Property Type

KeyBank Secures $63.2M Acquisition Loan for Seniors Housing Property in Portland

by Amy Works September 24, 2018

PORTLAND, ORE. — KeyBank Real Estate Capital has arranged a $63.2 million Freddie Mac first mortgage loan for the acquisition of Courtyard at Mt. Tabor, a seniors housing community in Portland. The borrower and buyer is Strategic Student & Senior Housing Trust, a non-traded REIT sponsored by SmartStop Asset Management. Built between 1992 and 2009, the community is comprised of two three-story buildings on 7 acres of land. The property features 201 independent living units, 73 assisted living units and 12 memory care units. The borrower plans to expand the community to include an additional 23 memory care units. Charlie Shoop of KeyBank’s Commercial Mortgage Group secured the non-recourse, fixed-rate financing with a 10-year term, four-year interest-only period and 30-year amortization schedule.

September 24, 2018

Acquisitions California Retail Western

SRS Directs $15.6M Sale of Newly Constructed Inland Empire Retail Center

by Amy Works September 24, 2018

RANCHO CUCAMONGA, CALIF. — SRS Real Estate Partners has negotiated the sale of Spruce Plaza, a newly constructed Class A retail center in Rancho Cucamonga. A Bay Area-based family trust acquired the property from Costanzo Investments, a Southern California-based development company, for $15.6 million, or $1,005 per square foot. Situated at 10877-10895 E. Foothill Blvd. within the master-planned community of Terra Vista, Spruce Plaza is fully occupied by Blaze Pizza, Tokyo Joe’s, Luna Grill, Jersey Mike’s Sub, Café Rio and Habit Burger. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group and Garrett Colburn of SRS’ Newport Beach, Calif., office represented the seller, while Ralph Borelli and Caleb Scherer of Borelli Investment Co. represented the buyer in the deal.

September 24, 2018

California Loans Multifamily Western

Bellwether Enterprise Arranges $7.7M Refinancing for Trevi Villas Apartments in North Hollywood

by Amy Works September 24, 2018

NORTH HOLLYWOOD, CALIF. — Bellwether Enterprise has secured a $7.7 million permanent loan and construction loan refinancing for Trevi Villas Apartments, a luxury apartment building located on Hartsook Street in North Hollywood. The newly built property features 27 units in a mix of two-bedroom/two-bath and three-bedroom/two-bath layouts. Mack Mower of Bellwether Enterprise’s Los Angeles office arranged the loan through Nationwide for the undisclosed borrower. The 10-year loan features one year of interest-only payments followed by a 30-year amortization period. Additionally, the financing included approximately a $500,000 cash-out to the borrower after the construction debt and closing costs were paid.

September 24, 2018

Acquisitions Arizona Industrial Western

ViaWest Group Sells 103,511 SF Industrial Property in Phoenix for $6.3M

by Amy Works September 24, 2018

PHOENIX — Phoenix-based ViaWest Group has completed the sale of Tiger Industrial, an industrial property located at 4901-4929 W. Van Buren St. in Phoenix. Los Angeles-based Dunbar Real Estate Investment Management acquired the building for $6.3 million. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the transaction. The 103,511-square-foot industrial facility was originally part of a larger portfolio of thematic properties that ViaWest purchased in 2014.

September 24, 2018

Acquisitions Office Southeast Tennessee Top Stories

Unico Properties Acquires 24-Story Office Building in Nashville for $139.5M

by Taylor Williams September 24, 2018

NASHVILLE — Unico Properties LLC, a subsidiary of Unico Investment Group LLC, has acquired One Nashville Place, a 24-story office building located in the state capital’s central business district. The Nashville Business Journal reports that the sale, which includes an adjoining six-story parking garage, fetched a price of $139.5 million. The deal marks Unico’s first commercial investment in Nashville. The seller was not disclosed. The Class A property, which totals 418,824 square feet, is situated near the city’s SoBro neighborhood, as well as the Broadway strip and several new hotels under construction on historic Fourth Avenue. The building was completed in 1985. Amenities at One Nashville Place include a tenant conference center, 24-hour security and a deli. The building’s common areas were recently upgraded as well. Unico plans to further invest in capital improvements to the building. “One Nashville Place is positioned at the nexus of everything we find exciting about this vibrant city,” says Andrew Cox, Unico vice president and regional director. “Nashville’s business-friendly environment and proactive approach to job creation have led to a multi-decade corporate relocation winning streak.” Cushman & Wakefield brokered the acquisition on behalf of the seller, and will manage the property and leasing alongside …

