Property Type

Doster Completes Construction on 337-Unit Multifamily Community in Nashville

by Camren Skelton July 3, 2018

NASHVILLE, TENN. — Doster Construction Co. has completed construction of Novel Bellevue Place, a 337-unit apartment community located within Nashville’s One Bellevue Place, the mixed-use redevelopment of the former Bellevue Center Mall. Crescent Communities is the project developer, and Preston Partnership was the architect of record. Novel Bellevue Place features a mix of one- to three-bedroom units with granite countertops, Energy Star stainless steel appliances, Nest thermostats and subway tile backsplashes. Community amenities include a saltwater pool, clubroom with pool tables and shuffleboard, full outdoor kitchen with outdoor pizza oven and grills and a fitness center with cardio equipment.

July 3, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Purchases 156-Unit Apartment Complex Near Portland for $28M

by Amy Works July 3, 2018

TIGARD, ORE. — Trion Properties has acquired Pacific Crest Apartments, a multifamily community located at 10695 SW Murdock St. in Tigard. A private seller sold the property for $28 million. Gail Neuburg and Samuel Lawhead of ARA Newmark represented both parties in the transaction. Continental Partners arranged a $18.4 million acquisition loan for the buyer. Built in 1974, the property features 156 apartments in a mix of studio, one-, two- and three-bedroom floorplans with in-unit washers/dryers. The buyer plans to renovate the units, including the installation of quartz countertops, stainless steel appliances, new cabinets, vinyl floor and Kevo door locks.

July 3, 2018

Acquisitions California Industrial Western

Rexford Industrial Realty Buys Industrial Property in Los Angeles for $22.5M

by Amy Works July 3, 2018

LOS ANGELES — Rexford Industrial Realty has acquired a single-tenant industrial property located at 12154 Montague St. in the Pacoima neighborhood of the Los Angeles-San Fernando Valley submarket. An undisclosed seller sold the property for $22.5 million, or $183 per square foot, in an off-market transaction. Situated on 4.9 acres, the fully occupied property features 122,868 square feet of industrial space.

July 3, 2018

Acquisitions Multifamily Washington Western

Pathfinder Partners Acquires 125-Unit Multifamily Property Near Seattle for $18M

by Amy Works July 3, 2018

FIFE, WASH. — Pathfinder Partners has purchased Astoria Apartments, a 125-unit multifamily community located at 5700 23rd St. in Fife, a city in the Seattle-Tacoma metro area, for $18 million. Built in 1982, the property features 12 two-story residential buildings comprising 68 one-bedroom/one-bath units, 53 two-bedroom/one-bath units and four three-bedroom/two-bath units. Each unit has a private entry, fully equipped kitchen, fireplace and a patio or balcony. On-site amenities include a leasing office, resident clubhouse, fitness center, children’s playground area, outdoor patio seating, dog park, indoor pet wash station and covered parking. Pathfinder plans to implement an interior renovation program on the un-renovated units, as well as the enhancement of currently renovated units, the addition of washers/dryers to all units and upgrades to the landscape, hardscape and common-area amenities. Giovanni Napoli and Phil Assouad of Kidder Mathews represented the buyer and undisclosed seller in the transaction.

July 3, 2018

Acquisitions California Industrial Western

JLL Brokers Sale of Two Industrial Buildings in San Diego Business Park

by Amy Works July 3, 2018

SAN DIEGO — JLL has arranged the sale of two light industrial buildings located within Scripps Ranch Business park in San Diego. Carroll Canyon Properties acquired the properties, located at 9965 Carroll Canyon Road and 9850 Businesspark Ave., from Hill Properties for an undisclosed price in an off-market transaction. At the time of sale, the buildings were fully leased to Kone and Foresight Sports. The two-building asset consists of 27,801 square feet on a 2.1-acre corner lot. Sach Kirpalani, Bob Prendergast and Lynn LaChapelle of JLL represented the seller in the deal.

July 3, 2018

Acquisitions California Development Hospitality Retail Western

Brixton Capital Purchases Former Police Station in California for $4.2M

by Amy Works July 3, 2018

EL CAJON, CALIF. — Brixton Capital has acquired the former El Cajon Police Station, located at 100 Fletcher Parkway in El Cajon, for $4.2 million. The seller was the City of El Cajon. The buyer plans to transform the 4.1-acre site in Fletcher Marketplace, a mixed-use project comprising approximately 16,000 square feet of retail space and a 60,000-square-foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel development portion of the project. The retail center is 99 percent pre-leased to a variety of tenants, including In-and-Out, Blaze Pizza, California Fish Grill, Urbane Café and Mattress Firm. Dempsey Construction is serving as contractor for the retail development. Don Moser and Matt Moser of Retail Insite represented the buyer and seller in the transaction.

July 3, 2018

Development Industrial Mixed-Use Southeast Tennessee Top Stories

Urban Story Ventures to Redevelop 112-Acre Site Along Chattanooga’s Tennessee River

by John Nelson July 3, 2018

CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …

July 3, 2018

Features Industrial

A New Era for Industrial Design

by Taylor Williams July 3, 2018

Demand for industrial space is soaring and the growth of e-commerce has opened the doors for more competitors to enter the freight and logistics spaces. In addition, the latest data from the Bureau of Labor Statistics (BLS) notes that year-to-date, the United States has added 200,000 new positions in the manufacturing sector, greatly increasing the demand for new industrial space. The advent of new technology is changing the face of the sector’s day-to-day operations. The rising influence of cloud computing and other forms of software that track inventories and model ideal production rates allow for more seamless manufacturing. Automated racking and shelving systems have increased the amount of vertical storage space available to operators and helped get product out the door with greater efficiency. These innovations have yet to significantly eat into industrial job growth, but they are already impacting design trends for new projects. “At this point we are only seeing a minor impact from automation, but it’s clearly present,” says Michael Scheurich, CEO of Arch-Con Construction, a general contracting firm with offices in Dallas and Houston. “Developers are figuring on smaller aisles between racking for conveyors and automated pickup equipment. This allows them to squeeze in more racks …

July 3, 2018

Acquisitions Hospitality New York Northeast

Hilton Grand Vacations Acquires Quin Hotel in Manhattan for $175M

by David Cohen July 2, 2018

NEW YORK CITY — Hilton Grand Vacations has acquired the Quin, a 17-story, 208-room hotel in Midtown Manhattan, for $175 million. The seller is a fund managed by UBS Asset Management, as reported by Bloomberg. The acquisition is the company’s fourth property in New York City. The Quin is a luxury lifestyle hotel located at 101 West 57th St. near Carnegie Hall and Times Square with views of Central Park. The hotel opened in 1929 as the Buckingham and housed a number of famous artists, including Georgia O’Keeffe and Marc Chagall. Hilton Grand Vacations plans to convert the existing 208 rooms into 212 timeshare units. Amenities are expected to include a private owner’s lounge, fitness center and restaurant. The property will remain open during all phases of the transition.

July 2, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $15.5M in Financing for Affordable Housing Community in Rochester

by David Cohen July 2, 2018

ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.

July 2, 2018

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