AUSTELL, GA. — A joint venture between Seefried Industrial Properties and Cabot Properties has closed on its purchase of 27.5 acres of land at Cobb West Business Park in Austell for the development of a new 281,000-square-foot spec industrial facility. NAI Brannen Goddard represented the seller, Jadow Realty Co., in the land sale. Seefried-Cabot has selected Mike Chambers, Jack Haden and Brad Pope of NAI Brannen Goddard to market the property for lease. The joint venture plans to deliver the facility in the third quarter of 2017.
HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has selected Premier Design + Build LLC to construct a 255,846-square-foot distribution center in Hialeah Gardens, a suburb of Miami. Premier plans to break ground on the asset as early as first-quarter 2017. Situated near the Turnpike, U.S. 27, State Route 826 and I-75, the new distribution facility will feature 32-foot clear heights, 75 truck dock positions, an ESFR sprinkler system and 252 parking spaces. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield are leasing the facility on behalf of Bridge Development. Other key members of the design team include architect RLC Architects and civil engineer Thomas Engineering Group.
TAMPA, FLA. — ZOM, in partnership with affiliates of The Mattoni Group and Clarion Partners LLC, has broken ground on Azola at Magnolia Park, a 366-unit apartment community located on Progress Boulevard in Tampa. ZOM is constructing the multifamily property on behalf of a commingled fund managed by the firm. Synovus Bank’s Orlando office provided construction financing for the project. ZOM expects to deliver Azola’s first units in the fourth quarter of 2017, with pre-leasing expected to begin in late summer 2017.
WASHINGTON, D.C. — Natixis has provided a $25 million loan for the acquisition and renovation of a 95-room hotel in Washington, D.C.’s Foggy Bottom neighborhood. The hotel is situated adjacent to George Washington University. Natixis provided the loan to a joint venture between Westmont Hospitality and Varde Funds. Westmont Hospitality will continue to operate and manage the hotel. Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
NEW YORK CITY — The Durst Organization has acquired the development site of Queens Plaza Park in New York City for $173 million. The project is a 77-story residential tower currently under construction in the Long Island City submarket of Queens. The 1 million-square-foot building will feature approximately 1,000 residential units. The project also includes a one-acre public park and renovations to the Queens Plaza subway station entrance. The seller was a joint venture between Property Markets Group and Kamran Hakim, a New York-based real estate investor. The building is expected to open in 2019. Development plans call for assistance under New York’s 421-a tax exemption program, which will require at least 25 percent of the units to be affordable per New York City guidelines. As part of the acquisition, The Durst Organzation also purchased the landmark Queens Clock Tower Building, which is situated adjacent to the new development. Built in 1927, the property was once the tallest building in New York City outside of Manhattan, though it will now be dwarfed by the new project. Rosenberg & Estis served as legal counsel to The Durst Organization on the acquisition, as well as the $90 million first mortgage loan on the …
Commonly referred to as the River Region, Montgomery is the second largest city in Alabama and the state capital. The Montgomery metropolitan area consists of Autauga, Elmore, Lowndes and Montgomery counties. With a population approaching 374,000, the River Region’s diverse economy, skilled workforce, business-friendly climate and Southern charm continue to attract new residents and commercial development. Key industries in the Montgomery metro area include automotive, manufacturing, fabricated metals, plastics, warehousing/distribution and state/regional government. As of June 30, total unit count in the Montgomery market is 6,588 with an average year built of 1997. According to the Axiometrics second-quarter 2016 report for Montgomery, annual effective rent growth has averaged 1.2 percent since the fourth quarter of 1996 with annual effective rent growth forecast to be 0.1 percent for 2016, 1.7 percent in 2017 and an average of 2.6 percent from 2018 to 2020. The Axiometrics report also states the market’s occupancy rate has averaged 92.2 percent since the fourth quarter of 1995. Currently, occupancy in the Montgomery market is 89.6 percent as of second-quarter 2016, which is a slight decrease from 91.1 percent in the first quarter of 2016 and 90.7 percent in second-quarter 2015. Axiometrics projects the market’s occupancy rate …
SANTA MONICA, CALIF. — Palisades Capital Partners has acquired a mixed-use property located at 631 Wilshire Blvd. in downtown Santa Monica for $33 million. Originally built in 1958, the property has undergone $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 40,000-square-foot office and retail property features 11,000 square feet of retail space along Wilshire Boulevard. Mike Long of CBRE and Kevin Shannon, Rob Hannan and Ken White of Newmark Grubb Knight Frank represented the sellers, PacShore Partners and GreenOak Real Estate LP, in the deal.
LOS BANOS AND SACRAMENTO, CALIF. — Continental Partners, formerly known as Continental Funding Group, has secured $21.4 million in refinancing for two shopping centers located in Sacramento and Los Banos. J.M. Grimaldi of Continental arranged a $9.5 million loan to refinance a 149,620-square-foot retail property located at 911-963 W. Pacheco Blvd. in Los Banos; and an $11.9 million loan to refinance a 152,719-square-foot shopping center located at 5400 Date Ave. in Sacramento. The borrower was an undisclosed private real estate investor that specializes in acquiring and repositioning underperforming assets.
LATHROP, CALIF. — Faris Lee Investments has brokered the sale of Lathrop Crossing, a multi-tenant retail property located at 15320-15346 S. Harlan Road in Lathrop. San Francisco-based Lathrop Crossing LLC sold the property to Los Gatos-based Vattadi Lathrop Crossing LLC for $5.2 million, or $319 per square foot. Built in 2008 and situated on 2.5 acres, six tenants occupy the 16,303-square-foot property, including Little Caesars Pizza, Dickey’s BBQ, Subway and In-Shape Fitness. Jeff Conover of Faris Lee represented the seller in the deal.
LA HABRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 250 N. Harbor Road in La Habra. Interhealth Corp. sold the property for $4.5 million, or $203 per square foot. The 22,297-square-foot property was vacant at the time of sale. Scott Hook and Dan Tyner of Hook Retail Advisors represented the buyer, while Greg Jones of Jones Real Estate represented the seller it the transaction.