Property Type

Bridgeline Starts Construction of 45-Room Bridge Creek Inn in Clayton, Georgia

by Hayden Spiess June 1, 2023

CLAYTON, GA. — Ridgeline Investment Partners has broken ground on Bridge Creek Inn, a 45-room boutique hotel in Clayton. Situated on the corner of South Main Street and Derrick Street, the property will feature a coffee bar, restaurant and bar, as well as indoor and outdoor event venues. The project is a redevelopment of The Clayton Hotel, originally built at the site in the 1950s. The opening is scheduled for September of this year. The Indigo Road Hospitality Group has been tapped to manage the property on behalf of Ridgeline.

June 1, 2023

Georgia Leasing Activity Office Southeast

Lincoln Arranges Office Leases Totaling 10,400 SF at Park Central Office Building in Atlanta

by Hayden Spiess June 1, 2023

ATLANTA — Lincoln Property Co. Southeast has arranged two leases totaling 10,400 square feet at Park Central, a 213,165-square-foot office building in Atlanta. Telespecialist will occupy 9,000 square feet at the property, and Broadway Across America will occupy 1,400 square feet. Hunter Henritze, Matt Fergus and Seabie Hickson of Lincoln represented the landlord, TerraCap Management, in the leasing negotiations. David Pope of Lavista Associates represented Broadway Across America. Park Central underwent $3.4 million in renovations in 2018, including upgrades to building systems, common areas and amenities. The property features covered parking, an onsite café, fitness center, conference center and 24-hour security.

June 1, 2023

Development Industrial Texas

Lovett Industrial Breaks Ground on 960,956 SF Project in West Dallas

by Taylor Williams June 1, 2023

DALLAS — Houston-based developer Lovett Industrial has broken ground on a 960,956-square-foot project within the 140-acre Trinity West Business Park in West Dallas. Buildings II and III will total 763,960 and 196,996 square feet and are being developed as build-to-suits for a global logistics company and Dallas County, respectively. Arch-Con Corp. is the general contractor for the project, completion of which is slated for the fourth quarter.

June 1, 2023

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 320-Unit Apartment Community in Irving

by Taylor Williams June 1, 2023

IRVING, TEXAS — Locally based brokerage firm Wellington Realty has arranged the sale of Cielo Azul, an apartment community in Irving that was originally built in 1985 and totals 320 units, according to Apartments.com. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, playground and outdoor grilling and dining stations. David Shaffer, Caleb Jones, Will Miller and Charles Larkam of Wellington Realty brokered the deal. The buyer and seller were not disclosed.

June 1, 2023

Acquisitions Multifamily Texas

Eagle Property Capital Sells 160-Unit Apartment Complex in Irving

by Taylor Williams June 1, 2023

IRVING, TEXAS — Eagle Property Capital, an investment firm with offices in Miami and Mexico, has sold Colinas Ranch Apartments, a 160-unit multifamily complex in Irving. Built in 1971, the property offers one-, two- and three-bedroom units and amenities such as a pool, clubhouse, outdoor grilling and dining areas and onsite laundry facilities. Eagle Property Capital acquired the asset in 2018 and implemented a value-add program. The buyer was not disclosed.

June 1, 2023

Civic Development Texas

Suffolk Breaks Ground on 56,325 SF Civic Project in Mesquite, Texas

by Taylor Williams June 1, 2023

MESQUITE, TEXAS — Boston-based general contractor Suffolk has broken ground on the Dallas County Mesquite Government Center, a 56,325-square-foot civic project that will be located on the eastern outskirts of Dallas. The project will allow the Dallas County government to expand its presence in Mesquite. As such, the two-story building will house offices for tax appraisers, the county constable, justice of the peace and juvenile services, as well as an area for community events and early voting. Completion is slated for next June.

June 1, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 46-Unit Apartment Complex in Garland, Texas

by Taylor Williams June 1, 2023

GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Casa Bella, a 46-unit apartment complex located in the northeastern Dallas suburb of Garland. According to Apartments.com, the property was built in 1975. Ford Braly, Dylan York and Al Silva of Marcus & Millichap represented the out-of-state seller and procured the locally based buyer in the transaction. Both parties were private investors that requested anonymity. The new ownership plans to implement a value-add program.

June 1, 2023

Acquisitions Multifamily Nevada Seniors Housing Western

SLIB Negotiates Sale of 131-Unit Mountain Lakes Estates in Reno, Nevada

by Jeff Shaw June 1, 2023

RENO, NEV. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mountain Lakes Estates, a 131-unit independent living community in Reno. The property was built in 2020 and totals 120,316 square feet on approximately 5.2 acres of land. The seller was a regional owner-operator located in the West. The buyer was a private equity company based in New York that specializes in active adult and independent living communities. The price was not disclosed. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of SLIB handled the transaction.

June 1, 2023

Acquisitions California Retail Western

Faris Lee Arranges $8M Sale of Retail Outparcel in Torrance, California

by Jeff Shaw June 1, 2023

TORRANCE, CALIF. — Faris Lee Investments has arranged the $8 million sale of a retail outparcel located in Torrance, roughly 20 miles south of Los Angeles. Situated within South Bay Towne Center, the outparcel building was fully leased at the time of sale to tenants including Starbucks Coffee, Subway, Flame Broiler, Sushi Boy, Great Steak and Hong Kong Express. JP Morgan provided acquisition financing.

June 1, 2023

Loans Lument Multifamily Oregon Seniors Housing Western

Lument Funds $14.7M Bridge Loan for Arcadia Senior Living in Portland, Oregon

by Jeff Shaw June 1, 2023

PORTLAND, ORE. — Lument has provided a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living community in Portland. Casey Moore, managing director with Lument in San Diego, led the transaction for Lument. The bridge loan refinances outstanding debt, provides earn-out proceeds and positions Arcadia for a future HUD refinancing. Built in 2019, Avant Senior Housing & Consulting LLC operates the community. Arcadia is owned by a partnership whose principal, Kelvin Ng, represented the borrower in this transaction.

June 1, 2023

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