Property Type

Gantry Arranges $15.5M Recapitalization for Fullerton Brea Business Park in Fullerton, California

by Amy Works August 29, 2024

FULLERTON, CALIF. — Gantry has arranged a $15.5 million permanent loan to recapitalize the Fullerton Brea Business Park in Fullerton following the recent all-cash purchase of the asset. Located at 4010-4080 N. Palm St. in the Orange County city, the industrial park offers 111,000 square feet of rentable space spread across eight multi-tenant buildings. Andy Bratt, Peter Welsh and Sean Kuang of Gantry secured the loan on behalf of the borrower, a private real estate investor. One of Gantry’s life company correspondents provided the five-year, fixed-rate loan with full-term interest-only payments and prepayment flexibility.

August 29, 2024

Acquisitions California Retail Western

Progressive Real Estate Brokers Sales of Four Car Wash Properties in California’s Inland Empire

by Amy Works August 29, 2024

APPLE VALLEY, HESPERIA, POMONA AND SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of four non-operating car wash properties in Apple Valley, Hesperia, Pomona and San Bernardino, all located in the Inland Empire region. Three different Southern California-based private investors acquired the properties in four separate transactions for undisclosed prices. Victor Buendia of Progressive Real Estate Partners represented the seller, an Arizona-based institutional investor, in all four transactions. The assets include: The car washes in Pomona, Hesperia and Apple Valley have re-opened under the new ownerships, and the San Bernardino car wash is slated to re-open in 2025.

August 29, 2024

Development Mixed-Use New York Northeast Top Stories

Related Cos., Oxford Properties Unveil Plans for Next Phase of $12B Hudson Yards Development in Manhattan

by Katie Sloan August 29, 2024

NEW YORK CITY — A partnership between Related Cos. and Oxford Properties Group, alongside Wynn Resorts (NASDAQ: WYNN), has unveiled plans for the next phase of development at Hudson Yards, a $12 billion mixed-use project located on Manhattan’s west side. The next phase of development, Hudson Yards West, will replace the undeveloped western rail yards at the site. The developers are currently seeking approval by city and state officials for the expansion. If approved, the project will include the addition of a hotel by Wynn Resorts dubbed Wynn New York City; Hudson Green, a 5.6-acre public park; 1,500 new housing units, including 324 units of affordable housing; and a new K-8 public school. Designed by Hollander Design and Sasaki, Hudson Green will feature a dog run, open lawns, gardens and playscapes. The park will include the addition of over 300 trees, 500 shrubs and flower beds. Wynn Design and Develop, Wynn Resorts’ in-house team of designers, architects and creatives, will lead the architecture and design of the hospitality component. All facets of Hudson Yards West are being designed as part of a master plan by Skidmore, Owings & Merrill. Wynn Resorts has also committed to creating The Wynn Neighborhood Improvement …

August 29, 2024

Industrial Market Reports Midwest Midwest Market Reports Ohio

Northeast Ohio Industrial Market Sparks Investor, Developer Interest

by Kristin Harlow August 29, 2024

By George Pofok, Cushman & Wakefield | CRESCO Real Estate The Northeast Ohio market has consistently been a stable industrial hub, and over the last couple years, has been attracting the interest of investors and developers from other regions. Spanning approximately 527 million square feet, this market stretches from Cleveland down I-77 to include Akron-Canton. In the second quarter of 2024, the overall vacancy rate decreased to 2.8 percent, driven by 1.1 million square feet of positive direct absorption, a strong recovery from the negative absorption in the first quarter. Over the past few years, the vacancy rate has remained between 2.4 and 3 percent. Leasing activity kicked off the year robustly, with 4 million square feet of leases in the first quarter. However, it normalized in the second quarter, with 1.6 million square feet leased, which was slightly below the usual pace. The market is expected to remain stagnant due to limited inventory and a lack of new speculative construction starts, which continue to hinder demand from local and regional tenants seeking to expand and backfill spaces. Leasing deals are trending longer, between five to 10 years, with annual rental rate increases averaging 3 to 4 percent. Meanwhile, the …

