Property Type

RA Centers Acquires Meadows Village Retail Center in Temecula, California for $27.7M

by Jeff Shaw May 17, 2023

TEMECULA, CALIF. — CBRE has brokered the $27.7 million sale of Meadows Village Center, a 67,336-square-foot retail center located in Temecula. Barons Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include Starbucks Coffee, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, The UPS Store and Pacific Dental. The property also features a CVS/pharmacy, which was not included in the sale. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. RA Centers acquired the property in a 1031 exchange.

May 17, 2023

Acquisitions Multifamily Nevada Western

Berkadia Brokers Sale of 192-Unit Westlook Resort Living in Reno, Nevada

by Jeff Shaw May 17, 2023

RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit, garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, bocce and cornhole courts, pool and dog park.

May 17, 2023

Colorado Development Multifamily Seniors Housing Western

Confluent, MorningStar Open 81-Unit Observatory Park Seniors Housing Community in Denver

by Jeff Shaw May 17, 2023

DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. Firms involved in the project included Hord Coplan Macht as the architect, Shaw Construction as the general contractor and Thoma-Holec Design as the interior designer.

May 17, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Advisors Negotiates $10M Sale of Historic Apartment Buildings in Denver

by Jeff Shaw May 17, 2023

DENVER — NorthPeak Commercial Advisors has brokered the sale of two apartment buildings at 1410 N. Marion St. and 1321 E. 14th Ave. in Denver. An undisclosed investment group bought the properties for $10 million. According to Apartments.com, the buildings were built in 1896 and rise three stories. The buyer is planning to renovate all 40 units. Greg Johnson and Conner Piretti represented the buyer and seller in this transaction. The seller, which owned the property for 40 years prior to the sale, was not disclosed.

May 17, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Services Arranges $5.1M Sale of Queens Multifamily Property

by Taylor Williams May 17, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.

May 17, 2023

Leasing Activity New York Northeast Retail

PGA Tour Superstore Signs 40,000 SF Retail Lease in Commack, New York

by Taylor Williams May 17, 2023

COMMACK, N.Y. — The PGA Tour Superstore has signed a 40,000-square-foot retail lease at Mayfair Shopping Center, a 220,000-square-foot development in Commack, located on Long Island. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Hugh Scullin of Katz & Associates represented the tenant. The store, which will open later this year, will be PGA Tour Superstore’s third in New York.

May 17, 2023

Acquisitions Hospitality Illinois Midwest Top Stories

Gencom, GD Holdings Acquire 192-Room St. Regis Chicago Luxury Hotel

by Kristin Harlow May 17, 2023

CHICAGO — A joint venture between Gencom and GD Holdings has acquired the 192-room St. Regis Chicago. The luxury hotel, which opened this week, is centrally located in the city’s Lakeshore East Loop community where the Chicago River meets Lake Michigan. While the sales price was undisclosed, JLL arranged $76 million in acquisition financing on behalf of the buyers through Värde Partners. The five-star hotel occupies the first 11 floors within a property that also houses 393 condominium units. Studio Gang Architects designed the 101-story tower, which is the third tallest in the city. Room rates start at $711 per night at the hotel, which is the first new luxury hotel to open in Chicago since 2013. Chicago-based Magellan Development Group oversaw development of the hotel, which is also part of Magellan’s 28-acre Lakeshore East master development. Magellan is retaining a partial ownership interest in the hotel. Located at 401 E. Wacker Drive, the St. Regis Chicago features nearly 12,000 square feet of meeting space, including the 5,000-square-foot Astor Ballroom. There are also 7,000 square feet of executive function rooms with views of landmarks such as the Magnificent Mile, Navy Pier, and Grant and Millennium parks. More than 21,000 square …

May 17, 2023

Market Reports Retail Texas Texas Market Reports

How Texas Developers Can Curate Unique Retail Experiences in Post-Pandemic, Mixed-Use Environments

by Taylor Williams May 17, 2023

By Barry Hand, principal, Gensler In a recent tour of a name-brand corporate campus, the host carefully explained to our team that his company’s policy regarding working from home (WFH) and returning to the office (RTO) remained loose as they completed a “year of learning.” This “learning” presumably involved listening to staff, observing who badges in when and where, experimenting with what works and what doesn’t and resolving the best way to get their arms around the most effective policies. This explanation has surely been given repeatedly in recent years. It appears most companies prefer to bring their people back to the office, but they also want to adopt policies that will work best for employees and customers, as well as the future of their organizations. While there are outliers that have instituted clear return-to-office directives, most firms are adopting change management strategies organized around attracting staff back to the office. They are doing this by leaning on experiences and amenities that demonstrate to employees the benefits of being present in the office. It seems the “experience” around which retail and food-and-beverage establishments are designed has now also reached into the corporate world. The Amenitized Workplace Increasing numbers of …

May 17, 2023

Development Georgia Hospitality Mixed-Use Multifamily Restaurant Retail Southeast

Edens to Redevelop North DeKalb Mall in Decatur, Georgia to 2.5 MSF Mixed-Use Development

by John Nelson May 16, 2023

DECATUR, GA. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. At its full build-out, Lulah Hills will feature 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes, a 150-room hotel and a Path Foundation trail connection to nearby Emory University. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition of the mall is expected to begin later this year, with initial phases of the project to be completed by 2025. Edens owns and operates 1.5 million square feet of retail space in metro Atlanta, including Toco Hills, Merchants Walk, Andrews Square, Buckhead Marketplace, Moores Mill and Park Place.

May 16, 2023

Development Multifamily North Carolina Southeast

Swinerton Tops Out $80M Joinery Apartment Development in Charlotte

by John Nelson May 16, 2023

CHARLOTTE, N.C. — Swinerton has topped out the second phase of The Joinery, which comprises two seven-story apartment buildings in Charlotte’s Optimist Park neighborhood totaling 360 units and 30,000 square feet of commercial space. The developer, Space Craft, expects to deliver the first building located at 420 E. 22nd St. by the end of the year and the second building located at 1816 N. Brevard St. by summer 2024. Phase II of The Joinery’s construction costs total $80 million, according to Swinerton. The project comprises two two- story concrete podiums with five levels of apartments atop wrapped in a hybrid cross-laminated timber system provided by Timberlab, an affiliate of Swinerton. Phase I of The Joinery, which was also constructed by Swinerton, is a six-story building totaling 83 apartments and 2,000 square feet of ground-floor retail space.

May 16, 2023

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