Amenities include a fitness center, pool, playground, basketball court and storage space. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.
SAN JOSE, CALIF. — Shea Properties and Ivanhoé Cambridge have broken ground on a two-property mixed-use project in San Jose’s Japantown. Situated on a 3.8-acre parcel, the project will include Facet, a two-building, 518-unit apartment community, and 6th and Jackson, a 19,000-square-foot retail area with restaurants, shops and services. Additionally, the project will feature a community park situated between the residential structures. Being built by San Jose-based Swenson, the residential component will feature units ranging from 512-square-foot studios to 1,537-square-foot three-bedroom units. Units will include stainless steel appliances, full-size washers/dryers, quartz countertops and smart home technology. Community amenities will include swimming pool/spa, poolside BBQ grills, outdoor gaming areas, fitness room, indoor kitchen/lounge, rooftop deck, pet spa and large dog run area. Additionally, the North building will offer flexible work options, including work pods, collaborative work lounges and multimedia rooms, for residents. The South Building will feature amenities for an active lifestyle, including large, gym-quality fitness areas, as well as shopping and dining options on the ground level. Facet is slated to begin leasing in Spring 2021, with the retail space at 6th and Jackson scheduled to open at the same time.
MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has purchased Mayberry Mall, a 207,542-square-foot regional mall located at 338 Frederick St. in Mount Airy. Completed in 1968, Mayberry Mall is the only enclosed regional mall within a 30-mile radius and is anchored by Belk. The seller is longtime owner Kohan Retail Investment Group. WRS plans to redevelop the mall and bring in new uses and retailers. The Mt. Pleasant, S.C.-based owner and developer says it will begin construction and leasing initiatives immediately. Situated five miles south of the Virginia border, the city of Mount Airy is the home of comedian and TV star Andy Griffith and served as the inspiration for the fictional town of Mayberry, the setting of the “Andy Griffith Show.”
BURR RIDGE, ILL. — Edwards Realty Co. and Core Acquisitions have acquired Burr Ridge Village Center in suburban Chicago for $15 million. The joint venture plans to renovate the 200,000-square-foot retail center. Originally constructed in 2007, the property is home to more than 30 national and local retail tenants. Renovation plans call for more entertainment and food options, according to Ramzi Hassan, president of Edwards Realty Co.
SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have opened MorningStar Assisted Living & Memory Care of Santa Fe. The 71,000-square-foot senior living community adds 56 assisted living units and 29 memory care units to the Santa Fe market. Nearly one-fifth of the city’s population is 65 or older, according to the developers. Construction of the community began in August 2017. The development represents the second MorningStar Senior Living community in the state. MorningStar and Confluent opened the MorningStar of Albuquerque community in 2016 and are building a third New Mexico community scheduled to open in Rio Rancho in spring 2019. The Santa Fe project represents the ninth completed joint venture between affiliates of Denver-based senior living developer, owner and operator MorningStar, and Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development. Rosemann & Associates was the architect on the project while New Mexico-based Bradbury Stamm Construction served as general contractor. Confluent is the project owner and MorningStar serves as the operator.
SEDONA, ARIZ. — Cushman & Wakefield has brokered the sale of Coyote Station, located at northeast corner of State Route 179 and Cortez Drive in Sedona. Cupertino, Calif.-based Brochway LLC acquired the property from Sedona-based Crescent Properties for $7.7 million. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller. Coyote Station is a 10,028-square-foot, multi-tenant retail center. At the time of sale, a variety of tenants fully occupied the center, including Marathon Petroleum, Subway, Wendy’s and Diamond Resorts.
OMAHA, NEB. — Marcus & Millichap has brokered the sale of I-80 Self Storage, a 587-unit self-storage property in Omaha. The 98,957-square-foot facility is located at 1930 Fletcher Ave. Built in 2013, the five-building property is situated on 5.2 acres. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Grand Central Plaza in Grand Rapids for an undisclosed price. The 91,225-square-foot shopping center is home to Buffalo Wild Wings, Bluff Banquet, Rent-A-Center and Capital Cities Hobbies. Russ Bono, Todd Leinberger and Cameron Timmer of NAI Wisinski represented the buyer, a Michigan-based investor, and the seller, California-based SDLT Investments VII LLC.
MINNEAPOLIS — Sumitomo Corp. of Americas, a New York City-based subsidiary of Japanese general trading firm Sumitomo Corp., has acquired SPS Tower, a 31-story office building located in Minneapolis’ central business district. The seller was not disclosed, but The Minneapolis Star Tribune reports that the sales price was $144 million. The building, which totals 655,070 square feet of rentable office space, was 84 percent occupied at the time of sale. SPS Commerce, a provider of cloud-based supply chain management software, and Accenture LLP, a global management and consulting firm, serve as the anchor tenants. Amenities at SPS Tower include a fitness center and conference facilities, as well as banking, dry cleaning and concierge services. The property is connected to three adjacent buildings via a pedestrian skyway and sits atop a 630-space underground parking garage. “This is our first real estate investment in Minneapolis,” says Yurika Sugimoto, real estate manager at Sumitomo Corp. of Americas. “We believe the expertise we’ve cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships.” — Taylor Williams
In 2018, the Detroit real estate market had a banner year for transactions, new developments and big headlines. Chief among these was Ford Motor Co.’s acquisition of the vacant Michigan Central Station, a major media event that attracted attention from all over the world. Other notable news stories predominantly revolved around Quicken Loans founder Dan Gilbert and his Bedrock Real Estate Services. In 2018 alone, Bedrock delivered the 129-key Shinola Hotel, began construction on the 847,000-square-foot Monroe Blocks and laid the foundation for the 912-foot tall Hudson’s tower. The combined costs of these projects exceed $2 billion. From a brokerage standpoint, it also was a successful year. Q10|Lutz Financial Services, a Birmingham-based commercial mortgage banking firm, had its best year on record. Similarly, Farmington Hills-based Friedman Real Estate’s investment sales division had transaction volume of a half-billion dollars, according to the firm’s manager of opportunities, Jared Friedman. Some highlights and market insights into the Great Lakes State’s commercial real estate market are below. Multifamily redevelopment Downtown Detroit has received most of the notable press this cycle, in particular for the flock of millennials and young professionals who up-ended trends and brought their skinny jeans and electric scooter habits to …
