Property Type

Fashion Nova Buys 175,000 SF Office Campus in Beverly Hills, California for $118M

by Amy Works August 28, 2024

BEVERLY HILLS, CALIF. — Fashion Nova has purchased an office campus in the posh Los Angeles suburb of Beverly Hills that will serve as the new global headquarters for the innovative, tech-enabled fashion retailer. Fashion Nova founder and CEO Richard Saghian acquired the asset from Tishman Speyer for $118 million in an off-market transaction. Located at 407 N. Maple Drive, the 175,000-square-foot office campus offers four floors of office space and three stories of subterranean parking. The Fashion Nova HQ will house Nova Social Club, a private, by-invitation-only collaborative space where creators, influencers, celebrities and VIP guests can enjoy curated amenities and bespoke partnerships. The buyer will also introduce Nova Founders Lab, an incubator-accelerator for emerging brands, designers, creatives and founders across fashion, marketing and technology to become market-ready in a fashion-vertical setting. The office campus will also offer a fitness studio, wellness spa, content and podcast studios, a screening room, meditation and yoga garden, cosmetic micro-treatment bar, an organic culinary outpost and showroom.

August 28, 2024

Acquisitions Affordable Housing California Multifamily Western

CPP, Hampstead Cos. Acquire Lexington Green Affordable Apartments in El Cajon, California for $52.8M

by Amy Works August 28, 2024

EL CAJON, CALIF. — Community Preservation Partners (CPP) and The Hampstead Cos., as co-developer, have purchased Lexington Green Apartments, an affordable housing complex in the San Diego suburb of El Cajon, for $52.8 million. Details of the transaction were not released. Originally built in 1970, the 144-unit property last underwent a tax credit renovation in 2007, which replaced some of the original building systems. The property consists of 12 residential buildings. CPP’s total planned development investment is approximately $80 million, with estimated renovation costs exceeding $80,000 per unit. The renovations will exceed the 10 percent energy savings requirement from the California Tax Credit Allocation Committee through new energy-efficient vinyl retrofit windows, water heaters, Energy Star appliances and energy-efficient LED light fixtures. Additional upgrades will include dry rot repair, floor replacement, new cabinets and countertops. ADA-complaint upgrades will be made for units and path of travel throughout the property. Renovations are scheduled for completion by August 2025. With CPP’s involvement, the property’s previously expired affordability status will be extended until 2044 under a renewed Section 8 Housing Assistance Payment contract. CPP and The Hampstead Cos. are partnering with LifeSTEPS to provide instructor-led adult educational classes, including financial literacy, computer training, resume building, …

August 28, 2024

California Hospitality Loans Western

PSRS Arranges $35M Refinancing for Portofino Hotel & Marina in Redondo Beach, California

by Amy Works August 28, 2024

REDONDO BEACH, CALIF. — PSRS has secured $35 million in refinancing for The Portofino Hotel & Marina in Redondo Beach, just south of Los Angeles. The asset includes a 161-room, independent hotel with a full-service restaurant and lounge and lobby bar, and a 181-slip full-service marina and fuel dock with a 19-unit apartment building and a marina shop that is hotel-operated. Michael Thorp and Ari Zeen of PSRS arranged the non-recourse loan, with a seven-year, interest-only term. Financed with a debt fund execution, the structured loan consists of both senior and mezzanine financing to allow the sponsor to refinance out of expensive short-term debt.

August 28, 2024

Acquisitions Office Utah Western

Dakota Pacific Real Estate Sells Two Office Buildings in Park City, Utah

by Amy Works August 28, 2024

PARK CITY, UTAH — Dakota Pacific Real Estate has completed the disposition of two office buildings in Park City’s Kimball Junction community. A local real estate investment firm and operator acquired the assets for an undisclosed price. Park City is a suburb located east of Salt Lake City. Totaling 122,000 square feet, the transaction includes NewPark One at 1441 Ute Blvd. and NewPark Three at 1389 Center Drive. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal.

August 28, 2024

Acquisitions Arizona Industrial Western

Longpoint Realty Partners Purchases 68,790 SF Industrial Building in Gilbert, Arizona

by Amy Works August 28, 2024

GILBERT, ARIZ. — Boston-based Longpoint Realty Partners has acquired a single-tenant industrial facility, located at 1503 W. San Pedro St. in Gilbert, from Stonelake Capital Partners for $17 million. Situated on 1.2 acres in the suburbs southeast of Phoenix, the 68,790-square-foot property was originally developed in the mid-1980s and underwent an extensive interior and exterior renovation in 2023. At the time of sale, the property was fully leased to a supplier of aftermarket aviation assets. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s private capital group in Phoenix represented the seller in the deal. Mike Haenel and Andy Markham of Cushman & Wakefield provided leasing advisory for the transaction.

