Property Type

Monarch Alternative Capital Buys 412,000 SF Office Building in Miami

by Taylor Williams October 9, 2023

MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed. Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada. The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022. According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings. Monarch cited the tenant quality and overall office trends in …

October 9, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

JCCG Begins Construction on 244-Unit Build-to-Rent Residential Development in Fort Oglethorpe, Georgia

by John Nelson October 6, 2023

FORT OGLETHORPE, GA. — General contractor Jim Chapman Construction Group (JCCG) has started construction on The Cottages at Battlefield Crossing, a 244-unit build-to-rent (BTR) townhome project located at the intersection of Dietz Road and Battlefield Parkway in Fort Oglethorpe. Situated on 41 acres about nine miles south of Chattanooga, Tenn., the property will feature homes in five floorplans totaling 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center and 24-hour emergency maintenance services. The developer and construction timeline were not disclosed.

October 6, 2023

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Berkadia Arranges $37.8M LIHTC Financing for Affordable Housing Development in D.C.

by John Nelson October 6, 2023

WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.

October 6, 2023

Acquisitions Florida Multifamily Southeast

ZOM Sells 320-Unit Sorrento Affordable Housing Community in South Florida

by John Nelson October 6, 2023

MIRAMAR, FLA. — ZOM Living has sold Sorrento, a 320-unit affordable housing apartment community located in Miramar. Built more than 11 years ago, the property was originally financed through the low-income housing tax credit (LIHTC) program and state and county debt financing programs. The community features units in one-, two- and three-bedroom floorplans ranging from 651 to 1,187 square feet. Amenities include a swimming pool, fitness center, clubhouse, pavilion and barbecue area, resident lounge and a computer lab. Monthly rents at the property begin at $826. Related Cos. purchased the community for an undisclosed price.

October 6, 2023

Georgia Leasing Activity Retail Southeast

CRC Signs Three Retailers to Leases at Shoppes at Webb Gin in Metro Atlanta

by John Nelson October 6, 2023

SNELLVILLE, GA. — Three new tenants have signed leases at The Shoppes at Webb Gin, a retail center located in Snellville, roughly 30 miles outside of Atlanta. Browlash and Club Pilates will occupy 1,200 and 1,625 square feet, respectively. DRIPBar will also open at the property in January within a 1,675-square-foot space. Monica Johnson and Kelsi Holman represented the landlord, Continental Realty Corp. (CRC), on an internal basis. Sydney Isroff of Morrow Hill Commercial Real Estate represented DRIPBar in the leasing negotiations, and Emily Kozarek of Colliers represented Club Pilates. Built in 2006, The Shoppes at Webb Gin is now 90 percent occupied.

October 6, 2023

Acquisitions Multifamily Student Housing Texas

Newmark Arranges Sale of 382-Bed Student Housing Community Near University of Texas at Arlington

by Taylor Williams October 6, 2023

ARLINGTON, TEXAS — Newmark has arranged the sale of Maverick Place, a 382-bed student housing community located near the University of Texas at Arlington campus. The garden-style community offers a mix of one-, two- and four-bedroom units (117 total) with bed-to-bath parity. Shared amenities include a 24-hour fitness center, clubhouse, pool, game room, cybercafé and a dog park. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the sellers in the transaction. Jordan Roeschlaub, Dustin Stolly, Ben Roelke, Ian Walker and Trent Houchin, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Axonic Properties LLC.

October 6, 2023

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 328-Unit Apartment Community in League City, Texas

by Taylor Williams October 6, 2023

LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of Amalfi at Tuscan Lakes, a 328-unit apartment community located in the southeastern Houston suburb of League City. Built in 2008, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, coffee bar, fitness center, game room, multiple lounges and courtyards and a pet play area. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, New York City-based Sachs Cos., in the transaction. The buyer and sales price were not disclosed.

October 6, 2023

Acquisitions Industrial Texas

Rosewood Property Acquires 170,000 SF Industrial Facility in Schertz, Texas

by Taylor Williams October 6, 2023

SCHERTZ, TEXAS — Dallas-based Rosewood Property Co. has acquired Four Oaks Distribution Center, a 170,000-square-foot industrial facility located northeast of San Antonio in Schertz. Rosewood co-developed the 6.5-acre property on a speculative basis with Phelan Bennett Development and is now purchasing the California-based investment firm’s interest. Four Oaks Distribution Center, which features 30-foot clear heights, 32 dock doors and 147-foot truck court depths, was fully leased at the time of sale to building materials provider MSI (65,000 square feet) and shipping company OnTrac (104,000 square feet). John Brownlee and John Bauman of JLL arranged acquisition financing through Lincoln Financial Group for the deal.

October 6, 2023

Leasing Activity Office Texas

Lincoln Property Co. Unveils 58,644 SF Global Headquarters in Dallas

by Taylor Williams October 6, 2023

DALLAS — Lincoln Property Co. (LPC) has unveiled its new, 58,644-square-foot global headquarters at 8111 Douglas Ave., in the University Park neighborhood of Dallas. The site consists of two 13-story buildings, one of which houses 225,000 square feet of office and retail space and the other housing 128 multifamily units and 1,400 square feet of retail space. LPC delivered the property in 2023. Office and residential amenities include indoor and outdoor fitness spaces, a ground-floor park and an amenity deck with a putting green and pickleball and bocce ball courts. Including its Dallas headquarters, LPC now operates 35 offices worldwide.

October 6, 2023

Development Office Texas

Hope Media Group to Open Headquarters Office in New Caney, Texas

by Taylor Williams October 6, 2023

NEW CANEY, TEXAS — Hope Media Group, a provider of religious content, will open its global headquarters office within Valley Ranch, a 1,400-acre master-planned development in the northeastern Houston suburb of New Caney. The facility will house video and podcast production space, studios with noise isolation features and modern collaborative spaces. Gensler is the project architect, and Houston-based Tellepsen is the general contractor. Construction is expected to begin before the end of the year. Signorelli Co. owns Valley Ranch.

October 6, 2023

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