CHESTERFIELD, MO. — Brinkmann Constructors, in partnership with indiGO Auto Group, has completed a 25,000-square-foot Porsche service facility in the St. Louis suburb of Chesterfield. The project marks the first Porsche-dedicated service center in Missouri, according to Brinkmann. PGAL served as the project architect.
BERKELEY, CALIF. — Panoramic Interests has received a $30 million construction loan for The Northside, a 73-unit student housing development in Berkeley. Jordan Angel and Alex Witt of JLL secured the financing through BHI, a full-service commercial bank that operates as the U.S. division of Bank Hapoalim, on behalf of the borrower. The development site for the 451,509-square-foot project is located at 1752 Shattuck Ave. near the University of California (UC) Berkeley campus. The project is scheduled for completion in March 2026 and will rise seven stories and offer 1,210 square feet of retail space. The community will offer fully furnished units in studio, one-, two-, three- and four-bedroom configurations. The units will feature modern furnishings, large operable windows, hospital-grade ventilation, engineering soundproofing and nine-foot ceilings. Shared amenities will include a rooftop deck, secure bike storage, laundry rooms, lounges, co-working space and keyless entrances. Jordan Angel and Alex Witt of JLL Capital Market’s Debt Advisory represented the borrower in the financing.
LAS VEGAS — Denver-based Continental Realty Group, through its subsidiary Continental Realty Assets, has purchased Villa Del Rio Apartments on Nellis Boulevard in Las Vegas for $27 million, or $160,714 per unit. The name of the seller was not released. This marks the buyer’s sixth acquisition in the Las Vegas market since 2015. Built in 1990, Villa Del Rio features 168 apartments in a mix of one-, two- and three-bedroom units in four layouts. Community amenities include a clubhouse/leasing center, swimming pool, fitness center and outdoor lounge and barbecue areas. The previous owner refurbished 38 units, and the buyer plans to spend approximately $2.4 million to complete the renovation of all units, as well as other property improvements.
AURORA, COLO. — Advenir has completed the disposition of Advenir Del Arte Apartments, a multifamily property in Aurora, to BMC Investments for an undisclosed price. Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hunt and Brad Schlafer of CBRE represented the seller in the transaction. Brady O’Donnell, Jill Haug and Alex Scott, also with CBRE, arranged a fixed-rate Freddie Mac loan for Advenir. Located at 151 S. Joliet Circle, Advenir Del Arte features 17 residential buildings offering a total of 351 apartments in a mix of studio, one- and two-bedroom floorplans with in-unit washers/dryers. Built in 1986, the property was 90 percent occupied as of March 2024. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, business center, pet park and 563 parking spaces. The property has undergone several renovations, with the most recent occurring in 2016.
CARSON, CALIF. — Dunbar Real Estate Investment Management has acquired an industrial investment complex, located at 16925-16927 Main St. in Carson, from MacLeaod Family Trust for $10.2 million. Built in 1992, the two-building, 41,880-square-foot asset offers six units ranging in size from 6,000 square feet to 7,000 square feet, with one combined 14,000-square-foot unit. Additionally, the property offers dock-high loading on four of the five units. Matt Stringfellow and Tyler Rollema of The Klabin Company/CORFAC International represented the buyer in the deal, while Mark Granger and Patrick Granger of The Granger Co. represented the seller.
MESA, ARIZ. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, Superstition Marketplace offers 54,837 rentable square feet. Current tenants include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan with a 30-year amortization schedule through one of its correspondent life insurance companies.
TAYLOR, TEXAS — The City Council of Taylor, a northern suburb of Austin, has approved a proposal and economic development agreement for a $225 million data center project, according to multiple publications, including the Austin Business Journal, Taylor Press and Community Impact Newspaper. Taylor Press reports that the city council approved the proposal during its meeting on Aug. 8, voting unanimously to grant tax rebates to Austin-based data center owner-operator BPP Projects. Taylor Press also reports that the project will be developed on 52 acres of city-owned land, and that construction will be carried out in three phases, each of which will deliver 45,000 square feet of space. Construction could begin as soon as next summer. Community Impact Newspaper reports that the city council approved a 10-year, 50 percent tax rebate for each phase of construction on the data center. In addition, the outlet states that BPP will also receive a 50 percent rebate on the local use tax collected on materials used during construction. Multiple publications report that the city’s economic development department expects the project to generate more than $1 billion in capital investment for the region over the next decade. The company has also agreed to guarantee …
We are fortunate to live and work in a region that experiences steady growth and maintains a healthy economy. From a commercial real estate perspective, the Richmond market is a consistent performer due to its diversified economy and reliable and consistent business drivers. Industrial and multifamily construction activity has remained strong without being overbuilt, eliminating the pattern of “boom and bust” that some other areas experience. A submarket that has been red hot is Scott’s Addition, a 20-square-block neighborhood that has been transformed from warehouses and light industrial to a mixed-use mecca of multifamily, office and retail. Developers and tenants alike appreciate the proximity to the interstate, numerous amenities and abundant diversity within the community. Exceptional walkability scores, along with a thriving restaurant and brewery scene, seem to be driving tenants’ willingness to pay the highest rents in the area. The high cost of new construction also informs these rents and, ultimately, is passed through to end users. Scott’s Addition will likely continue to be a desirable location for many, although high rents and challenging parking will remain an issue for some. Another very desirable submarket and consistent performer is Glen Forest. Primarily office- and medical-focused, this area offers Class …
LEXINGTON, S.C. — Lexington Land Development Co., a locally based developer led by NAI Columbia shareholders Ben Kelly and Patrick Chambers, has broken ground on Platt Springs Crossing, a $65 million mixed-use development in the Columbia suburb of Lexington. Located on 57 acres at 5400 and 5470 Platt Springs Road, the project will comprise a Lowes Foods grocery store, 10,000 square feet of inline retail space, 13 retail outparcels and 142 residential townhouses. In addition to the Lowes Foods anchor, confirmed tenants include Chipotle Mexican Grill (which began construction earlier this summer), Panda Express, Whataburger, Harbor Freight Tools, Heartland Dental, WellStreet Urgent Care, Big Blue Marble Academy, Planet Fitness and Tidal Wave Car Wash. The Lowes Foods grocery store is anticipated to open in third-quarter 2025, as well as the first swath of townhomes. Some of the outparcel retailers will open as early as first-quarter 2025. Site work for the townhomes will begin next month. NAI Columbia is leasing the remaining available space at Platt Springs Crossing on behalf of Lexington Land Development.
COCOA, FLA. — Sinatra & Co. has acquired Cocoa Grand Apartments, a multifamily community located in Cocoa, for $64 million. Built in 2022, the property totals 268 units. The buyer financed the acquisition through its SCRE FL Value Add Fund, with Stolar Capital, The Nanula Family Office and Citi Bank providing debt for the purchase. David Etchison, Cole Whitaker and Mary Beale of Berkadia represented the undisclosed seller in the transaction. Bob Falese of Berkadia arranged financing on behalf of Sinatra & Co., which plans to implement amenity and landscaping improvements at the property.
