Property Type

15240-15250-Nelson-Ave-City-of-Industry-CA

DAUM Commercial Negotiates Sale of 64,000 SF Industrial Property in Los Angeles County for $11.5M

by Amy Works April 15, 2019

CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of an industrial warehouse facility located at 15240-15250 Nelson Ave. in City of Industry. South El Monte, Calif.-based Art Weiss Industrial Properties sold the property to Max Sales Group for $11.5 million. The buyer is a wholesale manufacturer of products, including consumer electronics and home, auto, kitchen and pet accessories. The seller built the 64,000-square-foot asset in 1979. The warehouse features 24-foot interior clearance, nine loading docks, two ground-level doors, 4,000 square feet of office space and the option for a two-tenant layout. Charles Johnson II of DAUM handled the transaction.

April 15, 2019

Acquisitions Arizona Retail Western

ORION Investment Real Estate Brokers $6.1M Sale of Retail Development in Scottsdale

by Amy Works April 15, 2019

SCOTTSDALE, ARIZ. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in North Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari Spiro and Sean Stutzman, also of ORION, with the off-market sale transaction. Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer in the deal.

April 15, 2019

Acquisitions California Industrial Western

Partners Capital Acquires Value-Add Industrial Asset in Southern California

by Amy Works April 15, 2019

BELL GARDENS, CALIF. — Partners Capital has purchased an industrial asset, located at 6855 Suva St. in Bell Gardens, for an undisclosed price. Situated on 2 acres, the property features two buildings totaling approximately 36,000 square feet. Remy Moses of Lee & Associates represented the buyer in the deal. Additional terms of the deal were not disclosed.

April 15, 2019

Leasing Activity Retail Top Stories

Discount Retail Chain Fred’s to Close 159 U.S. Stores by June

by Taylor Williams April 15, 2019

MEMPHIS, TENN. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking to sell its pure-play pharmacy assets. In September of last year, Fred’s struck a deal to sell prescription files of its pharmacy patients and inventory information at 179 stores across the Southeast to Walgreens (NASDAQ: WBA). The shuttered stores are located in Texas, Arkansas, Alabama, Georgia, Louisiana, Mississippi, Kentucky and Tennessee, according to CNN. Liquidation sales are underway at these stores, which are expected to fully close by the end of May. Fred’s CEO Joseph Anto noted that in addition to losing profitability, most of the shuttered stores are nearing the ends of their lease terms. “After a careful review, we have decided to rationalize our footprint by closing underperforming stores, …

April 15, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Downtown Nashville Retail Booms Across Three Major Mixed-Use Developments

by Alex Tostado April 15, 2019

With a staggering number of tower cranes at work every day, Nashville has delivered a record number of multifamily units, office space and hotel rooms in the past several years. Even with all this development and with tourists flocking to downtown seemingly every week of the year, one category has lagged: new retail downtown. To provide a snapshot of growth in downtown Nashville, the number of residential units downtown has grown from 3,700 in 2010 to 11,800 today. Hotel room rates since 2008 have virtually doubled, and we currently have 1.6 million square feet of office space under construction. But even with all this explosive growth, retail development downtown has lagged. Many would wonder why, and there are a number of reasons. Historically, many developers have seen downtown Nashville as an afterthought to include ground-level retail in their projects. Because of this, small amounts of retail were metered onto the market. This retail space was geographically spread out over a number of developments across downtown. This did not lead to a rich consumer experience, because consumers strongly prefer finding retail options in a concentrated environment. Another challenge to building great retail has been the limited scale of individual projects. But …

