Property Type

LPC Realty Advisors Receives $98.5M Loan for Acquisition of Pacwest Center in Portland

by Nellie Day March 8, 2017

PORTLAND, ORE. — LPC Realty Advisors has received a $98.5 million acquisition loan for the 30-story Pacwest Center in Portland. The 525,000-square-foot office tower is located at 1211 SW 5th Ave. LPC intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76 percent leased to tenants like Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. HFF’s Tom Wilson and Erica Christensen arranged the five-year, fixed-rate acquisition loan. A national insurance company provided the capital. LPC worked on behalf of a pension fund client. HFF also handled the property’s $170 million sale on behalf of the sellers, Ashforth Co. and an institutional investor.

March 8, 2017

California Multifamily Western

Atherton Court Apartments in Redwood City Sells for $17.1M

by Nellie Day March 8, 2017

REDWOOD CITY, CALIF. — An undisclosed nonprofit corporation has acquired the 55-unit Atherton Court Apartments in Redwood City for $17.1 million. The community is located at 3762-3770 and 3752 Rolison Road. Atherton was built in 1961. It is situated near U.S. Highway 101 and Interstate 280. Taylor Flynn and Philip Batlin of Marcus & Millichap represented both the buyer and seller, a private investor, in this transaction.

March 8, 2017

California Multifamily Seniors Housing Western

SLIB Brokers $18.6M Sale of Memory Care Community in Santa Barbara

by Nellie Day March 8, 2017

SANTA BARBARA, CALIF. — Senior Living Investment Brokerage has arranged the sale of Oak Cottage of Santa Barbara, a 44-bed memory care facility in Santa Barbara. Although the sales price was not disclosed, the $465,000-per-unit price for the facility’s 40 units translates to $18.6 million. The 27,217-square-foot community was built in 2015 on 0.65 acres. The community was still in lease-up at the time of sale, and had an occupancy of 82 percent. A California-based operator purchased the facility. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage negotiated the transaction on behalf of the undisclosed seller.

March 8, 2017

Arizona Colorado Retail Western

Petco to Open 12 New Stores in March

by Nellie Day March 8, 2017

SAN DIEGO — Petco, a San Diego-based pet supplies retailer, has announced plans to open 12 new storesduring March 2017. Each new store will offer dog training areas, adoption centers and grooming salons. New store locations include Denver and Marana, Ariz. Petco has more than 1,500 Petco and Unleashed by Petco locations across the United States, Mexico and Puerto Rico.

March 8, 2017

Maryland Multifamily Southeast

Washington Property Co. Breaks Ground on Apartment Tower in Metro D.C.

by John Nelson March 8, 2017

SILVER SPRING, MD. — Washington Property Co. (WPC) has broken ground on Solaire 8250 Georgia Avenue, a 20-story apartment tower in Silver Spring, about six miles north of Washington, D.C. The 470,000-square-foot property will be situated two blocks from the Silver Spring Metro station and will feature studio, one- and two-bedroom units averaging 760 square feet with quartz countertops, stainless steel appliances, wood flooring, oversized windows and private balconies. Community amenities will include a rooftop swimming pool and pool deck, cyber café with free Wi-Fi, private courtyard with grilling areas, fitness center and a clubroom. The property will also feature 15,000 square feet of street-level retail space and three levels of below-grade parking. The WPC-led project team, including general contractor Lendlease and architect Design Collective, expects to deliver Solaire 8250 Georgia Avenue in spring 2019. Bethesda, Md.-based Streetsense will lease the property’s retail space, which will include room for outdoor restaurant seating.

March 8, 2017

Alabama Industrial Southeast

GCP Inks Four Leases Totaling 833,927 SF with Automotive Suppliers in Alabama

by John Nelson March 8, 2017

BIRMINGHAM AND HUNTSVILLE, ALA. — Birmingham-based GCP has closed four separate lease deals totaling 833,927 square feet with automotive suppliers in Birmingham and Huntsville. The landlord has signed Mercedes-Benz U.S. International Inc. to a 225,496-square-foot lease for parts storage at Shelby Commerce Park, a 1.5 million-square-foot industrial park in Birmingham’s Shelby County submarket. The lease brings the project to full occupancy. Two of Mercedes-Benz’s vendor companies, Antolin Alabama Inc. and Neovia Logistics Services LLC, signed leases at GCP-Gazelle II within Jefferson Metropolitan Park in Birmingham’s I-20/59 West industrial submarket. Antolin Alabama signed for 240,240 square feet and expects to start operations at GCP-Gazelle II in late 2017, and Neovia Logistics Services renewed its 160,160-square-foot lease at the facility. In Huntsville, Navistar Inc. has renewed its 208,031-square-foot lease at GCP’s Airport Distribution Center.

March 8, 2017

Georgia Retail Southeast

Sprouts Opens New Store in Metro Atlanta, Two More to Open in Second Quarter

by John Nelson March 8, 2017

DECATUR, GA. — Sprouts Farmers Market has opened its newest 30,000-square-foot store at 2551 Blackmon Drive in Decatur, a suburb of Atlanta in DeKalb County. The Phoenix-based natural and organic grocer plans to open two other stores in metro Atlanta: a Tucker location that will open in April and a Woodstock store that will open in June. With these three new stores, Sprouts will have a total of 16 locations in the metro Atlanta area. The grocer currently operates more than 250 stores in 13 states.

March 8, 2017

Florida Loans Multifamily Southeast

HC Real Estate Capital Arranges $30M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson March 8, 2017

JACKSONVILLE, FLA. — HC Real Estate Capital has arranged a $30 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community in Jacksonville. Built in 2009, the property was 98 percent occupied at the time of financing and features one-, two- and three-bedroom units. Community amenities include a clubhouse, leasing and management offices, resort-style pool, lakes, barbecue grills, fitness center, cardio theater and an aerobics/yoga room. Chris Caveglia and Kurt Hoffman of HC Real Estate Capital arranged the seven-year, fixed-rate loan through New York Life Real Estate Investors.

March 8, 2017

Georgia Industrial Southeast

Ackerman & Co. Acquires 274,791 SF Industrial Portfolio in Atlanta for $7.6M

by John Nelson March 8, 2017

ATLANTA — Ackerman & Co. has purchased a three-building industrial portfolio within Westgate Business Park in Atlanta from Clarion Partners LLC for $7.6 million. The 274,791-square-foot portfolio is situated at 5215, 5245 and 5260 Westgate Drive in Atlanta’s I-20 West industrial submarket. The three front-load, shallow-bay facilities were fully leased at the time of sale. Stewart Calhoun and Casey Masters of Cushman & Wakefield brokered the transaction. The all-equity transaction was sourced through a partnership with a European private equity group. Ackerman & Co.’s in-house team will provide leasing and management services for the portfolio. The company is also currently developing a 1 million-square-foot bulk distribution center in Atlanta’s I-85 Northeast industrial submarket in Braselton, Ga.

March 8, 2017

Hospitality Indiana Midwest

Huff, Niehaus & Associates Brokers Sale of Holiday Inn Express in Indianapolis for $6M

by Kristin Harlow March 8, 2017

INDIANAPOLIS — Huff, Niehaus & Associates Inc. has brokered the sale of the Holiday Inn Express Indy NW-Park 100 in Indianapolis for $6 million. Park Property Investments LLC purchased the 121-room hotel, with plans to convert the property into a Best Western Plus by the end of the year. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller in the transaction.

March 8, 2017

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