Property Type

Marcus & Millichap Arranges Sale of 305-Unit Self-Storage Facility in Metro Houston

by Taylor Williams January 18, 2018

BAYTOWN, TEXAS — Marcus & Millichap has arranged the sale of A Low Cost Self Storage, a 305-unit self-storage facility in the Houston metro of Baytown. The sale of the 35,214-square-foot property includes 1.5 acres of expansion land fronting State Highway 146. Dave Knobler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Knobler also procured the buyer, an individual who owns 14 self-storage facilities along the Texas Gulf Coast operating under the name The Storage Place.

January 18, 2018

Alabama Industrial Southeast

Mazda, Toyota Select Huntsville for New $1.6B Auto Manufacturing Plant

by Camren Skelton January 18, 2018

HUNTSVILLE, ALA. — Mazda and Toyota leaders have selected Huntsville as the site of their new joint venture auto manufacturing plant. The automakers will invest $1.6 billion in the facility, located approximately 14 miles from Toyota’s existing Huntsville plant. The new plant will have the capacity to build 300,000 vehicles annually, with production split evenly between the two lines for each company to produce the Toyota Corolla and Mazda’s crossover model that will be newly introduced to the North American market. The facility is expected to create up to 4,000 jobs, and production is expected to begin by 2021. The joint venture plant marks the 11th U.S. manufacturing facility for Toyota.

January 18, 2018

Georgia Industrial Office Southeast

Granite, Third & Urban Form Development Partnership, Will Redevelop Warehouses in Atlanta’s West Midtown District

by Camren Skelton January 18, 2018

ATLANTA — Granite Properties has formed a long-term partnership with Third & Urban for the recapitalization and development of two warehouse properties in Atlanta’s West Midtown district. The partnership will create a portfolio to include the recapitalization of Complex, an adaptive reuse project Third & Urban unveiled in December 2016. The building is 80 percent leased to tenants including Proof of the Pudding, Bold Monk Brewing, Look Listen and LTX Solutions. The project is on track to be fully leased by June. In addition, the partnership will acquire and develop a group of warehouses located at 1218 and 1236 Menlo Drive, also in the West Midtown district. Similar to Complex, the new development — dubbed Inland Tract — will offer creative flex space for tenants that need both office and warehouse space.

January 18, 2018

Georgia Multifamily North Carolina Southeast

Hudson Capital Acquires Two Multifamily Properties in North Carolina, Georgia for $66.1M

by Camren Skelton January 18, 2018

CARY, N.C. AND NORCROSS, GA. — Hudson Capital Partners (HCP) has acquired two multifamily properties in North Carolina and Georgia for a combined $66.1 million. The New York-based company acquired Cary Reserve at Weston, a 288-unit property in the Raleigh-Durham metro of Cary, for $46.8 million, as well as the 224-unit Willow Trail, a community in the Atlanta suburb of Norcross, for $19.3 million. HCP plans to invest approximately $7 million to renovate both properties, including unit modernization and expanded amenity offerings. Constructed in 1995, Cary Reserve at Weston features carports, garages, a car care center, swimming pool, tennis courts, grilling areas, business center, dog park, playground and a fitness center. Willow Trail features a playground, pool with a sundeck, fitness center, community soccer field and on-site laundry facilities. In addition to renovating the property’s unit interiors, HCP will replace Willow Trail’s current in-place management with its third-party management firm, Dallas-based Westdale.

January 18, 2018

Loans Mixed-Use Office Restaurant Retail Southeast Tennessee

HFF Arranges $26.7M Construction Loan for Adaptive Reuse Project in Nashville

by Camren Skelton January 18, 2018

NASHVILLE, TENN. — HFF has arranged a $26.7 million construction loan for the adaptive reuse of the former May Hosiery textile mill in Nashville. The development is located at 425 to 431 Chestnut St. and 510 Houston St. in the city’s Wedgewood Houston neighborhood. Danny Kaufman and Christopher Knight of HFF arranged the two-year, floating-rate loan through LoanCore Capital on behalf of the borrower and developer, Chicago-based AJ Capital Partners. Proceeds of the loan will be used for the renovation and remaining lease-up of the property. Constructed in 1909, the 120,000-square-foot facility was originally home to May Hosiery, which made socks through most of the 20th century. AJ Capital Partners is redeveloping the property into a mixed-use space featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. In addition, the project will include a private rooftop terrace and central outdoor spaces. At the time of closing, the development was 47 percent preleased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken & Fish and Blockhouse Barbers.

