Property Type

CBRE Provides $24.9M Refinancing for 207-Unit Seniors Housing Community in Southern California

by Amy Works October 12, 2018

RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside. MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living. CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the 10-year, floating-rate loan with 48 months of interest-only payments through its Fannie Mae DUS Multifamily loan origination program. This is CBRE’s third financing of the property over a five-year period, and its second through Fannie Mae. Capitol and Welbrook acquired the property in 2013 as an independent living community. Shortly after the acquisition, the new owners executed a capital improvement program to modernize the property and convert one of the buildings into an assisted living and memory care facility. Since that time the property has experienced strong leasing and is currently over 93 percent occupied.

October 12, 2018

Acquisitions California Retail Western

Progressive Real Estate Negotiates $4.6M Sale of Retail Building in the Inland Empire

by Amy Works October 12, 2018

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale a retail property, located at 14273 Baseline Ave. in Fontana. A San Diego-based private investor sold the property to a Los Angeles-based private investor for $4.6 million in an all-cash 1031 exchange. Frank Vora of Progressive Real Estate Partners represented the seller, while Chris Wen of Walton Realty represented the buyer in the deal. Tutor Time Learning Center occupies the 10,492-square-foot building, which was built in 2003. The childcare center caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers, pre-school, and before- and after-school care. The property is adjacent to Heritage Village, a 110,000-square-foot neighborhood center anchored by Vons, U.S. Bank, Fitness 19, Panda Express and Wendy’s.

October 12, 2018

Healthcare Loans New Jersey Northeast Office

Progress Capital Arranges $4.4M Refinancing for Medical Office Complex in New Jersey

by David Cohen October 12, 2018

IRVINGTON, N.J. — Progress Capital has arranged a $4.4 million refinancing for the Irvington Medical Office in Irvington. Located at 40 and 50 Union Ave., the property consists of two buildings. 40 Union Ave. is a four-story, 19,982-square-foot medical office building built in 1962. The adjacent building, 50 Union Ave., is an eight-story, 50,638-square-foot building built in 1969. The property is currently subject to a ground lease. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower, who will use $1.5 million of the proceeds to acquire the land at 50 Union Ave. The five-year, fixed-rate loan includes a 4.5 percent interest rate and a 10-year term with a 25-year amortization. The lender was undisclosed.

October 12, 2018

Acquisitions Arizona Multifamily Western

SVN Desert Commercial Brokers $1.3M Sale of Apartment Complex in Phoenix

by Amy Works October 12, 2018

PHOENIX — SVN Desert Commercial Advisors has arranged the sale of a multifamily community, located at 717 E. Roeser Road in Phoenix. Luis Melendez sold the property to Shashikant Jogani with Pro Residential Services for $1.3 million, or $67,500 per unit. The 16,000-square-foot property features 20 two-bedroom apartments with individual meters for electricity. The buyer plans to implement a light renovation program to the property. Danny Lee of SVN Desert Commercial represented the seller and procured the buyer in the all-cash transaction.

October 12, 2018

Development District of Columbia Loans Retail Southeast

Walker & Dunlop Arranges $61M in Financing for Retail Development in D.C.

by Amy Works October 12, 2018

WASHINGTON, D.C. — Walker & Dunlop has structured $61 million in financing for the recapitalization of The Shops at Dakota Crossing, a trophy retail center in Washington, D.C. Jamie Butler of Walker & Dunlop led the team that replaced the existing construction financing with a senior bridge loan, which also provides for future funding based on additional leasing and capital costs. Located on New York Avenue, the 140,000-square-foot shopping center is 98 percent pre-leased to national and local tenants, including the city’s first Costco, Lowe’s Home Improvement Warehouse, Dick’s Sporting Goods, Marshalls, PetSmart, Chick-fil-A and Starbucks Coffee.

