Monday, June 16, 2025
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Northwest Plaza Tampa LA Fitness
FloridaRetailSoutheast

HFF Arranges $14.4M Sale of Two Tampa-Area Shopping Centers

by John Nelson

TAMPA, FLA. — HFF has arranged the $7.7 million sale of Northwest Plaza, a 46,904-square-foot shopping center located in Tampa’s Citrus Park area; and the $6.7 million sale of Suncoast Crossing, a 29,289-square-foot shopping center located in the Tampa suburb of Odessa. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Redstone Investments, in the transaction. Cole Credit Property Trust IV Inc. (CCPT IV) acquired Northwest Plaza and APTT Investments LLC acquired Suncoast Crossing in two separate transactions. VEREIT Inc. worked on behalf of CCPT IV in the purchase of Northwest Plaza. Both centers were fully occupied at the time of sale.

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CaliforniaLoansMultifamilyWestern

Landmark Arranges $100M Financing for Multifamily Community in California

by Nellie Day

LAKE FOREST, CALIF. — Landmark Capital Advisors has arranged $100 million in financing for Portola Center South, a 626-building multifamily community in Lake Forest. The owner, SunRanch Capital Partners, began improving the land this past June. It plans to begin selling the lots to builders by early 2016. The site contains five planning areas. The improvements will commence in one phase, which will take seven to nine months to complete. Portola Center South will eventually include 569 for-sale units and 57 affordable units. Adam Deermount and Terry Ruckle of Landmark Capital Advisors structured the financing.

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ColoradoMultifamilyWestern

TruAmerica, Investcorp Buy Apartment Community in Denver for $71M

by Nellie Day

DENVER — TruAmerica Multifamily and institutional capital partner Investcorp have acquired a 561-unit apartment home community in Denver for $71 million. The community is located in the Cherry Creek submarket. TruAmerica plans to complete improvements to the buildings’ exteriors and common areas. This plan was initially undertaken by the previous owner. The units will also receive multimillion-dollar renovations. Brian Eisendrath, Annie Rice and Brandon Smith of CBRE Capital Markets arranged the financing. CBRE’s David Potarf, Dan Woodward and Matt Barnett represented the unnamed seller.

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CaliforniaMultifamilySeniors HousingWestern

City of Hayward Breaks Ground on Three New Multifamily Communities

by Nellie Day

HAYWARD, CALIF. — The City of Hayward recently broke ground on three new multifamily communities. The properties are situated on the site of the former South Hayward BART overflow parking lots. Eden Housing is developing two affordable communities off Mission Boulevard that will provide a total of 151 affordable apartments near the South Hayward BART station. AMCAL Equities is developing a market-rate community of 206 luxury apartments off Dixon Street, adjacent to the BART station. Both developments received transit-oriented development grants from the California Department of Housing and Community Development. The Eden Housing development is known as the South Hayward BART Family & Seniors Communities. The two affordable rental communities will be composed of adjacent five-story, standalone buildings that share a common courtyard. They will provide 87 affordable rental apartments for families and 64 affordable rental apartments for seniors, aged 62 or older. AMCAL’s development is known as Cadence. The community will feature one- and two-bedroom, market-rate apartments. Amenities will include a state-of-the-art fitness center with separate yoga room, a resident lounge, pool and spa deck, clubhouse, business center, pet spa, self-service bike parking and repair, and package concierge service.

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IndustrialLoansWestern

HFF Arranges $42M Financing for Perris Circle Industrial Park Project

by Nellie Day

PERRIS, CALIF. — HFF has arranged $42 million in joint venture equity and construction financing for Perris Circle Industrial Park. The Class A industrial facility will contain two buildings totaling 594,000 square feet. The new project is situated on a 31-acre site at 278-290 Markham St., near Harley Knox Boulevard and Interstate 215. Perris Circle Industrial Park will be complete in early 2016. HFF worked on behalf of the developer, Circle Industrial, to arrange the joint venture equity partnership with Cigna Realty Investors. The firm also secured the construction financing for the partnership with Wells Fargo Bank. Anthony Brent, Kevin Mackenzie and Ryan Martin led HFF’s equity placement team. Todd Sugimoto and Mark Wintner led the debt placement team.

