BAKERSFIELD, CALIF. – The new 1-million-square-foot distribution center that has been leased to American Tire Distributors has broken ground in Shafter. The facility will be located within the Paramount Logistics Park at 5000 Capital Road, less than 20 miles northwest of Bakersfield. The new $65-million, built-to-suit facility will be situated on more than 45 acres and will include 10,000 square feet of office space. American Tire has occupied a 176,500-square-foot industrial building at Paramount Logistics Park since 2007. The company had entered into a build-to-suit lease agreement with Roll Real Estate Development this past May for a 350,000-square-foot building within the park. American Tire recently restructured that lease, however, and tripled its requested space due to a consumer demand increase in the Western U.S. The new 20-year lease is valued at more than $119 million. The new facility will be built by Millie & Severson Inc. and designed by RGA. Roll Real Estate is the commercial real estate development division of Roll Global.
Property Type
MORENO VALLEY, CALIF. – Alto Real Estate Funds has acquired TownGate Center, a 300,000-square-foot retail complex in Moreno Valley, for $47.2 million. The complex is located at 12625 Frederick Street, just east of Riverside. It is currently 91 percent occupied. Notable tenants include TJ Maxx, ULTA, AT&T, Chipotle, Chase Bank, Time Warner Cable, Wells Fargo Bank and Dollar Tree. TownGate was purchased by Alto through Alto Fund 2, the company’s new American investment vehicle. The transaction was financed with $15 million of equity, as well as a $32-million loan from Deutsche Bank. The loan carries a fixed interest rate of 4.55 percent.
REDONDO BEACH, CALIF. – Construction has commenced on the new 54-room Shade hotel in Redondo Beach. The luxury boutique hotel will be located at 655 North Harbor Drive, just steps from the harbor. The project will include the three-story, 50,700-square-foot hotel, as well as a separate 11,600-square-foot event building. Construction is scheduled for completion early next year. The new Shade hotel is being developed by Michael Zislis, built by Summit DCK and designed by Ware Malcomb. This will be the hotel’s second location. The original Shade is located in nearby Manhattan Beach. It is the city’s only luxury boutique hotel.
TACOMA, WASH. — The Henry Apartments, a 161-unit, mixed-use building in Tacoma, has received a $25-million construction loan. The $32-million project will be located along the Thea Foss Waterway near the Museum of Glass. It will include 10,500 square feet of ground-floor retail/commercial space. The Henry is being developed by Henry Foss Group LLC, built by Sierra Construction Company and designed by BCRA. It will be managed by Carino and Associates. The loan was arranged by Carmen Esteban of HomeStreet Bank.
ALEXANDRIA, VA. — Walker & Dunlop Inc. has arranged $75 million in construction financing for the development of Park Meridian at Eisenhower Station in Alexandria. The 25-story, Class A apartment community will total more than 505 multifamily units. The amenity package includes concierge services, a swimming pool, state-of-the-art fitness facility and top-floor clubroom. Tyler Blue and Paul Wallace of Walker & Dunlop arranged the 12-year, fixed-rate loan through Quadrant Real Estate Advisors LLC on behalf of the buyer, Paradigm Development Co.
CHARLESTON, S.C. — The Flournoy Cos. has begun construction on 35 Folly, a 300-unit multifamily development located alongside the Ashley River in Charleston. The property will be located at the intersection of Folly and Albemarle roads. Flournoy Cos. has developed more than 2,000 units in 10 projects in South Carolina. The property will feature studio, one- and two-unit bedrooms averaging a little under 900 square feet. Ryan Foster and Blake Breimann of Flournoy are handling the project’s construction. Paterson Real Estate Advisory Group helped procure construction financing and is collaborating on the overall capital structure of the project.
TAMPA, FLA. — Hendricks-Berkadia has brokered the sale of the 164-unit Newport Riverside and the 128-unit Newport Pointe in Tampa. Combined, the assets sold for approximately $10.2 million. Newport Riverside was built in 1968 and is located at 4111 N. Poplar Ave. Newport Pointe was built in 1974 and is located at 4900 N. MacDill Ave. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, Monument Real Estate Services LLC, in the transaction. The buyer, Wisco 7 LLC, plans to renovate the two apartment communities.
CARY, N.C. — ARA has arranged the sale of Courtney Reserve at Cary Park, a 240-unit multifamily community in Cary. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the undisclosed seller. DPR Cary LLC, a private investor, purchased the property. The property was built in 2007 and offers pedestrian-friendly retail access to the adjacent Cary Park Town Center, a Harris Teeter-anchored retail center.
CORAL GABLES, FLA. — Sperry Van Ness South Commercial Real Estate Advisors brokered the sale of a three-story mixed-use office building in Coral Gables. The asset sold for approximately $2.5 million. Laura Kefalidis of Sperry Van Ness’ Miami office represented the buyer, 815 Ponce investments LLC, in the transaction. The 14,376-square-foot property features ground-floor retail space and covered parking. Miguel Alcivar of CBRE represented the seller, GML LLC.
MOUNDS VIEW, MINN. — Construction has begun on a new three-story seniors housing community in Mounds View approximately 13 miles north of Minneapolis. The Bel Rae will be a 97-unit apartment building located at 2330 County Highway 10. The 105,000-square-foot senior community designed by Minneapolis-based Kaas Wilson Architects is scheduled for completion in March 2015. Nottingham Construction of Stillwater, Minn. is building the $14 million project. Mounds View Properties is the project developer. The new development will include independent living, assisted living and memory care apartments. The property will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room with meals prepared on-site for the residents. In addition, the senior community will provide an activities director and a full-time nurse who is on call 24 hours a day. Ebenezer Management Services will manage the property.