Property Type

Cottonwood Management Breaks Ground on $900M Mixed-Use Development in Boston’s Seaport District

by John Nelson June 15, 2017

BOSTON — Cottonwood Management, a private real estate management and development firm based in Los Angeles, has started construction of Echelon Seaport, a three-tower, $900 million mixed-use development in Boston’s Seaport district. Set to open in phases between 2019 and 2020, the project will feature 733 condominiums and apartments and 125,000 square feet of retail space. The 3.5-acre development is situated at Seaport Boulevard and B Street and directly across from HarborWalk and Boston Harbor, providing miles of walking and bike paths, as well as water taxi access to places like Logan International Airport. The project will also be located one block from the MBTA Silver Line and within walking distance of Boston’s downtown/financial district. Cottonwood unveiled its Echelon lifestyle brand at the groundbreaking ceremony held yesterday. Boston Mayor Martin Walsh, Massachusetts Gov. Charles Baker and James Beard award-winning chef Ming Tsai of the nearby Blue Dragon restaurant attended the event. “Boston’s Seaport is one of the most exciting neighborhoods in the world right now and is the perfect starting place for Cottonwood to establish the Echelon lifestyle brand,” says Alexander Shing, chairman and CEO of Cottonwood Management. “Echelon Seaport will anchor the Seaport community with a new level of …

June 15, 2017

Illinois Market Reports Midwest Midwest Market Reports Office

Strong Tenant Demand Continues to Propel Chicago’s Office Market

by Kristin Harlow June 15, 2017

In spite of the ongoing fiscal woes of the State of Illinois and City of Chicago, the downtown office market in the Windy City continues to experience solid growth in demand for quality office space. The first quarter of 2017 saw net absorption of 374,000 square feet, a 54 percent increase from the 243,000 square feet of net absorption recorded during the first quarter of 2016. This comes on the heels of a spike in supply in the central business district (CBD) of Chicago, with the opening of two new Class A office towers during the past two quarters: 150 North Riverside Plaza and 444 West Lake Street, developed by Riverside Investment & Development Co. and Hines Interests, respectively. These trophy assets added 2.4 million square feet of office space to the CBD. With these additions, Chicago’s office inventory in the CBD expanded from 132.6 million square feet in the first quarter of 2016 to 135 million square feet in the first quarter of 2017. Two additional towers under construction now at 151 N. Franklin Street and 625 W. Adams Street will open in the next 12 months, adding an additional 1.3 million square feet to the supply and bringing …

June 15, 2017

Multifamily Seniors Housing Southeast Tennessee

Chinese Investor Offers $3B to Acquire Tennessee-Based Brookdale, Reuters Reports

by John Nelson June 14, 2017

BRENTWOOD, TENN. — Zhonghong Zhuoye Group Co. Ltd., a Chinese real estate investor, has reportedly offered approximately $3 billion for the acquisition of Brookdale Senior Living, according to a report by news agency Reuters, which cited people familiar with the matter. If the Brookdale deal were completed as reported, it would be by far the largest Chinese investment in U.S. seniors housing to date. Headquartered in Brentwood, Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,052 properties and 103,00 units, according to the company’s first-quarter report, which is nearly triple the size of the next largest competitor. The company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 per share on March 2, 2015, to $11.80 per share on Feb. 8, 2016. Rumors of a sale of the company have swirled for months. Following the Reuters report on Tuesday, Brookdale’s stock price saw a brief lift of 6 percent to as high as $15.18 per share, but quickly fell back down to a close of …

June 14, 2017

California Multifamily Seniors Housing Western

ABHOW to Open $100M CCRC Expansion in Bay Area

by Nellie Day June 14, 2017

LOS ALTOS, CALIF. — ABHOW will cut the ribbon next week on a $100 million expansion at The Terraces at Los Altos, a continuing care retirement community in Los Altos, which is located between San Jose and San Francisco. The project, which was executed in multiple phases, most recently added 81 new apartments, a fitness center and spa, dining venues, library and movie theater. The first phase, completed in 2014, added 30 skilled nursing suites and 16 memory support suites. The second phase added 30 assisted living residences. ABHOW both owns and operates the community. Next month the company will merge with fellow West Coast nonprofit operator be.group and rebrand as HumanGood.