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CaliforniaRetailWestern

Grocery Outlet Bargain Market to Open 14 Locations in Los Angeles

by Nellie Day

LOS ANGELES — Grocery Outlet Bargain Market plans to open 14 stores throughout the Los Angeles area beginning in December and continuing through 2016. According to the company, shoppers have saved more than $1 billion on products purchased at Grocery Outlet as compared to traditional grocery stores this year alone. The company’s buyers negotiate directly with manufacturers to buy overstock and surplus products at discounts.

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IndustrialLoansMichiganMidwest

BGL Arranges $22.3M of Financing for Industrial Property Near Detroit

by Christina Cannon

GIBRALTAR, MICH. — Brown Gibbons Lang (BGL) Real Estate Advisors has arranged a $22.3 million financing for an industrial property for Ferragon Corp. The multi-phased financing will support improvements to create a continuous annealing toll processing operation in Gibraltar, which is approximately 30 miles south of Detroit. The processing center will become operational in late 2016. Once complete, the project will bring a largely vacant 550,000 square foot industrial complex back into EPA compliant condition. The $22.3 million financing consisted of a $10 million building improvement loan, an $8.2 million Brownfield Tax Increment Financing (TIF) and job creation grant from the Michigan Economic Development Corporation and the Michigan Department of Environmental Quality, and $4.1 million for building and property acquisition. BGL was the exclusive real estate advisor for the borrower, Ferragon in the transaction. BGL Real Estate Advisors provides comprehensive real estate investment banking services to the middle market, which includes real estate advisory, debt and equity placements, financial restructuring, and asset acquisition and disposition. Ferragon Corporation is a provider of comprehensive toll processing services for hot rolled and cold rolled steel that operates four other facilities in the Midwest and Southern regions.

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IllinoisLoansMidwestMultifamilySeniors Housing

CBRE Finances $21.7M Acquisition of Seniors Housing Community in Chicago MSA

by Christina Cannon

PARK RIDGE, Ill. — CBRE National Senior Housing has arranged financing on behalf of Capitol Seniors Housing (CSH) for the acquisition of The Summit of Uptown, a 147-unit independent living and assisted living community located in Park Ridge, a suburb of Chicago. CBRE secured a $27.9 million, non-recourse, floating-rate bridge loan that includes a five-year term with 36 months of interest-only payments from a regional bank. Total proceeds includes a loan of $21.7 million for the acquisition of the property along with a loan of $4.2 million for planned capital improvements and a $2 million earnout feature. CSH, a seniors housing investment company, plans to convert 28 independent living units to assisted living and add 21 memory care units. Once complete, the community will feature a fortified memory care wing and can provide its residents with a full continuum of care. CSH will lease the community to Atlanta-based operator The Arbor Company.

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MidwestMixed-UseOhio

Ohio Begins 1.4 MSF Development of Mixed-Use Bridge Park

by Christina Cannon

DUBLIN, OHIO — Crawford Hoying has started Phase I for the mixed-use Bridge Park development in Dublin, a suburb of Columbus. Hoying is the Ohio-based developer spearheading the $350 million project. The first of the three-phase development spans 30 acres and will include 269,000 square feet of restaurant, office, retail and personal services space, two 850-space parking garages, as well as 382 luxury apartment units and 42 condominiums. Phase I will also include more than $155 million in public improvements, of which the City of Dublin will contribute $43.1 million. Slated for a fall 2016 completion, Crawford Hoying is expected to release its first tenants for Phase I in the coming weeks. This fall, Phase II of the project is slated to break ground, with tenants and development anticipated to be coming online in early 2017. Plans for Phase II include a 150-key hotel, a 500-person event center, as well as significant additions of office, retail, and for-sale and rental residential units. Upon completion, the entire Bridge Park project will include more than 1.1 million square feet of residential space, 220,000 square feet of Class A Office, 120,000 square feet of service retail and 92,000 square feet of restaurants.

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IllinoisMidwestRestaurantRetail

Boulder Group Brokers $1.9M Sale of Hooters in Illinois

by Christina Cannon

ROCKFORD, ILL. — The Boulder Group has brokered the sale of a single-tenant net lease Hooters located at 6904 Argus Drive in Rockford, which is approximately 90 miles northwest of Chicago. The property is 4,700 square feet and sold for $1.9 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller who are undisclosed. There are over five years remaining on the corporately guaranteed Hooters lease. The lease features no landlord responsibilities and 10 percent rental escalations every five years. The Boulder Group is a boutique investment real estate service firm specializing in single-tenant net lease properties.

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