Property Type

IPA Brokers $161.9M Sale of Multifamily Portfolio in Los Angeles County

by Kristin Harlow May 4, 2018

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of an eight-property, 644-unit multifamily portfolio in Los Angeles County for $161.9 million. The properties include: Oaktree Apartments and Stillmore Apartments in Santa Clarita; Tamarind Terrace Apartments in Hollywood; Regency Apartments, Woodley Court and Sylvan Apartments in Van Nuys; Vista Del Madre in Pasadena; and Foothill Village in Sylmar. Seven of the eight assets were not subject to rent control. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Bryan Schellinger of IPA represented the seller, a private ownership group. The team also procured the five separate buyers, which include an institutional discretionary fund, regional syndicators and private investors. Renovations are currently planned for the properties. “It is rare to find a sizeable, almost completely non-rent-controlled, value-add portfolio where the upside can be immediately realized,” says Green. Cap rates ranged between 3.5 percent and 4.5 percent based on current net operating income, according to Harris. Projected cap rates following renovations are between 5 percent and 6 percent. — Kristin Hiller

May 4, 2018

Market Reports Multifamily Office Texas Texas Market Reports

Downtown Renaissance Drives El Paso Office Market, Multifamily Growth

by Taylor Williams May 4, 2018

For decades, El Paso was a big, sleepy town nestled on the banks of the Rio Grande that relied on a slow-paced, but consistent economy. In those days, housing was always affordable. Pricing levels for single- and multifamily properties were below national averages, but so too were wages. The city’s office market, which has traditionally served as a leading indicator for multifamily growth, hummed along without ever experiencing strong asset appreciation or interest from outside investors. Taken at face value, this activity would suggest that there was a firm ceiling for new development and rent growth for both of these markets. In recent years, however, El Paso natives have seen their city experience enormous growth fueled by exceptionally low crime rates and expanding population at Fort Bliss Army base. Development of both single- and multifamily product really took off between 2011 and 2014, causing rent growth to subside and vacancies to rise from 5 percent a few years ago to roughly 9 percent today. The market returned to a more sustainable pace of new development in subsequent years. Looking ahead, the metro’s job growth should remain a factor of its population of military personnel and federal employees. As El Paso …

May 4, 2018

Development Massachusetts Northeast Office

Davis Marcus Partners Developing 220,000 SF Lab and Office Space in Suburban Boston

by David Cohen May 3, 2018

WALTHAM, MASS. — Davis Marcus Partners, a joint venture between Marcus Partners and The Davis Companies, is developing a new 220,000-square-foot lab and office facility in Waltham for Alkermes, a global biopharmaceutical company. The new building, which is located at 900 Winter St., represents an expansion of Alkermes’ current facility at 852 Winter St. The new facility was designed by Elkus Manfredi Architects and will seek LEED certification. Amenities will include an eatery, coffee bar, fitness center, outdoor amphitheater and a rooftop terrace. As part of the build-to-suit arrangement, Alkermes will sign a 15-year lease at the property. Construction on the new facility began April 30.

May 3, 2018

Industrial Loans New Jersey Northeast

HFF Arranges $36.7M in Permanent Financing for Industrial Facility in Secaucus

by David Cohen May 3, 2018

SECAUCUS, N.J. — HFF has arranged $36.7 million in permanent financing for a newly constructed, two-building industrial facility at One County Road in Secaucus. Completed earlier this year, the 240,317-square-foot facility features a 32-foot clear height, 180-foot truck courts and 50-by-35 foot column spacing. One County Road is situated on 20 acres in the Meadowlands industrial market. The HFF team worked on behalf of the borrower, Bhasin Properties, to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan, which was also arranged by HFF.

May 3, 2018

Acquisitions Mixed-Use New York Northeast

Mixed-Use Building in Manhattan Trades for $12M

by David Cohen May 3, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of 77-79 Madison Street in Manhattan, a six-story, mixed-use building, for $12 million. Barbara Dansker and Zachary Ziskin of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. The building, which is located in the Two Bridges neighborhood, consists of 28 residential and four commercial units.

