Property Type

Hunt Southwest Delivers 300,000 SF Spec Industrial Building in Fort Worth

by Katie Sloan October 14, 2016

FORT WORTH, TEXAS — Hunt Southwest Real Estate Development, a Dallas-based developer owned by the Lamar Hunt family, has delivered Riverbend West, a 300,000-square-foot speculative industrial facility in Fort Worth. The Class A warehouse/distribution center is located at 2101 Reeves Place and features 32-foot clear heights, LED lighting, cross-dock configuration, an ESFR sprinkler system, a truck court, skylights and parking for trailers. Riverbend West is the first development for Hunt Southwest, which plans to break ground in December on a new 650,000-square-foot warehouse and distribution center in the north Fort Worth area. Hunt Southwest has selected Donnie Rohde, Chance Olin and George Jennings of Holt Lunsford Commercial to handle Riverbend West’s leasing assignment.

October 14, 2016

JLL to Market Parcels at $1B Creative Village Development in Downtown Orlando

by John Nelson October 14, 2016

ORLANDO, FLA. — Creative Village Development LLC (CVD) has selected JLL to oversee the marketing of select sites available for sale at Creative Village, a $1 billion, 68-acre master-planned development in downtown Orlando. The Creative Village project is a public-private partnership between the city of Orlando and CVD, the project’s master developer. CVD is a joint venture between a local entity led by Ustler Development Inc. and Bank of America Community Development Corp. (BACDC). JLL will market select parcels of Creative Village in multiple phases, with Phase I comprising three parcels. The three parcels are programmed for at least 250 multifamily residences, an office building of at least 120,000 square feet and commercial, multifamily or hotel space spanning at least several hundred thousand square feet. Aaron Gray and Bret Felberg of JLL are leading the marketing efforts. Creative Village will transform the former Amway Arena into a mixed-use, transit-oriented development comprising University of Central Florida’s downtown campus, which is set to open in August 2019; office space; a $90 million, 600-bed student housing community developed by Ustler and KUD International LLC; a $62.5 million, 250-unit multifamily community developed by Ustler and a joint venture partner; and a 116-unit, $29 million …

October 14, 2016

Florida Retail Southeast

IKEA to Open Fifth Florida Location in Jacksonville

by John Nelson October 14, 2016

JACKSONVILLE, FLA. — IKEA plans to break ground in November on its fifth Florida location in Jacksonville. Set to open in the fall of 2017, the new 290,000-square-foot IKEA store will join existing Florida locations in Orlando, Tampa, Sunrise and Sweetwater. IKEA Jacksonville will be situated on a 25-acre site along the northwestern corner of I-295 and Gate Parkway, roughly 10 miles southeast of downtown Jacksonville. The project team includes Lakeland, Fla.-based Marcobay Construction Inc.; CBRE; Driver McAfee, Peek & Hawthorne; Prosser Inc.; Bushra Tsai Inc.; RPM Engineers Inc.; Universal Engineering Sciences; Environmental Services Inc.; Gemini Engineering; and Ware Malcomb. IKEA Jacksonville is expected to create 500 construction jobs and 250 permanent jobs.

October 14, 2016

Industrial Kentucky Southeast

Dermody Breaks Ground on 264,000 SF Industrial Facility Near Cincinnati Airport in Kentucky

by John Nelson October 14, 2016

HEBRON, KY. — Dermody Properties has started construction on LogistiCenter at 275 #2, a 264,000-square-foot industrial facility located at 3521 Point Pleasant Road in Hebron, a suburb of Cincinnati in northern Kentucky. Situated near Cincinnati/Northern Kentucky International Airport, the new e-commerce compliant facility will feature 32-foot clear heights, 27 dock doors, 228 parking spaces and 70 trailer stalls. Hillwood is Dermody’s financial partner on the project, and both companies leased the site for LogistiCenter at 275 #2 from the Cincinnati/Northern Kentucky International Airport. Last year, Dermody and Hillwood delivered the nearby LogistiCenter at 275, a nearly 900,000-square-foot fulfillment center for Wayfair Inc. United Construction Co. is the general contractor for the project, and Jeffrey Bender and David Kelly of Cushman & Wakefield will handle the leasing assignment.

