Property Type

Valley Natural Foods to Open $2M Meat Processing Facility in Minnesota

by Christina Cannon July 11, 2016

NORTHFIELD, MINN. — Valley Natural Foods has unveiled plans to open a $2 million wholesale meat processing plant in Northfield, approximately 45 miles south of Minneapolis. Valley Natural Meats Inc., situated on 16 acres, will include a 4,400-square-foot processing plant and a 4,000-square-foot holding barn. The company also has plans to add two 30-by-70 foot buildings at a later date that will be used to grow plants, herbs and flowers. The facility, located at 1595 57th St. W., will be MDA (Minnesota Department of Agriculture) and organic-certified. The building is expected to be operational by this November. Valley Natural Foods has a goal of becoming USDA certified and plans to process deer, bison, lamb and goat by 2018.

July 11, 2016

Midwest Multifamily Ohio

Marcus & Millichap Brokers $1.2M Sale of Apartment Property in Columbus

by Christina Cannon July 11, 2016

COLUMBUS — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Columbus for $1.2 million. Moreland Drive Apartments, located at 4831-4873 W. Moreland Drive, is comprised entirely of two-bedroom/1.5-bathroom townhomes. Units feature private patios, eat-in kitchens, full basements and washer and dryer connections. Both the buyer and the seller in the transaction were undisclosed limited liability companies. Jordan Marshall, Richard Lattro, Michael Barron, Dan Burkons and Josh Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 11, 2016

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta’s Industrial Market Passes a New Milestone, Again

by John Nelson July 11, 2016

It looks like 2016 is carrying on where 2015 left off. During 2014 and 2015, Atlanta set record after record for activity, positive net absorption and new construction; and the first quarter of 2016 didn’t disappoint. Activity during the first quarter of 2016 was over 13.5 million square feet, which contributed to a four-quarter total of 59.3 million square feet — the highest four-quarter total for activity ever seen in the Atlanta industrial market. We also witnessed the 16th consecutive quarter of positive net absorption with 3.1 million square feet of space absorbed during the quarter. Added to the last three quarters, net absorption totaled 16.5 million square feet of positive net absorption. Even with a large industrial inventory of 642 million square feet, that’s a significant achievement. Demand for warehouse and distribution space is fueled by Atlanta’s continued economic growth and employment. Unemployment in the Atlanta metro area is 6.1 percent and down from 6.3 percent that we reported last October (U.S. Bureau of Labor Statistics). Although construction slowed during the fourth quarter of 2015 with only 1.5 million square feet launched, it was only a short lull. New construction moved forward again for the first quarter of 2016 …

July 11, 2016

California Hospitality Loans Top Stories Western

Next Century Partners Receives $1B in Construction Financing for Century Plaza Mixed-Use Project in Los Angeles

by Nellie Day July 11, 2016

LOS ANGELES — Next Century Partners has received $1 billion in construction financing for the Century Plaza mixed-use project in Los Angeles. The $2.5 billion project will include two residential towers, restaurants and retail shops. The existing, five-star Century Plaza Hotel on the site will also undergo a renovation. The project is located at 2025 Avenue of the Stars in the Century City submarket. Construction is scheduled to commence later this summer. The hotel closed for renovations in March, and is set to reopen in early 2018. It will include a redesigned open-air lobby that connects public plazas and fountains to a two-acre garden surrounded by restaurants and retail. The hotel has hosted a number of notable events over its 50-year run, including the Grammy Awards and the “Dinner of the Century” in 1969, which honored the first astronauts to reach the moon. The full, mixed-use project will feature about 100,000 square feet of retail. The 46-story residential towers will include 290 luxury residences. A variety of loans provided the $1 billion in financing, including a $446 million senior loan from J.P. Morgan Chase; $120 million mezzanine financing from an investment vehicle managed by Colony Capital; and $450 million of …

July 11, 2016

Hospitality Oregon Western

Hilton to Debut New Canopy by Hilton Brand in Portland

by Nellie Day July 8, 2016

PORTLAND, ORE. — Hilton Worldwide and the Buccini/Pollin Group have announced plans to build a Canopy by Hilton hotel in Portland. The 153-room hotel will be located at 425 NW 9th Ave. in the Pearl District’s Gallery Row. Portland and Washington, D.C., are the first two U.S. cities to receive hotels under the new Canopy by Hilton brand. Both are slated for opening in 2017. Phillips Realty Capital arranged a $27.7 million construction loan, while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.

