FLORENCE, ALA. — Mission Capital Advisors has arranged a $15.3 million, non-recourse loan for Florence Square, a 226,886-square-foot shopping center located in Florence. Gregg Applefield, Alex Draganiuk, and Jamie Matheny of Mission Capital Advisors secured the three-year loan on behalf of the sponsor, a joint venture between Triangle Capital Group and Arcadian Cap Group LLC, which acquired the property in 2014. The loan features two one-year extension options. The financing will cover capital improvements to Florence Square, including the demolition of a building that was vacated by Kmart in April. The demolition will make way for a new Academy Sports + Outdoors and PetSmart, as well as two new outparcels that will add another 8,000 square feet of retail space. The loan will also enable the sponsor to pay off the property’s existing low-leverage CMBS loan.
CHICAGO — CBRE has arranged the $41 million refinancing of The Buckingham in Chicago. The 129-unit, 456-bed student housing property is located in the South Loop University District. The 10-year loan was originated via CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program. Glenn Housman of CBRE secured the loan on behalf of the sponsor, The Buckingham LLC.
KANSAS CITY, MO. — Flex Build has finished the renovation of Watts Mill Shopping Center in Kansas City. The 40,000-square-foot center, located at 103rd Street and State Line Road, has tenant spaces ranging from 1,400 square feet to 11,933 square feet. Current tenants include Jasper’s Italian restaurant, Ugly Joe’s Bar & Grill, Goodyear Tires and more. The renovation included a new façade, parking lot, LED lighting, landscaping elements and a remodeled sign. Mirason Properties LLC is the longtime owner of the center, while Block & Co. Inc. is handling management and leasing.
FAIRBURY, ILL. — The Boulder Group has brokered the $1.3 million sale of a single-tenant property net leased to Family Dollar in Fairbury, about 37 miles northeast of Bloomington. Approximately 14 years remain on the lease to Family Dollar. The triple net lease features a 10 percent rental escalation in each of the six five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based real estate investor in a 1031 exchange. The seller was a Midwest-based developer.
BELLE FOURCHE AND SPEARFISH, S.D. — Dwight Capital has arranged $4.15 million in refinancing for a portfolio of affordable housing communities in western South Dakota. The properties include Bella Vista Village and Meadowlark Plaza in Belle Fourche, and Iron Creek Plaza and Lookout Mountain View in Spearfish. Each of the properties consists of 24 units. The 35-year loans were financed through HUD’s 223(f) program. Adam Sasouness of Dwight Capital originated the loans.
KANSAS CITY, MO. — CVS Pharmacy, the retail division of Woonsocket, R.I.-based CVS Health (NYSE: CVS), plans to build a 762,000-square-foot distribution center within Skyport Industrial Park in Kansas City. Development costs are estimated at $110 million. The 71-acre facility will be situated at 108th Street and North Congress near Kansas City International Airport and I-29. CVS Pharmacy expects to break ground on the project in January and begin operations in 2018. The new distribution center will support the service and fulfillment needs of more than 370 CVS Pharmacy stores throughout the Midwest. The new distribution center is expected to create more than 360 new jobs, as well as up to 100 additional jobs that will be outsourced to local businesses. The Kansas City Area Development Council (KCADC) worked closely with CVS Pharmacy in bringing the new distribution center to the Kansas City region. Other key members responsible for attracting CVS Pharmacy include the State of Missouri, The Missouri Partnership, Economic Development Corp. of Kansas City, Platte County Economic Development Council, Cushman & Wakefield, NorthPoint Development, KCP&L, Port KC, Metropolitan Community College, Focus Workforces, IMKO Workforce Solutions, QPS Employment Group, Full Employment Council, Missouri Division of Workforce Development, UPS, Scarbrough …
Following years of frenzied development across the country, the multifamily industry is entering a slowdown period where developers have fewer starts and even fewer completions. As of the end of October, multifamily starts are down 1.8 percent year-to-date compared to this time last year, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Year-to-date completions are down 3.1 percent in that same time frame. “We’re entering a more normalized market going forward, as opposed to an aggressive development market of the past few years,” says Steven Shores, president and co-founder of Pollack Shores, an Atlanta-based multifamily developer. “I don’t view it as a negative. In a lot of respects, we were trying to catch up with demand in the years immediately following the recession where there was no new development.” Core submarkets within major metros saw the bulk of new multifamily construction in the years following the downturn as developers were answering renter demand to live within close proximity of employment centers, dining, shopping and entertainment. Construction in those submarkets is now slowing as those sites have become more difficult to come by, in addition to the existing governors of construction such as the industry’s …
Cleveland’s relatively affordable cost of living compared with other major Midwestern cities is attracting businesses to the metro area, fueling demand for office space. A steady stream of new employment opportunities supported the 1.6 percent expansion of Cleveland’s workforce over the 12-month period that ended Sept. 30. Hiring during that period was driven by the education and health services sectors, which collectively added 9,300 positions. It is expected that by year-end 2016, Cleveland employers will have increased payrolls 1.3 percent with the addition of 14,000 workers. Office-using employment is expected to rise 0.4 percent this year, remaining steady with only a slight variation over the past three years. Cleveland’s stable economic fundamentals, coupled with businesses attracted to the city, have supported the revival of a dormant development pipeline. During 2015, just 46,000 square feet was added to Cleveland’s office property inventory. The majority of the new office completions are located downtown. In the four-quarter period that ended in September, approximately 660,000 square feet came into service. Construction Surges While office completions were sluggish in 2015, construction has picked up significantly and builders are on track to deliver more than 1 million square feet of new office product by year’s end. …
LOS ANGELES — An undisclosed buyer has acquired two ground lease investments at One and Two California Plaza at a public sale for more than $100 million. The leased-fee land parcels, which include six acres underneath the office property, were offered for public sale in conjunction with the liquidation of 52 assets held by CRA/LA. One California Plaza is a 42-story office tower and six-level subterranean parking garage at 300 S. Grand Ave. Notable tenants include AECOM, Skadden Arps, Morgan Lewis, Nixon Peabody and Bank of the West. Two California Plaza is a 52-story office building with a 44,000-square-foot retail plaza and a six-level subterranean parking garage at 350 S. Grand Ave. Tenants include Mayer Brown, Constellation New Energy, Merrill Lynch, Reliance Steel, Mizuho Bank, BlackRock and the Consulate General of Japan. The full CRA/LA portfolio contained a total of 52 commercial and residential properties located in Los Angeles urban infill districts like downtown Los Angeles, Hollywood and the North Hollywood Arts District. The initial disposition began July 15, 2015. The sale of CRA/LA properties represents the conclusion of a legislative mandate to terminate redevelopment agencies across California. Other primary assets involved in the public disposition included the ArcLight Hollywood Parking …
BELLEVUE, WASH. — Gemini Rosemont has purchased One Twelfth @ Twelfth, a three-building office campus in Bellevue, for an undisclosed sum. The Class A campus is located at 1120 112th Ave. N.E. The property contains a total of 480,389 square feet. It is fully leased. Gemini Rosemont purchased the office campus in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Jason Flynn, Kayln McClure and Reid Rader of Eastdil Secured executed the transaction.