September 24, 2018

Market Reports Maryland Office Southeast Southeast Market Reports

Job Growth, Low Unemployment Keep Office Development Churning in Baltimore

by John Nelson September 24, 2018

Continued job growth, coupled with a 4.3 percent unemployment rate (down from nearly 9 percent in 2010) in the greater Baltimore metropolitan region are the primary reasons giving real estate development companies the conﬁdence to construct speculative commercial ofﬁce buildings in select submarkets throughout central Maryland. After delivering more than 1 million square feet of space in Baltimore City, another 1.6 million is presently rising in the downtown skyline. Industries including ﬁnancial services, medical and healthcare, education, cybersecurity and manufacturing continue to exhibit excellent health, and a location approximately 40 miles from the center of Washington, D.C., remains one of Baltimore’s most valuable assets. Below is a quick scan around the entire metro area: Canton Merritt Properties announced plans earlier this year to construct a 20-story, 200,000-square-foot speculative ofﬁce building along Boston Street. Previously announced, but yet to begin just several streets away, is Corporate Ofﬁce Properties Trust’s $1 billion project containing more than 1 million square feet of commercial ofﬁce and retail space. Since the opening of The Shops at Canton Crossing, a shopping center developed by 28 Walker Associates several years ago, this submarket has experienced a retail renaissance, although the inclusion of new commercial ofﬁce product is …

September 24, 2018

Arizona Conference Coverage Features Industrial Western Western Feature Archive

InterFace Brokerage Panel: Phoenix Industrial ‘Moving Up the Food Chain’

by Jaime Lackey September 21, 2018

The InterFace Phoenix Industrial conference and networking event was held on Wednesday, Sept. 12, featuring three panel discussions. The brokerage panel, moderated by Rob Martensen, executive vice president with Colliers International, featured a lively discussion about activity in local submarkets and a recap of the reasons Phoenix is winning deals over Southern California and Nevada. Industrial Activity in Arizona Microsoft recently purchased 267 acres for a data center in the West Valley, said Anthony Lydon, national director, Industrial Supply Chain & Logistics Solutions with JLL. Qualified data centers receive waivers on personal property tax for 10 years, Lydon said, noting that each rack in a data center is approximately $1 million in personal property, so data centers are certainly enjoying the benefits of locating in Arizona. Arizona will also be a huge winner in the manufacturing sector, Lydon added. He cited Colorado-based food packaging provider Ball Corp. as an example of a company that was looking at Mexico for space before the 2016 election but has since opened a plant in the West Valley submarket of Phoenix due to the strategic location between Mexico and Southern California. Minnesota-based Andersen Windows & Doors is buying 64 acres from Opus to build …

September 21, 2018

Acquisitions Massachusetts Northeast Office

Colliers Secures $79.8M Acquisition Financing for Office Campus Near Boston

by David Cohen September 21, 2018

WALTHAM, MASS. — Colliers International has secured $79.8 million in acquisition financing for CenterPoint, a 443,000-square-foot, two-building office campus in Waltham. Located at 41 Seyon Street and 43 Foundry Ave., the property includes lab, office and research and development space. Current tenants include Repligen, Education Development Center and Simpson Gumpertz & Heger. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins of Colliers secured financing on behalf of borrower Hilco Real Estate through a balance sheet lender.

September 21, 2018

Acquisitions Multifamily Student Housing Texas

CBRE Negotiates Sale of 464-Bed Student Housing Property in Austin

by Taylor Williams September 21, 2018

AUSTIN, TEXAS — CBRE has negotiated the sale of Aspen Heights West Campus, a 464-bed student housing property located three blocks from the University of Texas at Austin. The 17-story, 166-unit community features a pool, fitness center, private study areas, lounges and community kitchens. A joint venture between The Preiss Co. and TH Real Estate purchased the asset from Austin-based Aspen Heights Partners, which developed the property, for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the sale. Ben Roelke and Ian Walker of CBRE arranged a five-year, fixed-rate acquisition loan through Northwestern Mutual for the transaction. The loan featured a sub-4 percent interest rate.

September 21, 2018

Acquisitions Northeast Office Pennsylvania

Cushman & Wakefield Brokers $32M Sale of Office Portfolio Near Philadelphia

by David Cohen September 21, 2018

COLLEGEVILLE, PA. — Cushman & Wakefield has brokered the $32 million sale of Highview I & II, a 183,363-square-foot office portfolio in Collegeville. The two buildings, which are currently 93 percent leased, are home to tenants IQVIA, Fidelity Information Services and FirstService Residential. Highview I is located at 400 Campus Drive and totals 78,564 square feet. Highview II is located at 200 Campus Drive and totals 104,799 square feet. Cushman & Wakefield represented the seller, TA Realty, in the transaction. The buyer was Maguire Hayden Real Estate Co. Collegeville is 30 miles northwest of Philadelphia.

September 21, 2018

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