ATLANTA — Atlanta-based Third & Urban LLC and Chevy Chase, Md.-based FCP have acquired 15.2 acres along the Atlanta BeltLine. The joint venture partnership will develop a 275,000-square-foot mixed-use project at 950 W. Marietta St. The seller and price of the property were not disclosed. Designed by Perkins and Will, the development will focus primarily on converting an existing warehouse on the site into adaptive reuse space featuring both offices and retail. The project is directly across from the King Plow Arts Center, adjacent to The Foundry at Puritan Mill and near the Westside Park at Bellwood Quarry, which will be Atlanta’s largest green space after its planned opening in spring 2020. Construction is expected to begin in the third quarter of 2020, with an anticipated occupancy in the third quarter of 2021. Atlanta Paper Co., which was originally Elsas, May Paper Co., built the warehouse on West Marietta Street in the 1940s. It was once used to create packaging for The Coca-Cola Co. Later, it was owned and operated by Atlanta-based WestRock, a corrugated packaging company.
MOORESVILLE, N.C. — Charleston, S.C.-based Blaze Partners LLC has purchased Legacy Village Apartments, a 229-unit multifamily community located in Mooresville, a suburb 25 miles north of Charlotte in the Lake Norman submarket. The seller and the price of the 121 Village Green Lane apartment complex were not disclosed. Built in 2017, Legacy Village Apartments is less than one mile from both the Lowe’s Co. Inc. corporate headquarters and Lake Norman Regional Medical Center. The apartments feature one-, two- and three-bedroom floorplans as well as a saltwater pool, pet park, resident clubhouse and a fitness center. Blaze plans to make capital improvements for the units and amenities. With the acquisition of Legacy Village, Blaze now owns four assets in Charlotte.
BOSTON — A joint venture between The Fallon Co. and Barings LLC has sold One Marina Park Drive, a 491,573-square-foot, multi-tenant office tower in the Boston Seaport district. An affiliate of Clarion Partners LLC acquired the property for $482 million. The 18-story One Marina Park Drive is the tallest building situated within Fan Pier, Fallon’s 3 million-square-foot mixed-use development in the Seaport. Fan Pier comprises six buildings with 2.6 million square feet of commercial space and 229 residential units. The ground floor of One Marina Park Drive features 19,000 square feet of retail and dining, including the Strega Waterfront Italian restaurant, the Empire Asian restaurant and the SailTime Boston sailing club. A host of other retail and entertainment attractions are located within walking distance, including the Fan Pier Park, Boston Children’s Museum, the Equinox Seaport fitness center and Trillium Brewing Co. At the time of sale, One Marina Park Drive was fully leased to tenants including law firms Fish & Richardson and Gunderson Dettmer; energy tech companies Enel X and Battery Ventures; Intarcia Therapeutics; and healthcare and tech investment firm Polaris Ventures. The Fallon Co. was the original developer of the One Marina Park Drive, which was designed by Elkus Manfredi and completed …
BEAVERTON, ORE., AND LYNNWOOD, WASH. — San Diego-based MG Properties Group has purchased two multifamily properties — Pallas Townhomes & Apartments in Beaverton and Tivalli Apartments in Lynnwood — for a combined total of $305.2 million. The company acquired Pallas Townhomes & Apartments, a 566-unit community in Beaverton, in an off-market transaction for $186 million. The seller was a joint venture between Holland Partner Group and Invesco Real Estate. Built in 1997, Pallas is located at 15021 SW Millikan Way along the Millikan Way MAX Light Rail. Brian Eisendrath and Cameron Chalfant of CBRE arranged the Fannie Mae financing for the acquisition. MG Properties also purchased Tivalli Apartments, a 383-unit community located at 15631 Ash Way in Lynnwood, for $119.2 million. Built in 2014, Tivalli features a two-story clubhouse with multiple fireplaces, seating areas, a gourmet kitchen, indoor sports court and an upstairs game room and sky deck. The buyer plans to invest capital to further improve common area amenities for current and prospective residents. David Young and Corey Maxx of JLL represented the undisclosed seller in the deal. Freddie Mac provided financing, Bryan Frazier and Blake Hockenbury of Walker & Dunlop arranged. MG Properties has acquired 14 communities in …
SCOTTSDALE, ARIZ. — Wood Partners has sold Alta Drinkwater, a multifamily community located in downtown Scottsdale. Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood Capital Group, acquired the property for $96.1 million. Built in 2019, Alta Drinkwater features 277 apartments; a resort-style swimming pool with poolside kitchen and dining area; rooftop lounge; fitness center; designer resident clubhouse with a 13-foot television; outdoor courtyard with gas grills and games; and secured parking. Residences at the property offer nine-, 10- and 20-foot ceilings, gourmet kitchens with oversized quartz countertops, natural gas cooktops and energy-efficient, stainless steel appliances. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.
WEST COVINA, CALIF. — Community Preservation Partners (CPP) has purchased Cameron Park Apartments, a multifamily property located at 929 W. Cameron Ave. in West Covina, for $52 million. The acquisition includes nearly $10 million in renovations, plus measures to keep all 158 units at below market rents for the next 55 years. Built in 1970 and lightly renovated in 2002, the 14-building property features a 158 units in a mix of one-, two-, three- and four-bedroom apartments. CPP plans to implement an extensive renovation to the property, including upgrades to the interiors and exteriors, improvements to the common area facilities, and a reconfiguration of the community building and office space. Renovations began in October, with completion slated for summer 2020. The rehabilitation will include a total roof and window replacement; new HVAC, electrical load and plumbing upgrades; new energy-efficient lighting; stucco repair; new paint; full unit turns; ADA upgrades; path-of-travel improvements; common-facility improvements; security upgrades; and new landscaping. Foundation for Affordable Housing, the nonprofit managing general partner for the deal, supported CPP in the acquisition. Additional equity and development partners included Citi Community Capital and WNC & Associates, CPP’s parent company.
SAN DIEGO — IDS Real Estate Group has purchased an office building, located at 4181 Ruffin Road in San Diego’s Kearny Mesa district. Massachusetts-based Office Properties Income Trust sold the property for $23.7 million. Originally built in 1981 and renovated in 2013, the property features 148,488 square feet of office space. At the time of sale, the property was 83 percent leased to four tenants, including the U.S. General Services Administration, a travel insurer and a technology company. Louay Alsadek, Hunter Rowe and Brad Black of CBRE represented the seller in the transaction.
SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.
LOGAN, N.J. — Colliers International has brokered the sale of 1 Warner Court, a 151,600-square-foot industrial building in Logan, a southern suburb of Philadelphia. The property is situated within Pureland Industrial Complex, which includes tenants such as Lockheed Martin, Home Depot, Sam’s Club and Amazon. The complex is positioned along the I-295 corridor and offers immediate access to the New Jersey Turnpike, Philadelphia International Airport and the Ports of Camden and Philadelphia. A new roof will be installed in the spring of 2020. Marc Isdaner and Randall Book of Colliers represented the buyer, Warner Court LLC, which is operated by GFI Partners, in the transaction. The sales price was undisclosed.
FENTON, MO. — JLL has arranged the sale of Gravois Place in Fenton, about 20 miles southwest of downtown St. Louis, for an undisclosed price. The 86,931-square-foot retail center is fully leased and anchored by Gold’s Gym. Situated at 635 Gravois Road, the property is also home to SkyZone Trampoline Park and St. Vincent DePaul. Aaron Johnson, Chris Murphy, Ross Crawford and Danny Kaufman of JLL marketed the property on behalf of the seller, RBR Real Estate Holdings LLC. Mark Sher of KW Commercial represented the undisclosed buyer.