MIAMI — Doral, Fla.-based Biscayne Bay Brewing Co. has unveiled plans to open a second location at the Old United States Post Office and Courthouse building in downtown Miami. Originally constructed in the early 1900s, the building was designated a historical site in 1989. The new brewery will occupy 6,500 square feet on the third floor of the building, where The Miami Weather Bureau Office was once located. Post Office Development LLC, managed by Daniel Peña, is overseeing the redevelopment of the building. Peña, a principal of Stambul Construction Co., led the restoration of the Eurostars Langford Hotel — previously Miami National Bank. Biscayne Bay will open its new location at the building this winter. The brewery’s flagship facility is located at 8000 N.W. 25th St. in Doral.
FLORENCE, KY. — An affiliate of FM Capital LLC has originated a $10 million acquisition loan for Turfway Ridge Office Park, a 217,000-square-foot office building in Florence, located roughly six miles from Cincinnati/Northern Kentucky International Airport, home to Amazon’s $1.5 billion Prime Air cargo hub. The borrower, a Los Angeles-based real estate investor, acquired the asset from a special servicer via an auction process. Other terms of the bridge financing were not disclosed. The five-story Turfway Ridge Office Park was originally constructed in 1988 and renovated in 2006. The building was 81 percent leased at the time of sale to tenants such as ADP, Central Bank and the U.S. Department of Veterans Affairs.
IRVINE, CALIF. — MBK Real Estate has agreed to acquire a nine-property seniors housing portfolio in California, Washington and Arizona for $382 million. The Irvine-based investor is a subsidiary of Tokyo-based Mitsui & Co., and the parent company of MBK Senior Living. The seller is West Living LLC, a California-based owner-operator. Although the specific properties were not disclosed, West Living only lists 10 properties on its website. The portfolio totals 1,200 units and features an annual combined net operating income of $21 million. MBK plans to implement renovations to the properties. The acquisition is expected to close in June. MBK already owns a portfolio of 25 properties totaling 2,600 units, also all geographically centered in the West.
CASA GRANDE, ARIZ. — New Jersey-based Lamar Cos., in partnership with Real Capital Solutions, has acquired the Promenade at Casa Grande in Case Grande, a suburb of Phoenix. Macerich sold the 550,000-square-foot property for an undisclosed price. The Promenade at Casa Grande is a portion of an open-air shopping center totaling more than 1 million square feet. Tenants at the property include Harkins Theaters, Ross Dress for less, Marshalls, PetSmart, Bed Bath & Beyond, Shoe Dept., Michaels, Beall’s Outlet, Dollar Tree and Ulta Beauty.
TEMPE, ARIZ. — Phoenix-based Alliance Residential has acquired a 9.3-acre land parcel located at the southeast corner of Rio Salado Parkway and Price Road in Tempe. Arizona State University sold the parcel, which was surplus land, for $11.2 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented the seller in the deal. Alliance plans to develop a 276-unit apartment community called Broadstone Rio Salado on the property. Upon completion, the project will feature 12 buildings offering a total of 28 studio units, 144 one-bedroom units and 104 two-bedroom units. Community amenities will include a pool, spa, game lawns, outdoor cooking area, fire pits, dog park and fitness center.
LYNNWOOD, WASH. — CA Senior Living has started construction of a 122-unit expansion at Quail Park of Lynnwood, a seniors housing community in the Seattle suburb of Lynnwood. The project will add 96 assisted living apartments, as well as 26 independent living units split among 13 duplex cottages. Sixteen of the new assisted living apartments will be enhanced units that provide high-acuity assisted living services to residents in need of more direct and frequent care. The expansion will nearly double the community’s existing 130 units. The first new units are scheduled to come on line in September 2019. CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, formed a joint venture with Living Care Lifestyles and an affiliate of Goldman Sachs to purchase the 15-acre community in 2017. The sellers were affiliates of Living Care Lifestyles, which continues to operate the property.
BAKERSFIELD, CALIF. — Hunt Mortgage Group has provided two Freddie Mac Small Balance Loans and a Fannie Mae Conventional Green mortgage to refinance a multifamily portfolio in Bakersfield. The loans totaled $16.9 million. The transactions include: A $6 million Freddie Mac Small Balance Loan for the refinance of Village Lane Apartments, a 200-unit property at 5101 Marsha St. The community features 33 one- and two-story buildings with 79 one-bedroom units, 120 two-bedroom units and one three-bedroom unit. A $1.9 million Freddie Mac Small Balance Loan for the refinance of River Oaks Apartments, a 46-unit multifamily property located at 336 Roberts Lane and 314 and 400 Locust St. The property includes 15 one- and two-story buildings consisting of all two-bedroom units. A $9 million Fannie Mae Conventional Green mortgage for the refinancing of Park Village Apartments, located at 1405 White Lane. Built in 1973, the property features 224 apartments and 371 open parking spaces. The two Freddie Mac loans feature a 10-year term and fixed rate with no interest-only period and a 30-year amortization schedule. The conventional mortgage features a 12-year term with a 30-year amortization.
BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …
LAS VEGAS — At RECon, the world’s largest retail real estate trade show held last week in Las Vegas, REBusinessOnline sat down with veteran Chicago broker Rick Scardino of Lee & Associates. A principal with the Chicago office, Scardino spearheads the retail division at Lee & Associates of Illinois. Discussion topics ranged from backfilling vacant space to local, independent grocers and the movement of online retailers embracing brick-and-mortar locations. What follows is an edited version of that conversation. REBO: According to Mid-America Real Estate Corp.’s Shopping Center Report, development has tailed off about 5 percent year over year. Is that a surprise or not? Scardino: This has been going on for a few years. It’s well known that the United States is the most over-developed retail country in the world by far. It’s all about rightsizing, simple supply and demand. I don’t see it as a bad thing. Certainly existing landlords who aren’t developing are thrilled to see less new competition coming online. There really hasn’t been a need for it. Mellody Farm in Vernon Hills, Illinois, is one of the few new projects with Whole Foods Market, REI and Nordstrom Rack as anchor tenants. Regency Centers Corp. is the …
Economic growth in Tampa Bay continues at an impressive pace, driven by strong population and employment growth over the past several years. The unemployment rate has steadily declined, dropping 110 basis points from December 2016 to a current 3.4 percent, and the strong pace of job growth continues with a rise in non-farm employment of 35,000 new jobs during the trailing 12-month period ending December 2017. As a result, leasing activity has increased, rental rates continue to show incremental growth and there is a strong likelihood of new speculative office construction in the coming year. Major corporations continue to reaffirm their confidence in Tampa with significant announcements of planned corporate expansions by MetLife, Pricewaterhouse Coopers (PwC), AAA and USAA during the second half of 2017. In fact, the Tampa Bay metropolitan area ranked as one of the top 20 “U.S. Markets to Watch” for overall real estate prospects in the Emerging Trends in Real Estate 2018 report published by PricewaterhouseCoopers and the Urban Land Institute. Investment Activity Many investors who in years past were seeking opportunities in gateway markets are now turning their attention to secondary markets like the Tampa Bay area in search of higher yields. There were several …