October 12, 2018

Acquisitions Hospitality South Carolina Southeast

Union Investment Acquires New Dual-Branded Hotel in Historic Charleston

by Amy Works October 12, 2018

CHARLESTON, S.C. — Union Investment has purchased a dual-branded hotel property located on King Street in Charleston’s historic district for an undisclosed price. Opened in 2015, the property includes a modern Hyatt House apartment-style hotel and a Hyatt Place hotel. In total, the two hotels offer 304 rooms. Hyatt House features 113 guest rooms designed for extended-stay guests with a living area and integrated kitchen, while Hyatt Place features 191 rooms and 800 square feet of conference space. Additional on-site amenities include a fitness center, swimming pool, market and a rooftop bar. Regent/BN Charleston Holdings is the vendor of the properties, and the hotels are leased for 30 years to Pyramid Hotel Group, the operator. Germany-based Union Investment is adding the hotel property to the portfolio of its open-ended real estate fund, Unilmmo: Global.

October 12, 2018

Acquisitions Georgia Multifamily Southeast

Magnolia Capital Acquires 323-Unit Multifamily Property in Atlanta’s Central Perimeter Submarket

by Amy Works October 12, 2018

DUNWOODY, GA. — Magnolia Capital has purchased Flats at Perimeter Place, an apartment community located at 60 Perimeter Place in Dunwoody. Northwestern Mutual sold the property for an undisclosed price. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller in the deal. Situated in Atlanta’s Central Perimeter submarket, the 323-unit community features a rooftop lounge with a tennis court, grilling station and bocce ball court; resort-style swimming pool; fitness center with a yoga studio, cardio theater and fitness classes; and four electric car charging stations.

October 12, 2018

California Multifamily Top Stories Western

Republic Urban Properties Sells Luxury Apartment Community in San Jose for $104M

by Jeff Shaw October 12, 2018

SAN JOSE, CALIF. — Republic Urban Properties has sold Meridian at Midtown in San Jose for $104 million. The luxury apartment community includes 218 units and 14,000 square feet of ground-floor retail space. The property is situated at 1432 W. San Carlos St., less than one mile west of downtown and just north of I-280. The location is surrounded by restaurants and retail, as well as just a few blocks from a light rail station. Built in 2015, the mid-rise property offers amenities such as fitness centers, conference rooms, a resort-style pool, community lounge, dog park and playground. Retail amenities include The Breakfast Club and Starbucks. Floor plans average 875 square feet each. Scott Bales, Peter Yorck and Eric Bet of HFF arranged the sale on behalf of the seller, Republic Urban Properties LLC, a division of the Republic Family of Cos. The buyer was not disclosed. — Kristin Hiller

October 12, 2018

Acquisitions Retail South Carolina Southeast

Madison Capital Acquires Kmart-Anchored Retail Asset in Metro Charlotte for $6M

by Amy Works October 12, 2018

ROCK HILL, S.C. — Charlotte, N.C.-based Madison Capital has purchased Kmart Plaza, a retail property located off of Cherry and North Anderson roads in Rock Hill, a suburb of Charlotte in South Carolina. Seritage Growth Properties sold the center for $6 million. The property features 89,298 square feet of retail space. Marc Ozburn and Alex McDonald of Berkeley Capital Advisors represented the seller in the deal.

October 12, 2018

Georgia Leasing Activity Restaurant Retail Southeast

Atlanta’s Shopping Centers Reflect Changing Consumer Preferences

by John Nelson October 12, 2018

Atlanta is recognizing that the nature of retail has changed. Shopping centers and mixed-use projects in Atlanta emphasize restaurants, fitness, entertainment and service retail. The changes in the market are happening quickly and consumers want the urban environment where everything they need is at their fingertips. Destination Retail The BeltLine is providing an unmatched opportunity for this business model. The Eastside trail proves that Atlanta has welcomed this type of retail. New developments without a true parking option or main street access have started to capture the population who use the BeltLine on a daily or weekly basis. Ponce City Market encapsulates experiential retail, taking an existing warehouse structure and transforming it into a food hall, rooftop entertainment and a place to work, congregate or live your daily life. It’s not a shopping center — it’s a destination. The modern shopping center isn’t about being a shopping center, it’s about providing all you need at once. Restaurants, Food Halls The restaurant business is always evolving, and the variety in Atlanta is unparalleled. Yet, while there are an abundance of restaurant openings, there are still several that will need to reinvent themselves to stay relevant. The biggest buzz has been food …

October 12, 2018

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