Property Type

Olympus Property Buys 272-Unit The Residences at Escaya in Chula Vista, California

by Amy Works November 16, 2022

CHULA VISTA, CALIF. — Olympus Property has acquired The Residences at Escaya, a multifamily community located in Chula Vista, between downtown San Diego and the Mexico border. Terms of the transaction were not released. Situated in the Otay Ranch neighborhood, The Residences at Escaya features 272 apartments, private garage and carport parking, a 30,000-square-foot walkable retail village, swimming pool, fitness center, clubhouse, outdoor lounge and barbecue area. Units range from 784 square feet to 1,560 square feet and offer quartz countertops, stainless steel appliances, full-height tile backsplashes, wood-style plank flooring, in-unit washers/dryers and ocean views from select units.

November 16, 2022

Acquisitions Office Oregon Retail Western

Norris & Stevens Brokers $5.1M Acquisition of River Road Plaza Office/Retail Asset in Eugene, Oregon

by Amy Works November 16, 2022

EUGENE, ORE. — Norris & Stevens has arranged the purchase of River Road Plaza, an office and retail property located at 155 Silver Lane in Eugene. KH Properties acquired the asset from River Road Plaza LLC for $5.1 million. Situated in Eugene’s Santa Clara neighborhood, River Road Plaza features 32,548 square feet of space. At the time of sale, the property was 92 percent occupied. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while CPX LLC represented the seller in the deal.

November 16, 2022

Acquisitions California Hospitality Top Stories Western

Tilman Fertitta Acquires Luxury Montage Laguna Beach Resort Hotel for $650M

by Kristin Harlow November 16, 2022

LAGUNA BEACH, CALIF. — Houston billionaire Tilman Fertitta has acquired the Montage Laguna Beach Resort Hotel overlooking the Pacific Ocean along the California coastline. China-based Dajia Insurance Group Co. sold the asset for $650 million, according to the Los Angeles Times. The luxury hotel, which opened in 2003, features 260 rooms. The 30-acre resort includes a 20,000-square-foot spa; outdoor recreation areas including two pools and direct beach access; a fine art collection; and more than 20,000 square feet of indoor and outdoor meeting space. The Spa Montage offers eucalyptus steam rooms, dry redwood saunas, ocean air whirlpools, fireplace lounges, a fitness center, movement studio and lap pool. All of the guestrooms, including 60 suites, beach bungalow-style rooms and multi-bedroom villas, feature views of the Pacific Ocean. The hotel’s website shows that the nightly rate for a room with a king-sized bed and sitting area with sofa is $1,180. Fertitta, who purchased the NBA’s Houston Rockets for $2.2 billion in 2017, is no stranger to luxury hotels. In 2018, he built the Post Oak Hotel at Uptown Houston. He also owns 14 other hotels around the country, including the San Luis Resort in Galveston, Texas; five Golden Nugget casinos and hotels; …

November 16, 2022

Development Mixed-Use Southeast Tennessee

Highwoods Selects Toro, Ignite Realty to Co-Develop Mixed-Use Ovation Campus in Suburban Nashville

by John Nelson November 15, 2022

FRANKLIN, TENN. — Highwoods Properties has selected Toro Development Co. and Ignite Realty Partners to develop Ovation, a mixed-use community located on a 145-acre site in the Nashville suburb of Franklin. Specific plans and construction timelines were not released as the project is in the planning stages, but Toro and Ignite will partner to transform a 60-acre portion of the Ovation campus into a walkable village that will feature shops, restaurants, apartments and lodging. Highwoods, which developed and owns the Mars Petcare headquarters on the Ovation site, will develop the office component of the project. Open Realty Advisors LLC, a Newmark company led by Mark Masinter, will serve as the leasing agent for Ovation.

November 15, 2022

Acquisitions Development Industrial Kentucky Mixed-Use Southeast

Duncan Brokers Sale of Historic Distillery Commons Complex in Louisville, Buyer Plans $75M Adaptive Reuse Project

by John Nelson November 15, 2022

LOUISVILLE, KY. — Duncan Commercial Real Estate (DCRE)/CORFAC International has brokered the sale of Distillery Commons, a historic distillery complex located at Lexington and Payne streets in Louisville’s Irish Hill neighborhood. The buyer, St. Louis-based Bamboo Acquisitions LLC, an affiliate of Intelica Commercial Real Estate, plans to redevelop the red-brick complex into a mixed-use project housing residences, offices, shops and restaurants. Barrel House Investments sold Distillery Commons to Bamboo for an undisclosed price. In 2019, the seller purchased the complex from Kinetic Properties, which had owned the site since the mid-1970s. The Courier-Journal reports that Distillery Commons operated as a bourbon warehouse that was constructed in the 1890s and that the proposed mixed-use development carries a price tag of $75 million. The City of Louisville recently condemned the rickhouse (Building 100 of the property), which was demolished last month.

