Property Type

Halpern Enterprises Delivers Retail Strip Center in McDonough, Georgia

by John Nelson April 3, 2025

MCDONOUGH, GA. — Halpern Enterprises has completed a 6,486-square-foot, multi-tenant retail strip center located at 5905 E. Lake Parkway in McDonough, a southern suburb of Atlanta. The three-tenant property is part of the 20-acre North McDonough Village mixed-use development. The property features a 2,486-square-foot Starbucks Coffee with a drive-thru, a 2,000-square-foot available space and a 2,000-square-foot dentist’s office. Starbucks recently opened for business at the center on a 10-year lease. Brad Oppenheimer led the project on behalf of Halpern and secured the lease with Starbucks. Palmer Bayless of Emerge Real Estate Services represented Starbucks in the lease negotiations.

April 3, 2025

California Loans Office Western

KBS Receives $480M Refinancing for National Office Portfolio

by Amy Works April 3, 2025

NEWPORT BEACH, CALIF. — California-based investment firm KBS has received loan facilities totaling approximately $480 million for the refinancing of a portfolio of office buildings in Texas, Minnesota and California. The Texas component includes Legacy Town Center, a three-building, 522,043-square-foot complex in Plano, and Sterling Plaza, a 313,609-square-foot building that was originally built in 1984 in the Preston Center submarket of Dallas. The Minnesota building is 60 South Sixth, a 40-story complex in downtown Minneapolis. In California, the facility covers Ten Almaden, a 17-story building in downtown San Jose, and two of the three buildings within the Towers at Emeryville development, which is also located in the Bay Area. The facility extends the loan commitment to January 2027, with two additional 12-month extension options and provides for $15 million in new funding for leasing costs and related capital improvements and other property-level expenses.

April 3, 2025

Acquisitions California Industrial Western

Burlington Distribution Buys 889,445 SF Warehouse in Riverside, California from BlackRock for $257M

by Amy Works April 3, 2025

RIVERSIDE, CALIF. — Burlington Distribution has purchased an industrial warehouse located at 21600 Cactus Ave. in Riverside from BlackRock for $257 million. Mark Zorn and Cory Whitman of Colliers represented the buyer, while CBRE represented the seller in the deal. Constructed in 2019, the 889,445-square-foot warehouse features a clear height of 40 feet and 220 dock doors. Burlington has been the sole tenant since the asset’s construction. Burlington Distribution opened 101 new stores and relocated 31 older oversized locations in fiscal 2024 and plans to open approximately 100 net new stores in 2025.

April 3, 2025

Acquisitions California Office Western

Kingsbarn Acquires Eight-Story Office Property Along Hollywood’s Walk of Fame

by Amy Works April 3, 2025

LOS ANGELES — Kingsbarn Realty Capital has purchased 1601 Vine Street, an office building in Los Angeles’ Hollywood submarket, for an undisclosed price. Developed by J.H. Synder Co. and designed by Ware Malcomb, the eight-story building offers 115,000 square feet of office space and five levels of underground parking. Skims Body Inc., an American shapewear and clothing brand, has occupied the building as its corporate headquarters since mid-2023, with leasing through mid-2028. The transaction team included Los Angeles-based Hankey Capital, IBI Volcano Investments and Newmark.

April 3, 2025

Acquisitions Loans Retail Washington Western

Gantry Secures $21.4M Acquisition Loan for Retail Center in Tacoma, Washington

by Amy Works April 3, 2025

TACOMA, WASH. — Gantry has arranged a $21.4 million mortgage for the sale of James Center, a 140,240-square-foot retail center located in Tacoma. The loan, which carries a fixed rate, 10-year term and 30-year amortization schedule, was funded by a life insurance company. Gantry will service the loan. A partnership affiliate of Bellevue, Wash.-based Rosen Harbottle Commercial Real Estate purchased the property, which is situated on roughly 16 acres and anchored by Fred Meyer. Additional tenants at the center include Rite Aid, U.S. Bank, IHOP, Taco Bell, MultiCare Health System and FedEx. Alan Hergert and Tim Brown of Gantry’s Seattle office represented the borrower.

