Property Type

George Smith Partners Secures $41M for the Vineyards Apartments in Colorado Springs

by Nellie Day January 3, 2017

COLORADO SPRINGS, COLO. — George Smith Partners has arranged $41 million in acquisition financing for the Vineyards, a 300-unit apartment community in Colorado Springs. The community is located at 4350 Mira Linda Point. The private real estate investment and development company that purchased the asset plans to renovate all units and upgrade the community’s landscaping and on-site amenities, including the clubhouse, fitness center, leasing offices and business center. The non-recourse loan features a fixed 4.31 percent interest rate with nine years of interest-only payments. George Smith Partners’ Jonathan Lee arranged the financing, which Walker and Dunlop provided.

January 3, 2017

Hawaii Retail Western

TRC Develops Two Retail Centers in Hawaii

by Nellie Day January 3, 2017

MAUI AND KAUAI, HAWAII — TRC, formerly Terramar Retail Centers, is in the final phase of construction on two shopping centers located on the islands of Maui and Kauai in Hawaii. Developments include Pu’unene Target Center, a 264,000-square-foot retail center anchored by Target and Petco in Kahului, Maui; and Hokulei Village Shopping Center, a 125,000-square-foot retail center anchored by Safeway and Petco in Lihue, Kauai. The anchor Target location is currently open at Pu’unene Target Center. Commercial Consultants Inc. is in charge of leasing for both projects.

January 3, 2017

Arizona Mixed-Use Multifamily Retail Western

JV Begins Construction of Mixed-Use Development in Tempe

by Nellie Day January 3, 2017

TEMPE, ARIZ. — A joint venture between Opus Development Group LLC and Seventh Street Tempe AZ Manager LLC has begun construction of a mixed-use development located at the northwest corner of University Drive and Forest Avenue in Tempe. The project — which has yet to be named — will transform a surface parking lot into a residential and retail center. The development will consist of two towers featuring 407 residential units and 31,000 square feet of retail space. The residential portion of the property will offer a mix of studio, one- and two-bedroom apartments and walk-up city homes and flats. Community amenities will include an amenity deck with a resort-style swimming pool, a barbecue grilling stations and outdoor lounges with cabanas and fire pits; a state-of-the-art fitness center; dog walk; and bike workroom. SmithGroupJJR is a design consultant for the project, and Sundt Construction Inc. will perform all concrete, civil and utility work. An expected opening for the development has yet to be announced.

January 3, 2017

Multifamily Nevada Student Housing Western

Asset Campus Housing Awarded Management of Three Student Housing Communities

by Nellie Day January 3, 2017

RENO, NEV. AND SAN LUIS OBISPO, CALIF. — Houston-based Asset Campus Housing has been awarded management of three student housing properties located in Nevada, California and Texas. Assets include Sterling Summit, a 709-bed community located near The University of Nevada – Reno; The SLO, a 644-bed community located near Cal Poly and Cuesta College in San Luis Obispo, Calif.; and 34 Hundred, a 675-bed community located near The University of Texas –Tyler. Each property offers community amenities include a swimming pool, tanning area and fitness center.

January 3, 2017

Arizona Industrial Western

REI Completes First U.S. LEED Platinum, Net Zero Energy Distribution Center

by Nellie Day January 3, 2017

GOODYEAR, ARIZ. — REI’s distribution center in Goodyear, Ariz., has achieved LEED (Leadership in Energy and Environmental Design) Platinum certification — the highest level in the U.S. Green Building Council’s (USGBC) green building rating system — making it the first distribution center in the U.S. to achieve both LEED Platinum certification and Net Zero Energy. The facility is the first distribution center to earn Platinum certification in 2016 and, at 400,000 square feet, is the second largest Platinum-certified distribution or warehouse facility in the U.S. REI achieved LEED Platinum certification by implementing sustainable strategies and solutions throughout the building, including a 2.2 megawatt solar energy system, water conservation and restoration systems, eco-friendly building features and a recycling program that reuses 93 percent of the center’s waste. Butler Design Group, Rocky Mountain Institute, Merit Partners Inc., The Renaissance Companies, DMW&H, KNAPP, CBRE and EDF Climate Corps. helped achieve the certification. REI is a specialty outdoor retailer headquartered near Seattle with 149 stores in 36 states.

