ATLANTA — Crestlight Capital, a Detroit- and New York-based private equity real estate investment firm, and institutional investors advised by J.P. Morgan Global Alternatives have acquired two adaptive reuse projects, Inland Tract and COMPLEX, in an off-market transaction. The buyers also acquired two other properties, Puritan Mill and Ellsworth. The total sales price for all four properties was $114 million. In 2018, Third & Urban and Granite Properties formed a joint venture to transform Inland Tract and COMPLEX from warehouses into creative office and flex/showroom space prior to this sale. Urban Realty Partners sold Puritan Mill. Origin Investments sold Ellsworth. The four projects are expected to retain their individual names, but will be rebranded as the Westside Collective portfolio. Located at 1218 and 1236 Menlo Drive, Inland Tract included two warehouses totaling 79,000 square feet and features a natural light, high ceilings and outdoor workspaces. COMPLEX was redeveloped by Third & Urban and recapitalized into the partnership with Granite Properties. Located at 1175 Chattahoochee Ave., the property offers 110,000 square feet of space positioned for retail, showroom and creative office use. Puritan Mill totals 83,000 square feet of creative office space with brick and timber interiors and is connected to …
ATLANTA — Miami and New York-based PMG and Toronto-based Greybrook Realty Partners, in a joint venture, have acquired 811 Peachtree St. N.E. with plans to develop Society Atlanta, a 460-unit mixed-use project within the PMG’s Society Living multifamily brand. Mark Lindenbaum of JLL brokered the transaction. The land price was $20.3 million. The seller was not disclosed. Designed by Atlanta-based architecture firm Cooper Carry, Society Atlanta will feature 70,000 square feet of office space and 16,000 square feet of retail space. Slated for delivery in the first quarter of 2024, the 33-story development will include traditional apartment units and “rent-by-bedroom” or co-living options. Community amenities at Society Atlanta will include a pool deck, fitness center and co-working facilities. Society Atlanta will continue the expansion of PMG’s national Society Living portfolio, which was created to address demand for reasonable rents close to urban areas. Other Society Living developments include Society Las Olas in downtown Fort Lauderdale, Fla., which opened in May 2020; Society Biscayne in downtown Miami, slated to open in early 2022; Society Orlando, currently under construction in downtown Orlando; and Society Wynwood, under construction in Miami’s Wynwood Arts District. Additionally, Society Denver was announced in August.
PALM SPRINGS, FLA. — CBRE has facilitated the $3.8 million sale of Capitol Mall, a mixed-use property featuring a 23,698-square-foot, multi-tenant retail center and a 7,250-square-foot, multi-tenant warehouse building behind the retail stores. Located at 3745 South Congress Ave. in Palm Springs, the buyer was Capitol Mall LLC, a South Florida-based private investor. Congressional Developers Inc. was the seller. David Donnellan and Patricia Friend of CBRE represented the buyer in the transaction.
SOUDERTON, PA. — Locally based developer Select Properties Inc. has begun construction on Towne Gate Commons, a $40 million mixed-use project in Souderton, about 40 miles north of Philadelphia. Located at the site of the former Souderton Area High School, Towne Gate Commons will include 66 new three-bedroom townhomes with private balconies and two-car garages. The new residences will add to the 74 townhomes that were completed and leased in 2019 under the first phase of the project. Towne Gate Commons will also offer dining options, retail space, a public park with an amphitheater and a public plaza.
KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.
SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle. Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel. George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property owners.
FORT WORTH, TEXAS — Locally based developer Crescent Real Estate has broken ground on a new mixed-use project in Fort Worth’s Cultural District that is valued at $250 million, according to The Dallas Morning News. Current plans for the project, which was announced in February, call for 175 residential units, a 200-room boutique hotel and a 160,000-square-foot office building that will house the headquarters of tenants such as Goff Capital, Canyon Ranch and Contango Oil & Gas. Crescent Real Estate also plans to move its headquarters into the new office building. Construction is scheduled to be complete in mid-2023.
SAN ANTONIO — Valor Club USA, an organization dedicated to helping veterans and servicemen and women transition from military to civilian life, has opened an office in San Antonio. The group’s president, Michael McDowell, is overseeing construction of a 200-acre campus with recreational facilities, residential units, a hotel and commercial and retail space. In addition, the development will feature veteran support services and an entertainment district anchored by an indoor/outdoor performance and training center. Gensler designed the project.
AUSTIN, TEXAS — Knighthead Funding has provided a $59.5 million construction loan for a mixed-use project that will be located about three miles from downtown Austin. The project will comprise 200 multifamily units, 22,318 square feet of office space and 4,884 square feet of retail space. The residential component will consist of 170 market-rate units and 30 affordable housing units. The borrower was a partnership between Austin-based Pearlstone Partners and New York City-based ATCO Properties. A tentative completion date was not released.
HARTFORD, CONN. — A partnership between Pennrose, The Cloud Co. LLC, JDA Development and The Housing Authority of the City of Hartford has completed Phases I and II of Village at Park River, a mixed-use project in Hartford. The project is a redevelopment of a former Westbrook Village public housing site. Upon full completion, the development will consist of more than 400 units of mixed-income housing, 100,000 square feet of combined office and retail space, bike paths, a park, gardens and a communal amenity building. The first two phases delivered 135 units, the majority of which are reserved for renters earning 60 percent or less of the area median income.