Property Type

MC Cos. Receives $49.8M Loan to Acquire Tucson Multifamily Portfolio

by Nellie Day May 29, 2015

TUCSON, ARIZ. — MC Companies has received a $49.8 million loan to acquire FHR Portfolio, an eight-property multifamily portfolio in Tucson. The total sales price was $66.7 million. FHR Portfolio contains a total of 1,576 units throughout a range of studio, one- and two-bedroom floor plans. Some of the properties contain amenities like gyms, clubhouses, swimming pools and laundry facilities. Notable employers in the Tucson area include Davis-Monthan Air Force Base, University of Arizona and Raytheon. The seven-year, floating-rate loan features a 2.32 percent interest rate, two years interest-only, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The loan was originated by Clay Akiwenzie of Berkadia through the firm’s Freddie Mac Program. The seller was Family Housing Resources (FHR). The sale was executed by Berkadia’s Art and Clint Wadlund.

May 29, 2015

Loans Multifamily Retail Western

San Francisco Condo, Retail Development Receives $48M Loan

by Nellie Day May 29, 2015

SAN FRANCISCO — A joint venture between Trumark Urban and Hillwood West has received a $48 million senior loan for a ground-up condo and retail development in San Francisco. The new project will be located at 645 Texas Street in the Dogpatch/East Potrero Hill neighborhood near the city’s downtown. The development will contain 91 condo units, 625 square feet of ground-floor retail and 67 subterranean parking stalls. The condo units will include one- and two-bedroom units, as well as three-bedroom penthouses. Construction is slated to commence this summer, with completion scheduled for late next year. The infill site currently contains two vacant warehouse buildings that will be demolished. The site will have direct access to Interstate 280, the 22nd Street Caltrain, the 3rd Street T-Line Muni, Espirit Park and the future Pier 70 waterfront development. Major employers in the area include UCSF Medical Center, Uber and Old Navy, which all maintain campuses about a mile north of the property. The senior loan was provided by PCCP LLC.

May 29, 2015

Multifamily Utah Western

TruAmerica Enters Utah, Buys Crossing at Daybreak in South Jordan

by Nellie Day May 29, 2015

SOUTH JORDAN, UTAH — TruAmerica Multifamily has entered Utah for the first time by purchasing the 315-unit Crossing at Daybreak apartment complex in South Jordan. The purchase price was not disclosed. Crossing at Daybreak is located at 4950 W. Frogs Leap Drive. It was built in 2011. The community features a mix of one-, two- and three-bedroom apartment homes within the master-planned community of Daybreak. The community is situated just 18 miles south of Salt Lake City. Common-area amenities include a resort-style pool, spa and cabana, resident lounge, game room, fitness center, and picnic and barbecue areas. TruAmerica plans to invest up to $1 million into the property. This investment would go toward light unit interior enhancements, in-unit Wi-Fi, a dog wash station and upgraded landscaping. TruAmerica also received a five-year, interest-only loan with a floating rate of 2.15 percent. The agency debt financing was arranged by Allan Freedman and Ed Zimbler of Berkadia. The firm is currently expanding its holdings across the Western U.S. It has rapidly expanded its presence in Seattle, Denver and throughout California, with additional plans to acquire properties in Portland, Ore., and Las Vegas in the very near future, according to TruAmerica. Campbell also notes …

May 29, 2015

California Retail Western

NoHo Commons Retail Portion in Los Angeles Sells for $43M

by Nellie Day May 29, 2015

LOS ANGELES — JH Real Estate Partners has acquired the 60,930-square-foot retail portion of NoHo Commons in the Los Angeles submarket of North Hollywood for $43 million. The center is located at 5300 Lankershim Blvd. The retail space is almost fully leased. Notable tenants include 24 Hour Fitness, Coffee Bean & Tea Leaf, Daphne’s California Greek, Panera Bread, Panda Express, Wells Fargo, Fish Dish and Big Wangs. NoHo Commons also includes apartment units and lofts that were developed by JH Snyder Co. in 2004. How’s Grocery was the anchor at this time. It was later replaced with 24 Hour Fitness. The property is situated across the street from the Magnolia/Lankershim Red Line Metro Station. JH Real Estate Partners was represented by Jim Fisher, Mike Smith and Cory Stehr of Lee & Associates. The seller, Redrock Noho Retail LLC, was represented by CBRE’s Curtis Palmer. Fisher and Smith also recently assisted the buyer with the $481.2 million disposition of a 14-building Southern California multifamily portfolio. The Noho Commons acquisition is part of JH Real Estate’s ongoing portfolio repositioning that has the firm transitioning into retail holdings.

