Property Type

Newmark Arranges $62M in Financing for 204-Unit Apartment Building in Seattle

by Amy Works July 5, 2018

SEATTLE — Newmark has arranged $62 million in fixed-rate financing for 624 Yale Apartment Building in Seattle. Located in Seattle’s South Lake Union district, the two-building high-rise community features 204 studio, one-bedroom and two-bedroom units. Additionally, the property features ground-floor retail space and parking. Brian Bonipart and Abby Kemp of Newmark’s Seattle office arranged the financing on behalf of the undisclosed borrower. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders and was funded at receipt of Certificate of Occupancy.

July 5, 2018

Acquisitions California Retail Western

CBRE Brokers $9.5M Sale of Smart & Final Property in Highland, California

by Amy Works July 5, 2018

HIGHLAND, CALIF. — CBRE has facilitated the sale of a retail property located at 27550 Base Line St. in Highland. A Los Angeles-based private buyer acquired the property for $9.5 million. Discount grocer Smart & Final occupies the retail building, which opened in December 2017. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, in the sale of the lot. The seller will continue to occupy the property.

July 5, 2018

Development Maryland Retail Southeast

Guinness to Open New $80M Brewery South of Baltimore in August

by Camren Skelton July 5, 2018

RELAY, MD. — Guinness will open a new U.S. brewery in Relay, 10 miles south of Baltimore, on Friday, Aug. 3. The Guinness Open Gate Brewery & Barrel House represents an $80 million investment and is expected to create 160 new jobs. The brewery will be the first Guinness presence in the United States since 1954 and the first ever purpose-built Guinness brewery in American history, according to the company’s website. The facility will feature public tours, taproom tastings, a 270-seat restaurant and a merchandise shop. Guinness Draught and other stouts will be brewed exclusively in its home country of Ireland and imported to the U.S., but the Maryland team will take over production of Guinness Blonde and experiment with new beers influenced by American and Maryland brewing traditions. Guinness is a brand within Diageo Beer Co. USA, the U.S. beer and flavored malt beverage business of London-based Diageo. Brands under Diageo’s flag include Tusker, Senator Keg Lager, Kilkenny Irish Cream Ale, Johnnie Walker, Crown Royal, Bulleit and Buchanan’s whiskeys, as well as Smirnoff, Ciroc and Ketel One vodkas.

July 5, 2018

Acquisitions Arizona Industrial Western

Wabash National Trailer Center Sells 50,000 SF Industrial Property in Phoenix for $6.9M

by Amy Works July 5, 2018

PHOENIX — Wabash National Trailer Center has completed the disposition of an industrial property located at 2830 S. 51st Ave. in Phoenix. An undisclosed buyer acquired the property for $6.9 million. The property features 50,000 square feet of industrial space, which the seller used as a tractor trailer repair and maintenance facility. Isy Sonabend of NAI Horizon handled the transaction.

July 5, 2018

Acquisitions Multifamily Southeast Virginia

CBRE | Richmond Arranges $39.3M Sale of Historic Apartment Community in Downtown Richmond

by Camren Skelton July 5, 2018

RICHMOND, VA. — CBRE | Richmond has arranged the $39.3 million sale of First National Bank Apartments in downtown Richmond. GHA Barnaby Associates acquired the asset from Rushmark FNB LLC. Charles Wentworth and Petyton Cox of CBRE | Richmond, in conjunction with Jonathan Greenberg, Yalda Ghamarian and Tom Leachman of CBRE’s Washington, D.C., office, arranged the transaction on behalf of Rushmark. Originally constructed in 1913 as a bank, the 20-story building was converted to a 154-unit apartment property in 2012. The community features a pool, coffee bar, fitness center, bike storage, package service and laundry facilities.

July 5, 2018

Florida Loans Multifamily Southeast

M&T Realty Capital Provides $31.1M HUD Construction Loan for Multifamily Community in Tampa Bay Area

by Camren Skelton July 5, 2018

BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.

July 5, 2018

Acquisitions Florida Retail Southeast

Preferred Apartment Communities Acquires Publix-Anchored Retail Center in Orlando

by Camren Skelton July 5, 2018

ORLANDO, FLA. — Preferred Apartment Communities (PAC) has acquired Conway Plaza, a 117,705-square-foot shopping center in Orlando. PAC purchased the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. CBRE arranged the transaction on behalf of the seller, a joint venture between DDR Corp. and Madison International Realty. A 37,888-square-foot Publix anchors the center, which was 90 percent leased at the time of sale. PAC financed the acquisition using a 10-year, $9.8 million loan from PGIM Real Estate Finance.

July 5, 2018

Acquisitions Multifamily Southeast Student Housing Tennessee

NAI Global Brokers Sale of 360-Bed Student Housing Community Near University of Tennessee

by Camren Skelton July 5, 2018

KNOXVILLE, TENN. — NAI Global has arranged the sale of Tower at Morgan Hill, a 360-bed student housing community located roughly two miles from the University of Tennessee in Knoxville. Rick Ross, Alex Waddey, David Ellis and Colin Moore of NAI Global arranged the transaction on behalf of the undisclosed seller. FPA Multifamily acquired the property for an undisclosed price. The Tower at Morgan Hill features one- and two-bedroom, fully furnished apartments. Community amenities include a resident clubhouse, fitness center, computer room, study lounge, business center, pool and an on-site parking garage.

July 5, 2018

Acquisitions Multifamily Nevada Western

SDS Realty Corp. Acquires Multifamily Property in Las Vegas for $3.2M

by Amy Works July 5, 2018

LAS VEGAS — SDS Realty Corp. has purchased Fremont Palms Apartments, a multifamily property located at 2540 Fremont St. in Las Vegas. Sackley Family Management 2540 LLC sold the building for $3.2 million. The property features 53 apartment units, resulting in a price of $60,377 per unit. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller, while Blake Leavitt of Wardley Real Estate represented the buyer in the off-market transaction.

July 5, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Negotiates $2.8M Sale of Single-Tenant Restaurant Property in Perris, California

by Amy Works July 5, 2018

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail property located at 51 E. Ramona Expressway in Perris. An Orange County, Calif.-based developer sold the property to a Los Angeles-based private investor for $2.8 million, or $1,364 per square foot. Del Taco occupies the 2,060-square-foot property, which was built in 2016, on a triple-net lease with more than 18 years remaining on its 20-year initial term. Eric Vu, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, while Paul Bahk of Realtex Properties represented the buyer in the transaction.

July 5, 2018

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