Property Type

Neway Creative Relocates Coworking Facility in Mount Clemens, Michigan

by Kristin Harlow March 11, 2024

MOUNT CLEMENS, MICH. — Neway Creative, a coworking facility in downtown Mount Clemens, is relocating to 75 N. Main St. on the third floor. The company’s new space totals 5,100 square feet. Neway Innovation Hub works to empower adolescents through the nonprofit arm Neway Works Inc., a 501(c)(3) organization that provides youth mentoring and development services. With this collaboration, Neway Creative is launching an art-therapy program in partnership with Neway Works supporting youth battling depression and anxiety. The new space also features private therapy space tailored for counseling professionals. Signature tenants of the Neway Innovation Hub include Analytic Healthcare Solutions, Jim DiFalco Farm Bureau, Neway Works, Renovations Now and SEO Plus CRO.

March 11, 2024

Acquisitions Arizona Multifamily Western

IDEAL Capital Group Buys Sentio Apartment Community in Phoenix for $108M

by Amy Works March 11, 2024

PHOENIX — California-based IDEAL Capital Group has acquired Sentio, a multifamily property in North Phoenix, from Hines for $108 million. Completed in 2023, Sentio features 325 open-concept floorplans with top-of-market unit interiors. The Class A property offers smart-home technology; energy-efficient appliances and window treatments; sustainability-focused construction; high-end finishes; interconnected, resident-centric amenity spaces; and walking paths. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Greon of CBRE represented the seller in the deal. Trevor Breaux, Troy Tegeler and Ryan Greer of CBRE Debt & Structured Finance arranged financing for the buyer.

March 11, 2024

Parkview-Christian-Retirement-Portland-OR

Acquisitions Multifamily Oregon Seniors Housing Western

Ziegler Negotiates Sale of 177-Unit Parkview Christian Retirement Community in Portland, Oregon

by Amy Works March 11, 2024

PORTLAND, ORE. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres of land. The buyer is a for-profit owner-operator. The price was not disclosed. The Ziegler investment banking team included Humair Sabir, Stephen Johnson, Marie Carlson, and Ryan Anders.

March 11, 2024

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 94,949 SF Plaza West at Aurora Town Center in Colorado

by Amy Works March 11, 2024

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Plaza West at Aurora Town Center, a 94,949-square-foot retail center in the Denver suburb of Aurora. The Colorado- and California-based sellers sold the asset to a Colorado-based investment group for $8 million. Situated on 7.8 acres at 13670 E. Alameda Ave., Plaza West at Aurora Town Center was 65 percent occupied at the time of sale. The property consists of a shopping center, which was built in 1985, anchored by Dollar Tree and Harbor Freight Tools, and a freestanding drive-thru building built in 2021 and occupied by Starbucks Coffee. Justin Krieger of Pinnacle Real Estate Advisors handled the transaction.

March 11, 2024

Acquisitions California Industrial Western

Multiple Organics Sells 49,805 SF Warehouse, Cold Storage Facility in Hercules, California

by Amy Works March 11, 2024

HERCULES, CALIF. — Multiple Organics has completed the disposition of a warehouse and cold storage facility, located at 200 Linus Pauling Drive in the Bay Area city of Hercules. A Sutter Health entity acquired the asset for an undisclosed price. The 49,805-square-foot property features 7,700 square feet of office space, six dock doors, four grade-level doors, 22-foot clear heights, 2,000 amps of power and 8,000 square feet of cooler space. Kevin Hatcher and Austin Hinder of CBRE represented the seller in the transaction.

March 11, 2024

California Loans Retail Western

PSRS Arranges $13.2M Refinancing for Wilmington Plaza Shopping Center in Los Angeles

by Amy Works March 11, 2024

LOS ANGELES — PSRS has arranged $13.2 million in refinancing for Wilmington Plaza, a retail center in the Wilmington neighborhood of Los Angeles. Mike Thorp and Ari Zeen of PSRS secured the nonrecourse loan, which features a five-year term, 30-year amortization and cash-out proceeds. One of PSRS’ correspondent life insurance companies provided the capital. Northgate Gonzalez Market, CVS/pharmacy and Chase Bank are tenants at the 64,222-square-foot Wilmington Plaza, which is located along Pacific Coast Highway.

