Property Type

WeWork to Close Five Locations in Atlanta

by Hayden Spiess May 13, 2024

ATLANTA — Flexible workspace provider WeWork, which filed for Chapter 11 bankruptcy late last year, has completed its real estate restructuring in Atlanta, according to a press release from the company. The process, as in other cities, involved lease renegotiations with landlords. The Atlanta Journal-Constitution reports that WeWork now plans to close five of its 11 Atlanta locations. In April, the company announced a new $450 million investment to support operations throughout its Chapter 11 proceedings. WeWork’s current portfolio includes more than 24 million square feet of space across 330 locations globally.

May 13, 2024

Development Mixed-Use Texas

Partnership Receives Zoning Approval for Portion of $850M Mixed-Use Redevelopment in Fort Worth

by Taylor Williams May 13, 2024

FORT WORTH, TEXAS — Westside Real Estate Investors LLC, which is a partnership between Keystone Group and Larkspur Capital, has received approval from the Fort Worth Zoning Commission for a portion of a larger redevelopment project. The Dallas Business Journal and Fort Worth Report both state that the larger project is valued at $850 million. The latter publication reports that the ruling allows for 11.5 acres of the 35-acre site of the former Fort Worth Independent School District to be rezoned from industrial to mixed-use. The project was announced in January, and plans call for multifamily, hospitality, office, retail, restaurant and entertainment uses, as well as public green space. The DBJ reports that the combined footprint of these uses could be approximately 2 million square feet.

May 13, 2024

Arizona Development Industrial Office Western

Baker Development Receives Zoning Approval for 72-Acre AZUL Corporate Campus in Phoenix

by Amy Works May 13, 2024

PHOENIX — Baker Development has received zoning approval for AZUL, a 72-acre project on the former ON Semiconductor site at 52nd Street and Loop 202 in Phoenix. The site is now zoned for a wide variety of commercial and industrial uses, including corporate headquarters, advanced manufacturing, logistics, hospitals, hyperscales and other quantum computing users. Demolition of the former semiconductor factory is underway and scheduled for completion by fourth-quarter 2024. AZUL plans to develop up to 2 million square feet of corporate campus space on the site.

May 13, 2024

Acquisitions Colorado Multifamily Western

Pacific Urban Investors Acquires 420-Unit Viridian Apartments in Greenwood Village, Colorado

by Amy Works May 13, 2024

GREENWOOD VILLAGE, COLO. — Palo Alto, Calif.-based Pacific Urban Investors has purchased Viridian, a multifamily property in Greenwood Village, a suburb of Denver. Terms of the acquisition were not released. The acquisition marks Pacific’s fourth investment in the Denver market with the firm’s regional portfolio now totaling 884 units. Viridian features 420 apartments with nine-foot ceilings, a resort-style pool, full-sized basketball court and parking ratio of 1.7 stalls per unit.

May 13, 2024

California Development Industrial Western

Alpine Food Distributing Plans 116,766 SF Cold Storage Facility in Vernon, California

by Amy Works May 13, 2024

VERNON, CALIF. — ARCO National Construction’s Pacific Coast division is providing design-build services for a 116,766-square-foot cold storage facility renovation project for Alpine Food Distributing. The site is located in Vernon, a first-ring suburb of Los Angeles. The project includes more than 40,000 square feet of freezer/cooler space, including nearly 10,000 square feet of convertible space capable of accommodating temperatures ranging from negative 10 degrees Fahrenheit to 40 degrees Fahrenheit. There are also 2,455 square feet of production cooler available for produce processing, as well as more than 50,000 square feet of ambient storage. Additional construction details will include a carbon-dioxide refrigeration system, 15 dock positions, 26.5-foot clear heights and nearly 10,000 square feet of office space and break rooms. Alpine Foods plans to begin operations within the facility before the end of this year.

May 13, 2024

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 220-Unit Apartment Complex in Arlington

by Taylor Williams May 13, 2024

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Fielder’s Glen, a 220-unit apartment complex in Arlington. Built on 10 acres in 1985, Fielder’s Glen features studio, one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining stations and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Canadian investment firm Western Wealth Capital, in the transaction and procured the buyer, locally based investment firm Rise48 Equity. Brandon Brown of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.

May 13, 2024

Acquisitions Multifamily Texas

TMG Arranges Sale of 80-Unit Stepping Stone Apartments in San Antonio

by Taylor Williams May 13, 2024

SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Stepping Stone Apartments, an 80-unit multifamily complex in San Antonio’s Westwood Village neighborhood. Built in 1985, the property offers one- and two-bedroom units with an average size of 701 square feet. Amenities include a pool, outdoor grilling and dining stations and onsite laundry facilities. Paul Yazbeck of TMG represented the seller in the transaction, and Greg Miller of TMG procured the buyer. Both parties requested anonymity.

May 13, 2024

Acquisitions Colorado Retail Western

Copper2 Divests of 30,024 SF Southgate Shopping Center in Centennial, Colorado

by Amy Works May 13, 2024

CENTENNIAL, COLO. — Copper2 LLC has completed the disposition of Southgate Shopping Center, a neighborhood retail center in Centennial, a suburb of Denver. Arapahoe RHSW LLC acquired the asset for $7.7 million. Located at 6802-6882 S. Yosemite St., the two-building Southgate Shopping Center offers 30,024 square feet of retail space. At the time of sale, the property was 83 percent leased to 13 tenants, including food and beverage, financial services, fitness and personal care services. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.

May 13, 2024

Acquisitions Retail Texas

CenterSquare Acquires 32,797 SF Retail Center in Metro Houston

by Taylor Williams May 13, 2024

SPRING, TEXAS — Philadelphia-based CenterSquare lnvestment Management has acquired Gleannloch Crossing, a 32,797-square-foot retail center located in the northern Houston suburb of Spring. The site is located at the intersection of Grand Parkway and Champion Forest Drive. The property was fully leased at the time of sale to tenants such as MOD Pizza, The UPS Store, Subway, Gleannloch Family Dentist, Smoothie King and Salons by JC. The seller and sales price were not disclosed.

May 13, 2024

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of 12,132 SF Retail Property in Dixon, California

by Amy Works May 13, 2024

DIXON, CALIF. — Marcus & Millichap has negotiated the sale of a retail building located at 105 E. Dorset Drive in Dixon, approximately 25 miles southwest of Sacramento. A private investor sold the asset another private investor for $3.6 million. The multi-tenant property features 13,132 square feet of retail space. Michael Grandstaff and Christopher Hund of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 13, 2024

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