Property Type

Core Spaces Opens 792-Bed Student Housing Community Near Georgia Tech in Atlanta

by Kristin Harlow September 6, 2023

ATLANTA — Core Spaces has opened Hub Atlanta, a 792-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. The 19-story property offers 292 units in studio through six-bedroom configurations. Amenities include a fitness center, coworking spaces, private study lounges, a rooftop pool deck with a hot tub, dog park, 6,990 square feet of ground-floor retail space and a four-story parking garage. New Here Coffee operates a coffee shop. Curioso provided interior design services alongside Core’s in-house design team. Hartshorne Plunkard Architecture served as the architect, and Juneau Construction Co. was the general contractor. Core Spaces is managing the community. Residents recently moved in for the 2023-2024 school year, and leasing is now open for next year. Core Spaces focuses on developing, buying and managing student housing and build-to-rent communities. The firm maintains offices in Austin and Chicago. — Kristin Harlow and Katie Sloan

September 6, 2023

Idaho Industrial Market Reports Western Western Market Reports

Healthy Leasing Activity Keeps Massive Industrial Projects on the Rise

by Jeff Shaw September 6, 2023

— By Dan Minnaert, Partner and Industrial Specialist, TOK Commercial Real Estate — Industrial leasing activity has slowed year over year in Southern Idaho markets with total transactions down 9 percent. However, all markets saw transactions increase or remain flat from the first quarter to the second quarter. Net absorption has also remained positive in all markets throughout the first half of 2023. Activity is strongest in the Boise MSA with nearly 900,000 square feet of net absorption recording so far this year. Top deals for the year include Ferguson Enterprises leasing 164,600 square feet of new construction in Nampa, and Hensel Phelps Construction leasing 92,900 square feet at 535 Gowen in South Boise. Demand remains strongest for spaces in the 1,000- to 5,000-square-foot range, accounting for 51 percent of deals over the past 12 months. However, absorbed spaces above 15,000 square feet have increased 15 percent year over year. In addition, organic growth is the top driver for leasing activity considering 30 percent of deals over the past year were attributed to tenants opening additional locations or expanding. Additional new industrial tenants are expected to enter Southern Idaho, most notably in the Boise MSA as new projects such …

September 6, 2023

Acquisitions Florida Hospitality Southeast

Newbond Holdings Acquires 130-Room Aloft Hotel in Downtown Tampa

by Hayden Spiess September 5, 2023

TAMPA, FLA. — Newbond Holdings has acquired Aloft Tampa Downtown Hotel, a 130-room hotel located on the Riverwalk in downtown Tampa. Amenities at the property include a waterfront pool and gym, corporate meeting and event space and a bar and lounge. The acquisition brings Newbond’s footprint along the riverfront, which also includes the Hotel Tampa Riverwalk, to more than 700 hotel rooms. JLL arranged acquisition financing on behalf of Newbond, which plans to implement renovations to the guest rooms, public areas and pool deck. Plasencia Group represented the undisclosed seller in the transaction. The sales price was not disclosed.

September 5, 2023

Acquisitions Florida Retail Southeast

Terra Sells 16000 Pines Market Retail Center in Florida for $56M

by Hayden Spiess September 5, 2023

PEMBROKE PINES, FLA. — Terra has sold 16000 Pines Market, a 135,000-square-foot retail center located in Pembroke Pines, for $56 million. Situated on 13.2 acres and developed between 2020 and 2022, the property was fully leased at the time of sale. Publix anchors the center, whose other tenants include Crunch Fitness, Burlington, First Watch Café, Verizon Wireless, Everglades Family Dental, Tropical Smoothie Café, Cheddar’s Scratch Kitchen, Jersey Mike’s Subs and MD-Now Urgent Care Center. The property also features two standalone parcels that house a U.S. post office and Regions Bank. Mark Gilbert and Adam Feinstein of Cushman & Wakefield represented Terra in the transaction. Apollo Realty Income Solutions (ARIS) acquired the property.

September 5, 2023

Georgia Leasing Activity Retail Southeast

Terra Alma Begins Leasing 11,000 SF of Retail Space at EmmaJames at Savannah Harbor

by Hayden Spiess September 5, 2023

SAVANNAH, GA. — Terra Alma has begun leasing the retail space at a master-planned development currently underway in Savannah. Totaling 11,000 square feet, the space is situated within the EmmaJames at Savannah Harbor property along the Savannah River on Hutchinson Island, which also features apartments and townhomes. Amenities at the development will include a marina and outdoor concert theater. An undisclosed seafood concept has signed the first retail lease.