March 11, 2024

Development Healthcare New Jersey Northeast Top Stories

Hackensack Meridian Health Breaks Ground on $200M Medical Facility in Woodbridge, New Jersey

by Taylor Williams March 11, 2024

WOODBRIDGE, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $200 million facility in the Northern New Jersey community of Woodbridge. The project will be part of the larger development of the area surrounding Metropark Station, a major regional transit hub. The 60,000-square-foot facility will be home to an array of primary and specialty care providers, as well as a sports and spine care center. Other services and offerings will include advanced imaging, phlebotomy, rehabilitation services, a retail pharmacy, occupational health services and an urgent care clinic. Hackensack Meridian claims the project will create 1,000 jobs. Completion is slated for late 2025. Russo Development is leading the team behind the larger development, which will ultimately feature residential, office, retail and restaurant uses in addition to the new healthcare facility. Within the residential component, at least 20 percent of the units will be reserved for low-income renters, although specific income restrictions were not announced. The administration of New Jersey Gov. Phil Murphy awarded the development consortium $110 million in tax credit incentives as part of a larger initiative to “push to modernize transportation hubs throughout the state.” Information about additional financing sources was not disclosed. “New Jersey is pioneering …

March 11, 2024

Market Reports Office Southeast Southeast Market Reports Tennessee

Nashville’s Office Market Bucks National Trends with Rent Growth, Leasing Velocity

by John Nelson March 11, 2024

By Stewart Lyman and Robby Davis of Stream Realty Partners Contrary to popular belief, the office market is not dying, particularly not in Nashville. While the market is facing headwinds from the interest rate environment and general economic uncertainty, Nashville has shown resiliency, bolstered by the city’s strong population growth, low unemployment rates, and a vibrant, diverse job market. However, while flight-to-quality has been experienced well before the COVID-19 pandemic, the positive performance of top-tier buildings compared to the rest of the market has accelerated coming out of COVID-19. In 2023, Class A Tier I buildings posted 1.17 million square feet of positive absorption compared to negative absorption of 141,900 square feet and negative 32,267 square feet in Class A Tier II and Class B assets, respectively. Top-tier buildings signed some of Nashville’s largest leases in the past year, such as Creative Artists Agency (CAA) for 75,000 square feet at Nashville Yards, Designed Conveyor Systems for 47,000 square feet at McEwen Northside and JE Dunn for 41,000 square feet at Neuhoff. In the urban core, two of the most high-profile new developments are Neuhoff (Germantown) and Nashville Yards (Downtown), both of which are elevating the tenant experience by delivering best-in-class …

March 11, 2024

Development Georgia Retail Southeast

Wawa Breaks Ground on Two Stores in Georgia, Plans 26 Locations in the State

by John Nelson March 8, 2024

BRUNSWICK AND JESUP, GA. — Convenience store retailer Wawa has broken ground on two new stores in Georgia. Scheduled to open later this year, the stores will be located at the intersection of U.S. 341 and Community Road in Brunswick and 356 W. Orange St. in Jesup. The new shops mark the beginning of the brand’s expansion plans for southern and coastal Georgia, where Wawa plans to build and open 26 stores over the next five to eight years. Future locations in the state include Hinesville, Pooler, Waycross, Bainbridge, Tifton, Valdosta and Albany. Pennsylvania-based Wawa plans to invest roughly $7 million in the development of each store. Originally established as an iron foundry in 1803 and later evolving into a dairy business and then food market and convenience retailer, Wawa currently operates more than 1,000 stores.

March 8, 2024

Development Multifamily Southeast Tennessee

Southwest Value Partners, StreetLights Residential to Open Two Apartment Towers Totaling 650 Units at Nashville Yards

by John Nelson March 8, 2024

NASHVILLE, TENN. — Development partners Southwest Value Partners and StreetLights Residential are currently underway on the construction of two residential towers at Nashville Yards, with plans to open in November. Comprising 34 and 35 stories, respectively, The Everett and The Emory will total 650 units. Amenities at the properties will include a shared third-floor deck featuring a pool, fitness center, game room, resident bar, workspace and a golf simulator. The project team includes architect StreetLights Creative studio and general contractor Clark Construction. Leasing is scheduled to begin this summer. Upon completion, the 19-acre mixed-use Nashville Yards development will also feature a 591-room hotel and 4,500-person concert venue, as well as office and retail space.

March 8, 2024

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