June 14, 2017

Nevada Retail Western

RCG Ventures Buys Sparks Crossing Shopping Center Near Reno for $40.2M

by Nellie Day June 14, 2017

SPARKS, NEV. — RCG Ventures has acquired Sparks Crossing, a 335,981-square-foot shopping center located roughly four miles outside Reno in Sparks, for $40.2 million. The property is home to tenants including Ross Dress for Less, Bed Bath & Beyond, Cost Plus World Market, Best Buy, Michaels, PetSmart, Ulta Beauty and Dollar Tree. Peter Bethea and Rob Ippolito of Newmark Grubb Knight Frank represented the undisclosed seller in the transaction.

June 14, 2017

Arizona Retail Western

Sterling Acquires Palm Valley Marketplace in Metro Phoenix for $22.5M

by Nellie Day June 14, 2017

GOODYEAR, ARIZ. — Sterling Organization has acquired Palm Valley Marketplace, a 107,633-square-foot shopping center located roughly 16 miles outside Phoenix in Goodyear. Safeway anchors the center, which is also home to Subway, H&R Block, Domino’s Pizza, AAA, Great Clips, The UPS Store, Nationwide Vision, GNC, FastFrame, Oreck, Elements Massage and PurTone Hearing Centers. A subsidiary of Regency Centers sold the asset on behalf of Sterling Organization’s institutional core fund, Sterling United Properties I LP.

June 14, 2017

California Multifamily Student Housing Western

Bernards Breaks Ground on Residence Hall at University of La Verne

by Nellie Day June 14, 2017

LA VERNE, CALIF. — Commercial builder Bernards has broken ground on a 114,970-square-foot residence and dining hall at the University of La Verne in California. Designed by Steinberg Architects, the development will consist of 396 beds, an 18,700-square-foot dining hall, lounge and study spaces, and outdoor patios. The residence hall is the first development within the university’s recently approved Facilities & Technology Master Plan, and will be completed in August 2018.

June 14, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $52.5M Sale of Multifamily Community in Tampa Bay Area

by John Nelson June 14, 2017

WESLEY CHAPEL, FLA. — ARA Newmark has brokered the $52.5 million sale of Enclave at Wesley Chapel, a 312-unit apartment community in the Tampa Bay town of Wesley Chapel. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the seller, Chicago-based Sherman Residential, in the transaction. Denver-based Valhalla Holdings purchased the asset as part of a 1031 exchange. Matt Williams of NGKF Capital Markets secured a $28.9 million Freddie Mac loan on behalf of Valhalla Holdings. The seven-year features a fixed interest rate. Community amenities at Enclave at Wesley Chapel include a resort-style pool, fitness center, dog park and a business center.

June 14, 2017

Multifamily North Carolina Southeast

Laurel Street Opens 115-Unit Apartment Community in Winston-Salem

by John Nelson June 14, 2017

WINSTON-SALEM, N.C. — Laurel Street has completed 757 North, a 115-unit apartment community located at 757 N. Chestnut St. in Winston-Salem. The four-story property features one- and two-bedroom units with rents ranging from $1,095 to $1,600 per month. Of those units, 25 percent will be reserved for households with incomes at 80 percent of the area median income, with rents ranging from $740 to $850 per month. Developed in partnership with Goler Community Development Corp., a nonprofit specializing in the redevelopment of Winston-Salem’s Goler Heights neighborhood, 757 North includes interior elevator access, a fitness center with cycle studio and online exercise classes, WiFi café with 24/7 coffee bar, indoor game room, outdoor patio with grills, lounge and conference room. Northridge Capital provided $4 million in equity for the project, and the development team secured $9.4 million in construction financing from First National Bank. The City of Winston-Salem also provided a $1.3 million loan and $325,000 land grant toward the project, bringing the total development cost to $15 million. The first residents at 757 North are expected to move in by July 1.

June 14, 2017

Georgia Loans Retail Southeast

Cohen Financial Secures $14.5M Loan for Retail Property in Metro Atlanta

by John Nelson June 14, 2017

DORAVILLE, GA. — Cohen Financial, a division of SunTrust Bank based in Chicago, has arranged a $14.5 million acquisition loan for Doraville Plaza, a 190,000 square-foot retail complex in Doraville, a suburb of Atlanta in DeKalb County. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the 10-year, fixed-rate loan with a 30-year amortization schedule through Citigroup Global Markets Inc. on behalf of the borrower, The Equinox Group Inc., a commercial real estate owner/operator in Atlanta and a longtime client to Cohen Financial. Situated on Buford Highway, Doraville Plaza is anchored by Burlington.

June 14, 2017

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