September 5, 2023

Leasing Activity North Carolina Office Southeast

Trinity Partners Arranges Office Leases Totaling 20,000 SF at One South in Uptown Charlotte

by Hayden Spiess September 5, 2023

CHARLOTTE, N.C. — Trinity Partners has arranged leases totaling 20,000 square feet at One South, a 40-story office tower located in Uptown Charlotte. Law firm Fox Rothschild LLP will occupy 9,371 square feet on the 17th floor of the property, with an undisclosed bank tenant occupying 10,834 square feet on the 18th floor. The property features a 22,000-square-foot amenity space on the third floor, dubbed Three. Spencer Hawkins, Diana Williams and John Moore of CBRE represented Fox Rothschild in the leasing negotiations. Tourmaline Capital Partners and Monarch Alternative Capital are the owners and landlords of One South.

September 5, 2023

Florida Leasing Activity Office Southeast

Alvarez & Marsal Capital Signs Lease at 12-Story Office Development in West Palm Beach

by Hayden Spiess September 5, 2023

WEST PALM BEACH, FLA. — Alvarez & Marsal Capital (AMC) has signed a lease at 300 Banyan, a 12-story office development currently under construction in West Palm Beach. Situated within Brand Atlantic and Wheelock Street Capital’s Banyan & Olive development, the property includes six floors of office space, as well as an 8,000-square-foot restaurant and six-story parking garage. The building features 20,000-square-foot floor plates with shaded private terraces on every other floor, floor-to-ceiling glass and ceiling heights of over 13 feet. Amenities at the building include an indoor-outdoor gym, loggia and lounge and golf simulator lounge.

September 5, 2023

Acquisitions Multifamily Texas

Newmark Arranges Sale of 350-Unit Villas Tech Ridge Apartments in Metro Austin

by Taylor Williams September 5, 2023

PFLUGERVILLE, TEXAS — Newmark has arranged the sale of Villas Tech Ridge, a 350-unit apartment community located in the northern Austin suburb of Pflugerville. Built in 2009, the garden-style property features a mix of one-, two- and three-bedroom floor plans with an average unit size of 976 square feet. Amenities include a pool with cabanas, a resident clubhouse, fitness center and a fenced dog run. Patton Jones and Andrew Dickson of Newmark represented the seller, an institutional client of New York Life Real Estate Investors, in the transaction. Colin Cross of Newmark arranged acquisition financing through an undisclosed lender on behalf of the buyer, Pegasus Real Estate.

September 5, 2023

Acquisitions Multifamily Texas

Draper & Kramer Acquires 307-Unit Griffis at Riata Apartments in Austin

by Taylor Williams September 5, 2023

AUSTIN, TEXAS — Chicago-based investment firm Draper & Kramer has acquired Griffis at Riata, a 307-unit apartment community that sits on a 17-acre site in Austin’s tech district. Built in 2017, Griffis at Riata comprises 195 one-bedroom units and 112 two-bedroom units across 17 buildings. Units range in size from 713 to 1,848 square feet and feature plank-style flooring, island kitchens with granite countertops, stainless steel appliances and individual washers and dryers. The amenity package consists of a pool, coworking spaces, resident lounge, two fitness centers, a dog park and outdoor grilling and dining areas. The seller was not disclosed. At the time of sale, the property, which will be rebranded as DK Riata, was 95 percent occupied.

September 5, 2023

Development Midwest Missouri Multifamily

Brinkmann Constructors Tops Out 148-Unit Luxury Apartment Complex in Downtown St. Louis

by Kristin Harlow September 5, 2023

ST. LOUIS — Brinkmann Constructors has topped out construction of 11th and Spruce, a 148-unit luxury apartment complex in downtown St. Louis. San Francisco-based Balboa Real Estate Partners is the developer for the project, which is located three blocks from Busch Stadium. The $25 million development will feature 3,000 square feet of ground-floor retail space and amenities such as a fitness center, clubroom, courtyard, pet spa, dog run and rentable work-from-home space. The five-story development is situated in the city’s Cupples Station Historic District, once a thriving manufacturing hub. To preserve the area’s old-world aesthetic, the new complex matches the red brick used in surrounding buildings. The site was formerly home of the Cupples 7 Building, which sat vacant for nearly a decade. Balboa purchased the site from the Treasury Department of St. Louis. Completion of the project is slated for February 2024.

September 5, 2023

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