Property Type

Bellwether Enterprise Arranges $98.8M in Loans for Three Apartment Complexes in Orange County

by Nellie Day November 18, 2015

ANAHEIM, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged $98.8 million in financing for the acquisition of three apartment communities in Orange County by A&M Properties. The properties include Springdale Villa in Westminster, Portofino Cove in Anaheim and Tustin Parc in Tustin. The properties contain a total of 723 units. They were built between 1961 and 1971. Doug Taylor and Jason Krupoff of Bellwether arranged the Freddie Mac, fixed-rate financing. Bellwether is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. The team also helped A&M Properties identify Tustin Parc for acquisition.

November 18, 2015

California Loans Multifamily Western

CityMark Development Receives $48M to Build Apartment Complex in San Diego

by Nellie Day November 18, 2015

SAN DIEGO — CityMark Development has received a $48 million loan to develop a 129-unit multifamily project in the downtown San Diego submarket of Little Italy. The community will be located at 2101–2175 Kettner Blvd. The site was formerly occupied by Caliber Collision Center. The new project will contain a six-story apartment building with 8,000 square feet of retail podium space, 100,000 square feet of residential space and 2.5 levels of subterranean parking. Tanner Hecht Architecture will design the community, while Van Tilburg, Banvard & Soderbergh will act as the architect of record. The funds were capitalized by Fident Capital, which has identified an institutional equity partner for this project. The Los Angeles-based fund manages more than $2 billion in assets. It focuses exclusively on urban infill residential projects that contain over 100 units.

November 18, 2015

California Retail Western

Gelson’s to Purchase Six Haggen Properties in Southern California

by Nellie Day November 18, 2015

ENCINO, CALIF. — Encino-based supermarket chain Gelson’s Markets has won final approval to buy six Haggen grocery/pharmacy properties in Southern California. Acquisitions will include 2627 Lincoln Blvd., Santa Monica; 25636 Crown Valley Parkway, Ladera Ranch; 36-101 Bob Hope Drive, Rancho Mirage; 2707 Via De La Valle, Del Mar; 730 Turquoise St., San Diego; and 1736 Avenida De Los Arboles, Thousand Oaks. Haggen filed for Chapter 11 bankruptcy this past September. Gelson’s plans to relaunch the acquisitions early next year under its own brand with initial improvements to product selection and merchandising, followed several months later by redesign and construction. Existing pharmacies will remain open during the transition.

November 18, 2015

Industrial Midwest Wisconsin

Dollar General Corp. Breaks Ground on Distribution Facility in Janesville, Wisconsin

by Christina Cannon November 18, 2015

JANESVILLE, WIS. — Dollar General Corp. has broken ground on a new distribution center in Janesville, approximately 40 miles southeast of Madison. The facility, which will span nearly 1 million square feet, will be the retailer’s 14th distribution facility. The development is slated to come on line in December 2016. Clayco Inc. is serving as the general contractor for the project. Leo A Daly is the building design company, and Elan Design Lab is the civil design company. The new distribution center is expected to service more than 1,000 stores in the upper Midwest. Dollar General currently operates 122 stores in Wisconsin.

November 18, 2015

Healthcare Midwest Wisconsin

Ryan Cos. Breaks Ground on 18,000 SF Facility for Children’s Hospital of Wisconsin

by Christina Cannon November 18, 2015

BROOKFIELD, WIS. — Ryan Companies US Inc. has broken ground on a new facility for Children’s Hospital of Wisconsin in Brookfield, a western suburb of Milwaukee. The new facility will serve as a primary care building and will be located within the Underwood Crossing retail center. The retail center is located on Bluemound Road and is anchored by Target. The Children’s Hospital of Wisconsin Pediatric Consultants Primary Care Clinic will be renamed Bluemound Pediatrics when it relocates to the new facility, which is 1.5 miles west of its current location. Construction is slated for completion in the spring of 2016. The development will be an 18,000-square-foot freestanding building that will be adjacent to Target at the east end of the 175,000-square-foot shopping center. Stephen Perry Smith Architects and ScopeBridge are the architects of record for the project. Johnson Bank provided financing for the development.

