Property Type

Meta Breaks Ground on $26M Affordable Seniors Community in the Bay Area

by Nellie Day February 16, 2016

HAYWARD, CALIF. — Meta Housing Corp. has broken ground on the Downtown Hayward Senior Apartments, a 60-unit affordable seniors housing development in Hayward, 15 miles southeast of Oakland. The new development will include approximately 6,000 square feet of retail space on a nearly one-acre lot in the city’s downtown. Development costs are estimated at $26 million. Meta will develop the new apartment community in partnership with Community Home Builders and Associates. Redstone Equity Partners, Enterprise Community Partners Inc., Citibank, CalHFA, Federal Home Loan Bank of San Francisco, the State of California Department of Housing and Community Development (HCD), Alameda County Housing and Community Development Department, California Community Reinvestment Corporation, and the California Tax Credit Allocation Committee all provided financing for the project. Meta is a multifamily developer based in California that has developed more than 6,000 units.

February 16, 2016

Colorado Multifamily Western

Broadridge Apartments in Littleton Sells for $8.3M

by Nellie Day February 16, 2016

LITTLETON, COLO. — An unidentified, out-of-state buyer has purchased the 54-unit Broadridge Apartments in Littleton for $8.3 million. The community is located at 6900 S. Bannock St. It was built in 1965. Jeff Johnson and Matt Ritter of Pinnacle’s Johnson Ritter Team represented the buyer, while the firm’s Josh Newell represented the seller in this transaction.

February 16, 2016

Nevada Retail Western

AW Family Trust Acquires Durango Springs Plaza in Las Vegas for $8.3M

by Nellie Day February 16, 2016

LAS VEGAS — AW Family Trust has acquired Durango Springs Plaza, a 15,800-square-foot retail center in Las Vegas, for $8.3 million. The center is located at 8520, 8530, 8550 W. Warm Springs Road. Chris Emanuel and John Blommer of Virtus Commercial represented the seller, DSP 1 LLC, in this transaction.

February 16, 2016

California Multifamily Western

Timberlane Partners Buys Apartment Building in Los Angeles for $6.4M

by Nellie Day February 16, 2016

LOS ANGELES — Timberlane Partners has acquired a 24-unit apartment building in Los Angeles for $6.4 million. The vintage, 1920’s community is located at 425 S. Detroit St., in the Miracle Mile area of Mid-Wilshire. Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office represented both the buyer and seller, a private investor, in this transaction.

February 16, 2016

Arizona Retail Western

Scooter’s Coffee to Open in Phoenix

by Nellie Day February 16, 2016

PHOENIX — Scooter’s Coffee has announced plans to add new coffee shops to four states, which includes Phoenix, Ariz. Other states receiving outposts include Florida, Oklahoma and Arkansas. Once these locations are open, Scooter’s will have more than 130 stores in 14 states. It plans to open 25 new locations in the first half of 2016.

February 16, 2016

Retail South Carolina Southeast

MPV Properties Breaks Ground on RedStone Development in South Carolina

by John Nelson February 16, 2016

INDIAN LAND, S.C. — MPV Properties has broken ground on RedStone, a retail development located in Indian Land. Phase I of the property will feature a 14-screen Stone Theatre and 54,900 square feet of retail shop space. Upon completion, the shopping center will total 310,000 square feet. The property will be situated at the intersection of Highway 521 and Highway 160 in northern Lancaster County. MPV’s team for the RedStone project includes developer Mike Bilodeau and leasing agent Keely (Simerville) Hines.

February 16, 2016

Kentucky Loans Seniors Housing Southeast

Cain Brothers Arranges $49.9M in Bond Financing for Christian Care Communities

by John Nelson February 16, 2016

LOUISVILLE, KY. — Cain Brothers, an investment bank based in New York City, has arranged $49.9 million in bond financing for Christian Care Communities (CCC), a faith-based, nonprofit operator based in Louisville. CCC operates seniors housing communities in 11 cities in Kentucky, providing services including assisted living, independent living, skilled nursing, memory care, short-term rehabilitation, home healthcare and adult daycare. The Series 2016 bond financing consists of $36.7 million of tax-exempt direct purchase bonds and $13.2 million of taxable term loans, plus a $1.5 million line of credit. Two commercial banks purchased and provided all debt. Proceeds from the financing were primarily used to refinance all of CCC’s outstanding debt, including four series of public bonds, 12 capital leases and five lines of credit. The financing also funded $1.8 million of renovation projects, $3 million of reimbursement for prior capital expenditures and $4 million of working capital funds.

February 16, 2016

Multifamily Southeast Tennessee

Southeastern Development Associates Brokers $49.6M Sale of Apartment Complex in Metro Nashville

by John Nelson February 16, 2016

SMYRNA, TENN. — Southeastern Development Associates has brokered the $49.6 million sale of Grand Oak at Town Park, a 300-unit, Class A multifamily development located in Nashville’s Smyrna suburb. Completed in 2014, the property was 98 percent occupied at the time of sale. Community amenities include a clubhouse, cyber café, 24/7 cardio wellness center, saltwater pool, outdoor fireplace and a poolside entertainment area with stainless steel grills. An undisclosed international investor purchased the property from an undisclosed seller. Ryan McArdle, Steve Collins and David Rivers of Southeastern Development Associates represented the seller.

February 16, 2016

Florida Retail Southeast

365 by Whole Foods Market to Anchor Butler Town Center in Gainesville

by John Nelson February 16, 2016

GAINESVILLE, FLA. — The first 365 by Whole Foods Market announced for the state of Florida is set to anchor Butler Town Center, a 350,000-square-foot mixed-use addition to Butler Plaza located in Gainesville. The shopping center is located at the Archer Road (State Road 24) exit of I-75. The 365 by Whole Foods Market is scheduled to open in advance of the Town Center, which is set to open in 2018. Butler Town Center will consist of retail, restaurant, hospitality and multifamily components upon completion. The new 365 by Whole Foods Market concept will offer shoppers low prices on natural and organic products that meet Whole Foods Market’s standards for quality.

February 16, 2016

Florida Retail Southeast

P.F. Chang’s to Open New Restaurant at ONE DAYTONA in Daytona Beach

by John Nelson February 16, 2016

DAYTONA BEACH, FLA. — P.F. Chang’s, an Asian-inspired bistro, will open a new restaurant at ONE DAYTONA, the planned 300,000-square-foot mixed-use and entertainment destination set to open in 2017. The project will be located across from Daytona International Speedway in Daytona Beach. P.F. Chang’s will open its new 5,500-square-foot restaurant within the project’s Victory Circle section. Other tenants that have recently signed leases at ONE DAYTONA include Hy’s Toggery and Kilwins Confections. Additionally, Shaner Hotels and Prime Hospitality Group (PHG) announced the name of the new Marriott Autograph Collection hotel — The DAYTONA — and the flag for their select-service hotel — Fairfield Inn & Suites by Marriott. Prime Group also serves as the developer for an approximate 268-unit residential apartment community, originally planned for a later phase and now part of the initial phase of ONE DAYTONA.

February 16, 2016

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