April 3, 2025

California Loans Multifamily Western

Priority Capital Advisory Arranges $21M Land, Predevelopment Loan for 241-Unit Multifamily Project in Los Angeles

by Amy Works April 3, 2025

LOS ANGELES — Priority Capital Advisory has arranged a $21 million land and predevelopment loan for the recapitalization of a 2.1-acre site on behalf of Grubb Properties. Located at 1000 S. Vermont St. in Los Angeles’ Koreatown neighborhood, the fully entitled development is the site of Link Apartments Kora, a planned mixed-use multifamily project. Once completed, the seven-story project will offer 241 apartments and 50,630 square feet of ground-floor retail space. Grubb Properties acquired the parcel in February 2022 and has performed demolition and preparation on the site that is now shovel-ready with vertical construction slated to begin in September and completion scheduled for July 2028. Link Apartments Kora will feature 36 studio units (two affordable), 123 one-bedroom/one-bath units (six affordable) and 82 two-bedroom/two-bath units (four affordable). Community amenities will include a half-acre deck, pool, spa, fitness center, coworking space, two lounges, two rooftop decks and a dog run and wash. Grubb Properties’ Link Apartments brand is aimed at servicing the essential housing crisis in the United States. Link Apartments are focused on intelligent design and desired resident amenities that provide a lower cost, urban infill living opportunity.

April 3, 2025

Development Mixed-Use Northeast Rhode Island

Joint Venture to Undertake 1.5-Acre Redevelopment Project in Downtown Providence

by Taylor Williams April 3, 2025

PROVIDENCE, R.I. — A joint venture between Boston-based Ionic Development Co. and local architecture firm Wade Keating will undertake a 1.5-acre redevelopment project in downtown Providence. The I-195 Redevelopment District Commission selected the joint venture, which is doing business as Design Center Partners LLC, to transform Parcel 5, located on the east side of the Providence River, into the Providence Art & Design Center. Plans for the site call for 150 apartments and 25 condominiums, as well as a 30,000-square-foot hub for arts, entertainment and retail uses. Tenants in those arenas that have already expressed interest in the project include jewelry and accessories retailer Air & Anchor; DesignxRI, which is an incubator and support network for the local design community; porcelain dinnerware provider Myrth; and restaurant Angel’s Kitchen.

April 3, 2025

Development Midwest Multifamily Ohio

Milhaus, Parse Capital Break Ground on 306-Unit Multifamily Property in Springdale, Ohio

by Kristin Harlow April 3, 2025

SPRINGDALE, OHIO — Milhaus has partnered with Parse Capital to break ground on Slate, a 306-unit multifamily property in Springdale near Cincinnati. Located at 505 W. Crescentville Road, Slate will feature 216 garden-style apartment units and 90 townhomes across 22 buildings. Amenities will include a resident lounge, pool, coffee bar, fitness center and bark park. First Financial Bank is providing financing for the development, which marks Milhaus’ second project in Springdale following Array in 2023. Construction of Slate is slated for completion in spring 2026.

April 3, 2025

Acquisitions Indiana Midwest Multifamily

PRP Acquires 218-Unit Cosmopolitan on the Canal Apartment Complex in Indianapolis

by Kristin Harlow April 3, 2025

INDIANAPOLIS — PRP has acquired Cosmopolitan on the Canal, a 218-unit Class A apartment complex located along the Central Canal in downtown Indianapolis. The purchase price was undisclosed. Constructed in 2010, the community’s interiors remain in their original condition and will undergo a comprehensive renovation. The property is situated in the Canal Walk District and features a waterfront setting.

April 3, 2025

Acquisitions Midwest Missouri Retail

Marcus & Millichap Arranges $22.1M Sale of Retail Power Center in Suburban St. Louis

by Kristin Harlow April 3, 2025

ST. PETERS, MO. — Marcus & Millichap has arranged the sale of Cave Springs Shopping Center in the St. Louis suburb of St. Peters for $22.1 million. The retail power center totals 176,804 square feet. Anchor tenant Hobby Lobby has operated at the property since 2003. The Edge Fitness Club serves as a co-anchor at the property, which was fully leased at the time of sale. Additional tenants include Office Depot, Cycle Gear and LongHorn Steakhouse. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Institutional Properties Advisors division procured a local buyer completing a 1031 exchange. The sale included four outparcel buildings that the buyer can spin off during the hold period if desired, according to Wiles.

April 3, 2025

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