January 3, 2017

Multifamily New Jersey Northeast Seniors Housing

Walters Group Opens 70-Unit Cornerstone at Barnegat in New Jersey

by Amy Works January 3, 2017

BARNEGAT, N.J. — Walters Group has opened Cornerstone at Barnegat, an age- and income-restricted housing project located at 9 S. Main St. in Barnegat. The three-story building features 70 energy-efficient units in a mix of one- and two-bedroom layouts with balconies. On-site amenities include large gathering areas, fitness center, conference room, computers, outdoor barbecue area, secured access, elevators, and on-site management and maintenance. The property is restricted to residents age 55 or older.

January 3, 2017

Loans New Jersey Northeast Office

KFH Capital Investment Co. Receives $107.3M in Acquisition Financing for Two Riverfront Place in New Jersey

by Amy Works January 3, 2017

NEWARK, N.J. — Kuwait-based KFH Capital Investment Co. has received $107.3 million in financing for the acquisition of Two Riverfront Plaza, a 337,543-square-foot office tower in Newark. James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, N.J., office secured the loan, which was provided by Ladder Capital. KFH Capital Investment Co. acquired the 12-story office tower for $165 million. The property is fully occupied by Panasonic Corp. through April 2031. The acquisition was previously announced in early December.

January 3, 2017

Industrial New Jersey Northeast

Bridge Development Sells 263,415 SF Industrial Building in Union, New Jersey

by Amy Works January 3, 2017

UNION, N.J. — Bridge Development Partners has completed the disposition of Bridge Point Port West, an industrial building located at 750 Union Ave. in Union. A fund managed by J.P. Morgan acquired the 263,415-square-foot property for $46.5 million. Completed in 2015, the building features 36-foot clear heights, 55-foot column spacing, 50 loading doors, ESFR sprinkler systems, T-5 lighting and on-site parking for 150 trailers. At the time of sale, the property was fully leased to Boxed.com and Union Beverage Packer. Brian Fiumara, Michael Hines and Brad Ruppel of CBRE represented the seller, while Nick Firth provided in-house representation for the buyer.

January 3, 2017

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $31.5M Acquisition Loan for 404-Unit Apartment Community in Massachusetts

by Amy Works January 3, 2017

FALL RIVER, MASS. — CBRE/New England has secured a $31.5 million Fannie Mae loan to finance the acquisition of South Winds Apartments, a 404-unit residential community located in Fall River. Boston-based Taurus Investment Holdings acquired the property for $39.3 million, or $97,400 per unit. Built in 1971, the property comprises 26 buildings featuring a total of 146 one-bedroom, 218 two-bedroom and 40 three-bedroom units. John Kelly and Matt Marshall of CBRE/NE secured financing for the buyer.

January 3, 2017

Connecticut Industrial Northeast

Fischer Commercial Real Estate Brokers $1.6M Acquisition of Industrial Building in Watertown, Connecticut

by Amy Works January 3, 2017

WATERTOWN, CONN. — Fischer Commercial Real Estate Specialists has arranged the acquisition of an industrial building located on 8.4 acres at 760 Frost Bridge Road in Watertown. 1 Frost Bridge Road Realty, a title-holding entity of Norwalk-Wilbert Vault Co., acquired the property from Frost Bridge Road LLC for $1.6 million. The buyer plans to relocate its operations from Bridgeport, Conn., to the 47,098-square-foot property once renovations and structural modifications are complete. Alan Fischer of Fischer Commercial Real Estate Inc. represented the buyer, while Nick Longo of Mathews Commercial Properties represented the seller in the deal.

January 3, 2017

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