INDIANAPOLIS AND ATLANTA — Indianapolis-based mall giant Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had more than $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership with Simon, Jamestown will gain a partner with a broad platform of resources and operational tools that will enhance its ability to scale and grow. “The partnership with Simon will help position us for our next chapter as we scale our differentiated products in an increasingly global world,” says Michael Phillips, president of Jamestown. With Jamestown, Simon now has an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer. Simon will also be able to access the Jamestown platform to accelerate its future densification projects. “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and …
Property Type
HOUSTON — General contractor Hoar Construction has broken ground on X Houston, a 475-unit multifamily project in the city’s Museum District. Developed by X Co. and designed by Lamar Johnson Collaborative, X Houston will be a 33-story high-rise that will span 756,000 square feet and will house ground-floor retail space. Amenities will include a pool, fitness center, bar area and coworking spaces. Completion is slated for the third quarter of 2024.
ODESSA, TEXAS — Dallas-based brokerage firm Disney Investment Group has arranged the sale of Chimney Rock, a 294,431-square-foot retail power center located in the West Texas city of Odessa. Built in 2012 and expanded in 2016, Chimney Rock was 93 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Best Buy, Marshalls, Ulta Beauty, Petco, Northern Tool + Equipment, Mattress Firm, Kirkland’s and Longhorn Steakhouse. David Disney and Adam Crockett of Disney Investment Group represented the undisclosed seller and procured the buyer, Houston-based investment firm Fidelis, in the transaction.
FORT WORTH, TEXAS — Northmarq has brokered the sale of The Borough Apartments, a 208-unit multifamily property in Fort Worth that was built in 1981. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 500 to 1,280 square feet. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq brokered the deal on behalf of the seller. Kevin Leamy, Lauren Bresky, Daniel Stickane and Patrick Elliott, also with Northmarq, arranged a nonrecourse, floating-rate acquisition loan that carried three years of interest-only payments on behalf of the buyer. Both parties requested anonymity.
SPRING, TEXAS — Landmark Properties, a student housing and multifamily developer based in Athens, Ga., will develop The Everstead at Windrose, a 194-unit build-to-rent residential project in the northern Houston suburb of Spring. Landmark is developing the project in partnership with Principal Real Estate Investors. The development will offer townhouse- and cottage-style homes with private patios/backyards, and select residences will have attached garages. Communal amenities will include a pool, fitness center, coffee bar, dog park and grilling stations. Construction is slated to begin later this month and to be complete in 2024.
Lincoln Property Co. Tops Out 300,000 SF Office Building at Echo Street West in Atlanta
by John Nelson
ATLANTA — Lincoln Property Co. has topped out 765 Echo, a four-story, 300,000-square-foot office building set within the 19-acre Echo Street West project in Atlanta’s West Midtown district. Upon completion, the mid-rise structure will feature 29,000 square feet of tenant balconies that can host outdoor conferences, fitness space and social gatherings. The mass timber building will also feature floor plates with 15- to 20-foot windows that offer unobstructed, 360-degree views. The office building will be located adjacent to a 3,500-square-foot amenity center that will provide office tenants with flexible meeting space, an outdoor patio and a full bar. Echo Street West’s first phase that includes 765 Echo, 25,000 square feet of retail space, the 292-unit Vibe apartments, Guardian Works, Guardian Studios and the Westside Motor Lounge is on target to be complete by spring 2023. Future phases will bring additional office, retail, residential and hotel components to the site. The project team includes capital partner Bridge Investment Group; general contractors DPR Construction, Juneau Construction Co. and Merit Construction; architects RIOS, Nelson Architects and Dwell Design Studio; and retail leasing brokerages SRS Real Estate Partners and Revel. Lincoln Property Co. manages the entire project and handles office leasing.
MIAMI — JLL has secured the $112 million refinancing of a 12-property industrial portfolio in South Florida’s Miami-Dade and Broward counties. Jim Cadranell, Gregory Nalbandian, Maxx Carney and Michael Lachs of JLL arranged the seven-year, fixed-rate loan through an unnamed life company on behalf of the borrower, Seagis Property Group LP, which acquired most of the properties in the portfolio in the past two years. The properties in the 895,958-square-foot portfolio include: • 255 NE 181st St. in Miami • 3075 NW 10th Ave. in Doral • 8850 NW 15th St. in Doral • 9700 NW 17th St. in Doral • 10100 NW 25th St. in Doral • 10005 NW 58th St. in Doral • 12800 NW 113th Court in Medley • 3501 Commerce Parkway in Miramar • 1919 NW 19th St. in Fort Lauderdale • 2765 SW 36th St. in Fort Lauderdale • 3400-3406 SW 26th Terrace in Fort Lauderdale • 280 NW 12th Ave. in Pompano Beach
NORTH HALEDON, N.J. — A partnership between two locally based firms, Tulfra Real Estate and The Hampshire Cos., has sold Molly Brook on Belmont, a 180-unit multifamily property in the Northern New Jersey community of North Haledon, for $89 million. Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the partnership and procured the buyer, JLL Income Property Trust, in the transaction. Amenities at the property include a pool, fitness center, dog park and a clubhouse. Molly Brook on Belmont was fully occupied at the time of sale. G.S. Wilcox & Co. arranged acquisition financing for the deal.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $40.6 million sale of a 142,500-square-foot multifamily development site in the Gowanus neighborhood of Brooklyn. The buyer, an entity doing business as Tankhouse LLC, did not disclose specific development plans, but the site carries a mandatory inclusionary zoning requirement. Sean Kelly and Stephen Vorvolakos of Ariel Property Advisors represented the seller, Pilot Real Estate Group, in the land deal.
CBRE Arranges Construction Financing for 12-Story Seniors Housing Development in Nashville
by John Nelson
NASHVILLE, TENN. — CBRE has arranged an undisclosed amount of financing for construction of The Crestmoor at Green Hills, a 12-story seniors housing community in Nashville’s Green Hills neighborhood. A joint venture between Bridgewood Property Co. and Harrison Street are developing the property, which will feature 117 independent living units, 45 assisted living units and 29 memory care units. Aron Will and Tim Root of CBRE National Senior Housing arranged the five-year construction loan through a regional bank. Bridgewood’s wholly owned management company, The Aspenwood Co., will operate the community upon completion.