Property Type

Coseo Properties Sells 28,700 SF Office, Medical Building in Chula Vista, California

by Amy Works August 3, 2022

CHULA VISTA, CALIF. — Coseo Properties completed the disposition of an office and medical building, located at 690 Otay Lakes Road in Chula Vista. A private investor acquired the asset for $8.8 million, or $318 per square foot. Built in 1979 and renovated in 2016, the two-story building features 28,700 square feet of office and medical space. Recent renovations include upgrades to the building and common areas. The property features a landscaped entryway, flexible suites ranging from 818 square feet to 4,380 square feet, 11-foot ceiling heights and ample natural light. Situated on 2.9 acres, the property also includes 154 parking spaces. At the time of sale, the property was fully occupied by New American Funding, Life Residential, Eastlake Rejuvenation and Wellness Center, Excel Speech Therapy Center, Boursa Investments and Edward Jones. Matt Pourcho, Anthony DeLorenzo, Matt Harris, Chris Williams and Ramin Salehi of CBRE represented the seller in the deal.

August 3, 2022

Acquisitions Multifamily Seniors Housing Texas

Grandbridge Brokers Sale of Three Seniors Housing Properties Totaling 664 Units in Texas

by Taylor Williams August 3, 2022

ABILENE, AMARILLO AND TYLER, TEXAS — Grandbridge Real Estate Capital has brokered the sale of three seniors housing properties totaling 664 units in Texas. The properties include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The facilities offer a full continuum of services, including independent living, assisted living, memory care and skilled nursing. The properties were 90 percent occupied at the time of sale. Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The sales price was not disclosed. David Kliewer, Jay Jordan and David Rothschild of Grandbridge brokered the deal.

August 3, 2022

Acquisitions Multifamily Texas

Excelsa Properties Sells 392-Unit Bend at Oak Forest Apartments in Houston

by Taylor Williams August 3, 2022

HOUSTON — Excelsa Properties, the real estate investment arm of global asset management firm Excelsa Holding, has sold Bend at Oak Forest, a 392-unit apartment community in Houston. The property offers one-, two- and three-bedroom units and amenities such as a pool, business center, fitness center and a coffee bar. Excelsa originally acquired the garden-style property in summer 2019 in partnership with GoldCor Capital Partners and implemented a value-add program. Specifically, the partnership upgraded roofing, landscaping and parking areas and refurbished 57 units with new floors, cabinets and countertops. The buyer and sales price were not disclosed.

August 3, 2022

Build-to-Rent Development Single-Family Rental Texas

AHV Communities to Develop 244-Unit Single-Family Rental Community in North Austin

by Taylor Williams August 3, 2022

AUSTIN, TEXAS — AHV Communities will develop a 244-unit single-family rental community on a 48-acre site in North Austin. Homes will come in three- and four-bedroom floor plans and range in size from 1,500 to 1,900 square feet. Residences will also feature two-car garages and private fenced backyards. Amenities will include a pool, fitness center, dog park, conference room, outdoor grilling and dining areas, clubhouse lounge and a bocce ball and outdoor game court. Preliminary sitework will begin in October, and vertical construction is scheduled to commence in the first quarter of next year. Full completion is slated late 2025.

August 3, 2022

Acquisitions Multifamily Texas

Colliers Arranges Sale of 238-Unit Vineyard Trace Apartments in Houston

by Taylor Williams August 3, 2022

HOUSTON — Colliers has arranged the sale of Vineyard Trace Apartments, a 238-unit multifamily complex in Houston’s Willowbrook submarket. The garden-style property sits on 8.4 acres and features one-, two- and three-bedroom units. Amenities include two pools, a playground, clubhouse, sports court, outdoor grilling stations and onsite laundry facilities. Bob Heard, Chip Nash and Jaleel Adatia of Colliers represented the seller, Windmill Investments LLC, in the transaction. The buyer and sales price were not disclosed.

August 3, 2022

Industrial Leasing Activity Texas

Inmatics US Signs 100,153 SF Industrial Lease in Weatherford, Texas

by Taylor Williams August 3, 2022

WEATHERFORD, TEXAS — Houston-based biotechnology firm Inmatics U.S. has signed a 100,053-square-foot industrial lease at Weatherford Farms Business Park, a 34-acre development located on the western outskirts of Fort Worth. The three-building complex, which was completed last September, is now fully leased. Scott Visin of Cushman & Wakefield represented the tenant in the lease negotiations. Barkley Peschel, Walter Menuet and Jason Scholtz of Colliers represented the landlord, Crow Holdings Industrial, in conjunction with internal agents Cory Driskill and Emily Walker.

August 3, 2022

Development Florida Office Southeast

Brand Atlantic, Wheelock Receive $87M Construction Loan for Office Development in Downtown West Palm Beach

by John Nelson August 3, 2022

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have received an $87 million construction loan from ACORE Capital for the development of Banyan & Olive, two Class A office buildings in downtown West Palm Beach. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan, terms of which were not provided. The financing provides funding for the gut renovation of 111 Olive, which includes 27,000 rentable square feet of office space and 11,000 rentable square feet of retail space to be delivered by year-end. The financing also provides funding for the vertical construction of 300 Banyan, a 12-story tower with 115,000 rentable square feet of office space, 6,000 rentable square feet of food and beverage space and roughly 300 parking spaces. Completion of 300 Banyan is slated for early 2024. Banyan & Olive will feature amenities such as 15,000 square feet of private office terraces, a golf simulator lounge and a seventh-floor amenity area with a fitness center and open-air lounge. Set in the heart of the Clematis Waterfront District, the buildings are situated near a variety of restaurants, bars, shops, Flagler Park and the boardwalk. — Kristin Hiller

August 3, 2022

Development Multifamily Southeast Tennessee

Doster Construction Completes Novel Edgehill Apartments in Nashville

by John Nelson August 3, 2022

NASHVILLE, TENN. — Doster Construction Co. has completed Novel Edgehill, a five-story mixed-use apartment community situated just south of Nashville’s Gulch district. Charlotte-based Crescent Communities and locally based Pearl Street Partners co-developed the 270-unit community, which features a five-level parking garage and rooftop pool. KTGY Architecture designed Novel Edgehill with studio, one- and two-bedroom floor plans. The asset also features ground-floor retail space leased to Land of a Thousand Hills Coffee, The Mercantile, Bodyrok gym and Roc and Roe Style Bar. Doster Construction broke ground on the project in 2020. According to the property website, rental rates range from $1,905 to $3,500 per month.

August 3, 2022

Acquisitions Georgia Multifamily Southeast

Trion Purchases Two Apartment Communities in Savannah for $57.7M

by John Nelson August 3, 2022

SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.

August 3, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $85.7M Sale of Upland Square Shopping Center in Pottstown, Pennsylvania

by Taylor Williams August 3, 2022

POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross Dress for Less, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction. The property was 95 percent leased at the time of sale.

August 3, 2022

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