Property Type

St. John Properties to Build Office Building in Metro Baltimore

by John Nelson August 12, 2015

ANNAPOLIS JUNCTION, MD. — St. John Properties Inc., in partnership with Somerset Construction Co., has revealed plans for the development of a new 100,000-square-foot office building at 10170 Junction Drive in Annapolis Junction, roughly 18 miles south of Baltimore. The new four-story property will be located within Annapolis Junction Town Center, a mixed-use transit-oriented development situated adjacent to the Savage Maryland Rail Commuter Rail (MARC) station. The project represents the office component of the development, which will also contain 416 luxury apartment homes, a 150-room hotel, 17,450 square feet of retail space and the recently completed MARC Station with a 700-space commuter parking garage. Southern Management Corp. and Somerset Construction Co. are developing the residential and retail portions of Annapolis Junction Town Center and are seeking a partner for the hospitality component. St. John Properties is constructing the office building to satisfy LEED Silver specifications for Core and Shell. The exterior of the building will comprise brick and glass and will feature 25,000-square-foot floorplates. St. John Properties plans to deliver the property in fall 2016. The company recently assumed control of this project, which was formerly being developed by Corporate Office Properties Trust.

August 12, 2015

Florida Multifamily Southeast

Inland Private Capital Corp. Sells Naples Apartment Community for $20.3M

by John Nelson August 12, 2015

NAPLES, FLA. — Inland Private Capital Corp. (IPCC) has sold the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples for $20.3 million. IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Constructed in 2000, Berkshire Reserve comprises three-bedroom, two and one-half bath townhome apartments. Each unit contains 1,300 square feet of livable space and energy-efficient appliances, private patios, washers and dryers and a gourmet kitchen. The 189,800-square-foot property is located in the northern portion of the Naples-Marco Island metropolitan area, and is approximately five miles northeast of the Naples central business district. The multifamily residential complex includes 37 two-story apartment buildings and a clubhouse building with a swimming pool, barbeque area and children’s playground.

August 12, 2015

Maryland Retail Southeast

Washington Property Co. Purchases Maryland Shopping Center for $9.5M

by John Nelson August 12, 2015

FREDERICK, MD. — Washington Property Co. (WPC) has acquired Ballenger Creek Plaza, a 75,527-square-foot shopping center located at 5830 Ballenger Creek Pike in Frederick, for $9.5 million. The property is fully leased to 13 tenants, including Wolf Furniture, Dollar General and Anytime Fitness. Andy Stape, Mat Adler and Vito Lupo of KLNB represented the seller, New York City-based Cohen Equities, in the transaction. WPC has tapped Paragon Commercial Property Management, the property management division of KLNB, to handle property management responsibilities.

August 12, 2015

Industrial North Carolina Southeast

Avison Young Arranges Sale of 124,213 SF Distribution Facility in Metro Charlotte

by John Nelson August 12, 2015

BELMONT, N.C. — Avison Young has brokered the sale of a 124,213-square-foot distribution center located at 2100 The Oaks Parkway in Belmont, a suburb of Charlotte. GCP Capital Group purchased the facility from an unnamed institutional fund advisor for an undisclosed price. The property is fully leased to Industrial Distribution Group Inc. for use by its IDG USA division, which specializes in the distribution of maintenance, repair and operations supplies to industrial customers. Erik Foster, Mike Wilson and Chris Skibinski of Avison Young represented the seller in the transaction.

