Property Type

Los Angeles County to Receive First-Ever Wellness Village

by Nellie Day July 8, 2015

LOS ANGELES — A 420,000-square-foot, first-of-its-kind wellness village will break ground next summer in the Los Angeles submarket of Palmdale. Dubbed the Oasis, this development will offer a continuum of care adjacent to Palmdale Regional Medical Center. The new project will sit on 17.5 acres that includes multiple districts promoting health and wellness. The Oasis will contain public amenities and public infrastructure improvements that will enhance the project’s look and feel. This will include a public pavilion, parking, circulation amenities, a park, pedestrian areas, signage, decor and landscaping. It will also include services like yoga, a farmer’s market and physical therapy sessions. The $200 million Oasis is being developed by Thomas Partners Properties, which is collaborating with nationally renowned leaders in healthcare to provide safe, reliable and branded healthcare services. It is being designed by HKS architects.

July 8, 2015

Nevada Retail Western

Cornerstone Capital Buys Crossroads Towne Center in North Las Vegas for $52M

by Nellie Day July 8, 2015

LAS VEGAS — Cornerstone Capital has purchased Crossroads Towne Center, a 148,791-square-foot shopping center in North Las Vegas, for $52 million. The center is located at 6436-6592 N. Decatur Blvd. Crossroads Towne Center is anchored by Super Walmart and Bed Bath & Beyond. Other notable tenants include Bank of America, Hallmark, Radio Shack, Payless, GNC, Starbucks and Baskin Robbins. The center was completed in 2007. It can be seen from the 215 Freeway. The seller, EagleCrossroads Center 2 LLC, was represented by Jeff Mitchell and Chris Emanuel of Virtus Commercial, and by DTZ’s Michael Hackett, Vic Russell and Ryan Schubert.

July 8, 2015

Nevada Retail Western

Dynamic Development Acquires Five-Acre Parcel on Las Vegas Boulevard

by Nellie Day July 8, 2015

LAS VEGAS — Dynamic Development has purchased a 5-acre parcel on Las Vegas Boulevard for $6.5 million. A 22,000-square-foot build-to-suit Total Wine & More will occupy the property, alongside an additional 30,000 square feet of retail space. Bill Dunbar and Houston Carr of Dunbar Commercial are in charge of leasing for the project.

July 8, 2015

Market Reports Northeast Northeast Market Reports Retail Rhode Island

Rhode Island Retail Continues to Show an Upswing in Leasing Momentum

by Jaime Lackey July 8, 2015

Rhode Island’s retail market continues to improve, although not to the point that new ground-up major projects are feasible. There is considerable activity with retailers expanding and absorbing the existing supply of retail space. In the past few years, a lot of the activity has focused on absorbing the mid-size boxes that went dark after the start of the recession, due to the closings of stores such as Circuit City, Linens ’N Things, and Borders. The leasing activity over the last several years seems to be the final stages of the absorption of these vacant boxes. As the supply of these existing anchor spaces continues to be reduced, the health of the retail market continues to improve with the result being a slight upward pressure on rents. The 500,000-square-foot Garden City Center in Cranston, which first opened in 1948, continues to upgrade its tenants, with The Wilder Company’s ongoing multi-year expansion and renovation of Rhode Island’s premier open-air mixed-use shopping center. New tenants opening over the last year include The Container Store, which has taken 25,000 square feet, as well as French natural skin care retailer L’Occitane and natural burger concept b. good. Additional new leases have been signed with …

July 8, 2015

Multifamily South Carolina Southeast

Steadfast Apartment REIT Buys Multifamily Community in Greenville MSA for $66.8M

by John Nelson July 8, 2015

MAULDIN, S.C. — Steadfast Apartment REIT has acquired Arbors at Brookfield, a 702-unit apartment community located in Mauldin, roughly eight miles from Greenville’s central business district. The $66.8 million purchase marks Steadfast’s entry into South Carolina. Constructed in four phases between 1989 and 1997 on 50 acres, Arbors at Brookfield comprises 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room. The apartment community is currently 94.9 percent occupied with an average rent of $766 per month. Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center. With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.

July 8, 2015

Retail Southeast Virginia

KLNB Retail Brokers $55.5M Sale of Shopping Center in Northern Virginia

by John Nelson July 8, 2015

CENTREVILLE, VA. — The KLNB Retail Investment Sales Group has brokered the $55.5 million sale of Old Centreville Crossing, a 170,000-square-foot shopping center located at 13810-13860 Braddock Road in Centreville, a town in Northern Virginia. The shopping center was 98 percent leased at the time of sale to tenants such as H-Mart, Spa World, IHOP, Glory Days Bar & Grill and Woori American Bank. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the seller in the transaction. The buyer was JBG/Old Centreville LLC.

July 8, 2015

Florida Loans Multifamily Southeast

Berkadia Arranges $52.6M Loan for Luxury Apartment Community in Fort Lauderdale

by John Nelson July 8, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.

July 8, 2015

Florida Industrial Southeast

McCraney Buys 66 Acres in Orlando for 1.1M SF Industrial Development

by John Nelson July 8, 2015

ORLANDO, FLA. — McCraney Property Co. has purchased 66 acres at the intersection of Taft Vineland Road and the Florida Turnpike, which is adjacent to the company’s existing Bent Oak Industrial Park in Orlando. The company plans to develop six buildings totaling 1.1 million square feet on the site. The project is officially Phase II of Bent Oak Industrial Park, which McCraney plans to deliver by the end of the second quarter of 2016. The design team for Phase II includes general contractor Edwards Construction Services Inc. and architect C4 Architecture LLC.

July 8, 2015

700 702 S.E. 5th St. Bentonville Arkansas

Arkansas Office Southeast

Newmark Grubb Arkansas Brokers $6M Sale of Two Office Buildings

by John Nelson July 8, 2015

BENTONVILLE, ARK. — Newmark Grubb Arkansas has brokered the $6 million sale of two office buildings located at 700 and 702 S.E. 5th St. in Bentonville. The properties are situated on a 3.2-acre lot and span roughly 59,000 square feet. Bentonville-based Food Hub NWA LLC purchased the buildings from Dixieland Inc., which is also based in Bentonville. Paul Esterer of Newmark Grubb Arkansas represented Food Hub in the transaction. Steve Fineberg and Amy Mills of Steve Fineberg & Associates represented Dixieland.

July 8, 2015

Loans Multifamily Texas

Berkadia Originates $29.8M Acquisition Loan for Multifamily Property in San Antonio

by Haisten Willis July 7, 2015

SAN ANTONIO — Berkadia has originated a $29.8 million loan for the acquisition of Grand Estates at TPC, a multifamily property located at 5707 TPC Parkway in San Antonio. Jeff Robbins and Matt Ewig of Berkadia’s Chicago office secured the 10-year loan through Fannie Mae. Robbins and Ewig arranged the loan, which includes seven years of interest-only payments, on behalf of the borrowers, Wood Partners, Silverpeak Capital and W. P. Carey Inc. Grand Estates at TPC features 408 units and is 94 percent occupied. Community amenities include a pool, game room and fitness center. The property is situated near U.S. Highway 281, which provides access to downtown San Antonio, approximately 22 miles south.

July 7, 2015

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