Constellation Real Estate Partners has obtained a $27 million construction loan to build a 374,000-square-foot speculative warehouse in Charlotte.

Located at 1900 Continental Blvd. Constellation 485 South will sit on approximately 41 acres and will feature 80 dock doors, two drive-in doors, 65-foot speed bays, a 185-foot truck court, 87 trailer parking spots, 315 auto parking spots, and the flexibility to accommodate a single tenant or multiple tenants. The project is expected to break ground in June and will deliver in summer 2025. 

Brian Linnihan, Mike Ryan, Richard Henry, and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance, along with Frank Fallon and Trey Barry of CBRE National Partners, represented Constellation in both the debt and equity. The construction loan was sourced through HIMCO while the equity was placed with an insurance company. 

With offices in Georgia, Texas, Colorado and Florida, Constellation Real Estate Partners focuses on the development and acquisition of industrial properties across the Sun Belt.

Marcus & Millichap closed the sale of Le Chateau Apartments, a 76-unit apartment asset in Anaheim. The property sold for $27.45 million, or $361,184 per unit.

“On the market for the first time in more than 40 years, Le Chateau is located in a submarket with the tightest multifamily vacancy rates for Class A and Class C assets in the country and on the West Coast, respectively,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. 

“We closed the transaction in 23 days with a multifamily investor in a 1031 exchange who captured significant equity from the sale of a Las Vegas property,” said Drew Holden, first VP investments. “In the current economic environment, the buyer was attracted to the low vacancy rate and stable rent growth found in the Orange County apartment market.”

Leeson and Marcus & Millichap’s Matt Kipp and Nicholas Kazemi represented the undisclosed seller. Holden procured the buyer.

Built in 1964, the property is located at 1670 W. Broadway in West Anaheim, close to Interstate 5 and State Route 91, which connect residents to employment hubs throughout Southern California.