PHOENIX — Wabash National Trailer Center has completed the disposition of an industrial property located at 2830 S. 51st Ave. in Phoenix. An undisclosed buyer acquired the property for $6.9 million. The property features 50,000 square feet of industrial space, which the seller used as a tractor trailer repair and maintenance facility. Isy Sonabend of NAI Horizon handled the transaction.
RICHMOND, VA. — CBRE | Richmond has arranged the $39.3 million sale of First National Bank Apartments in downtown Richmond. GHA Barnaby Associates acquired the asset from Rushmark FNB LLC. Charles Wentworth and Petyton Cox of CBRE | Richmond, in conjunction with Jonathan Greenberg, Yalda Ghamarian and Tom Leachman of CBRE’s Washington, D.C., office, arranged the transaction on behalf of Rushmark. Originally constructed in 1913 as a bank, the 20-story building was converted to a 154-unit apartment property in 2012. The community features a pool, coffee bar, fitness center, bike storage, package service and laundry facilities.
M&T Realty Capital Provides $31.1M HUD Construction Loan for Multifamily Community in Tampa Bay Area
BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.
ORLANDO, FLA. — Preferred Apartment Communities (PAC) has acquired Conway Plaza, a 117,705-square-foot shopping center in Orlando. PAC purchased the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. CBRE arranged the transaction on behalf of the seller, a joint venture between DDR Corp. and Madison International Realty. A 37,888-square-foot Publix anchors the center, which was 90 percent leased at the time of sale. PAC financed the acquisition using a 10-year, $9.8 million loan from PGIM Real Estate Finance.
KNOXVILLE, TENN. — NAI Global has arranged the sale of Tower at Morgan Hill, a 360-bed student housing community located roughly two miles from the University of Tennessee in Knoxville. Rick Ross, Alex Waddey, David Ellis and Colin Moore of NAI Global arranged the transaction on behalf of the undisclosed seller. FPA Multifamily acquired the property for an undisclosed price. The Tower at Morgan Hill features one- and two-bedroom, fully furnished apartments. Community amenities include a resident clubhouse, fitness center, computer room, study lounge, business center, pool and an on-site parking garage.
LAS VEGAS — SDS Realty Corp. has purchased Fremont Palms Apartments, a multifamily property located at 2540 Fremont St. in Las Vegas. Sackley Family Management 2540 LLC sold the building for $3.2 million. The property features 53 apartment units, resulting in a price of $60,377 per unit. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller, while Blake Leavitt of Wardley Real Estate represented the buyer in the off-market transaction.
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail property located at 51 E. Ramona Expressway in Perris. An Orange County, Calif.-based developer sold the property to a Los Angeles-based private investor for $2.8 million, or $1,364 per square foot. Del Taco occupies the 2,060-square-foot property, which was built in 2016, on a triple-net lease with more than 18 years remaining on its 20-year initial term. Eric Vu, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, while Paul Bahk of Realtex Properties represented the buyer in the transaction.
NEW YORK — A hospitality fund controlled by the state of Qatar has acquired New York’s historic Plaza Hotel for $600 million, according to Reuters. Katara Hospitality bought the majority stake held by Indian business group Sahara India Pariwar, along with a 25 percent stake held by New York-based real estate investor Ashkenazy Acquisition Corp. and its partner, Saudi Prince al-Waleed bin Talal, the Wall Street Journal reports. Sahara originally acquired the Plaza Hotel in 2012. Previous owners of the historic property include President Donald Trump, who acquired the asset in 1988 for $390 million, and hotelier Conrad Hilton. The Plaza Hotel is situated on the corner of 5th Avenue and Central Park South. Constructed in 1907, the hotel has hosted famous guests including The Beatles, Marilyn Monroe and Frank Lloyd Wright. The hotel has also been the site of films such as Home Alone 2, The Great Gatsby, Eloise at the Plaza and Alfred Hitchcock’s North by Northwest. The 282-room hotel features multiple on-site dining options including a champagne bar and The Plaza Food Hall, on-site retail, spas and salons. The property underwent a $450 million restoration in 2008. Katara Hospitality is a global hotel owner, developer and operator. …
CHICAGO — What are the limitations of a market study? In light of overbuilding concerns in some major metros, it’s a salient question. J.P. LoMonaco, president of Valuation & Information Group, moderated a panel discussion on the impact of market studies on new development during the InterFace Seniors Housing Midwest conference in June. The textbook definition of a market study is a comparison of supply and demand within a defined geographic area. It is a risk-assessment tool. Rick Banas, vice president of development and positioning at Gardant Management Solutions, considers a market study to be a snapshot in time that can help an owner or operator formulate strategies for developing a community. “[A market study] helps you identify red flags, caution flags. It may provide a green light, but it is not the only element that can give you an indication whether a project is a go, no go, or whether it is going to be successful,” said Banas. Dave Erickson, vice president of real estate development for the Ryan Cos., said one step he takes early on in the market study process is to mesh the National Investment Center for Seniors Housing & Care (NIC) data on supply and …
The most exciting story in Michigan’s overall recovery from the Great Recession has been the revitalization of downtown Detroit. For locals and out-of-towners, Detroit’s development boom is surprising, exciting, refreshing, and at times, hard to believe. This real estate cycle may go down as the most important and consequential in 50 years. Indeed, the numbers and the anecdotal evidence demonstrate that we are not just witnessing a hot market — we are witnessing a once-in-a-generation shift in Detroit’s office market. Where we were What makes Detroit’s renaissance so amazing is how far the city has come in just eight years. For decades, downtown Detroit’s office market was effectively in the Detroit River. The central business district (CBD) continuously bled tenants to suburban markets, and heavy concessions along with incentives were required to lure office users to the city. Office tenants tended to be law firms, city, county and federal government agencies, non-profits, and city contractors — generally users that had to be downtown for proximity to the courts and City Hall. While the real estate statistics were not strong, the larger issue was the overall look and feel of the setting. Many buildings sat ominously vacant, the restaurant scene was …