Property Type

Gantry Secures $55.9M Acquisition Loan for Grocery-Anchored Retail Center in Monrovia, California

by Amy Works November 8, 2024

MONROVIA, CALIF. — Gantry has secured a $55.9 million acquisition loan for Huntington Oaks, a retail center located at 500-600 W. Huntington Drive in Monrovia. The acquisition encompasses 251,000 square feet of leasable space, with major tenants including a mix of national retailers, restaurants and service retailers. According to the property website, the shopping center’s tenant roster includes Trader Joe’s, Marshalls, Chili’s, Petco and Panera Bread, among others. George Mitsanas, Braden Turnbull and Austin Ridge of Gantry’s Los Angeles (El Segundo) production office arranged the loan on behalf of the borrower, a private real estate investor. The five-year, fixed-rate loan was secured through one of Gantry’s correspondent insurance lenders, underwritten to a full-term interest only.

November 8, 2024

California Loans Office Western

Diamond Investment Properties Receives $37.7M Refinancing for Office Building in Redwood City, California

by Amy Works November 8, 2024

REDWOOD CITY, CALIF. — Diamond Investment Properties has received a $37.7 million loan for the refinancing of 101 Redwood Shores, a Class A office building in Redwood City. Zuora, an enterprise software company, fully occupies the 100,000-square-foot office building and has approximately five years remaining on its lease. Mike Walker and Brad Zampa of CBRE’s Northern California Capital Markets Institutional Properties office represented arranged the loan on behalf of Diamond Investment Properties. A Chicago-based financial institution originated the loan.

November 8, 2024

California Development Multifamily Western

MBK Rental Living Delivers 134-Unit Multifamily Community in Petaluma, California

by Amy Works November 8, 2024

PETALUMA, CALIF. — MBK Rental Living has completed the development of The Haven at Deer Creek, a Class A apartment property located at 495 N. McDowell Blvd. in Petaluma. The Haven at Deer Creek offers 134 three-story garden-style and three-story podium-style apartments. The community features 93 one-bedroom units and 41 two-bedroom units ranging from 715 square feet to 1,206 square feet, with rents ranging from $2,350 for a one-bedroom to $2,858 for a two-bedroom. The units offer open floor plans with ample natural light, stainless steel appliances, wood-style plank flooring, quartz countertops, ceiling fans, kitchen tile backsplashes, undermount stainless steel sinks, private patios or balconies, in-unit washers/dryers and double-pane, low-E windows. Community amenities include an outdoor living area featuring a spa, grilling stations, a pizza oven and fireplace. The resident lounge offers a fireplace, communal tables, dedicated work-from-home areas, a pool table and a fully equipped entertainer’s kitchen.

November 8, 2024

Alabama Development Industrial Southeast

Scannell Properties Breaks Ground on 500-Acre Industrial Park in Mobile, Alabama

by John Nelson November 8, 2024

MOBILE, ALA. — Scannell Properties has broken ground on RailPort Logistics Mobile, a 500-acre industrial park in Mobile. The project is designated by rail giant CSX as a “Platinum CSX Select Site,” meaning it’s been deemed a shovel-ready site along the CSX rail network. At full build-out, RailPort Logistics Mobile will span 4.7 million square feet across 10 buildings. Scannell Properties estimates that the property will support 2,500 workers. The site is located proximate to Port of Mobile and I-10. Phase I will encompass 390 acres, and approximately 149 acres will be reserved for conservation. Scannell Properties plans to invest approximately $15 million for transportation infrastructure upgrades at the site. David Salinas, senior development manager with the Indianapolis-based firm, says the investment will “also benefit the neighboring Todd Acres Industrial Park.”

November 8, 2024

Acquisitions North Carolina Office Southeast

Cousins Properties to Acquire Vantage South End Office Development in Charlotte for $328.5M

by John Nelson November 8, 2024

CHARLOTTE, N.C. — Atlanta-based office REIT Cousins Properties is under contract to acquire Vantage South End, a lifestyle office development in Charlotte’s South End neighborhood spanning 639,000 square feet. The Spectrum Cos. and Invesco sold the two-tower property in an off-market transaction for $328.5 million. Built in 2021 and 2022, Vantage South End was 97 percent leased at the time of sale to tenants with a weighted average lease term (WALT) exceeding nine years. Tenants include CBRE, Lending Tree and Grant Thornton, among others.