August 29, 2024

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Careful Balance of Business Fundamentals, Quality Care Is Key to Seniors Housing Success, Say InterFace Panelists

by John Nelson August 29, 2024

By John Nelson Seniors housing is a sector that has a long track record of carefully balancing care for its residents with the fundamentals of real estate, namely the return on investment in the form of monthly rental rates. Equity and debt partners have appreciated the sector as an investment vehicle for decades, but are now fully grasping how important operators are to realizing those gains. This was the topic of discussion among the “power panel” of executives at InterFace Seniors Southeast, an annual conference that was held at Westin Buckhead Atlanta on Wednesday, Aug. 28. Panelists were asked by moderator John Lariccia, CEO and founder of WelcomeHome Software, to summarize the state of the seniors housing industry in a single word. Doug Schiffer, president and chief operating officer of Allegro Senior Living, selected “encouraged” as the best term to describe the current mood of the sector. “The encouragement comes into the fact that both versions of capital, whether it was equity or debt, have actually recognized now the importance of the operator,” said Schiffer. “For quite some time, it was about the importance of the real estate and how the buildings were designed, and then ‘we’ll go find an …

August 29, 2024

Industrial Loans Texas

CanTex Capital Refinances 893,738 SF Manufacturing Facility in Fort Worth

by Taylor Williams August 28, 2024

FORT WORTH, TEXAS — Dallas-based investment firm CanTex Capital has refinanced Sylvania Industrial Park, an 893,738-square-foot manufacturing facility in Fort Worth. Sylvania Industrial Park sits on 55 acres and was leased to 15 tenants at the time of the loan closing, including Tyson Foods, TK Airport Solutions, JR New Energy and Andes Coil Processors. Jim Curtin, Jarrod McCabe, Luke Rogers and Jordan Buck of JLL arranged the three-year, floating-rate loan through MetLife Investment Management on behalf of CanTex Capital. The loan amount was not disclosed.

August 28, 2024

Affordable Housing Development Multifamily Texas

Housing Trust Group Breaks Ground on $26M Affordable Housing Project in North Austin

by Taylor Williams August 28, 2024

AUSTIN, TEXAS — Multifamily developer Housing Trust Group has broken ground on Red Oaks, a $26 million affordable housing project in North Austin. The property will have 70 units in studio, one- and two-bedroom formats that will be reserved for households earning between 30 and 60 percent of the area median income. The Texas Department of Housing & Community Affairs issued $16 million in Low-Income Housing Tax Credits for the project, and Bank of America provided a $15.6 million construction loan. Berkadia originated a $7 million Freddie Mac permanent loan, and the Austin Housing Finance Corp. contributed a $4 million RDHA loan. Preleasing at Red Oaks is scheduled to begin in fall 2025.

August 28, 2024

Loans Multifamily Oklahoma Texas

Thorofare Capital Funds $23M Loan for Refinancing of Multifamily Property Near Tulsa

by Taylor Williams August 28, 2024

BROKEN ARROW, OKLA. — Los Angeles-based Thorofare Capital has funded a $23 million loan for the refinancing of Dream Aspen Creek, a 240-unit multifamily property in Broken Arrow, located just east of Tulsa. Built in 2018, the property features 17 residential buildings that house one- and two-bedroom units on a 12.2-acre site. Amenities include a pool, clubhouse, fitness center, dog run, outdoor grilling and dining stations and package lockers. David Perlman, Jacob Yi and Jason Campbell of Thorofare Capital originated the fixed-rate loan on behalf of the borrower, an affiliate of Florida-based DLP Capital.

August 28, 2024

Acquisitions Industrial Texas

Partners Capital Acquires 74,335 SF Industrial Flex Building in Southwest Austin

by Taylor Williams August 28, 2024

AUSTIN, TEXAS — Partners Capital, the investment arm of full-service commercial real estate firm Partners Real Estate, has acquired Monterey Tech Center, a 74,335-square-foot industrial flex building in southwest Austin. The site at 4407 Monterey Oaks Blvd. lies just beyond the intersection of U.S. Highway 290 and MoPac Expressway, and the building was 16 percent leased at the time of sale. Veritex Community Bank provided an undisclosed amount of acquisition financing for the deal. The seller and sales price were also not disclosed.

August 28, 2024

Loans Office Retail Texas

PACE Equity Provides $1.6M in C-PACE Financing for Historic Building in San Antonio

by Taylor Williams August 28, 2024

SAN ANTONIO — Milwaukee-based PACE Equity has provided $1.6 million in C-PACE (commercial property-assessed clean energy) financing for The Allen, a historic building located just north of downtown San Antonio. Originally built in 1928 and formerly housing a flowers and antiques shop, The Allen currently serves as the office headquarters of developer Headwall Investments and also offers traditional retail space. The redevelopment included energy-efficiency improvements, including HVAC and lighting system upgrades. The borrower was not disclosed.

August 28, 2024

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