April 15, 2019

Georgia Leasing Activity Office Southeast

CommonGrounds Workplace Signs 49,506 SF Office Lease in Midtown Atlanta

by Alex Tostado April 12, 2019

ATLANTA — CommonGrounds Workspace has signed a 13-year, 49,506-square-foot office lease at 999 Peachtree St. in Midtown Atlanta. The coworking company will occupy two of the 28 floors and is expected to move in in early 2020. This marks CommonGrounds’ first signed lease in 2019 as part of its $100 million Series A expansion program. Five locations are already open around the country. Amenities at 999 Peachtree include Empire State South restaurant on the ground floor, The Peachtree Club and roof deck on the top floor, parking, a fitness center and a communal green space. Other tenants include AARP, Gensler, Akerman LLP, Ballard Spahr LLP, Meunier Carlin & Curfman LLC, Oxford Industries and Eversheds Sutherland. Charles Roach Jr. and Stephen Clifton of Madison Marquette represented the landlord, Franklin Street, in the lease transaction. Jim Sumber, Andrew Lechter and Matthew Barnes of Savills-Studley represented the tenant.

April 12, 2019

Kentucky Loans Multifamily Seniors Housing Southeast

PGIM Provides $15.3M Financing for Two New Seniors Housing Communities in Kentucky

by Alex Tostado April 12, 2019

DANVILLE AND RUSSELL, KY. — PGIM Real Estate Finance has provided two refinancing loans for seniors housing communities in Kentucky totaling $15.3 million. The first property, Morning Pointe Danville, is a 60-unit assisted living and memory care facility that was built in 2017. PGIM provided a $7.5 million, 10-year, fixed-rate loan for the 90 percent-occupied asset, which is located in Danville near a regional medical center and 35 miles south of downtown Lexington. Amenities include a fitness center, library, beauty salon, lounges and numerous common areas. The second property is The Lantern at Morning Pointe Russell, a 44-unit memory care facility constructed in 2017 in Russell. PGIM provided a $7.8 million, 10-year, fixed-rate loan for The Lantern, which was built in 2017 and is 97.7 percent occupied. Amenities include a fitness center and security. The borrower was Tennessee-based Independent Healthcare Properties LLC, which develops, owns and operates senior care facilities under the Morning Pointe and Lantern brands.

April 12, 2019

Florida Loans Multifamily Southeast

Berkadia Provides $13.6M Acquisition Loan for Multifamily Property Near Tampa

by Alex Tostado April 12, 2019

DUNEDIN, FLA. — Berkadia has provided a $13.6 million Freddie Mac loan for the acquisition of Promenade at Edgewater, a 188-unit apartment community in Dunedin. The 10-year, fixed-rate loan includes full-term interest-only payments. Promenade at Edgewater is located at 257 Milwaukee Ave., 25 miles west of downtown Tampa. The asset was built in 1973 and comprises six two- and three-story buildings offering one- and two-bedroom floor plans. Community amenities include a swimming pool, fitness center, designated dog walking area, picnic areas with grills and views of the lakes at Dunedin Highland Memorial Park. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia’s Miami office provided the loan on behalf of the buyer, Pensam Capital. The seller was not disclosed.

April 12, 2019

Loans Multifamily New Jersey Northeast

Berkadia Provides $18.5M Refinancing for Apartment Community in New Jersey

by David Cohen April 12, 2019

SOMERS POINT, N.J. — Berkadia has provided an $18.5 million loan to refinance Bayview Court, a 202-unit apartment community in Somers Point. Located at 555 Shore Road, the property was built in the 1960s. Jim Badolato of Berkadia’s Philadelphia office arranged the financing for the borrower, The Streamwood Co. Terms of the Freddie Mac loan included an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The Freddie Mac Optigo loan offers an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The property was 75 percent occupied at closing with steady leasing velocity.

April 12, 2019

Development Massachusetts Multifamily Northeast

Wood Partners Begins Construction of 261-Unit Multifamily Community in Massachusetts

by David Cohen April 12, 2019

STONEHAM, MASS. — Wood Partners has begun construction of Langwood Commons, a 261-unit multifamily community in Stoneham. The three-building community is scheduled to open in March 2020. The site is located adjacent to the 2,200-acre Middlesex Fells Reservation, known locally as The Fells, a year-round outdoor space that provides outlets for hiking and biking. Wood Partners broke ground on the project in November 2018. It is the company’s 12th project in the greater Boston area.

April 12, 2019

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