November 18, 2015

Industrial Michigan Midwest

Signature Associates Arranges 32,686 SF Industrial Lease in Detroit Suburb

by Christina Cannon November 18, 2015

TROY, MICH. — Signature Associates has arranged a 32,686-square-foot lease of high-tech industrial space in Troy, a northern suburb of Detroit. SGS North America Inc. is leasing the space located at 894 Maplelawn Drive from Troy Industrial LLC. John Boyd and Paul Hoge of Signature Associates represented the landlord in the transaction. Anthony Leeds of Signature Associates and Ben Brenner of Cushman & Wakefield represented the tenant.

November 18, 2015

Midwest Missouri Mixed-Use

Streets of St. Charles Mixed-Use Development in Missouri Signs New Tenants

by Christina Cannon November 18, 2015

ST. CHARLES, MO. — Streets of St. Charles has added new tenants to its mixed-use development that is still partially under construction in St. Charles, a northwestern suburb of St. Louis. MOD, a fashion boutique, will open its fourth location at the retail center and will occupy 1,200 square feet. The location is scheduled to open in the spring of 2016. Supercuts also plans to open a new store at the Streets of St. Charles. Supercuts will occupy 1,171 square feet and will open in early 2016. The Streets of St. Charles is a 27-acre community that offers retail, dining, entertainment, hospitality, residential and office components. Prior to MOD and Supercuts signing a lease, PF Changs, Pieology and Noodles & Co. inked deals and those spaces are also currently under construction.

November 18, 2015

Colorado Multifamily Student Housing Western

UniversityParent Launches Certification to Connect Student Housing Companies with Parents

by Nellie Day November 18, 2015

BOULDER, COLO. — UniversityParent has launched Best for Parents, a certification tool created to help parents determine which student housing options meet their priorities, and to allow businesses providing student housing to express their value to these stakeholders in housing decisions. Best for Parents certification takes into account the aspects of housing that matter most to parents, such as safety, convenience, student-friendly features, and professional, accessible management and maintenance. Along with providing financial input, parents are a source of support and advice to students. The Best for Parents certification allows parents to make well-informed suggestions regarding their student’s housing. Housing facilities that earn the Best for Parents label receive a parent page on the UniversityParent site outlining the housing company’s answers to the top parent questions, recognition as a Best for Parents facility in the UniversityParent directory, and a plaque and window cling for display.

November 18, 2015

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Philadelphia’s Apartment Market Remains Bright

by Jaime Lackey November 18, 2015

Philadelphia’s apartment market remains bright as increasing employment fosters stable economic growth, which in turn is bolstering apartment operations. Employers in the metro, which is known as the center of economic activity in Pennsylvania, will increase hiring 1.2 percent this year, adding 35,000 jobs. In 2014, new jobs increased 1.6 percent and the unemployment rate decreased 130 basis points. Total employment is on the upswing, recovering nearly all of the jobs lost during the recession. The favorable employment conditions are supporting demand for apartments and swiftly improving performance throughout the metro, prompting developers to start new multifamily projects. Builders in Philadelphia are focusing their attention in Center City, which includes the central business district and central neighborhoods of Philadelphia, where nearly 25 percent of this year’s deliveries will be placed into service. Developers are on track to complete 3,600 units in 2015, increasing total apartment inventory 1.4 percent. Last year 2,400 rentals were delivered. Part of the reason that demand is especially strong in Philadelphia can be attributed to the increasing popularity of living in the urban core among young professionals and baby boomers. The lack of developable in-fill locations in the area is prompting developers to convert office buildings …

November 18, 2015

California Loans Retail Western

Thorofare Capital Funds $7.7M Loan for Acquisition of LA Retail Property

by Nellie Day November 17, 2015

LOS ANGELES — Thorofare Capital has provided a $7.7 million bridge loan to a partnership between Cadence Capital Investments and Oakwood Real Estate Partners for the off-market acquisition of a retail property located near The Grove on Beverly Boulevard in Los Angeles. The non-recourse, one-year, interest-only loan features a fixed rate. The borrower plans to reposition the 12,500-square-foot property, which was 56 percent leased at the time of closing.

November 17, 2015

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