Property Type

McCraney Acquires 44.3 Acres in Metro Atlanta, Plans 612,572 SF Industrial Park

by Camren Skelton March 29, 2018

BUFORD, GA. — McCraney Property Co. has acquired 44.3 acres in metro Atlanta for the development of 985 Lanier Logistics, a 612,572-square-foot, speculative industrial project. Bilijack Bell of Wilson, Hull & Neal represented McCraney in the transaction, and Frank Simpson of The Simpson Co. of Georgia Inc. represented the seller, Northeast Georgia Health System Inc. The development site is located at the intersection of Georgia State Route 13 and Lanier Islands Parkway in Buford, roughly 38 miles northeast of Atlanta. The industrial park will include three buildings: Building 100, totaling 209,252 square feet; Building 200, totaling 167,080 square feet; and Building 300, totaling 236,240 square feet. The facilities will feature 30- to 32-foot clear heights, 38 to 42 dock-high doors and a total of 160 tractor-trailer stalls. The park will target end-users requiring freight forwarding, third-party logistics and fulfillment needs.

March 29, 2018

Acquisitions Florida Multifamily Property Type Southeast Student Housing

Horizon Realty Buys 384-Bed Student Housing Community Near University of Central Florida

by Camren Skelton March 29, 2018

ORLANDO, FLA. — Horizon Realty Advisors has acquired The Quad, a 384-bed student housing community located two miles from the University of Central Florida in Orlando. The property offers fully furnished townhomes and features a resort-style pool, fitness center, clubhouse and a computer lab. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint Student Housing Investments represented the seller, an affiliate of Chance Partners LLC, in the transaction. Terms of the sale were not disclosed.

March 29, 2018

Acquisitions California Retail Western

Hanley Investment Negotiates Sales of Six Retail Pads in California for $29.5M

by Amy Works March 29, 2018

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of six retail pads at Perris Marketplace, located at 1820-2000 N. Perris Blvd., in separate transactions. The combined sales price for the six pads was approximately $29.5 million. The plaza is located in the Los Angeles suburb of Perris. The 100-percent occupied properties, which total 39,000 square feet, consist of three multi-tenant pad buildings and three single-tenant fast-food pad restaurants. Walmart Supercenter anchors the 225,000-square-foot shopping center. Additional tenants include America’s Best Contacts and Eyeglasses, Chipotle, Dickey’s BBQ, Great Clips, Jamba Juice, Jimmy John’s Gourmet Sandwiches, Pacific Dental, Panda Express, Pieology, Popeye’s, Sally Beauty, Starbucks Coffee, T-Mobile, Verizon Wireless, Waba Grill, Wendy’s and Yogurtland. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Evergreen and Trachman Indevco, in the deal. The names of the buyers were not disclosed.

March 29, 2018

Colorado Development Multifamily Seniors Housing Western

Focus Property Group, Ascent Living Plan 200-Unit Seniors Housing Community in Denver

by Amy Works March 29, 2018

DENVER — Focus Property Group, a Denver-based property investor and developer, and Ascent Living Communities, an owner and operator of senior living communities based in nearby Centennial, have announced plans for a seniors housing community in Denver’s Hilltop neighborhood. The three-story property, which has not yet been named, will sit on 4.4 acres and feature 200 independent living, assisted living and memory care apartments. Focus Property Group acquired the site, a former milk processing and distribution center, in 2016. Focus teamed with Ascent Living Communities to co-develop, operate and manage the community. Construction is scheduled to begin in the first quarter of 2019, with initial move-ins planned for summer 2020. Hord Coplan Macht will design the project.

March 29, 2018

California Loans Retail Western

MidCap Financial Provides $17.9M Refinancing for Shopping Center in Sacramento

by Amy Works March 29, 2018

SACRAMENTO — MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a grocery-anchored community shopping center in Sacramento. The borrower is Santa Monica, Calif.-based DPI Retail. The borrower plans to renovate and repurpose the property, which Kmart formerly anchored. A regional grocery chain and national discount department store will be the new anchors at the renovated center. The first mortgage features a floating rate with a term of up to three years. Loan proceeds were used to refinance the existing debt and fund renovation, lease-up and carry costs. The Mozer team at George Smith Partners arranged the financing.

March 29, 2018

California Development Multifamily Western

CIM Group Starts Construction of 333-Unit Apartment Community in Oakland

by Amy Works March 29, 2018

OAKLAND, CALIF. — CIM Group has started construction of a residential development located at 40 Harrison St. at Jack London Square, a 12-acre entertainment and business destination on Oakland’s waterfront. The eight-story property will feature 333 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as 2,400 square feet of ground-floor retail space. On-site amenities will include communal gathering spots, outdoor terraces and lounges, fitness center, and a bike storage and care facility. Completion is slated for the end of 2020. The property is a continuation of CIM’s redevelopment of Jack London Square. In March 2016, CIM acquired seven buildings of Jack London Square that included three office buildings with ground- and second-floor retail, three retail buildings, a parking structure with ground-floor retail, and three land parcels, including 40 Harrison St.

