Property Type

CBRE Brokers $7M Sale of Tropicana Apartments in Huntington Beach, California

by Amy Works December 5, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a multifamily property in Huntington Beach. A Huntington Beach-based private buyer acquired the asset from a local private investor for $7 million, or $337,714 per unit, in an all-cash deal. According to CBRE, the sale was the largest apartment transaction in downtown Huntington Beach in the past 10 years. Dan Blackwell and Mike O’Neill of CBRE represented the seller, which was exchanging into a Delaware Statutory Trust, in the transaction. Located at 201 10th St., Tropicana Apartments features 21 residences spread across four two-story buildings, totaling 10,096 rentable square feet across six lots on two parcels. Built in 1963, the gated community offers a mix of one- and two-bedroom floor plans with ocean views in select units. Community amenities include an ocean-view deck, pool and laundry facilities. Additionally, the property features 18 carports and three garages for residents.

December 5, 2023

Development Florida Industrial Southeast Top Stories

Partnership to Develop 3 MSF Industrial Park on Florida’s Space Coast

by John Nelson December 5, 2023

TITUSVILLE, FLA. — A partnership between Houston-based Hines and locally based Key Group has announced plans to develop Space Coast Innovation Park, a 3 million-square-foot industrial development in the Space Coast city of Titusville. Located in Brevard County, the three-phase development will be situated on 450 acres near Space Coast Regional Airport’s Exploration Spaceport and within a few miles of NASA’s Kennedy Space Center. Nearby space exploration and aerospace defense firms include SpaceX, Blue Origin, Boeing, Northrop Grumman and Lockheed Martin. This past summer, Amazon announced it is developing a $120 million satellite processing facility in nearby Cape Canaveral, Fla. Additionally, the U.S. Air Force recently selected Patrick Space Force Base as its preferred headquarters location for the U.S. Space Force’s Space Training and Readiness Command operations. “As the rapid commercialization and privatization of the aerospace industry continues, with the space economy expected to generate more than $1 trillion in annual sales by 2040, we believe now is the perfect time to create a best-in-class logistics hub for aerospace companies requiring more direct access to Kennedy Space Center and Cape Canaveral than properties located further south can offer,” says Ryan Wood, managing director at Hines. “We look forward to partnering …

December 5, 2023

Acquisitions Alabama Retail Southeast

Tanger Acquires Bridge Street Town Centre in Huntsville for $193.5M

by John Nelson December 4, 2023

HUNTSVILLE, ALA. — Tanger has acquired Bridge Street Town Centre, an open-air retail center located in Huntsville, for $193.5 million. Alabama-based Bayer Properties is the developer and former owner of the 825,000-square-foot development. Tenants at the property include lululemon athletica, Sephora, Main Event, a 14-screen Cinemark movie theater, Lovesac, Dry Goods, Victoria’s Secret, Athleta, Anthropologie, Altar’d State, Ulta Beauty, Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M and Belk, among others. The center was 93 percent occupied at the time of sale. This marks Tanger’s 39th property and first open-air lifestyle center.

December 4, 2023

Alabama Development Multifamily Southeast

Dobbins Group to Develop Two Apartment Communities in Birmingham Totaling 785 Units

by John Nelson December 4, 2023

BIRMINGHAM, ALA. — Dobbins Group will develop two apartment communities in Birmingham. The first community, Colina West Homewood, will comprise 310 units in one-, two- and three-bedroom floorplans at 80 West Oxmoor Road. Amenities at the property will include package lockers, grilling stations and outdoor kitchens, hiking trails, a fitness center, swimming pool, coworking space, car wash, lawn game area, central green space, dog spa and park, clubhouse with resident lounge and attached and detached garages. The property will also feature a Grab & Go Market. The second property, Colina Hillside, will total 475 apartments in one-, two- and three-bedroom layouts across four- and five-story buildings. Amenities at the property, which will be located at 1121 Colina St., will include two heated saltwater pools, private pool cabanas and an outdoor kitchen entertainment area, 24-hour fitness center, a pet spa and pet parks, greenspace, firepits, grilling stations, electric car charging stations, valet trash service, a 24-hour resident market and lounge and coworking spaces. Protective Life provided financing. LBYD will serve as civil engineer for both developments, with Lorberbaum McNair providing landscape architecture and Catori Design House overseeing interior design. Forestry Environmental is the sitework contractor, and Capstone Building Corp. will provide …

December 4, 2023

Development Florida Southeast Student Housing

CBRE Investment, GMH to Begin Renovations at 734-Bed Student Housing Community Near University of South Florida

by John Nelson December 4, 2023

TAMPA, FLA. — A joint venture between CBRE Investment Management and GMH Communities has announced plans to begin renovations at Venue at North Campus, a 734-bed student housing community located near the University of South Florida in Tampa. The duo purchased the property in October. Dallas-based Premier will spearhead the renovations, which are expected to begin early next year. Enhancements to the property will include the addition of new appliances, countertops, cabinets, furniture, paint and fixtures; refreshments to the pool area; the addition of a jumbotron; updates to the community’s dog park; and the integration of a dedicated space for food truck dining near the property’s convenience store. The community offers a mix of studio, two-, four- and five-bedroom units. Shared amenities include a resort-style swimming pool, fitness centers, grilling stations under a pergola, individual and group study areas and an internet cafe.

