Property Type

Marcus & Millichap Capital Corp. Arranges $8.5M Loan for Refinancing of Hampton Inn Hotel Near Cleveland

by Kristin Harlow October 17, 2024

NORTH OLMSTED, OHIO — Marcus & Millichap Capital Corp. (MMCC) has secured an $8.5 million CMBS loan for the refinancing of the Hampton Inn by Hilton North Olmsted Cleveland Airport hotel in North Olmsted, a southwest suburb of Cleveland. Built in 2016, the 118-room property features a dining area, business center, meeting space, fitness center and indoor pool. Pete Fehlman and Jake Marshall of MMCC arranged the loan on behalf of the borrower, Riley Hotel Group. The five-year loan features interest-only payments for the full term, a fixed interest rate of 6.91 percent and a 70 percent loan-to-cost ratio.

October 17, 2024

Development Industrial Midwest Ohio

Peak Construction Completes 56,000 SF Tenant Improvement Project for Blackhawk Industrial in Strongsville, Ohio

by Kristin Harlow October 17, 2024

STRONGSVILLE, OHIO — Peak Construction Corp. has completed a 56,000-square-foot tenant improvement project for Blackhawk Industrial Distribution in Strongsville, a southern suburb of Cleveland. Peak previously constructed the 310,000-square-foot building on behalf of developer Scannell Properties. The property features a clear height of 32 feet, nine docks and 3,500 square feet of office space. HSB Architects & Engineers was the project architect.

October 17, 2024

Development Mixed-Use North Carolina Retail Southeast

Crosland Southeast Breaks Ground on Publix-Anchored Shopping Center in Durham

by John Nelson October 17, 2024

DURHAM, N.C. — Crosland Southeast has broken ground on Latta Park, a planned mixed-use community located on the north end of Durham. The first phase spans 10 acres and will include a 42,240-square-foot Publix grocery store and 12,580 square feet of shop space. Phase I will also comprise a food truck terrace, walking trails, green space and public art installations. Crosland Southeast has tapped Chip Lanier and Jenn Olevitch-Roberson of Lee & Associates to oversee retail leasing at Latta Park, which is slated for a spring 2026 completion. The developer is investing $2 million in infrastructural improvements at the intersection of Guess and Latta roads to make way for the development. Future phases of the 30-acre mixed-use community will include 176 townhomes built by Tri Pointe Homes.

October 17, 2024

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of New 505,518 SF Industrial Property in Metro Miami

by John Nelson October 17, 2024

HIALEAH, FLA. — CBRE has arranged the sale of Miami Midway Park, a four-building industrial park in Hialeah spanning 505,518 square feet. A real estate fund managed by Ares Management purchased the property from a joint venture partnership between Greystar and Butters Construction & Development for an undisclosed price. Jose Lobón, Frank Fallon, Trey Barry, Royce Rose, Devin White, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. Affiliate firm Ares Industrial Management will manage Miami Midway Park on behalf of the new ownership. Delivered in second-quarter 2024, Miami Midway Park features 32-foot clear heights, 120 dock high doors, LED lighting and electric vehicle charging stations. The property was 76 percent leased at the time of sale, with 123,799 square feet of space available at the time of sale.

October 17, 2024

Development Industrial Maryland Southeast

St. John Properties Begins Construction on 107,000 SF Industrial Park in Salisbury, Maryland

by John Nelson October 17, 2024

SALISBURY, MD. — St. John Properties Inc. has begun construction on Westwood Commerce Park, a three-building industrial project in Salisbury, approximately 30 miles west of Ocean City in Wicomico County. The first phase of construction, which will be built on a speculative basis, comprises two flex/research-and-development facilities spanning more than 70,000 square feet that will be located at the intersection of Ocean Gateway and Naylor Mill Road. St. John Properties plans to deliver Phase I by fourth-quarter 2025. The 16-acre development will also include a three-acre pad site that would be suitable for a gas station or convenience store, according to St. John Properties. The Baltimore-based developer anticipates Westwood Commerce Park to employ more than 400 people at full capacity.