May 3, 2018

California Development Hospitality Retail Western

Chula Vista, Port of San Diego Approve 535-Acre Convention Center Development in Chula Vista

by Amy Works May 3, 2018

CHULA VISTA, CALIF. — The City of Chula Vista and the Port of San Diego have approved key agreements to advance the Chula Vista Bayfront resort hotel and convention center project on San Diego Bay. The Board of Port Commissioners and the Chula Vista City Council unanimously approved a disposition and development agreement between the public-private partnership of port, the city and RIDA Development Corp. Construction is slated to begin in late 2019. Gaylord Hotels, the large convention hotel brand of Marriott International, will operate the 535-acre project. Located west of Marina Parkway between H and G streets, the waterfront development will include 1,600 hotel rooms and a 415,000-square-foot convention with 275,000 usable square feet of convention and meeting space. Additionally, the project will feature associated retail and resort-style amenities, including restaurant, bar and lounge facilities, recreational facilities, spa, pool with a lazy river, bike and boat rentals, more than 250 acres of protected wildlife habitat, and 46 acres of new parks, trails and bike paths. Public infrastructure improvements are planned to start by 2019, which includes site preparation, building access roads and new public streets, providing utility services and developing the new Harbor Park. Sun Communities Inc. is developing …

May 3, 2018

California Loans Multifamily Student Housing Western

Keybank Originates $247.8M in Financing for Student Housing Property in Los Angeles

by Amy Works May 3, 2018

LOS ANGELES — Keybank Real Estate Capital has originated a $247.8 million Freddie Mac first mortgage loan for The Lorenzo in Los Angeles. The 913-unit, Class A, mid-rise student housing property was developed in 2015. The property is 95 percent leased to students attending University of Southern California, Fashion Institute of Design and Merchandising, and Loyola Law School. The remaining units are reserved for tenants earning 50 percent or less of the area median income. The Lorenzo features a three-story fitness center with rock climbing walls, basketball courts and an indoor jogging track. Additionally, the property offers an on-site restaurant with room service, media rooms, study rooms and libraries catering to the different colleges, as well as multiple swimming pools, saunas and sand volleyball courts. Robert Prouty of Key’s Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest-only term. The undisclosed sponsor used the loan to refinance existing debt.

May 3, 2018

Acquisitions California Industrial Western

Avison Young Negotiates $4.8M Sale of Multi-Tenant Industrial Building in Cathedral City, California

by Amy Works May 3, 2018

CATHEDRAL CITY, CALIF. — Avison Young has arranged the sale of a multi-tenant industrial building located at 68945 Perez Road in Cathedral City. North First Street Properties LP sold the property to Cathedral City 2 LLC for $4.8 million. Built in 1989, the 29,400-square-foot property is situated on 1.7 acres of land with frontage and access along Perez Road. At the time of sale, the property was full leased to a variety of tenants, including Caliber Collision Centers, Su Casa Imports and additional space entitled for cannabis manufacturing. Keith Kropfl and Michael Ganz of Avison Young, along with Thom Olson of Creatus Properties, represented the buyer, while Coldwell Banker represented the seller in the transaction.

May 3, 2018

Acquisitions California Retail Western

Starboard Commercial Brokers $4.5M Sale of Retail Property Near Sacramento

by Amy Works May 3, 2018

ROSEVILLE, CALIF. — Starboard Commercial Real Estate has arranged the sale of a retail property located at 318 N. Sunrise Ave. within Centre Pointe Regional Shopping Center in Roseville, a suburb of Sacramento. A San Francisco-based investor acquired the property for $4.5 million. Pet Club currently occupies the 24,750-square-foot building. Richard Gumbiner of Starboard Commercial Real Estate brokered the transaction.

May 3, 2018

Development Multifamily Southeast Tennessee

Akara Partners Breaks Ground on 420-Unit Multifamily Community in Nashville

by Camren Skelton May 3, 2018

NASHVILLE, TENN. — Chicago-based Akara Partners has broken ground on Kenect Nashville, a 420-unit apartment community located at 1815 Division St. in Nashville. The community is situated in Nashville’s Midtown neighborhood, two blocks from Vanderbilt University. The 20-story building, designed by Nashville-based Smith Gee Studio and the Chicago office of Perkins + Will, will feature 20,000 square feet of ground-floor retail and include a mix of studio to three-bedroom units. Community amenities will include food and beverage options throughout the building, social and coworking lounges, a fitness center, outdoor terraces, swimming pool, grills and firepits. Akara Partners expects to wrap up construction on the community in the fall of 2019.

May 3, 2018

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