Property Type

Newmark Secures $66M Land Sale in Midtown Nashville, Buyer Plans Mixed-Use Project

by John Nelson October 31, 2022

NASHVILLE, TENN. — Dairy Farmers of America (DFA), represented by Tarek El Gammal and Vincent Lefler of Newmark, has sold a 3.2-acre parcel in Nashville. Bosa Development acquired the land for $66 million. Located at 1401 Church St., the site is part of the Midtown submarket and will be developed as a mixed-use property. John Shaunfield, Kyle Jett and Chris Murphy of Newmark’s Dallas office also provided transactional support. Details about the construction timeline or project design were not disclosed.

October 31, 2022

Alabama Development Multifamily Southeast

Doster Completes 219-Unit Multifamily Development in Downtown Huntsville

by John Nelson October 31, 2022

HUNTSVILLE, ALA. — Doster Construction Co., in partnership with Chicago-based developer Heartland Real Estate Partners, has completed the development of Constellation, an apartment community located in downtown Huntsville. Designed by Chicago-based Built Form Architects, Constellation features 219 luxury units in studio, one-, two- and three-bedroom layouts. Construction on the development, which is now open for leasing, began in late 2020. Rental rates at Constellation range from $1,117 to $3,709 per month, according to Apartments.com.

October 31, 2022

Acquisitions Florida Retail Southeast

JLL Brokers Sale of 142,767 SF Retail Center in Pensacola, Florida

by John Nelson October 31, 2022

PENSACOLA, FLA. — JLL has arranged the sale of Pensacola Square, a 142,767-square-foot shopping center located in Pensacola. Brad Peterson and Whitaker Leonhardt of JLL represented the seller, an affiliate of Atlanta-based RCG Ventures LLC. Pensacola Square, which was 95 percent leased at the time of sale, is anchored by Big Lots and shadow-anchored by Hobby Lobby. Tenants at the property include American Freight Outlet, Beall’s Outlet and Petland. A private Florida-based family office acquired the shopping center for an undisclosed price.

October 31, 2022

Acquisitions Retail Southeast Virginia

Matthews Arranges $10.6M Sale of Retail Property in Virginia Beach Leased to CVS

by John Nelson October 31, 2022

VIRGINIA BEACH, VA. — Matthews Real Estate Investment Services has brokered the sale of a 13,225-square-foot store located at 1701 Independence Blvd. in Virginia Beach. The single-tenant property was leased to CVS/pharmacy at the time of sale Preston Schwartz and Chad Kurz of Matthews represented the private seller in the transaction. Jason Maier of Stan Johnson Co. represented the undisclosed buyer, which acquired the property for $10.6 million. CVS/pharmacy has a little over 12 years remaining on the lease.

October 31, 2022

Teravalis-Community-Entrance--Conceptual-Rendering-Courtesy-of-The-Howard-Hughes-ID-eb679e3cf8b4

Arizona Development Mixed-Use Top Stories Western

Howard Hughes Breaks Ground on 37,000-Acre Teravalis Mixed-Use Project in Phoenix

by Taylor Williams October 31, 2022

PHOENIX — Dallas-based developer Howard Hughes Corp. (NYSE: HHC) has broken ground on Teravalis, a 37,000-acre master-planned community that will be located in the West Valley area of Phoenix. Preliminary plans for the development call for 100,000 single-family homes and 55 million square feet of commercial space. Previously known as Douglas Ranch, the project marks the largest master-planned community in the state, according to the development team. Teravalis — the name of which means “land of the valley” — will be developed with an emphasis on public space and the natural environment. Ecological sustainability will also be a focal point of the construction process. “Teravalis is an eco-friendly, sustainable community that sets the bar high for other cities to model,” says Eric Orsborn, mayor of Buckeye, a city located roughly 35 miles west of Phoenix. Arizona Gov. Doug Ducey also credits the development with “answering the call” of increased housing demand. “Since 2015, Arizona has welcomed over 584,000 new residents, and we don’t expect that momentum to stop anytime soon,” says Ducey. “This increases the demand for housing opportunities, and Howard Hughes is providing quality housing options for current and future Arizonans.” The development team also notes that the location …

October 31, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $150M Sale of Multifamily Community in Scottsdale, Arizona

by Amy Works October 28, 2022

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of SeventyOne15 McDowell, an apartment property in Scottsdale. The asset traded for $150 million, or $547,445 per unit. The buyer and seller were not disclosed. Completed in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool and spa, private cabanas, a rooftop lounge with fire pits, two-story fitness center, direct-access parking garage, rooftop deck, electric charging stations and 24-hour parcel package concierge. Alliance Residential developed the property. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

October 28, 2022

California Development Multifamily Seniors Housing Western

South Bay Partners Completes 336-Unit Variel Seniors Housing Project in Los Angeles

by Amy Works October 28, 2022

LOS ANGELES — South Bay Partners has completed construction of The Variel of Woodland Hills, a luxury independent living, assisted living and memory care community in the Woodland Hills neighborhood of Los Angeles. The property features 215 independent living units, 94 assisted living units and 27 memory care units. Momentum Senior Living is the operator. VTBS Architects designed the buildings, while Rodrigo Vargas Design handled the interiors. W.E. O’Neil Construction was the general contractor. The site is located near Warner Tennis Center, grocery stores and Kaiser Permanente Woodland Hills Medical Center, a 264-bed hospital. The project was originally announced in 2018, and construction began just before the COVID-19 pandemic hit in early 2020.

October 28, 2022

California Development Hospitality Western

R.D. Olson Construction Breaks Ground on $38M Springhill Suites by Marriott in Chula Vista, California

by Amy Works October 28, 2022

CHULA VISTA, CALIF. — R.D. Olson Construction has commenced construction on Springhill Suites by Marriott in Chula Vista, a five-story hotel slated for completion by December 2023. Located at 870 Showroom Place, the $38 million, 127,628-square-foot hotel will feature 179 guest rooms, a lounge, bar, buffet, meeting room, rim flow pool, hot tub, cabanas, fire pits, activity area, pavilion, event lawn, barbecues and fitness center. Project partners include Lee & Sakahara as architect and Design Studio as interior designer.

October 28, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $11M Sale of Industrial Building in Poway, California

by Amy Works October 28, 2022

POWAY, CALIF. — Lee & Associates has brokered the sale of an industrial property located at 13535 Danielson St. in Poway. The freestanding building traded for $11 million in an off-market transaction. The single-tenant, 30,667-square-foot building is fully temperature controlled and offers two dock-high doors, one grade-level door and 26-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates North San Diego County represented the undisclosed seller, while Ryan Earnhart of Lee & Associates Ontario represented the undisclosed buyer in the deal.

October 28, 2022

Acquisitions Arizona Office Restaurant Retail Western

Tortosa Sells Retail/Office Property in Phoenix for $4.4M

by Amy Works October 28, 2022

PHOENIX — Tortosa LLC has completed the disposition of The Strip, a two-story retail and office building in Phoenix, to 4700 Alliance LLC, a Seattle-based investment company, for $4.4 million. Located at 4700 N. 12th St., the multi-tenant property was fully leased at the time of sale. The ground-floor space consists of retail tenants, including a craft beer and wine bar/restaurant, a craft coffee shop, a wine shop and café, a locally famous cake bakery and a soon-to-be completed speakeasy bar and co-working lounge. The second floor includes a salon, two architectural firms, a fitness tech company and headquarters for a restaurant group. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 28, 2022

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