July 8, 2016

California Loans Retail Western

Cohen Financial Secures $5M Acquisition Loan for Retail Property in Redding

by Nellie Day July 8, 2016

REDDING, CALIF. — Cohen Financial has secured $5 million for the acquisition of a retail property in Redding. Paul Schroeder of Cohen Financial secured the fixed-rate, non-recourse loan with Wells Fargo for the undisclosed borrower. The 94,000-square-foot property is leased to Green Bay, Wis.-based Shopko Stores. Shopko operates 363 stores in 24 states.

July 8, 2016

California Retail Western

NAI Capital Negotiates $2.1M Sale of Retail Property in Corona

by Nellie Day July 8, 2016

CORONA, CALIF. — NAI Capital has arranged the sale of a freestanding, 9,000-square-foot retail property located within a grocery-anchored shopping center located at 1187 E. Magnolia Ave. in Corona. Boca Raton, Fla.-based KC Propco sold the property to Newport Beach, Calif.-based Corona Temescal Village5 for $2.1 million, or $235 per square foot. By the end of escrow, the property was fully leased. Mario Alvarez and Lidia Talavera of NAI Capital represented the seller.

July 8, 2016

California Retail Western

Lee & Associates Brokers 12,945 SF Lease for Black Plague Brewing in Oceanside

by Nellie Day July 8, 2016

OCEANSIDE, CALIF. — Lee & Associates has completed a lease for 12,945 square feet of retail space at 2550 Jason Court within the Jason Court Business Park in Oceanside. Black Plague Brewing plans to open in the location sometime in the next six months. Monique Medley of Lee & Associates – North San Diego County represented Black Plague Brewing, while Bob Willingham of Kidder Mathews represented the landlord, Southwest Greene International Inc. The lease was valued at approximately $724,000.

July 8, 2016

Multifamily Texas

Bell Partners Acquires 357-Unit Apartment Property in Austin

by Christina Cannon July 8, 2016

AUSTIN, TEXAS — Bell Partners Inc. has acquired a 357-unit apartment community in Austin for an undisclosed price. Cielo South Lamar, built in 2015, will be renamed Bell South Lamar. The community offers a mix of studio, one- and two-bedroom apartments and townhomes within seven buildings. Located on South Lamar Boulevard, Bell South Lamar is currently 91 percent occupied. Unit amenities include 9-foot ceilings, modern lighting, granite countertops, walk-in closets, soaking tubs, walk-in showers and wood-style flooring. All units are also pre-wired for high-speed Internet. Community amenities include a swimming pool, grilling stations, a pet park, outdoor yoga area, vegetable garden, fitness center, resident lounge and a business center. Bell Partners will manage the community. The seller in the transaction was undisclosed.

July 8, 2016

Loans Multifamily Texas

Pillar Provides $9.4M Fannie Mae Loan for Apartment Community in Dallas

by Christina Cannon July 8, 2016

DALLAS — Pillar has originated a $9.4 million acquisition loan for Villa Bonita Apartments, a 232-unit multifamily community in Dallas. Built in 1969, the property features both affordable and market-rate apartment units. The complex consists of 20 two-story buildings and features amenities such as a playground and laundry facility. The asset was fully occupied at the time of financing. Evan Hom of Pillar’s New York office arranged the fixed-rate, Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, California-based BRC Bellaire Holdings LLC.The sponsor and its affiliates own several properties in the Dallas/Fort Worth area. The seller was a New Jersey-based investor. Al Silva of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 8, 2016

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