GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a ground lease at SWC Loop 101 and Northern Avenue in Glendale. A limited liability company sold the asset to a limited liability company for $2.3 million. The asset includes a 3,200-square-foot Slim Chickens location, which has an absolute triple-net ground lease with 20 years remaining. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.
LANCASTER, PA. — Locally based brokerage firm TRUE Commercial Real Estate has negotiated a 15,100-square-foot lease at BURLE Corporate Park, a commercial facility located about 80 miles west of Philadelphia in Lancaster. Althea Ramsay Carrigan of TRUE Commercial represented the landlord in the lease negotiations. The tenant was HealthDirect Pharmacy Services.
NEW YORK CITY AND MIAMI — Brookfield Infrastructure Partners LP (NYSE: BIP) and its institutional partners have entered into an asset purchase agreement (APA) with Miami-based data center owner-operator Cyxtera. Brookfield will acquire “substantially all” of Cyxtera’s assets for $775 million. As part of the agreement, the New York City-based investment firm will purchase the real estate supporting seven Cyxtera data centers in the United States. The locations of the affected properties were not disclosed. According to the company’s website, Cyxtera operates facilities in Albuquerque, Atlanta, Boston, Chicago, Columbus, Dallas/Fort Worth, Denver, Los Angeles, Minneapolis, New York/New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Canada. Brookfield will purchase the real estate that supports the data centers from several landlords, including Digital Realty Trust Inc. (NYSE: DLR) and Digital Core REIT. The court-supervised process stems from Cyxtera’s Chapter 11 bankruptcy proceedings. The company cited financial challenges and lack of funding when it filed for bankruptcy this past summer, about two years after it went public. Cyxtera’s stock price peaked at $14.60 per share in May 2022 before dipping below $1.80 by December 2022. “We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our …
DOUGLASVILLE, GA. — Data center developer and operator DC Blox has broken ground on a $1.2 billion data center campus in Douglasville, about 22 miles west of Atlanta. Situated on a 55-acre site, the two-story data center campus will feature 12 data halls totaling 750,000 square feet. Tenants will have access to 180 megawatts of power and will be connected to DC Blox’s nearly 500-mile dark fiber route, which is slated for completion before the end of the year. The east-west fiber path will connect the company’s major hubs in Atlanta to its holdings in Augusta and on to its newly opened DC Blox Cable Landing Station in Myrtle Beach. Initial customer move-ins at the Douglasville campus is expected for third-quarter 2025. DC Blox is using tax incentives coordinated by Elevate Douglas Economic Partnership to help fund the development. The design-build team includes Evans General Contractors, DLB Associates, Bennett & Pless and Corgan, Thomas & Hutton.
ATLANTA — A joint venture between LV Collective, Kayne Anderson Real Estate and Pacific Life is underway on a new student housing tower in Atlanta. Dubbed Rambler Atlanta, the property will house 798 student housing beds in 215 units comprising one-, two-, four-, five- and six-bedroom configurations. The 457,000-square-foot property will be located at 736 Peachtree St. NE in Midtown Atlanta, which is within the Tech Square neighborhood opposite the interstate from the Georgia Tech campus. Amenities at Rambler Atlanta will include the second location of the Daydreamer café, a “study mezzanine” with coworking space and private study rooms, a resident lounge, fitness center and a rooftop pool and hot tub. The joint venture plans to deliver Rambler Atlanta by fall 2025. Project partners include architect Niles Bolton Associates, general contractor JE Dunn, interior designer Archie Bolden, Michael Hsu Office of Architecture and landscape architect Ironwood DDG. TSB Capital Advisors consulted on the joint partnership and construction financing. Pacific Life is providing debt for the project. Earlier this year, LV Collective delivered the nearby Whistler, a 565-bed student housing community at 859 Spring St. NW.
MIAMI — Related Urban, the affordable housing and mixed-income division of Related Group, has opened Robert King High and Paseo Del Rio, two newly completed affordable housing communities in Miami’s Little Havana neighborhood. The 315-unit Robert King High project is the substantial rehab of an elderly public housing high-rise built in 1964. The property is reserved for low-income seniors housing citizens and comprises residential towers, a one-story clubhouse that was also overhauled and a 1,500-square-foot convenience store. Paseo del Rio is a 182-unit, seven-story residential tower reserved for households earning 30, 60 and 80 percent of the area median income (AMI). Amenities will include a multipurpose room, fitness center, business center, dog park, bike storage, outdoor grill areas, resident courtyard and a 3,000-square-foot Pinecrest Bakery shop, which is set to open in early 2024. Robert King High and Paseo del Rio are now fully leased and occupied. The properties represent the fourth and fifth phases of the River Parc master plan, which will ultimately comprise 2,500 affordable housing, workforce housing and market-rate apartments. Full completion of the master plan’s 10 phases is slated for 2027.
MANDEVILLE, LA. — National retailers Five Below and Ross Dress for Less have joined Northlake Shopping Center, a 166,371-square-foot retail center located at the intersection of Louisiana Highway 22 and U.S. Route 190 in Mandeville. Situated across Lake Pontchartrain from New Orleans, Northlake’s tenant roster also includes Fresh Market, Total Wine & More, Office Depot and PetSmart. The landlord, Epic Real Estate Partners, has recently completed exterior renovations to the shopping center. Jonathan Fawer and Austin Lavin of Corporate Realty represented the landlord in the lease negotiations.
RICHLANDS, VA. — Marcus & Millichap has brokered the $4.4 million sale of Brickyard Shopping Center, an 86,246-square-foot retail center located at 114 Kents Ridge Road in Richlands, a city in western Virginia. Zachary Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, an unnamed developer, in the transaction. Dean Zang and David Crotts of the firm’s Washington, D.C., office procured the buyer, a private investor. Brian Hosey served as Marcus & Millichap’s broker of record in Virginia for the transaction. Built in 1989, Brickyard was 75 percent leased at the time of sale to its original anchor tenants, Food Lion and Big Lots. Food Lion is the sole national grocery store in Richlands, and there is only one other anchored shopping center in the area, according to Marcus & Millichap.
COSTA MESA, CALIF. — Continental Realty Corp. (CRC) has entered the California market with the acquisition of South Coast Collection (SoCo), a lifestyle retail center focused on home furnishing and design in the Orange County city of Costa Mesa. CRC purchased SoCo with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which $261 million has been raised since 2021. Constructed in 2007 on 20 acres, SoCo features 292,000 square feet of retail space. At the time of sale, the property was 97 percent leased to 60 tenants. Current tenants include COCO Republic, Design Within Reach, Roche Bobois, Pirch, Paul Mitchell the School, Brown Jordan, Natuzzi Italia, Room & Board, Arc Food and Libations, Butcher’s House, Greenleaf Kitchen & Cocktails, Moulin, Paragon and Portola Coffee. SoCo also features The OC Mix, a 15,000-square-foot shopping and dining space with more than 20 sit-down restaurants, coffee shops and quick-service restaurants, as well as a fine cheese retailer and an art gallery. Christopher Hoffman, Mark Damiani of Eastdil Secured represented the undisclosed seller in the deal. Terms of the transaction were not released.
WAXAHACHIE, TEXAS — Wan Bridge, a Texas-based owner-operator, has completed Sonata Estates, a 127-unit build-to-rent residential project in Waxahachie, a southern suburb of Dallas. The development houses three- to four-bedroom townhomes that range in size from 1,612 to 1,854 square feet. Amenities include a pool and splash pad, playground, outdoor sports courts, covered picnic areas and baseball fields. Residents also have access to onsite maintenance services and a walking path that connects to a nearby park. Rents start at $2,250 per month.
