Property Type

Legacy Partners Completes 361-Unit Ovation at Galatyn Park Apartments in Metro Dallas

by Taylor Williams March 7, 2024

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.

March 7, 2024

Leasing Activity Office Texas

Sidley Austin Signs 118,484 SF Office Lease at 23Springs in Uptown Dallas

by Taylor Williams March 7, 2024

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.

March 7, 2024

Acquisitions Industrial Texas

Peak Capital Partners Sells 14-Acre Industrial Development Site in McKinney, Texas

by Taylor Williams March 7, 2024

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.

March 7, 2024

Leasing Activity Retail Texas

Amped Fitness to Open 38,562 SF Gym in Richardson, Texas

by Taylor Williams March 7, 2024

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.

March 7, 2024

Industrial Leasing Activity Texas

Finial Group Negotiates 25,000 SF Industrial Lease in North Houston

by Taylor Williams March 7, 2024

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.

March 7, 2024

Acquisitions California Multifamily Western

PCCP, Alliance Residential Buy Prado Apartment Community in Santa Clara, California for $125M

by Amy Works March 7, 2024

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.

March 7, 2024

Acquisitions California Loans Multifamily Western

Helio Group Receives $40M Acquisition Loan for Cobalt Apartments in Culver City, California

by Amy Works March 7, 2024

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.

March 7, 2024

Arizona Development Retail Western

Peak Development, Hungry Investments Acquire 5.5-Acre Retail Development Site in Chandler, Arizona

by Amy Works March 7, 2024

CHANDLER, ARIZ. — Peak Development Partners, along with Kristian Cotta of Hungry Investments, has purchased a 5.5-acre land parcel at the corner of Chandler Boulevard and Cooper Road in Chandler. NGAI Family Trust sold the property for an undisclosed price. The buyers plan to break ground on multiple retail pads on the site in fourth-quarter 2024. The pads are slated to open by first-quarter 2025. Brian Gast of Velocity Retail Group is handling leasing of the pads. Phil Bramsen of SanTan Commercial Advisors represented the buyers, while Mike Sutton of Lee & Associates represented the seller in the deal.

March 7, 2024

Acquisitions California Multifamily Western

TMG Brokers $16.5M Purchase of Vantage Point Apartments in Bakersfield, California

by Amy Works March 7, 2024

BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the acquisition of Vantage Point Apartments, a multifamily community in Bakersfield. A Central Valley-based investor acquired the asset for $16.5 million in an off-market transaction. The name of seller was not released. Built in 1985, Vantage Point features 144 one- and two-bedroom apartments ranging from 597 square feet to 805 square feet. Amenities include large closets, ceiling fans, a heated pool, laundry facilities and gated access. The property is situated on 6.31 acres at 6001 Auburn St. Mark Bonas of TMG represented the buyer in the deal.

March 7, 2024

Acquisitions Healthcare Nevada Western

Clark County Acquires 17,066 SF Healthcare Building in Las Vegas

by Amy Works March 7, 2024

LAS VEGAS — Clark County has purchased a recently constructed psychiatric hospital building, located at 5409 E. Lake Mead Blvd. in Las Vegas, from a private seller for $10.4 million. Constructed in 2021, the 17,066-square-foot, 24-bed property has never been fully occupied. The asset is located approximately six miles from Mike O’Callaghan Military Medical Center on Nellis Air Force Base and approximately 10 miles from the Veterans Affairs Hospital and 3.5 miles from the 177-bed North Vista Hospital. Marlene Fujita Winkel, Emily Brun, Cody Seager, Travis Ives, Gino Lollio, Sushil Puria and Ken Brown of Cushman & Wakefield represented the seller in the transaction.

March 7, 2024

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