Property Type

Ready Capital Closes $5.5M in Financing for Two Multifamily/Retail Properties in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.

August 10, 2016

New York Northeast Retail

Marcus & Millichap Arranges $4.9M Sale of Retail Property in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Marcus & Millichap has brokered the sale of a retail property located at 156 Lawrence St. in Brooklyn. A private investor acquired the 1,612-square-foot property for $4.9 million, or more than $3,000 per square foot. Michael Cimino, Jakub Nowak and Matthew Rosenzweig of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.

August 10, 2016

adidas-speedfactory-atlanta-cherokee-county

Georgia Industrial Southeast Top Stories

Adidas to Open Shoe Factory in Metro Atlanta, Move Production from Asia

by Haisten Willis August 10, 2016

ATLANTA — German sportswear brand Adidas has announced plans to open a new footwear production site in the Atlanta area in 2017, eventually bringing part of the company’s manufacturing from Asia to the United States. The facility, which will be known as adidas Speedfactory, is designed to allow the company to create products more quickly and closer to U.S. consumers using a highly automated process. The 74,000-square-foot facility will be located in Cherokee County, a suburban area roughly 30 miles northwest of Atlanta. It is scheduled to open in the second half of 2017 and will produce 50,000 pairs of shoes a year while employing 160. The U.S. factory will complement another Speedfactory facility operating in Germany. Adidas’ strategic partner Oechsler will operate both the U.S. and German facilities. Adidas is headquartered in a small town in Bavaria. The company is publicly traded on the Frankfurt Stock Exchange under the symbol ADS. Its parent company, Adidas Group, includes several other sports-goods brands such as Reebok and TaylorMade. — Haisten Willis

August 10, 2016

California Loans Retail Western

Redmill Capital Secures $38.6M Construction Loan for Retail Center in Bay Area

by Nellie Day August 9, 2016

LIVERMORE, CALIF. — RedMill Capital has secured a $38.6 million construction loan that will allow it to break ground this fall on The Shoppes at Livermore, a mixed-use retail development in Livermore, approximately 40 miles east of San Francisco. American National Insurance Co. was the lender. Slated for completion in 2017, the development will feature 120,000 square feet. Terms of the financing were not disclosed.

August 9, 2016

Retail Washington Western

CE Enterprise Partners Purchases Two Albertsons Locations Near Seattle for $16.3M

by Nellie Day August 9, 2016

RENTON AND MILTON, WASH. — CE Enterprise Partners LLC has acquired two single-tenant Albertsons grocery stores totaling 97,021 square feet in the Seattle suburbs for $16.3 million. Acquisitions included a 43,130-square-foot Albertsons located 18 miles southeast of Seattle’s city center in Renton; and a 53,891-square-foot Albertsons located 27 miles south of Seattle in Milton. Both properties are triple-net-leased to Albertsons through 2035. Bob Tuller of Cushman & Wakefield’s San Francisco office represented the buyer in the transaction. Nick Foster, Mark West and Nick Kassab of HFF represented the seller, HH Property North LLC.

August 9, 2016

Arizona Multifamily Seniors Housing Western

Madison Realty Buys Two Seniors Housing Communities in Metro Phoenix for $14.8M

by Nellie Day August 9, 2016

MESA AND APACHE JUNCTION, ARIZ. — Madison Realty Cos. has purchased two seniors housing communities in the Phoenix suburbs of Mesa and Apache Junction for $14.8 million. The real estate investment firm made the acquisitions on behalf of Delaware Statutory Trust investors. Madison plans to add levels of care and other value to the properties. The Mesa property was built in 2013 and Apache Junction in 2011. The specific names of the communities were not disclosed. The properties feature a loan-to-value ratio of 41.9 percent with 25-year amortization and a fixed rate of 4.75 percent for a seven-year, no-interest-only term.

August 9, 2016

California Loans Retail Western

Thorofare Capital Secures $23M Loan for 50,000 SF Retail Property in LA

by Nellie Day August 9, 2016

LOS ANGELES — Thorofare Capital has arranged a $23 million, floating-rate commercial mortgage for a retail property located in the Koreatown neighborhood of Los Angeles. The borrower was not disclosed. The property offers 50,000 square feet of retail space. Kevin Miller and Felix Gutnikov of Thorofare Capital secured the financing.

August 9, 2016

California Multifamily Western

SCG America Acquires Land Parcel in Downtown LA for Mixed-Use Development

by Nellie Day August 9, 2016

LOS ANGELES — SCG America has acquired a 34,000-square-foot land parcel at 400 S. Broadway in downtown Los Angeles. The company will develop a 34-story high-rise condominium on the site featuring 7,000 square feet of ground-floor retail and commercial space. The property is slated for groundbreaking in October and completion in 2020.

August 9, 2016

Affordable Housing Michigan Midwest Multifamily

UnitedHealthcare Invests $16.9M in Affordable Housing Projects in Michigan

by Christina Cannon August 9, 2016

YPSILANTI AND HOLT, MICH. — UnitedHealthcare has invested $16.9 million in two new affordable multifamily projects in Michigan. The $17.2 million New Parkridge will offer 86 affordable apartment units, as well as on-site support services to help improve residents’ access to healthcare, education, job training and childcare. UnitedHealthcare is investing $8 million in the project, which is located in Ypsilanti, approximately 10 miles southeast of Ann Arbor. Ypsilanti Housing Commission and Chesapeake Community Advisors are the project developers. UnitedHealthcare is also investing $8.9 million in Prestwick Village, a 66-unit affordable housing project with support services in Holt, approximately 10 miles south of Lansing. Construction is currently underway on the $10.7 million project, which is slated to be complete by the end of the year. T.R. Hovey Construction LLC is the general contractor for Prestwick Village, and Gryphon Group is the developer.

August 9, 2016

Midwest Office Wisconsin

Opus Breaks Ground on 60,000 SF Office Headquarters Building in Wisconsin

by Christina Cannon August 9, 2016

WEST BEND, WIS. — The Opus Group has broken ground on a 60,000-square-foot office building in West Bend, approximately 40 miles northwest of Milwaukee. The two-story building will serve as the headquarters for Delta Defense LLC and the United States Concealed Carry Association, which provides education, training and legal protection for gun owners. The facility, situated on 36 acres, will feature a member services call center, training center and complete video and audio studio. In addition, 8,000 square feet of the first floor will serve as a fulfillment center to ship books, DVDs and other items that the company produces and sells. Kahler Slater Architects is providing design services for the project, which is slated for completion in early 2017. Opus is providing construction, development and engineering services.

August 9, 2016

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