Property Type

Joint Venture Buys Former Convent Near San Diego for Apartment Conversion

by Amy Works July 25, 2018

LA MESA, CALIF. — Pathfinder Partners has partnered with San Diego-based Silvergate Development to acquire a 4.1-acre former convent and seniors housing community in La Mesa for an undisclosed price. The partnership plans to develop Little Flower Haven, a 130-unit apartment community on the site. Development plans include preserving portions of the 1930s-era mission-style property, including the existing bell tower and chapel. Once complete, the property will feature 68 one-bedroom/one-bath units, 55 two-bedroom/two-bath apartments and seven studio units. Each unit will feature stainless steel appliances, in-unit washer/dryers, central heat and air conditioning, new flooring and solid-surface countertops. On-site amenities will include a recreation room with kitchen, fitness facility, exterior decks, pool and spa, barbecues, electric vehicle charging stations, bike lockers, resident storage areas, covered parking and dog park. Construction is slated to begin this fall. Austin Dias of Duhs Commercial represented the buyer, while Eric Knowles of Kidder Mathews represented the undisclosed seller in the deal.

July 25, 2018

Development Florida Loans Mixed-Use Southeast

Aztec Group Arranges $14.7M in Land Acquisition Loans for Mixed-Use Project in Palm Beach County

by Camren Skelton July 25, 2018

ROYAL PALM BEACH, FLA. — Aztec Group Inc. has arranged a series of five loans totaling $14.7 million for the acquisition of approximately 100 acres located in Royal Palm Beach. Howard Taft and Charles Penan of Aztec Group arranged the loans through Lion Financial on behalf of the borrower, Tuttle Land Development. The acquisition completes the land assemblage necessary for the development of Tuttle Royale, a 200-acre mixed-use community that will be located at the intersection of Southern Boulevard and State Road 441. Prior to the acquisition, Tuttle owned 150 acres of land, which it acquired over the past two years. The proposed community would feature 1,100 multifamily units, medical offices, a 1,500-student charter school, village park, 400,000-square-foot lifestyle and activity center with high-end restaurants, a 100-room hotel, preschool, fitness center and retail space. A construction timeline for the project was not disclosed.

July 25, 2018

Acquisitions Illinois Industrial Midwest Office

Clear Height Properties Acquires Industrial, Office Portfolio in Suburban Chicago for $30M

by Kristin Harlow July 25, 2018

CHICAGO — Clear Height Properties has acquired a four-property, 522,000-square-foot industrial and office portfolio in suburban Chicago for $30 million. The portfolio includes a 201,800-square-foot office building in Oak Brook as well as more than 320,000 square feet of flex properties in Elmhurst, Bensenville and Willowbrook. The office building was 81 percent leased at the time of acquisition. Clear Height plans to upgrade the amenities, including the fitness center, lobby and conference facilities. The other properties include Elmhurst Metro Court in Elmhurst, Tower Lane Business Park in Bensenville and Willowbrook Court in Willowbrook. Transwestern represented the seller, a private investor.

July 25, 2018

Industrial Leasing Activity Midwest Missouri

Hubbell-Killark, BASF Sign Leases at Fenton Logistics Park in Missouri

by Kristin Harlow July 25, 2018

FENTON, MO. — Hubbell-Killark, a provider of integrated electrical industrial products, and BASF, a chemical producer, have signed leases at Fenton Logistics Park in suburban St. Louis. Hubbell-Killark will occupy a 160,000-square-foot building, while the agricultural services division of BASF will occupy 80,000 square feet at another building. The tenant spaces are slated for delivery by the end of this year. KP Development has invested nearly $75 million in the development of Fenton Logistics Park at the former Chrysler site. Nearly one-third of the park is now leased.

July 25, 2018

Acquisitions Arizona Healthcare Office Western

Kidder Mathews Brokers $4.4M Sale of Medical Offices in Tucson

by Amy Works July 25, 2018

TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buyer in the off-market transaction.

July 25, 2018

Acquisitions Hospitality Midwest Ohio

Marcus & Millichap Brokers $6.2M Sale of Comfort Inn & Suites in West Chester, Ohio

by Kristin Harlow July 25, 2018

WEST CHESTER, OHIO — Marcus & Millichap has brokered the $6.2 million sale of a Comfort Inn & Suites in West Chester, about 20 miles north of Cincinnati. The 92-room hotel is located at 5944 W. Chester Road. Alexandre Duong and Andrew Bankhurst of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.

July 25, 2018

California Loans Multifamily Western

Kennedy Funding Arranges $2.1M Acquisition Loan for Development Site in Northern California

by Amy Works July 25, 2018

LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financing for the acquisition of a 17.5-acre development site located on Riverbank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, use the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Englewood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acquisition price.

July 25, 2018

Iowa Loans Midwest Multifamily Seniors Housing

Dougherty Provides $5.7M HUD-Insured Loan for Refinancing of Seniors Housing Property in Iowa

by Kristin Harlow July 25, 2018

CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to Dougherty.

July 25, 2018

Acquisitions Industrial Michigan Midwest

Signature Associates Arranges Sale of 46,200 SF Industrial Building in Garden City, Michigan

by Kristin Harlow July 25, 2018

GARDEN CITY, MICH. — Signature Associates has arranged the sale of a 46,200-square-foot industrial building in Garden City, about 20 miles west of Detroit. The sales price was not disclosed. The property is located at 32330 Ford Road. Brad Viergever and Steve Kozak of Signature Associates represented the seller, First Parker Realty Inc., as well as the buyer, WMES.

July 25, 2018

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Rent Growth, Higher Demand Lead to Improved Outlook for Connecticut Multifamily Market

by David Cohen July 25, 2018

More apartments are being rented in Southern Connecticut, which is benefiting multifamily properties in the Fairfield County/New Haven region in several important ways. For New Haven, this means the return of rent growth. In Fairfield County, the added demand for rentals continues to support new development. An improved outlook for both markets has also positively influenced investment activity. In 2017, multifamily operators in the New Haven metropolitan area had one of their best years since the recession, thanks to improvements on multiple fronts. Appeal for apartments has generated the second-highest net absorption level so far this decade. Demand increased in the city itself, where Yale University and Yale New Haven Hospital offer numerous employment opportunities, as well as in the surrounding greater New Haven suburbs. Absorption of rental units surpassed that of deliveries by a multiple of three, facilitating a major drop in vacancy. The metro’s overall vacancy rate at the end of the first quarter was 4.7 percent, 270 basis points below where it was just two years ago. Equally important, healthier demand has also aided rent values. Monthly effective rates started to rise in 2017 after retreating in 2015 and 2016, with rent growth nearing 6 percent year over …

July 25, 2018

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