August 12, 2015

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Fairfield and New Haven See Growing Supply of Apartments

by Jaime Lackey August 12, 2015

In Fairfield and New Haven counties, growing rental housing demand will keep apartment vacancy tight throughout the year, despite a second consecutive year of elevated completions. Developers will complete 1,300 units this year, representing a minor drop from the number of apartments delivered last year. More than 700 of these new rentals will be in New Haven County. Another 1,500 rentals, mostly in Fairfield Country, were under construction in the first quarter of 2015, with deliveries slated for next year. Key projects for completion include the 160-unit College & Crown in the city of New Haven. College & Crown is a modern luxury rental in a vibrant community, boasting galleries, shopping, dining and recreational activities, within walking distance to Yale’s main campus and the Yale School of Medicine. New apartments will modernize apartment stock and mark an ongoing effort among developers to tap into unfulfilled demand for newer, amenity-laden rentals. In the first quarter of 2015, recently completed apartments in Fairfield and New Haven counties have been well absorbed. An increase of rental housing inventory may also play a meaningful role in continued growth of the local economy by making it easier for local employers to recruit workers to the …

August 12, 2015

Loans Multifamily Seniors Housing Washington Western

Ziegler Closes $145M in Bond Financing for CCRC in Washington

by Nellie Day August 12, 2015

GIG HARBOR, WASH. — Ziegler, a specialty investment bank, has closed $145 million in bond financing for Heron’s Key, a nonprofit continuing care retirement community (CCRC) currently in development in Gig Harbor. Located on approximately 18 acres, Phase I of Heron’s Key’s development will include 194 independent living units, 36 assisted living units, and 45 skilled nursing units. The site, zoning and design allow for a future Phase II construction of an additional 88 independent living units and 32 memory care assisted living units.

August 12, 2015

California Retail Western

Private Investor Purchases Puente Hills East Shopping Center for $36.7M

by Nellie Day August 12, 2015

CITY OF INDUSTRY, CALIF. — A private investor has acquired Puente Hills East, a shopping center located at 17603-17799 Colima Road in City of Industry. The James Campbell Company sold the 195,063-square-foot retail center for $36.7 million. The center is fully leased to Target, Ross Dress for Less, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. Ryan Swanson and Kurt Bruggman of Lee & Associates Irvine represented the buyer, who plans to hold the property for the long term. Dixie Walker, Charley Simpson and Andrew Milne of DTZ represented the seller in the transaction.

August 12, 2015

California Multifamily Western

Silicon Valley Apartment Complex Sold for $23.6M

by Nellie Day August 12, 2015

BELMONT, CALIF. — An unnamed buyer has purchased three21@belmont, a 65-unit apartment complex in the Silicon Valley submarket of Belmont, for $23.6 million. The community is located at 301-321 Oxford Way. The property was recently renovated. Exterior renovations include new redwood siding, exterior paint, dual-pane windows and sliders and energy-efficient light fixtures. Interior upgrades include a new management office, remodeled lobbies, an electronic door entry system, new pool deck and resurfaced pool, gym, remodeled laundry facilities, and new common area hallways and interior common stairwells. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and unnamed seller in this transaction.

August 12, 2015

California Multifamily Western

Cypress Village Apartments in Buena Park Sells for $20.9M

by Nellie Day August 12, 2015

BUENA PARK, CALIF. — An unnamed buyer has purchased the 88-unit Cypress Village apartments in Buena Park for $20.9 million. The community is located at 6343 Lincoln Ave. It was built in 1962. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities, a barbecue area and storage facilities. The asset is located on an expansive lot, with an option to redevelop the land. Stewart I. Weston, Alexander Garcia, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented the seller, NNC Apartment Ventures LLC.

August 12, 2015

California Office Western

Anthem Blue Cross Building in Thousand Oaks Changes Hands

by Nellie Day August 12, 2015

LOS ANGELES — A private Asian investor has purchased a 106,560-square-foot office building in the Los Angeles submarket of Thousand Oaks for $19.1 million. The building is fully occupied by Anthem Blue Cross of California. The property is located at 2000 Corporate Center Drive. Anthem has occupied the building since 1993. There are more than seven years remaining on the lease. CBRE’s Kevin Shannon, Brad Burton, Mike Moll, Ken White, Michael Longo, Tom Dwyer and Michael Slater represented the seller, Gramercy Property Trust.

August 12, 2015

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