November 15, 2022

Acquisitions Development Florida Retail Southeast

Philadelphia Phillies Purchase Distressed Shopping Center Near Metro Tampa Ballpark for $22.5M

by John Nelson November 15, 2022

CLEARWATER, FLA. — An affiliate of the Philadelphia Phillies has purchased the Clearwater Collection, a distressed shopping center spanning 13 acres at 21800 U.S. Highway 19 N in the Tampa suburb of Clearwater, for $22.5 million. The 134,362-square-foot property is located adjacent to BayCare Ballpark, a city-owned baseball arena that the Phillies lease for its Spring Training operations, as well as its Minor League Baseball affiliate team, the Clearwater Threshers. Control of the underlying land affords the Phillies the opportunity to plan for future redevelopment near the park. Michael Vullis of Avison Young was the court-appointed receiver of Clearwater Collection, which recently went into bankruptcy. Vullis and Avison Young colleagues John Crotty, Michael Fay, David Duckworth, Nick Robinson and Brian de la Fé represented the seller, an entity doing business as Clearwater Collection 15, in the transaction. Floor & Décor is the sole occupant of the shopping center and currently occupies 49 percent of the property’s leasable area.

November 15, 2022

Georgia Loans Multifamily Southeast

Northmarq Provides $21.1M Freddie Mac Loan for CoHo Apartments in Atlanta’s Buckhead District

by John Nelson November 15, 2022

ATLANTA — Northmarq has provided a $21.1 million Freddie Mac loan for the refinancing of CoHo Apartments, a 128-unit multifamily community located at 177 N. Colonial Homes Circle NW in Atlanta’s Buckhead district. The property, which was built in 1948 and renovated in 2015, features a yoga studio, resort-style pool, outdoor grilling area, patio space, fitness center, fenced yards, gazebo, pet play/wash area, flexible lease options, onsite maintenance and a clubhouse. Faron Thompson of Northmarq’s Atlanta office originated the loan on behalf of the undisclosed borrower.

November 15, 2022

Georgia Leasing Activity Office Southeast

Cushman & Wakefield Arranges 63,600 SF Office Lease in Atlanta’s Cumberland-Galleria Submarket

by John Nelson November 15, 2022

ATLANTA — Cushman & Wakefield has arranged an office lease extension and expansion for Sterling Seacrest Pritchard at 2500 Cumberland, a 144,335-square-foot office building in Atlanta’s Cumberland-Galleria submarket. The tenant will now occupy 63,600 square feet at the office building, which is situated inside the I-285 perimeter near The Home Depot’s headquarters. Annie Lewis, Jon Mayeske and Clinton McKellar of Cushman & Wakefield represented Sterling Seacrest Pritchard in the lease negotiations. John Zintak and Sonia Winfield, also with Cushman & Wakefield, represented the landlord, Noro Management. Sterling Seacrest Pritchard is a privately held insurance brokerage firm and operates its corporate headquarters out of 2500 Cumberland. The firm will add its signage at the top of the building as per the lease agreement. In addition to securing the anchor, Noro Management is updating the building’s amenities to include a new conference facility, outdoor terrace and a grab-and-go café.

November 15, 2022

Loans Midwest Office Ohio

JLL Arranges $155M in Acquisition Financing for Columbus Office Campus

by Kristin Harlow November 15, 2022

COLUMBUS, OHIO — JLL Capital Markets has arranged $155 million in acquisition financing for a 400,000-square-foot office campus in Columbus. Paul Spellman and Phil Galligan of JLL arranged the fixed-rate financing on behalf of the borrower, Golden Eagle Group Inc. Further details of the transaction were not provided.

November 15, 2022

Development Illinois Industrial Midwest

Scannell Properties to Build 176-Acre Industrial, Retail Development in Belvidere, Illinois

by Kristin Harlow November 15, 2022

BELVIDERE, ILL. — Scannell Properties has purchased 176 acres in the Chicago suburb of Belvidere with plans to build an industrial and retail development. The first project within the development will be a 1.3 million-square-foot industrial build-to-suit for an undisclosed Fortune 500 company. Plans also call for a 585,000-square-foot build-to-suit. Scannell Properties plans to reconfigure the roadway to provide two additional retail or commercial outlots. Adam Marshall of Newmark represented Scannell in the land acquisition.

November 15, 2022

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