March 29, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Arranges $3.4M Sale of Office Building in Castle Rock, Colorado

by Amy Works March 29, 2018

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multi-tenant office building located at 1189 S. Perry St. in Castle Rock, a suburb of Denver. An undisclosed buyer acquired the property for $3.4 million, or $269.51 per square foot. Built in 2005, the property features approximately 12,801 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the undisclosed seller in the transaction.

March 29, 2018

Acquisitions Midwest Missouri Multifamily Property Type Top Stories

Monarch Investment Acquires Six-Property Multifamily Portfolio in St. Louis for $180M

by Camren Skelton March 29, 2018

ST. LOUIS AND VALLEY PARK, MO. — Berkadia has arranged the sale of a six-property multifamily portfolio located in St. Louis County. The 2,000-unit portfolio sold for nearly $180 million. Andrea Kendrick and Ken Aston of Berkadia represented the seller, New Jersey-based GEM Property Management. Joe Harms and Julie Irvin of Salivar Harms LLP acted as legal counsel to GEM. “This transaction is indicative of the strength of the St. Louis multifamily market,” says Aston. “It is the largest portfolio transaction in the history of St. Louis real estate.” Berkadia’s Peter Benedetto also arranged Fannie Mae acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group. “The portfolio included six apartment communities with long-term ownership,” says Kendrick. “In recent years, the seller invested more than $50 million into capital improvements.” Five of the properties in the portfolio are located in St. Louis: the 320-unit Canyon Creek, 256-unit Southwoods, 388-unit Heritage Estates, 550-unit Villages at General Grant and 196-unit Village Royale. The portfolio also includes the 260-unit Forest Woods in Valley Park, roughly 20 miles southwest of St. Louis. The garden-style communities feature amenities such as swimming pools, playgrounds, fitness centers, picnic areas and sports courts. Monarch will take …

March 29, 2018

Market Reports Midwest Midwest Market Reports Minnesota Multifamily Seniors Housing

Future Is Bright for Senior Living Development in the Twin Cities

by Kristin Harlow March 29, 2018

Exciting times are in store for the senior living industry. A massive generation of baby boomers is entering the golden years of retirement and beyond, driving a wave of demand for seniors housing. The U.S. Census Bureau estimates 78 million baby boomers were born between 1946 and 1964. The youngest boomers are 54 this year and the oldest are 72, so we are just eclipsing the front end of the wave. In 2029, just 11 years from now, all baby boomers will be at least 65 years old, with the vast majority beyond age 65. This group will represent 20 percent of the U.S. population, and that is when the wave may start to resemble a tsunami. Strength in numbers Demographers agree that circumstances are favorable for growth in the seniors housing market, and the real estate industry is responding. In the Twin Cities, market conditions are balanced with an adequate supply of seniors housing to handle the first groups of seniors moving in. At this time, we observe that the greatest demand is for independent living versus assisted living, memory care or skilled nursing. Overbuilding has not been an issue in the Twin Cities and most of the Midwest …

March 29, 2018

Features Georgia Hospitality Southeast

Strong Economy Propels Hotel Industry Forward, But Construction Lenders Remain Cautious

by Camren Skelton March 29, 2018

ATLANTA — Despite possible headwinds from Capitol Hill, the hospitality industry is poised for a healthy 2018. The combination of a strong economy, tax cuts and rising consumer confidence is boosting demand for hotels across the country. Meanwhile, lenders are tightening their purse strings when it comes to new development, leaving hoteliers confident that the industry is on solid footing. Those points were among the big takeaways stemming from two separate panel discussions held last Friday morning, March 23, during the Hunter Hotel Conference. The 30th annual event drew 1,700 attendees to the famed Atlanta Marriott Marquis hotel downtown designed by the late John C. Portman. In February, the unemployment rate remained unchanged at 4.1 percent, a 17-year low. The Consumer Confidence Index is at its highest level since 2000. “Domestically, things are great,” said Chip Rogers, president and CEO of the Asian American Hotel Owners Association (AAHOA). “This past holiday season was the most traveled holiday season on record.” Rogers said some credit goes to the low cost of gasoline. The price per gallon has been under $3 for four consecutive years, he pointed out. “You can see a direct relationship between how willing people are to travel and the …

March 29, 2018

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