December 4, 2023

Acquisitions Georgia Multifamily Southeast

GREA Brokers $13.9M Sale of Phoenix Place Townhomes in Metro Atlanta

by John Nelson December 4, 2023

EAST POINT, GA. — Global Real Estate Advisors (GREA) has brokered the $13.9 million sale of Phoenix Place Townhomes in East Point, about 3.5 miles from Hartsfield-Jackson Atlanta International Airport. Built in 1971 and located at 2420 Heaton Drive, the community comprises 144 units in one-, two- and three-bedroom floorplans. Green Forest Capital acquired the property from Pacific West Land. Taylor Brown, Mack Leath and Barden Brown of GREA represented the seller in the transaction.

December 4, 2023

Acquisitions Florida Retail Southeast

SRS Arranges $13.6M Sale of Retail Property in Lutz, Florida Leased to EoS Fitness

by John Nelson December 4, 2023

LUTZ, FLA. — SRS Real Estate Partners has arranged the $13.6 million sale of a 42,311-square-foot single-tenant retail property in Lutz, about 14 miles north of Tampa. EoS Fitness occupies the building on a 15-year triple-net lease. Located at 17634 Harpers Run, the property is situated on 3.9 acres within Cypress Ranch, a 164-acre mixed-use development that features 598 residential units and 100,000 square feet of office space. Upon completion, Cypress Ranch will also include 11 freestanding retail parcels. Tenants at the parcels include Chick-fil-A, Aldi and Panda Express. Patrick Nutt and William Wamble of SRS represented the seller, Barclay Group, in the transaction. A California-based buyer acquired the property in a 1031 exchange.

December 4, 2023

Development Industrial Texas

DrinkPAK Signs Two Industrial Lease Expansions Totaling 2.9 MSF in Fort Worth

by Taylor Williams December 4, 2023

FORT WORTH, TEXAS — California-based canned beverage manufacturer DrinkPAK has signed two industrial leases in Fort Worth representing 2.9 million square feet of expansion, moves that are expected to bring about 1,000 new full-time to the area by 2026. The space at Trammell Crow’s development at 25001 Eagle Parkway spans 1.5 million square feet. The deal at Carter Park East, which is owned by Crow Holdings Capital, Rob Riner Cos. and Clarion Partners, is for 1.4 million square feet. Patrick DuRoss, John DeGrinis, Jeff Abraham, Javier Galvan, Adam Faulk, James Cooksey, Garrison Efird and Adam Faulk Jr. of Newmark represented DrinkPAK in the lease negotiations. The City of Fort Worth has approved a 10-year tax abatement valued at $21 million for DrinkPAK’s expansion in support of the area’s long-term development.

December 4, 2023

Development Multifamily Texas

Wood Partners Opens 330-Unit Alta Cypress Springs Apartments in Metro Houston

by Taylor Williams December 4, 2023

CYPRESS, TEXAS — Atlanta-based multifamily developer Wood Partners has opened Alta Cypress Springs, a 330-unit project located on the northwestern outskirts of Houston. Alta Cypress Springs features one-, two- and three-bedroom apartments that are furnished with stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, dog park, business center, clubroom and an outdoor kitchen. Texas-based Design Balance served as the project architect. Rents start at roughly $1,300 per month for a one-bedroom apartment, according to the property website.

December 4, 2023

Acquisitions Multifamily Texas

RailField, Artemis Acquire 201-Unit Multifamily Property in Houston

by Taylor Williams December 4, 2023

HOUSTON — A partnership between Maryland-based investment firm RailField and Washington, D.C.-based Artemis Real Estate Partners has acquired Dolce Midtown, a 201-unit multifamily property located at 180 W. Gray St. in Houston. The property comprises two five-story buildings that were constructed in 2020. Dolce Midtown offers one- and two-bedroom units that are furnished with stainless steel appliances, built-in desks, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, clubhouse, game room, business center and outdoor grilling and dining stations. The seller and sales price were not disclosed.

December 4, 2023

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