Property Type

CBRE Arranges $36.3M Construction Loan for CCRC Near Denver

by Nellie Day September 17, 2015

LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.

September 17, 2015

Industrial Nevada Western

Cintas Corp. Leases 20,000 SF of Distribution Space in Reno

by Nellie Day September 17, 2015

RENO, NEV. — Cintas Corp. has leased 20,000 square feet of distribution space at the Capital Commerce Center in Reno. The space is located at 1312 Capital Blvd. Cintas supplies corporate identity uniform programs, among other things. J. Michael Hoeck, Dave Simonsen, Steve Kucera and Michael Nevis of the NAI Alliance Industrial Properties Group represented the landlord in the transaction.

September 17, 2015

Arizona Multifamily Seniors Housing Western

Sagewood in Phoenix to Add 24 Luxury Independent Living Units

by Nellie Day September 17, 2015

PHOENIX — Sagewood, a luxury senior living retirement community in northeast Phoenix, plans to add The Estates at Sagewood, a new neighborhood featuring 24 independent living homes. The new homes have multiple floor plans, including villas and duplexes. Sagewood is also expanding its onsite Acacia Health Center. With the addition of The Estates at Sagewood, the community will have 316 independent living residences.

September 17, 2015

California Multifamily Western

Santa Monica Apartment Complex Sells for $2.9M

by Nellie Day September 17, 2015

SANTA MONICA, CALIF. — A local private investor has purchased a six-unit apartment complex in Santa Monica for $2.9 million. The community is located at 2820 3rd St. It is situated near Third Street Promenade and the Santa Monica Pier. The property was built in 1962 and recently underwent a total renovation. Kimberly Roberts Stepp of Stepp Commercial represented the seller, 2820 3rd Street LLC, in this transaction.

September 17, 2015

Georgia Mixed-Use Southeast

CONNOLLY, Terwilliger Pappas Break Ground on Mixed-Use Development in Metro Atlanta

by John Nelson September 17, 2015

CHAMBLEE, GA. — CONNOLLY, its affiliate Spruce Street Partners and Terwilliger Pappas have begun construction on Parkview on Peachtree, a transit-oriented, mixed-use development in Chamblee. The first phase of construction includes the demolition of existing vacant buildings and site grading. Set to open in 2017, Parkview on Peachtree will be located at the intersection of Peachtree Boulevard and Clairmont Road adjacent to the 45-acre Keswick Park. The mixed-use project will feature 40,000 square feet of restaurant and retail space, 14,000 square feet of loft office space and 503 multifamily units. Terwilliger Pappas will develop 303 multifamily units in Phase I at Solis Parkview, with another 200 planned for Phase II. Ed O’Connor of Lavista Associates Inc. and Mindy Elms of Vantage Realty Partners will handle retail and restaurant leasing, and Rob Binion and Brian Burks of Lavista Associates will handle office leasing.

September 17, 2015

Loans Office Southeast Virginia

NXT Capital Provides $22.5M to Recapitalize Two Virginia Office Buildings

by John Nelson September 17, 2015

STERLING, VA. — NXT Capital has provided a $22.5 million first mortgage for the recapitalization of Lakeside at Loudoun Tech Phase II & III, two Class A office buildings in Sterling totaling 204,000 square feet. Both properties are located within Loudoun Tech Center, an office park featuring office buildings, restaurants and two hotels.

September 17, 2015

Alabama Industrial Southeast

Strategic Storage Trust II Acquires Self Storage Facility in Alabama for $8M

by John Nelson September 17, 2015

FOLEY, ALA. — Strategic Storage Trust II Inc., a non-traded self storage REIT, has purchased a 1,050-unit self storage facility located at 8141 Highway 59 S. in Foley for $8 million. The property spans 142,000 square feet and features 78 boat/RV spaces, climate controlled units and grade level drive up. Built in 1985 and renovated in 1996 and 2006, the asset was 91 percent occupied at the time of sale. The REIT plans to make capital improvements to the 10-acre facility, including new roofs and drive areas. Strategic Storage Trust’s portfolio includes 18,000 self storage units spanning approximately 2 million square feet.

September 17, 2015

Panera Bread 10059 Jefferson Davis Highway Fredericksburg

Retail Southeast Virginia

Coldwell Banker Commercial Elite Brokers $4.6M Sale of Strip Center in Virginia

by John Nelson September 17, 2015

FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $4.6 million sale of a 13,900-square-foot retail building located at 10059 Jefferson Davis Highway in Fredericksburg. The property was fully leased at the time of sale to tenants such as Panera Bread, Avail Vapor, Blue Pearl Nails & Spa and a barbershop. The property is located within the Cosner’s Corner Shopping Center. Joe Pfahler of Coldwell Banker Commercial Elite represented the seller, G & S Lantier Properties LLC, in the transaction. Geoff Lindsay of Capital Realty Advisors represented the buyer, GPAC Properties LLC.

September 17, 2015

Georgia Retail Southeast

Marcus & Millichap Arranges $3.7M Sale of Strip Center in Metro Atlanta

by John Nelson September 17, 2015

SUWANEE, GA. — Marcus & Millichap has brokered the $3.7 million sale of Moore Road Village, a 20,000-square-foot retail strip center located at 991 Peachtree Industrial Blvd. in Suwanee, a northeast suburb of Atlanta. Built in 2008, the property’s tenant roster includes FedEx Office, American Body Works, T-Mobile and Riverside Pizza. Craig Johnson and Tim Giambrone of Marcus & Millichap’s Atlanta office represented the seller, a private investor, in the transaction. Johnson and Giambrone also secured the buyer, which was also a private investor.

September 17, 2015

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Renter Demand Exceeds Flood of New Apartments in Metro Kansas City

by Jeff Shaw September 17, 2015

Surging rental demand for apartments in metro Kansas City during the first six months of 2015 supported a sharp rise in real estate fundamentals following a lackluster second half of 2014. Renters absorbed 2,510 apartments during the first half of this year, surpassing the 1,810 apartments completed during the same period a year ago. With leasing activity exceeding deliveries so far this year, the overall vacancy rate fell 60 basis points to 5 percent by the end of June. The decline followed a spike in vacancy and negative absorption in the fourth quarter of 2014. The recent resurgence in leasing resulted in the vacancy rate in June matching the 5 percent rate one year ago. Supply-side pressure was most noticeable in the Class A apartment segment, which po sted an increase of 60 basis points in the vacancy rate year-over-year to reach 4.2 percent in June. Even with the increase, the vacancy rate was tightest among top-tier apartments, while Class C vacancy tightened 20 basis points during the same period to settle at 5.3 percent in June. A Landlord’s Market As a result of Kansas City’s apartment vacancy rate tightening during the first half of this year, operators were able …

September 17, 2015

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