January 18, 2018

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $28.3M Sale of Apartment Community in Birmingham

by Camren Skelton January 18, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $28.3 million sale of Chace Lake Villas, a 264-unit apartment community in Birmingham. Jimmy Adams and Josh Jacobs of Cushman & Wakefield arranged the transaction on behalf of the seller, Bluerock Real Estate. Myers Apartment Group acquired the property. Constructed in 1996, Chace Lake Villas is situated within walking distance to more than 2 million square feet of retail space, including Riverchase Galleria and Patton Creek Shopping Center. Community amenities include a 24-hour fitness center, resort-style swimming pool, lighted tennis court, clothing care center and a car care center.

January 18, 2018

Loans Multifamily Washington Western

KeyBank Provides $54.8M Freddie Mac Refinancing for 193-Unit Apartment Community in Seattle

by Nellie Day January 18, 2018

SEATTLE — KeyBank Real Estate Capital has provided $54.8 million in Freddie Mac financing for the 193-unit Angeline Apartments in Seattle’s Columbia City neighborhood. The community is located at 4801 Rainier Ave. S. Angeline Apartments was built in 2015. The property includes five floors of apartments, ground-floor retail space and an underground garage. The retail component includes PCC Natural Grocers, the largest consumer-owned natural food retail co-operative in the U.S., and All the Best Pet Care. KeyBank’s Jon Reible arranged the fixed-rate loan with a 10-year term. The funds were used to refinance existing debt.

January 18, 2018

Arizona Industrial Office Western

Rich Uncles Acquires 162,714 SF Creative Office, Warehouse Space in Arizona for $26.5M

by Nellie Day January 18, 2018

CHANDLER, ARIZ. — Rich Uncles NNN REIT Inc. has purchased a 162,714-square-foot creative office/warehouse space in Chandler for $26.5 million. The property serves as the headquarters for AvAir, a commercial aircraft parts business. The property is located at 6877 and 6971 W. Frye Road. The sale agreement allows AvAir to occupy the space for 15 years. Developed in 2015, the two buildings sit on 6.1 acres in the Santan Technology Park at the northeast corner of Loop 202 and 56th Street. Andy Ogan of Lee & Associates Arizona brokered the sale. John Hink of Tiffany & Bosco P.A. assisted the seller, Reasons Aviation LLC.

January 18, 2018

California Multifamily Western

Jamison Purchases Multifamily Development Site in Koreatown for $14M

by Nellie Day January 18, 2018

LOS ANGELES — Jamison has purchased a grouping of parcels at the corner of 8th Street and Harvard Boulevard in Los Angeles’ Koreatown neighborhood for $14 million. The local privately held real estate investment and operating company plans to demolish the vacant apartment and commercial buildings on the site to make way for a new multifamily development. The plot is fully entitled for 131 residential units and 4,150 square feet of retail. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Harvard 826 Property LLC, a private investor owned by Hersel Neman and Robert Neman.

January 18, 2018

Colorado Multifamily Western

Inland Real Estate Buys 267-Unit Apartment Complex in Lakewood, Colorado

by Nellie Day January 18, 2018

LAKEWOOD, COLO. — Inland Real Estate Acquisitions has purchased the 267-unit Union West Apartments in Lakewood for a reported $81 million. The community is located at 35 Van Gordon St., six blocks from the RTD West Light Rail Line. The mid-rise property contains 20 studios, 141 one-bedroom, 90 two-bedroom and 16 three-bedroom units. Union West also offers a garage with 402 covered parking spaces and 18 open spaces. Units include gourmet kitchens, quartz countertops, stainless steel appliances, walk-in closets, a washer and dryer, a garden bathtub and a patio or balcony. Union West Apartments is also equipped with energy-efficient air conditioning, heating, water heaters and windows. All lighting throughout the property is LED and the garage and corridors are powered by solar panels on the roof. Community amenities include a resort-style heated pool, fitness and yoga studio, fire pit, grilling stations, pet-friendly park and mountain views.

January 18, 2018

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