Property Type

Joint Venture Breaks Ground on 28-Story Luxury Apartment Tower in Midtown Atlanta

by John Nelson June 30, 2022

ATLANTA — A joint venture between Atlantic Residential, FIDES Development, Capital City Real Estate and Mitsui Fudosan America has broken ground on a 28-story apartment tower in Midtown Atlanta. Located at 1441 Peachtree St., the unnamed tower will comprise 350 luxury apartments and provide walkability to the Atlanta Arts MARTA station, Museum of Design Atlanta, Savannah College of Art and Design and the Breman Jewish Heritage Museum, as well as Pershing Point Park, Ansley Park and Piedmont Park. Designed by Niles Bolton Associates, the apartment tower’s amenities will include coworking spaces, a fitness center, wine bar and lounge, private dining area, pool with a sundeck and a rooftop bar and lounge, as well as two restaurants in the lobby. Apartments will come in studio, one-, two- and three-bedroom floor plans, many featuring balconies or terraces. The project team includes landscape architect and civil engineer Kimley-Horn and general contractor Brasfield & Gorrie. Gregg Shapiro and Matt Casey of JLL worked on behalf of the borrower to arrange the joint venture equity through Mitsui Fudosan America. The ownership plans to deliver the first units in June 2024.

June 30, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 791-Unit Self-Storage Facility in Metro Houston

by Taylor Williams June 30, 2022

SUGAR LAND, TEXAS — JLL has negotiated the sale of Imperial Self Storage, a 791-unit facility located in the southwestern Houston suburb of Sugar Land. Operated by CubeSmart, the property features 94,220 net rentable square feet of climate-controlled space. Steve Mellon and Brian Somoza of JLL represented the seller, SurePoint Self Storage, in the transaction. OB Cos./My Place Self Storage, an investment firm launched by Simply Self Storage founder and former CEO Kurt O’Brien, purchased the facility for an undisclosed price.

June 30, 2022

Development Florida Multifamily Southeast

Alliance Residential Opens 264-Unit Prose Stevens Pointe Apartments in St. Cloud, Florida

by John Nelson June 30, 2022

ST. CLOUD, FLA. — Alliance Residential has opened Prose Stevens Pointe, a 264-unit apartment community located at 3010 Camber Drive in St. Cloud. The Central Florida property features one- and two-bedroom apartments that range in size from 835 to 1,180 square feet, and monthly lease rates range from $1,500 to $1,845 per month. Units feature kitchens with white shaker-style cabinets, satin nickel hardware, granite countertops, entertainment islands, pantries and Whirlpool stainless steel appliances. All bedrooms have walk-in closets, and all bathrooms feature linen pantries. All units also include entry/coat closets, washer and dryer closets with appliances and wood-style plank flooring throughout. Amenities include a pool with sunshelves, chaise lounges, grilling stations, a dog park with a pet washing station, catering kitchen, entertainment lounge, business center with coworking spaces, fitness center and concierge services provided by Parcel Pending.

June 30, 2022

Acquisitions Florida Mixed-Use Office Retail Southeast

Colliers Arranges $38.1M Sale of Grand Central at Kennedy Mixed-Use Development in Tampa

by John Nelson June 30, 2022

TAMPA, FLA. — Colliers has arranged the sale of 115,899 square feet of office and retail space within Grand Central at Kennedy in Tampa’s Channel District. An affiliate of Maryland-based Mosaic Realty Partners purchased the shops and offices for $38.1 million, which is the largest retail transaction in Tampa’s core districts in terms of sales price, according to Colliers. In addition to the 60,329 square feet of retail space and 55,570 square feet of office space, the transaction includes a transfer of interest in the management for the property’s two parking garages that comprise 862 spaces. Grande Central at Kennedy was developed in 2007 and four tenants — retailers CVS/pharmacy and Crunch Fitness and office users Kraft Heinz Foods and Quality Carriers (a division of CSX Corp.) — occupied 80 percent of the gross leasable space at the time of sale. Other tenants include Massage Envy and several bars and restaurants, including Cena, City Dog Cantina, Pour House and Maloney’s Irish Pub. Grand Central at Kennedy also includes condos that were not part of the sale. Mike Milano, Nicholas Coccodrilli and Brandon Rapone of Colliers’ West Florida Retail Investment Team represented the seller, Mercury Advisors, the original developer of the …