October 14, 2016

Florida Seniors Housing Southeast

Lowe Enterprises Investors Buys Assisted Living Community in Tallahassee

by John Nelson October 14, 2016

TALLAHASSEE, FLA. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired St. Augustine Plantation, a 100-unit assisted living and memory care community in Tallahassee. The seller was Capital Health Group LLC. Although a purchase price was not disclosed, Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction. St. Augustine Plantation includes 75 assisted living units built in 1998, as well as a 25-unit memory care building that was added in 2012. The community was 97 percent occupied at the time of sale. The new owners plan to improve common areas, add 24 more memory care beds and build a wellness center for recreation and rehabilitation, which Florida State University will manage. The acquisition is part of LEI’s continued push into the Southeast. Other recent acquisitions by the Los Angeles-based investment firm include a Hampton Inn in Jacksonville, an apartment community in North Carolina and a portfolio of three Hilton Garden Inns in Georgia. John Gaghan led the LEI investment team in the transaction. Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and …

October 14, 2016

Multifamily Washington Western

Kennedy Wilson Acquires Equinox Apartments in Seattle for $90M

by Nellie Day October 14, 2016

SEATTLE — Kennedy Wilson and an equity partner have acquired the 204-unit Equinox apartment community in Seattle for $90 million. The Class A community is located at 1520 Eastlake Ave. E. Equinox was built in 2009, near the South Lake Union submarket. The community is within walking distance to Facebook, the Fred Hutchinson Cancer Research Center, Amazon’s headquarters and the future 607,000-square-foot Google campus.

October 14, 2016

California Loans Retail Western

Meridian Capital Group Arranges $12.5M Refinancing for Shopping Center in Riverside

by Nellie Day October 14, 2016

RIVERSIDE, CALIF. — Meridian Capital Group has arranged $12.5 million in CMBS financing for the refinance of Tyler Gateway Shopping Center in Riverside. The borrower was The Festival Companies, a Los Angeles-based developer and operator of retail and mixed-use properties. The 10-year loan, provided by a CMBS lender, features five years of interest-only payments and a fixed interest rate. Seth Grossman and Andy Strauss of Meridian negotiated the financing. Tyler Gateway Shopping Center consists of two retail buildings located at 3502 Tyler St. in Riverside. Totaling 25,000 square feet, the buildings are occupied by Ulta Beauty, AT&T, Habit Grill, Panera Bread, Chipotle Mexican Grill and Yogurtland.

October 14, 2016

California Retail Western

Avison Young Completes Four Leases for 24 Hour Fitness in Southern California

by Nellie Day October 14, 2016

SANTA ANA, CALIF. — Avison Young has arranged four 15-year leases for 24 Hour Fitness in Southern California. Keith Kropfl and Michael Ganz of Avison Young represented 24 Hour Fitness in the transactions. The fitness company is leasing 40,000 square feet at 1350 W. Edinger Ave. in Santa Ana from Plaza Edinger LLC, represented by Kropfl and Ganz; 33,500 square feet at 9051 Atlanta Ave. in Huntington Beach from Huntington South Center LLC, represented by CBRE; 46,000 square feet at 130 E. Imperial Highway in Fullerton from Fiesta Distribution represented by CBRE; and 38,000 square feet at 3490 Madison St. in Riverside from HFC/PRP Madison LLC. The locations in Santa Ana and Huntington Beach are slated to open in the first quarter of 2017; the Fullerton location is scheduled to open in the second quarter of 2017; and the Riverside location is expected to open around year-end 2017.

October 14, 2016

California Retail Western

NAI Capital Brokers $3.7M Sale of Chipotle Restaurant in Santa Ana

by Nellie Day October 14, 2016

SANTA ANA, CALIF. — NAI Capital has arranged the sale of a new Chipotle Mexican Grill located at 629 S. Harbor Blvd. in Santa Ana. 99 Motel LLC acquired the property from Santa Ana HM Property for $3.7 million. The 2,336-square-foot restaurant sits on a 22,615-square-foot pad and is leased to Chipotle Mexican Grill Inc. on a 20-year ground lease. Barry Blake and Steve Liu of NAI Capital represented the buyer and seller in the transaction

October 14, 2016

California Retail Western

Lee & Associates Arranges $2.5M Sale-Leaseback of Retail Property in California

by Nellie Day October 14, 2016

SANTA BARBARA, CALIF. — Lee & Associates Santa Barbara has brokered the sale of a retail property located at 34 E. Montecito St. in Santa Barbara. Avis Rent A Car sold the property in a sale/leaseback transaction to 34 East Montecito 2016 LLC for $2.5 million, or $1,866.67 per square foot. Situated in the Funk Zone area of Santa Barbara, the property features 1,350 square feet of retail space. Christi Vior of Lee & Associates Santa Barbara represented the buyer, while Rob Adams and Steve Leider, also of Lee & Associates, represented the seller in the deal.

October 14, 2016

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