October 17, 2024

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers $4.7M Sale of Retail Strip Center in St. Petersburg, Florida

by John Nelson October 17, 2024

ST. PETERSBURG, FLA. — Plaza Advisors has brokered the $4.7 million sale of Bay Pines, a 9,110-square-foot retail strip center located along Bay Pines Boulevard in St. Petersburg. The property serves as an outparcel to a Walmart Supercenter and was 85 percent leased at the time of sale to tenants including Starbucks Coffee, Supercuts and Jimmy Johns. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the seller, Palm Beach Gardens, Fla.-based Kitson & Partners, in the transaction. The buyer was an undisclosed REIT. The transaction completes a three-property disposition that Plaza Advisors brokered on behalf of Kitson & Partners that includes adjacent Texas Roadhouse and Village Inn properties, which were sold to separate 1031 investors.

October 17, 2024

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers $156.3M Sale of Industrial Outdoor Storage Portfolio in Northern New Jersey

by Taylor Williams October 17, 2024

HARRISON AND KEARNY, N.J. — NAI James E. Hanson has brokered the $156.3 million sale of a portfolio of six industrial outdoor storage (IOS) properties totaling 48.7 acres in Northern New Jersey. Four of the properties are located in Harrison, and the other two are located in Kearny. Scott Perkins, Christopher Todd, and William Ericksen of NAI Hanson represented the buyer, Chicago-based Ambient Capital Partners, in the transaction. The seller was not disclosed.

October 17, 2024

Development Idaho Industrial Western

Mart Frozen Foods Opens 100,000 SF Food Manufacturing Facility in Southern Idaho

by Amy Works October 17, 2024

RUPERT, IDAHO — Mart Frozen Foods, a subsidiary of The Mart Group, has opened a $65 million high-tech food manufacturing facility in Rupert. Situated in Southern Idaho’s Magic Valley region, which leads the state’s agribusiness industry, the 100,000-square-foot plant produces and packages frozen, fully baked Idaho potatoes known as OH!Tatoes. The new facility is adjacent to The Mart Group’s headquarters, bringing the company’s total employment in Rupert to more than 230 people. The new Mart Frozen Foods facility will directly create 80 full-time jobs and have an estimated annual economic impact of $11.5 million.

October 17, 2024

Earl-Monroe-New-Renaissance-Basketball-School

Civic Development Northeast

Pillar Property Management Breaks Ground on $35M Basketball Charter School in The Bronx

by Taylor Williams October 17, 2024

NEW YORK CITY — Pillar Property Management has broken ground on The Earl Monroe New Renaissance Basketball School, a $35 million academic project in the Mott Haven area of The Bronx. The five-story, 69,000-square-foot building will be located at 647 Elton Ave. and will house an 8,000-square foot gymnasium, 27 regular and specialty classrooms, a library/media production studio and a dedicated broadcast studio. New Renaissance Basketball Association will operate the school, which expects to have an enrollment of about 400 students, via a long-term lease with Pillar. The project team includes ESKW/Architects, IMC Architecture, JV Construction & Consulting and Brisa Builders. Completion is slated for early 2026.

October 17, 2024

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $47.5M Bridge Loan for Seniors Housing Community in Metro Seattle

by Amy Works October 17, 2024

SILVERDALE, WASH. — Live Oak Bank has provided a $47.5 million bridge loan for the refinancing of an undisclosed seniors housing community located in Silverdale, roughly 25 miles northwest (approximately 70 miles by vehicle) of Seattle. Built in 2022, the property comprises 172 independent living, assisted living and memory care units. The borrower is a Florida-based owner of seniors housing communities. The financing features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to retire the existing debt, with $4 million in potential future earnout proceeds.

October 17, 2024

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