November 8, 2024

Acquisitions Georgia Retail Southeast

Greenberg Gibbons Purchases Shopping Center in Tucker, Georgia for $17.3M

by John Nelson November 8, 2024

TUCKER, GA. — Baltimore-based Greenberg Gibbons has entered the Georgia market with its $17.3 million purchase of Northlake Square, an 82,578-square-foot shopping center in Tucker. Built in 1988 at the intersection of Lavista Road and I-285 in metro Atlanta, the shopping center was 98 percent leased at the time of sale to tenants including longtime anchors Aldi and Best Buy. Greenberg Gibbons purchased Northlake Square via Greenberg Gibbons Real Estate Income Fund I, an investment vehicle whose other acquisitions include shopping centers in Tennessee, Florida, the Carolinas and Maryland.

November 8, 2024

Acquisitions Industrial Maryland Southeast

KLNB Brokers $8.3M Sale of Industrial Facility in Frederick, Maryland

by John Nelson November 8, 2024

FREDERICK, MD. — KLNB has brokered the $8.3 million sale of a 56,000-square-foot, high-bay warehouse in Frederick, about 40 miles northwest of Washington, D.C. Hercules Custom Iron (HCI), a division of Hercules Fence, purchased the 5.6-acre site at 4607 Wedgewood Blvd., which was formerly home to Flying Dog Brewery. The new Frederick warehouse will triple the size of HCI’s operations and double its shop and office footprint. Marc Balamaci, Ken Fellows, Scott Mendelson and Robert Pugh of KLNB represented the buyer in the transaction. HCI has also tapped KLNB to sell its existing 26,000-square-foot warehouse located at 36 W. Pennsylvania Ave. in nearby Walkersville, Md.

November 8, 2024

District of Columbia Healthcare Hospitality Industrial Loans Multifamily Office Retail Southeast

MBA: Third-Quarter Commercial, Multifamily Borrowing Increased 59 Percent Year-Over-Year

by John Nelson November 8, 2024

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 59 percent in the third quarter of 2024 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The third-quarter volume also represents a 44 percent increase from the second quarter. There was a 510 percent year-over-year increase in the dollar volume of loans for healthcare properties, a 99 percent increase for hotel properties, 82 percent increase for retail properties, 57 percent increase for industrial properties and a 56 percent increase for multifamily properties. Office real estate originations decreased 3 percent from a year ago. Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 260 percent year-over-year. There was a 69 percent increase for depository (i.e. bank) loans, a 62 percent increase for investor-driven lender loans, 31 percent increase in loans for life insurance companies and a 28 percent increase in loans from government-sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac). Jamie Woodwell, MBA’s head of commercial real estate research, says that lower interest rates due in part to the Federal Reserve’s 50-basis-point decrease in September were “a key driver” for the uptick …

November 8, 2024

Civic Development Texas

AP Construction Begins $56M Civic Renovation, Expansion Project in Greenville, Texas

by Taylor Williams November 8, 2024

GREENVILLE, TEXAS — Adolfson & Peterson (AP) Construction has begun a $56 million civic renovation and expansion project in Greenville, located northeast of Dallas. The SportsPark Center will be a 120,390-square-foot recreation and athletic center with six basketball courts and an area designated for an interchangeable turf field. The facility will also house recreation and lap pools, locker rooms, a dry sauna, two party rooms, a childcare center, lounge and office spaces. The second floor will offer an indoor track, designated workout spaces, group fitness rooms and an outdoor fitness terrace. BRS Architecture is leading design of the project, which will also include the updating and remodeling of the 18,177-square-foot Reecy Davis Center. In addition to improvements to athletics spaces and equipment throughout this facility, the project team will construct a new, 13,655-square-foot building with an additional gym, game room and multi-purpose space. Completion of both projects is slated for May 2026.

November 8, 2024

Acquisitions Multifamily Texas

SPI Advisory Acquires 314-Unit Apartment Community in Northeast Dallas

by Taylor Williams November 8, 2024

DALLAS — Texas-based investment firm SPI Advisory has acquired Winsted at White Rock, a 314-unit apartment community located in the Lakewood area of northeast Dallas. Built in 1996, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops and private balconies/patios. Select units also have full-size washers and dryers. Amenities include a pool, fitness center, outdoor grilling and dining stations, coworking lounge and a resident clubhouse. The seller was not disclosed. SPI Advisory plans to fully renovate the remaining classic units to premium levels, enhance common areas and amenity spaces and finish installing washers and dryers in all residences.

November 8, 2024

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