LAUREL, MD. — M&T Realty Capital Corp. has provided a $26 million acquisition loan for Horizon Square Apartments, a 254-unit apartment community located in Laurel, roughly 20 miles from both Baltimore and Washington, D.C. About 53 percent of Horizon Square’s units comprise one-bedroom layouts, with the remaining units comprising two- and three-bedroom residences. Amenities include a fitness center, clubroom, swimming pool and a playground. Tim Weldon of M&T Realty Capital’s Washington, D.C., office originated the Freddie Mac loan on behalf of the borrower, ROSS Cos., which plans to upgrade the property’s lighting fixtures, entryways and unit interiors, as well as install new windows.
LAKE MARY, FLA. — Cushman & Wakefield has arranged the $21.3 million sale of Technology Park, a five-building, 297,582-square-foot office, flex and warehouse park in Lake Mary, a suburb of Orlando. The single-story buildings are located at 100, 200, 250, 255 and 525 Technology Parkway. Buildings 250 and 255 were recently converted to Class A office space. The portfolio was 58 percent leased at the time of sale to tenants such as FARO Technologies and CuraScript. Michael Lerner, Mike Davis and Rick Brugge of Cushman & Wakefield represented the seller, Toronto-based Sun Life Assurance Co. of Canada, in the transaction. Colorado-based Real Capital Solutions purchased the portfolio for roughly $72 per square foot.
COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.
ANAHEIM, CALIF. — The mayor and city council of Anaheim have unanimously approved construction of Jefferson Stadium Park, a 17.9-acre development adjacent to Angel Stadium of Anaheim, home of Major League Baseball’s Los Angeles Angels. Multifamily developer JPI is building the $364 million project, which centers around a 1,079-unit luxury apartment community. The development also includes a 1.1-acre public park and 14,600 square feet of retail space. The company plans to break ground in December. Residents of Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC). The development is one mile from the Downtown Disney Shopping District, Disneyland and California Adventure theme parks. Also nearby is the public marketplace of the Anaheim Packing District. This is the second project for JPI in Anaheim’s Platinum Triangle neighborhood. Currently under construction is the $120 million Jefferson Platinum Triangle, a 400-unit luxury apartment community scheduled for occupancy in the fall of 2017. “Anaheim’s Platinum Triangle is a model for development efforts that encourage new projects, enhancing quality living experiences for the community,” says Heidi Mather, senior vice president and development partner for JPI. “This new project only strengthens our commitment to be a part of the revitalization of this …
By many measures, 2015 was Northern New Jersey’s best year for its office market in quite some time. Tenants leased 11.7 million square feet, the strongest annual activity since 2003. Business confidence improved and companies showed a growing willingness to invest in their workforce and workplace. The number of larger leases dropped off a bit in 2015, though, as many of the largest space searches were fulfilled and fewer quality space options remained in some of the most sought after areas. Tenants have no shortage of options in much of Morris County and Newark, but steady leasing in Metropark and Jersey City’s waterfront has pushed availability below 15 percent. Smaller and mid-sized tenants can still find space in these locations, but there are far fewer big blocks of quality space remaining. There were fewer larger leases in 2015, but tenants were very mobile: relocations outnumbered renewals by two to one with 12 firms opting to move and six renewing. An analysis of larger leases (deals over 40,000 square feet) signed since 2009 shows that larger tenants renewed slightly less than 50 percent of the time (81 firms moved and 75 renewed). From a supply perspective, market conditions have been ideal …
MONUMENT, COLO. — Bethesda Senior Living Communities, a Colorado Springs-based nonprofit developer and operator, has broken ground on Bethesda Gardens Monument, a 60-unit assisted living and memory care community in the Colorado Springs suburb of Monument. The $13 million development is the first ground-up construction for Bethesda in more than 15 years, and will be the first seniors housing community in Monument, according to the developer. Bethesda expects to complete construction in fall 2017. The architect on the Colorado project is Lantz-Boggio Architects of Denver. Brinkman Construction of Fort Collins will provide construction services, and Compass Bank of Denver provided financing. With the two new projects, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.
VISTA, CALIF. — Colliers International San Diego Region has arranged the sale of an auto dealership property located at 1100 E. Vista Way in Vista. AV Vista acquired the 33,000-square-foot property from Security Chevrolet Inc. for $3.8 million. The buyer plans to redevelop the property, which is situated on 4.5 acres. Kirk Allison, Vic Gausepohl, Tucker Hohenstein and Mike Erwin of Colliers represented the seller, while Bill Barnett and Doug Hogan, also of Colliers, represented the buyer in the deal.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail center located at 9199 Arrow Route in Rancho Cucamonga. A Florida-based private investor sold the property to an Ontario, Calif.-based private investor for $2 million. Built in 2005, the 17,324-square-foot center is occupied by Meineke Car Care Center, AA Smog Center and Elite One Auto Collision Center. At the time of sale, the property was 87 percent leased. Frank Vora of Progressive Real Estate Partners represented the seller, while Barrett Woods of Lee & Associates represented the buyer in the transaction.
DENVER — CVS Health has opened the first CVS Pharmacy locations in Target stores in Colorado. The pharmacies are located in several metropolitan areas, including Denver, Colorado Springs and Fort Collins, and are operated through a store-within-a-store format. With the addition of 39 rebranded CVS Pharmacy locations in Target stores, the company now has its first presence in the state.
LAGUNA NIGUEL, CALIF. — Sentinel Restaurant & Hospitality Group is bringing its newest restaurant, Hendrix, to Ocean Ranch Village in Laguna Niguel. Located at 32431 Street of the Golden Lantern, the restaurant will offer flavors from a variety of American cooking techniques.