SAN DIEGO — Clarion Partners and HP Investors have sold a collection of three single-tenant net-leased retail properties within Gateway at Kearny Mesa in San Diego. An undisclosed private investor acquired the asset for $89.8 million. Totaling 194,303 square feet, the property is fully occupied to three national tenants, including a global discount department store, Food 4 Less and Prime Car Wash/Jiffy Lube. The properties were constructed in 2001 on 18.8 acres as part of a 30-acre Gateway at Kearny Mesa retail destination. Gleb Lvovivh, Geoff Tranchina, Darcy Miramontes, Kip Malo and Bob Prendergast of JLL Capital Markets represented the sellers in the deal.
ST. PETERSBURG, FLA. — JBM Institutional Multifamily has brokered the sale of two Class A multifamily communities in Florida: Ridgelake in Sarasota and The Reserve at Coconut Point in Estero. The combined sales price for both properties was $221.7 million. The buyer was not disclosed. Ridgelake is a 329-unit property located off Bee Ridge Road and I-75. The property is an elevator-serviced, Class A community that features luxury finishes such as a dedicated solar farm that powers the clubhouse and some of the residential buildings, a heated saltwater pool, fitness center, community garden, community recycling program and valet trash, electric vehicle chargers and attached/detached garages. The three-story property is NGBS Green-certified and Energy Star-rated. Units feature stainless steel appliances, quartz countertops, shaker-style cabinets, luxury wood-like plank flooring, wine coolers, walk-in showers and large soaking tubs. The Reserve at Coconut Point is a 180-unit property located within the Coconut Point development. Coconut Point Mall, a 1.2 million-square-foot retail destination, is less than one mile away. The Reserve is a podium-style construction community, with covered parking on the first floor. The concrete, elevator-serviced community features a resort-style pool with sundeck, half-mile jogging trail, Luxer One package room with refrigerator for grocery delivery, …
NASHVILLE, TENN. — Tanger Factory Outlet Centers Inc. has broken ground on Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. Slated to open in fall 2023, the six-building, open-air property will be located on a 32-acre site along I-24 within the Century Farms development. Tanger Outlets Nashville will house 70 brands and provide approximately 1,100 full- and part-time retail and management positions upon completion. Nashville will be the third Tennessee market served by Tanger as the Greensboro, N.C.-based company has outlet malls in Sevierville and Memphis. The property marks the first outlet mall in Nashville proper, according to Tanger.
NASHVILLE, TENN. — SomeraRoad, a real estate investment and development firm headquartered in Nashville and New York, has started construction on the $108 million Emblem Park, a 346-unit apartment community located in Nashville’s Wedgewood-Houston neighborhood. The property also includes 13,000 square feet of ground-floor retail space within the adaptive reuse portion of Emblem Park, where retailers will occupy the former Grooms Engine Warehouse. Located at 1414 Fourth Ave. S., Emblem Park will offer amenities such as a resort-style pool, resident lounge, pedestrian courtyard, remote workspace and a fitness center. The property also offers walkable access to popular local area businesses and to Geodis Park, the newly opened home stadium of Nashville SC of the MLS, the largest soccer-specific stadium in North America. Bridge Investment Group is a joint venture equity partner on the project, investing in Emblem Park out of its Opportunity Zone Fund. Wintrust Bank will also provide a $65 million construction loan for the project. The design team includes general contractor Hardaway Construction and architectural firm EOA Architects. Manuel Zeitlin Architects is leading the design on the adaptive reuse of the Grooms Engine Warehouse. Additional partners include Kimley-Horn as civil engineer and Hawkins Partners leading landscape design. Emblem …
CHARLOTTE, N.C. — Private equity investment firm Crestlight Capital has purchased SouthPark Towers, a two-building office campus in Charlotte’s SouthPark submarket totaling 534,263 square feet. The sales price and seller were not disclosed. The transaction represents Crestlight’s first office investment in Charlotte and fourth investment over the past 16 months, totaling over $500 million of enterprise value. The firm, which has regional headquarters in Detroit and New York City, partnered with an unnamed institutional investor for the acquisition. Crestlight plans on executing a significant renovation of both buildings, including cosmetic improvements, new building amenities and an overhaul of outdoor space. Crestlight has tapped Joe Franco, Kris Westmoreland and Stephanie Spivey to handle leasing at SouthPark Towers.
SEATTLE — Denver-based EverWest Real Estate Investors has purchased MUIR Apartments, a mixed-use multifamily property in downtown Seattle, for $54.5 million. Dylan Simon, Winslow Lee and Jerrid Anderson of the Simon and Anderson Team of Kidder Mathews’ Seattle office represented the undisclosed seller and sourced the buyer in the deal. Completed in 2019, MUIR Apartments features 130 apartments and a rooftop deck. The property takes its name from Camp Muir, a refuge on the ascent to Mount Rainier’s peak.
FREDERICKSBURG, VA. — Burlington and T.J. Maxx have signed anchor leases at Central Park Marketplace, a 200,000-square-foot regional shopping center located at 1771 Carl D. Silver Parkway in Fredericksburg. Burlington signed a 27,706-square-foot lease to backfill a former Ashley Furniture store, and T.J. Maxx signed a 24,850-square-foot lease at a former A.C. Moore Arts & Crafts store. The retailers, which will be adjacent to one another, plan to open their stores in early 2023. Connie Jordan Nielsen, James Ashby IV and Mark Banach of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the unnamed landlord.
ROSEVILLE, CALIF. — Schnitzer Properties has purchased Highland Reserve Marketplace, a 191,416-square-foot retail center in Roseville, a suburb of Sacramento. Tenants at the center, which is situated on 21.5 acres, include Kohl’s, Ashley HomeStore, BevMo!, PetSmart, In-N-Out, Krispy Kreme, Freebird’s World Burrito, Yummy Cookie and Nurtishop. The seller and sales price were not released.
BALDWIN PARK, CALIF. — Kidder Mathews has arranged the sale a retail property located at 13822 Garvey Ave. in Baldwin Park, an eastern suburb of Los Angeles. A private family investor sold the asset to an undisclosed buyer for $18.1 million in a 1031 exchange transaction. LA Fitness occupies the 45,000-square-foot facility, which is located at the intersection of Interstate 10 and Garver Avenue. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal., while Janet Neman and Angelica Gotzev of Kidder Mathews represented the buyer.
CORAL GABLES, FLA. — A partnership between MG Developer and Baron Property Group has announced plans for Merrick Parc, a $204 million, two-tower luxury multifamily project located at 3191 SW 39 Ave. in Coral Gables. Designed by Behar & Font, the 43,785-square-foot community will offer 450 rental units in one- and two-bedroom configurations alongside ground-floor retail space. The development site is located four miles from Miami International Airport and five miles away from downtown Miami’s Brickell neighborhood. The developers partnered with Colliers to finance an initial $24 million tranche with an additional $13 million in equity financing for the project, a timeline for which was not announced. The initial land acquisition was funded by S3 Capital and closed in late April. Demand is high for luxury rental units in the Miami and Coral Gables areas, according to Alirio Torrealba, CEO and founder of MG Developer. The company is currently developing a 10-story multifamily project in Hialeah, roughly 11 miles outside Miami, and is preparing to break ground on another 48-unit community in Coral Gables named Gables Village. A number of additional multifamily projects have been recently announced in the Miami area, including a $220 million mixed-use project by Shoma Group; …