Property Type

JCR Cos. Purchases Shopping Center in Metro D.C. for $22.6M

by John Nelson March 25, 2016

MANASSAS, VA. — The JCR Cos. has acquired Signal Hill Shopping Center, a 105,781-square-foot, grocery-anchored shopping center in Manassas, for $22.6 million. JCR Cos. purchased the property from Regency Centers in an off-market transaction. Sandy Spring Bank provided acquisition financing. Signal Hill’s tenant roster includes Shoppers Food Warehouse, GameStop, Glory Days Grill, Panera Bread, and Chick-fil-A. JCR Cos. has sold the Chick-fil-A pad to an undisclosed buyer for $2.3 million in another off-market transaction. Signal Hill is the seventh shopping center acquisition for JCR Cos. since 2012 and its 20th transaction since the firm was founded in 2009.

March 25, 2016

Florida Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Tampa for $22.4M

by John Nelson March 25, 2016

TAMPA, FLA. — Federal Capital Partners (FCP) has purchased Belara Lakes Apartments, a 324-unit multifamily community located at 8402 N. Waterford Ave. in Tampa, for $22.4 million. The Belara Lakes acquisition is FCP’s second investment in Florida in the last 90 days. The property features two swimming pools, a community lake, fitness center, picnic area and a playground. FCP has retained local firm Avesta to manage the community. Nick Meoli of the Meoli-Donaldson team at Marcus & Millichap represented the seller in the transaction.

March 25, 2016

4726 Eisenhower Blvd TampaTRAK Microwave Corp.

Florida Industrial Office Southeast

NGKF Negotiates 117,018 SF Corporate Headquarters Lease in Tampa

by John Nelson March 25, 2016

TAMPA, FLA. — NGKF has arranged a 117,018-square-foot lease extension for TRAK Microwave Corp.’s corporate headquarters and manufacturing facility. The manufacturer has restructured its lease for flex space at 4726 Eisenhower Blvd. in Tampa. Clay Wommack of Franklin Street represented the landlord, Chew Family Tampa LLC, in the transaction. John Esposito of NGKF represented TRAK Microwave Corp., which is owned by Smiths Group.

March 25, 2016

Kentucky Loans Multifamily Southeast

KeyBank Arranges $6.3M Refinancing of Apartment Community in Louisville

by John Nelson March 25, 2016

LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged the $6.3 million refinancing of King George Apartments, a 208-unit multifamily community in Louisville. The property was constructed in 1976, and the borrower purchased it in June 2015 utilizing a bridge loan. Erik Storz of KeyBank arranged the 10-year, fixed-rate Freddie Mac loan with 12 months of interest-only payments.

March 25, 2016

Marcelo Claure David Beckham Miami Beckham United

Florida Retail Southeast Top Stories

David Beckham-Led Investment Group Buys Land in Miami for $300M Soccer Stadium

by John Nelson March 25, 2016

MIAMI — Miami Beckham United (MBU), an investment group led by international soccer star and celebrity David Beckham, has purchased two parcels of land in Miami’s Overtown neighborhood for a new soccer stadium. In December 2015, Major League Soccer (MLS) approved the location of the $300 million project, which is expected to have about 30,000 seats and 7,000 parking spaces, according to the South Florida Business Journal. The new stadium will be the home of an MLS expansion team in Miami. In addition to Beckham, MBU is headed by Marcelo Claure, CEO of Sprint, producer Simon Fuller and sports executive Tim Leiweke. The partners have said the project will be privately funded. “We have the right site, the right ownership group, and a loyal base of fans counting down the days until our first match,” said Claure in a prepared statement. “We’re all-in on Overtown, and we couldn’t be more excited about moving forward with plans to deliver the most responsible stadium in Miami history.” MBU purchased the two sites, which total 6.2 acres, at 650 N.W. 8th St. The stadium site is situated midway between Miami Beach and Miami International Airport, within walking distance of downtown Miami and two blocks …

March 25, 2016

California Hospitality Loans Western

R.D. Olson Receives $49.8M Loan to Build Residence Inn Silicon Valley

by Nellie Day March 24, 2016

SAN FRANCISCO — R.D. Olson Development has received a $49.8 million construction loan to build the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos. The new hotel will be situated at Industrial Road and East San Carlos Avenue, halfway between San Francisco and San Jose. The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel is slated for completion in 2017. The three-year, floating-rate loan features two one-year extensions through a diversified financial services company. HFF’s James Fowler secured the financing on behalf of the developer.

March 24, 2016

California Multifamily Western

The Micropolitan at Urban Lights Multifamily Community in Los Angeles Sells for $27.1M

by Nellie Day March 24, 2016

LOS ANGELES — A private 1031 exchange investor has purchased The Micropolitan at Urban Lights, a 45-unit multifamily community in the Miracle Mile submarket of Los Angeles, for $27.1 million. The community is located at 739 S. Ogden Drive. The Micropolitan was built in 2015. It is situated near the Los Angeles County Museum of Art, and is within a two-minute walk of the Los Angeles Metro Purple Line station, which will soon debut. Ron Harris and Paul Darrow of Institutional Property Advisors represented the seller, Micropolitan, a subsidiary of Psomas, in this transaction.

March 24, 2016

Arizona Multifamily Seniors Housing Western

Mainstreet Unveils Plans to Build, Operate $21.9M Skilled Nursing Facility in Phoenix

by Nellie Day March 24, 2016

PHOENIX — Mainstreet, a skilled nursing developer based in Indiana, has revealed its plans for a skilled nursing facility in Phoenix. It was announced earlier in March that Mainstreet had bought a plot in West Phoenix’s Algodon Medical Office Park for $1.7 million. The company has now released its plan to build a $21.9 million skilled nursing facility on the land. The facility will feature 94 beds in a 67,697-square-foot building, and offer assisted living in addition to skilled nursing. When completed in early 2017, it will be the first community managed by Mainstreet Health, Mainstreet’s new operational arm. In conjunction with the plans, Mainstreet Health hired Sonja Nelson as vice president of strategy and business development for Arizona. She will be responsible for developing the provider and payer relationships for this and any future Mainstreet developments in the state. She most recently served as director of strategy and planning for Banner Health.

March 24, 2016

California Retail Western

O’Reilly Auto Parts Changes Hands in Oakley

by Nellie Day March 24, 2016

OAKLEY, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant property in Oakley currently triple-net leased to O’Reilly Auto Parts. An investor from Northern California acquired the asset to complete 1031 exchanges. The 8,037-square-foot store is located at 100 E. Cypress Road. Jeremy McChesney of Hanley Investment Group represented the seller. Dan Diehl of Keller Williams Realty represented the buyer in this transaction.

March 24, 2016

Nevada Retail Western

Solar Array Now Complete Atop Future IKEA Store in Las Vegas

by Nellie Day March 24, 2016

LAS VEGAS — IKEA, a home furnishings retailer, has completed the solar installation atop its Las Vegas store, which will open on May 18, 2016. The project is the largest single-use retail rooftop solar array in Nevada, according to the company. The store’s 240,504-square-foot solar array comprises a 1.14 megawatt system, built with 3,620 panels, and will produce approximately 1.8 million kilowatt hours of electricity annually for the store — the equivalent of reducing 1,207 tons of carbon dioxide, the company claims. For the development, design and installation of IKEA Las Vegas’ solar power system, IKEA selected Helix Electric, an electrical contractor specializing in design-build electrical projects in the U.S. R&O Construction is managing the site work and building of the actual store.

March 24, 2016

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