Property Type

WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.

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ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, a mixed-use project in Alexandria. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield arranged the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans include the redevelopment of three existing office buildings to feature 169 multifamily residential units, 65 condominiums and 7,000 square feet of commercial space. The property is situated with direct access to the Mount Vernon Trail and features views of the Potomac River.  Construction is scheduled to begin immediately, with completion expected in 2026.

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NEW HILL, N.C. — A joint venture between Samet Corp., Lee-Moore Capital and a Denver-based family office has delivered a 340,000-square-foot industrial facility located in New Hill, roughly 20 miles southeast of Raleigh. FedEx Ground fully occupies the newly completed building. The facility comprises Phase I of TIP West, a section of the 450-acre Triangle Innovation Point life sciences, manufacturing and industrial park with the capacity for an additional 2 million square feet of development. Matt Winters and Al Williams of JLL manage leasing at the property on behalf of the joint venture, along with Brian Hall of Samet Corp.

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Ovation-at-Galatyn-Park-Richardson

RICHARDSON, TEXAS — San Francisco-based developer Legacy Partners has completed Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG Architecture, Ovation at Galatyn Park offers one-, two- and three-bedroom units that range in size from 500 to 1,700 square feet and are furnished with quartz countertops and various pieces of smart-home technology products. Amenities include a pool, fitness center, sky lounge, outdoor game room, arcade, billiards room and a podcast studio. Legacy developed the project in partnership with Bridge Investment Group. Construction began in June 2021. Rents start at $1,525 per month for a one-bedroom apartment.

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23Springs-Dallas

DALLAS — Sidley Austin LLP has signed a 118,484-square-foot office lease at 23Springs in Uptown Dallas. The law firm will relocate from an 80,000-square-foot space at the nearby McKinny & Olive complex to four full floors and a partial fifth floor of the 26-story, 626,215-square-foot building in early 2026. Granite Properties is developing 23Springs, which is slated for a March 2025 completion. Craig Wilson, Randy Cooper, and Greg Biggs of Stream Realty Partners represented the tenant in the lease negotiations. Robert Jimenez, Burson Holman and Elizabeth Fortado represented Granite Properties on an internal basis.

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MCKINNEY, TEXAS — Locally based firm Peak Development Partners has sold a 14-acre industrial development site located at the corner of El Dorado Parkway and Stonebridge Drive in the northeastern Dallas suburb of McKinney. Peak originally acquired 18 acres at the site last year and will break ground on four retail pads on the other four acres later this year. Evan English and Tim McNutt of DBA Real Estate represented the buyer, SLX Development, in the transaction. Peak was self-represented.

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RICHARDSON, TEXAS — Amped Fitness, a Florida-based fitness retail chain, will open a 38,562-square-foot gym at Richardson Plaza, a retail center located at 110 W. Campbell Road on the northeastern outskirts of Dallas. Grayson Duyck of California-based brokerage firm Matthews Real Estate Investment Services represented the undisclosed landlord in the lease negotiations. The tenant representative was also not disclosed. The gym, which will be the 25th in the country for Amped Fitness, is scheduled to open at the end of the year.

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HOUSTON — Locally based brokerage firm Finial Group has negotiated a 25,000-square-foot industrial lease at Central Green Business Park in North Houston. According to LoopNet Inc., the building at 1950 S. Starpoint Drive was built in 1992, features 24-foot clear heights and includes 10,000 square feet of office space. William Alcorn and Jack Gaffney of Finial Group represented the undisclosed landlord in the lease negotiations. Henry Landwermeyer of Boyd Commercial represented the tenant, Pulse Wire & Cable.

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Prado-Santa-Clara-CA

SANTA CLARA, CALIF. — PCCP and Alliance Residential have acquired Prado, a mid-rise multifamily property at 3560 Rambla Place in Santa Clara, for $125 million, or $498,000 per unit. Built by SummerHill Homes and delivered in April 2021, Prado features 251 apartments on an infill site in Silicon Valley. The seven-story building features a mix of one- and two-bedroom units offering stainless steel appliances, quartz countertops, hardwood-style flooring, gas ranges, walk-in closets and private outdoor patios. Onsite amenities include an oversized pool and spa, a two-story fitness center, indoor and outdoor resident lounges, a remote-work business center and outdoor barbecues. Prado is situated within the 27-acre Nuevo master-planned community that SummerHill designed, which includes high-end rental and for-sale residential product with shared amenity offerings.

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Cobalt-Apts-Culver-City-CA

CULVER CITY, CALIF. — Helio Group has received a $40 million loan for the acquisition of Cobalt Apartments, a multifamily property in Culver City. Jeff Sause, Chad Morgan and Jacob Michael of JLL Capital Markets arranged the loan for the borrower from a regional bank. Cobalt Apartments features 135 units and 14,754 square feet of ground-floor retail space. Situated along Washington Boulevard, the property sits across the street from Sony Pictures Studios near interstates 10 and 405. Additionally, residents are within a 15-minute walk from the Palms Station Expo Line, which offers regional transportation.

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