ATLANTA — Dallas-based TIER REIT has joined lead developer Regent Partners and Batson-Cook Development Co. (BCDC) in the $400 million development of 3354 Peachtree Road, the last undeveloped parcel in Atlanta’s Buckhead district. The proposed project sits on three acres and will comprise 560,000 square feet of office space, 60 condominiums and a 300-unit multifamily building. The project is expected to break ground in the fourth quarter of this year and be delivered in 2022.
BOSTON — Colliers has arranged the $19.6 million sale of a mixed-use property in Boston’s Downtown Crossing neighborhood. Located at 29-35 Temple Place, the recently renovated property consists of 42, short-term housing units as well as ground-floor retail currently leased to Democracy Brewing, a restaurant and brewery. Christopher Sower, Bruce Lusa, Jonathan Bryant, John Flaherty, Maggie Collins and Patrick Boyle of Colliers represented the buyer, Premier Capital Partners, in the transaction. The seller was undisclosed.
LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a land parcel located on the corner of Harmon Avenue and Koval Lane in Las Vegas. Nevada Development Associates VI LP acquired the asset from an undisclosed seller for $130 million. Situated near the Las Vegas Strip, the 60-arce site includes the Harbor Island apartment complex, which is adjacent to the Hard Rock Hotel & Casino. The site is poised for a mix of high-density residential, retail and/or gambling/resort development. Mike Mixer of Colliers’ Las Vegas office represented the seller in the deal.
ATLANTA — Origin Investments has completed Phase II of 675 N. Highland, a mixed-use development that features 164 residential units and 28,000 square feet of commercial/retail space in Atlanta. Phase II delivered 39 residential units comprising 15 studio apartments, 21 one-bedroom units and three two-bedroom floor plans. Phase II also included 8,282 square feet of office space. Amenities at 675 N. Highland include a fitness center, clubroom, package concierge service, swimming pool, bocce ball court, fire pits and grilling areas. The multifamily asset is 96 percent occupied and is situated on the corner of North Highland and Ponce de Leon avenues in the city’s Virginia Highland district, about three miles northeast of downtown Atlanta. Retail tenants include CO Sushi, Seed Factory Marketing, Rockwell Oral and Facial Surgery and Gino’s East Pizzeria.
NEW YORK CITY — Madison Realty Capital has provided a $21.4 million loan to refinance a 78,313-square-foot mixed-use building in Queens. Located at 251-73 Jericho Turnpike, the newly constructed property is 70 percent leased to six office and retail tenants. The exterior of the building is primarily brick, steel and glass. Madison Realty Capital provided the financing to borrower AB Capstone, which plans to use the funds to refinance previous debt and support final lease-up of the property.
LA JOLLA, CALIF. — Colliers International San Diego Region has arranged the sale of two adjacent mixed-use properties in downtown La Jolla. Located at 7527-7535 and 7545-7553 Girard Ave., the assets sold for a combined total of $9 million. Bill Shrader of Colliers International San Diego Region’s Urban Property Team represented the seller of both properties, Rancho Girard LLC. Shrader also represented the buyer, YDNL LLC, of 7527-7535 Girard Ave., while Michael McNally of Pacific Commercial Management represented the undisclosed buyer of 7545-7553 Girard Ave. The 7545-7553 Girard Ave. property is a 7,649-square-foot restaurant and retail building occupied by Harry’s Coffee Shop and Everett Stunz. Situated on a 9,749-square-foot lot, the building at 7527-7535 Girard Ave. features two residential apartments and long-term retail tenants, including Dewhurst & Associates and Salon Spruce, among others.
SOMERVILLE, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Somerville. Located at 6 W. Main St., the 5,100-square-foot property consists of six apartments and one ground-floor retail space. The property is currently fully occupied. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a personal trust.
MEMPHIS, TENN. — A joint venture between Somera Road Inc. and Orgel Family LP has announced plans for The Clipper, a mixed-use development located at 0 Ponotoc Ave., adjacent to FedEx Logistics’ planned global headquarters. The Clipper will feature a 250,000-square-foot, eight-story office building, 50,000 square feet of ground-level retail space and a 250-room hotel that will be built in partnership with Nashville-based Senate Hospitality. The hotel will feature a rooftop deck and conference center. Cushman & Wakefield/Commercial Advisors will manage commercial leasing services of The Clipper.
FALLS CHURCH, VA. — Mill Creek Residential has broken ground on Modera Founders Row, the multifamily component of Founders Row, a mixed-use project that will feature 394 apartment units and 90,000 square feet of retail space in Falls Church. The development team for Founders Row includes CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC and PNC Financial Services. Chris Wilkinson of JBG Smith is handling retail leasing for Founders Row. Studio Movie Grill and City Works Eatery & Pour House will be tenants in the retail component of Founders Row, which will span 4.5 acres at the corner of West Broad and North West streets, about 12 miles west of Washington, D.C. Modera Founders Row will offer 322 apartment homes and 72 apartment homes dedicated to age-restricted living for individuals 55 and older. The 322 units will be a mix of one- and two-bedroom floor plans. Shared community amenities for residents will include an expansive resident clubhouse, 24-hour fitness center, outdoor pool and sundeck, business center, game room, barbecue area, Zen garden, private demonstration kitchen, pet spa, controlled-access garage parking, self-serve package lockers and a coffee bar. The age-restricted community will feature an additional community room, fitness center and business …
HOUSTON — Urban developer Oxberry Group will redevelop the former Quality Laundry building located at 1110 W. Gray St. in Houston into a 23,500-square-foot mixed-use property. Oxberry purchased the building, which originally opened in 1932, in 2017. The new property, branded Rêve at Montrose, will feature ground-floor retail and restaurant space and second-story office space. The development team, which includes Tipps Architecture and general contractor Arch-Con Corp., expects to complete shell construction of the property early this summer.