June 30, 2022

Development Industrial Texas

Archway Properties to Develop 429,027 SF Industrial Project in Irving

by Taylor Williams June 30, 2022

IRVING, TEXAS — Archway Properties, a developer with offices in Houston and Dallas, will build Royal 114, a 429,027-square-foot industrial project in Irving. Royal 114 will consist of four rear-load buildings that will range in size from 46,261 to 155,050 square feet and will feature 28- to 32-foot clear heights. Pross Design Group is the project architect, and Peinado Construction is the general contractor. Transwestern will lease the property. Construction is set to begin later this summer and to be complete in the first quarter of 2023.

June 30, 2022

Acquisitions North Carolina Office Southeast

Highwoods Properties Sells 298,037 SF Airpark East Office Park in Greensboro, North Carolina

by John Nelson June 30, 2022

GREENSBORO, N.C. — Highwoods Properties has sold Airpark East Office Park, a 298,037-square-foot office park situated along Albert Pick Road in Greensboro. Locally based investor Deep River Partners purchased the four-building office campus. The sales price was not disclosed, but Winston-Salem Journal reports the property traded for $20.3 million. The news outlet also reported Airpark East was 88.2 percent leased at the time of sale to tenants including Volvo Financial Services. Ben Kilgore of CBRE|Raleigh and Greg Wilson of CBRE|Triad represented Highwoods in the sales transaction. CBRE|Triad is the leasing agent of Airpark East, which features a conference center, café, walking trails, an amphitheater and wooded picnic areas.

June 30, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $12.3M Sale of Oak Ridge Plaza Shopping Center in Orlando

by John Nelson June 30, 2022

ORLANDO, FLA. — Marcus & Millichap has brokered sale of Oak Ridge Plaza, a 75,701-square-foot shopping center located at 2332 W. Oak Ridge Road in Orlando. Aloma International Properties Inc. purchased the property from an entity doing business as 2332 West Oak Ridge Road LLC for $12.3 million. Nick Ledvora of Marcus & Millichap’s Orlando office procured the buyer in the transaction. Oak Ridge Plaza was 97 percent leased at the time of sale to 19 tenants, including Family Dollar, Biomat USA, La Familia Pawn, United Temps and Boost Mobile.

June 30, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Acquires 268-Unit Retreat at Cinco Ranch Apartments in Katy, Texas

by Taylor Williams June 30, 2022

KATY, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has acquired The Retreat at Cinco Ranch, a 268-unit apartment community in the western Houston suburb of Katy. Built in 2008, the property offers one-, two- and three-bedroom units with an average size of 943 square feet. Interiors feature granite countertops, walk-in closets and full-size washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations, a playground, resident lounge with a kitchen and coffee bar and a business center. The seller was not disclosed.

June 30, 2022

Loans Multifamily Texas

Greysteel Arranges Acquisition Financing for 184-Unit Multifamily Portfolio in Austin

by Taylor Williams June 30, 2022

AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of acquisition financing for a portfolio of four multifamily properties totaling 184 units in Austin. The properties — Calgary Square, Reinli Arms, Capital Villa and First Oak Place — also include 14 retail spaces. Harrison Cole of Greysteel arranged the financing on behalf of the undisclosed borrower, which plans to implement a value-add program across the portfolio.

June 30, 2022

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $74.3M in Construction Financing for Affordable Housing Property in Columbus

by Kristin Harlow June 30, 2022

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer. The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025. David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.

June 30, 2022

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