May 29, 2015

California Office Western

Beachbody Opens New Tech Center in Los Angeles

by Nellie Day May 29, 2015

LOS ANGELES – Health and fitness company Beachbody has opened a new technology center in Westlake North Business Park, which is located in the Westlake Village submarket of Los Angeles. The park’s address is 30699 Russell Ranch Road. The new 16,000-square-foot space will house the company’s Beachbody On Demand offering, which provides streaming access to the company’s world-class fitness programs. The Westlake Village location is Beachbody’s third outpost in Southern California. Its world headquarters are located in Santa Monica, with additional operations based out of El Segundo. The company was represented by JLL’s Jordan Kissel, Tony Acerra and Tom Turley. The landlord was represented by the firm’s Jim Lindvall and Dan Sanchez, along with David Saeta and David Smith of IDS Real Estate.

May 29, 2015

Retail Southeast Tennessee

CBL & Associates Completes Redevelopment of CoolSprings Galleria in Metro Nashville

by John Nelson May 29, 2015

FRANKLIN, TENN. — CBL & Associates Properties Inc. has completed the redevelopment of CoolSprings Galleria, a 1.1 million-square-foot super-regional shopping development in Franklin, a suburb of Nashville. The property’s tenant roster includes The Apple Store, Ann Taylor, J. Crew and Pottery Barn and its anchor tenants are Belk, Dillard’s, JC Penney and Macy’s. CBL & Associates redeveloped the former Sears store to make way for new retailers and restaurants. Retailers now open as part of the redevelopment include American Girl, H&M and A’Gaci. These new stores join Belk Men’s & Kid’s store, which opened in March, and The Cheesecake Factory, which opened in November 2014. The development’s new restaurants coming this year include Connors Steak & Seafood, Kona Grill and King’s, a boutique bowling and entertainment venue. The new retailers coming this summer and fall include Ulta Beauty, the renovated Belk’s Women’s & Home store, Zumiez, Tilly’s and Windsor Fashions. Sephora opened in early May.

May 29, 2015

Retail Southeast Virginia

InvenTrust Properties Buys Shopping Center in Metro Richmond for $33.8M

by John Nelson May 29, 2015

GLEN ALLEN, VA. — InvenTrust Properties Corp., a self-managed REIT, has purchased Westpark Shopping Center, a 176,935-square-foot shopping center located in the Richmond suburb of Glen Allen, for $33.8 million. The grocery-anchored property was 95 percent leased at the time of sale to tenants such as Martin’s, Christmas Tree Shops, The Tile Shop and Victory Lady Fitness Centers. The four largest tenants have an average 6.9 years remaining on their lease terms. Since 2011, the property has received $1.4 million in capital improvements.

May 29, 2015

3945 Connecticut Ave. N.W. in Washington, D.C.

District of Columbia Multifamily Southeast

UIP Acquires Apartment Building in D.C. for $13.3M, Plans $18M Renovation

by John Nelson May 29, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Tilden Hall, a 76-unit apartment building located at 3945 Connecticut Ave. N.W. in Washington, D.C.’s Cleveland Park neighborhood. The seller, DARO Realty, which owned the property since 1955, disposed the asset for $13.3 million. Robert Meehling and Brian Margerum of CBRE represented DARO Realty in the transaction. UIP coordinated the acquisition — its third for 2015 — with the Tilden Hall Tenants Association. UIP and the association also worked together to plan a major renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The $18 million project will include upgrading the building’s electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors (with a particular focus on kitchens and baths), while maintaining the structure’s historic character. A small addition in the rear of the building will also be constructed.

May 29, 2015

Florida Loans Retail Southeast

Aztec Group Secures $18.6M Loan for Shopping Center in Miami

by John Nelson May 29, 2015

MIAMI — Aztec Group Inc. has secured $18.6 million in financing for Sedano’s Plaza at Lakes on the Green, a 129,000-square-foot shopping center in Miami that features a standalone three-story office building. A 37,000-square-foot Sedano’s Supermarket anchors the shopping center. The retail component and office outparcel were developed in 2006 and 2010, respectively. The property is currently 85 percent occupied, with tenants including Carrabba’s Italian Grill, Sherwin-Williams and Vicky Bakery. Starwood Mortgage Capital provided financing. Terms of the 10-year facility include a 75 percent loan-to-value ratio, a 30-year amortization schedule, several years of interest-only payments and a fixed interest rate.

May 29, 2015

New York Northeast Office

Prodigy to Acquire Two NOMAD Properties in NYC for $95.4M

by Amy Works May 29, 2015

NEW YORK CITY — Prodigy Network has signed option agreements to acquire two buildings in the NOMAD section of Manhattan for a total of $95.4 million. The company will acquire a 12-story, 45,000-square-foot loft building located at 114-116 East 25th St. for $48 million, and a 12-story loft building located at 331 Park Ave. S. for $47.4 million. These acquisitions mark the fourth and fifth Manhattan project for Prodigy, a real estate crowdfunding company.

May 29, 2015

Newer Posts

Older Posts