August 28, 2024

Florida Loans Office Southeast

CBRE Arranges $96M Refinancing for Office Building in West Palm Beach

by John Nelson August 28, 2024

WEST PALM BEACH, FLA. — CBRE has arranged a $96 million loan for the refinancing of Northbridge Centre, a 294,493-square-foot office tower located at 515 N. Flagler Drive in West Palm Beach. The 21-story property was 92 percent leased to 48 tenants at the time of financing. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture that includes Vanderbilt Office Properties and Trinity Capital Advisors. The investment group has maintained and renovated the office building with over $18 million of recent capital investments, including multi-tenant floor renovations, speculative suite build-outs, elevator and lobby renovations and exterior upgrades. Since the start of 2022, the owners have executed 88,000 square feet of leases at Northbridge Centre.

August 28, 2024

Acquisitions Arkansas Southeast Student Housing

SAM, Virtus Acquire Student Housing Community Near University of Arkansas for $72.3M

by John Nelson August 28, 2024

FAYETTEVILLE, ARK. — A joint venture between Strategic Asset Management (SAM) and Virtus Real Estate Capital has acquired YOUnion@Fayetteville, a 589-bed student housing development located near the University of Arkansas campus in Fayetteville. The project was acquired from Strategic Student & Senior Housing Trust Inc. — a public, non-traded REIT sponsored by SAM — for $72.3 million. An undisclosed affiliate of SAM will serve as property manager on behalf of the joint venture. TSB Capital Advisors consulted on the joint venture and arranged acquisition financing on behalf of SAM and Virtus. YOUnion@Fayetteville offers 198 fully furnished units in one-, two-, three- and four-bedroom configurations. The property is fully leased for the 2024-2025 academic year.

August 28, 2024

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze, Lionstone Investments Purchase 19-Story Morris Apartments in Nashville

by John Nelson August 28, 2024

NASHVILLE, TENN. — A joint venture between Hamilton Zanze and Lionstone Investments has purchased The Morris, a 19-story apartment tower located at 818 19th Ave. S in Nashville’s Music Row district. Hamilton Zanze sponsored the transaction through HZ Capital Partners Fund I, making it the fifth sponsored for the San Francisco-based investor this year. The seller and sales price were not disclosed. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the 344-unit property. Built in 2017, The Morris offers studio, one- and two-bedroom apartments that range in size from 557 to 1,104 square feet. Amenities include a rooftop pool with glass overlook, music studio, rooftop performance venue, a 19th-floor sky lounge, fitness center, private yoga studio, concierge services, EV charging stations, pet spa, lounge, coffee bar and indoor bike racks. The property is named for being the longtime site of the offices for Dale Morris, a country music agent to stars including Kenny Chesney and Martina McBride.

August 28, 2024

Development Industrial Maryland Southeast

Hoar Construction Completes 80,000 SF Industrial Facility in Glen Burnie, Maryland

by John Nelson August 28, 2024

GLEN BURNIE, MD. — Hoar Construction has completed an 80,000-square-foot industrial facility near Baltimore/Washington Thurgood Marshall International Airport in Glen Burnie. Working on behalf of the developer, Brennan Investment Group, the general contractor broke ground on the facility in August 2023. The asset is situated on 16 acres on Solley Road and features 32-foot clear heights, two ramped drive-in doors, 20 dock-high doors and approximately 2,000 square feet of spec office space. The development is designed to accommodate up to two tenants. The project team includes architect Powers Brown Architecture, civil engineer Morris & Ritchie Associates and leasing agent Colliers.

August 28, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $6.6M Ground Lease Sale for New Fort Myers Restaurant Building Leased to Cooper’s Hawk

by John Nelson August 28, 2024

FORT MYERS, FLA. — SRS Real Estate Partners has brokered the $6.6 million sale of a ground lease for a new restaurant building located at 13671 Olympic Court in Fort Myers. Cooper’s Hawk Winery & Restaurant occupies the 10,653-square-foot property on a 15-year triple-net lease. Britt Raymond and Kyle Fant of SRS represented the seller, Stock Development, in the transaction. Josh Kanter and Anthony D’Ambrosia of NNN Pro represented the undisclosed buyer, a private investment firm that purchased the restaurant in a 1031 exchange. The restaurant sits on a 2.2-acre site along 6 Mile Cypress Highway and adjacent to Daniels Crossing, a 500,000-square-foot, Publix-anchored shopping center.

August 28, 2024

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