GOOSE CREEK, S.C. — CBRE has secured a $30.9 million loan for the construction of The Marketplace at Carnes Crossroads, a Publix-anchored shopping center underway in Goose Creek, roughly 15 miles outside Charleston. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the financing on behalf of the borrower, Columbia Properties, through a regional bank. Worthen Development is a partner in the project. Upon completion, the center will comprise 82,622 square feet across three buildings and nine land parcels situated on 24.5 acres. Site work for the development has begun, with vertical construction scheduled to begin soon.
Property Type
CHARLOTTE, N.C. — Houston-based Lovett Industrial has broken ground on Orr Road Business Center, a 282,000-square-foot industrial business park in Charlotte. The property will feature two multi-tenant rear-load buildings on 21.7 acres, designed for occupancies ranging from 30,000 to 156,000 square feet. The buildings will comprise 156,000 and 126,000 square feet, respectively, featuring 32-foot clear heights, 6-inch reinforced concrete slabs, 180-foot truck courts, 60 total loading doors and two drive-in doors each. Henry Lobb and Abby Rights of Avison Young will manage leasing at the property, with Chris Skibinski of Avison Young providing capital markets strategic advisory services. A construction timeline was not disclosed.
ATLANTA — JLL Capital Markets has brokered the sale of Regency Center, a 264,339-square-foot industrial park located along Jimmy Carter Boulevard in Atlanta. Situated on 20.4 acres, the property comprises eight buildings and features 36 suites, rear-load configurations, 16- to 20-foot clear heights, 67 dock-high doors and 12 grade-level doors. Richland Capital Holdings acquired the property for an undisclosed price. Matt Wirth, Jim Freeman, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction.
KIAWAH ISLAND, S.C. — Four new retailers have signed leases at Freshfields Village, an open-air shopping center located in Kiawah Island, approximately 30 miles southeast of Charleston. Charleston Shoe Co., Hanebrink Jewelers and Longevity Pilates have joined the lineup, and Showroom has reopened within a larger space at the center. Edens is the owner and landlord of Freshfields Village.
Creation, Clarion Partners Break Ground on $250M Park Algodon Industrial Project in Phoenix
by Amy Works
PHOENIX — Creation and Clarion Partners have broken ground on the first phase of Park Algodon, a previously announced, 1.3 million-square-foot industrial campus in Phoenix. Situated on 87 acres, the two-phase speculative industrial development will total 1.3 million square feet at full build out. The first phase includes four buildings, totaling 766,000 square feet, for tenants as small as 16,000 square feet and as large at 317,000 square feet. The second phase will consist of a 556,000-square-foot building. The buildings will feature 32- to 36-foot minimum clear heights, ample power and abundant employee parking. LGE Design Build is leading the architecture and construction. The first phase is scheduled for completion in the third quarter of 2025. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield are handling leasing of the project.
TEMPE, ARIZ. — Transwestern Development Co. has completed Vero, a seven-story multifamily property within Novus Innovation Corridor in Tempe. Greystar is managing the Class A community. Globe Corp. and University Realty are investment partners on the project. Located at 651 E. 6th St., Vero offers 199 apartments with washers/dryers, stainless steel appliances and hardwood-style flooring. Select units offer custom built-ins, balconies and Murphy beds. Onsite amenities include a resort-style pool with lounge area; fitness center; coworking space with conference rooms; a resident clubhouse with a pool table and wet bar; and secure bike storage.
MOUNTAIN VIEW, CALIF. — Cityview and Greystar have completed the disposition of Elan Mountain View, a mixed-use property at 1030 Castro St. in the Bay Area city of Mountain View. Terms of the transaction were not released. Developed in 2018, Elan Mountain View offers 164 apartments and 11,000 square feet of fully occupied ground-floor retail space. The community features studio, one-, two- and three-bedroom floor plans with smart thermostats, keyless entry, quartz countertops, modern cabinetry, full-tile kitchen backsplashes, wood vinyl plank flooring, stainless steel appliances and full-size washers and dryers. Select units feature street-level walk-up entrances, as well as private patios and balconies. Community amenities include a fully equipped fitness center; two-level club room with billiards table and chef’s kitchen; hammock lounge; edible garden pathway; private business center; and a courtyard with lounge seating, an outdoor kitchen, fireplaces and a fruit garden. Additionally, the property offers 164 storage units to residents and secured access parking. Current onsite retailers include Rose International Market, Mr. Sun, Le’s Alterations, Tanya’s Hair Design and Oh! Honey Macaron.
DENVER AND COMMERCE CITY, COLO. — Flywheel Capital has acquired two industrial properties, 4970 Cook Street in Denver and 5790 Dahlia Street in Commerce City, for an undisclosed price. The acquisitions will expand Flywheel’s industrial outdoor storage (IOS) portfolio. Situated on 2.4 acres, 4970 Cook Street is a 20,000-square-foot, single-tenant, net-leased industrial property. The asset offers fenced secure storage space for businesses with large inventory needs and is currently leased to Goodyear Tire and Rubber. The property has served as Goodyear’s operational base since 1998. Located on 2.1 acres, 5790 Dahlia Street is a 7,000-square-foot industrial facility. In November 2023, TransWood Carriers, a bulk transportation company with more than 40 locations nationwide, signed a long-term lease at the property. Mike Viehmann, Mike Wafer and Mike Wafer Jr. of Newmark represented the undisclosed seller, while Flywheel Capital was self-represented in the deal.
Gantry Arranges $4.3M Refinancing for Parkside La Palma Apartments in Anaheim, California
by Amy Works
ANAHEIM, CALIF. — Gantry has secured a $4.3 million permanent loan to refinance Parkside La Palma Apartments, a garden-style multifamily community in Anaheim. Located at 1000 E. La Palma Ave., Parkside La Palma features 79 studio, one- and two-bedroom floor plans. Originally built in 1973, the community offers modern unit interiors, a community pool, onsite laundry, children’s playground and landscaping. George Mitsanas, Stefan Malmlund and Keegan Bridges of Gantry’s Los Angeles and Irvine offices represented the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features a 20-year amortization and prepayment options. Gantry will service the loan.
DALLAS — Stream Realty Partners has completed The Quad, a 12-story, 345,425-square-foot office project in Uptown Dallas that also features about 15,000 square feet of retail and restaurant space. Office amenities include a fitness center, rooftop terrace, club lounge, conference center and a full acre of outdoor space. Stream Realty acquired the site in 2019, and construction on The Quad began in March 2022. Omniplan designed the property, and Austin Commercial served as the general contractor. MSD Partners, the investment advisory firm of tech magnate Michael Dell, provided construction financing. Four tenants — Revantage, Chicago Title, M Financial Group and Berkshire Residential — signed leases totaling 115,000 square feet prior to delivery.