Property Type

CRG Acquires 268 Acres for 4 MSF Industrial Development in Suburban Phoenix

by Amy Works October 5, 2021

MESA, ARIZ. — CRG has purchased a 268-acre site between E. Pecos and E. Germann roads in Mesa for the development of The Cubes at Mesa Gateway, an up-to 4 million-square-foot speculative and build-to-suit industrial project. The project will offer multiple building and size configurations ranging from 250,000 square feet to 1.2 million square feet, with build-to-suit opportunities and options to buy improved lots. Steve Larsen, Pat Harlan and Jason Moore of JLL will handle leasing for the project.

October 5, 2021

Acquisitions Life Sciences Office Washington Western

LPC West, Invesco Buy 211,000 SF Cascadian Office Building in Seattle’s Life Sciences Corridor

by Amy Works October 5, 2021

SEATTLE — LPC West and Invesco Real Estate have acquired Cascadian, a nine-story office building located in Seattle’s life sciences corridor. Located at the intersection of South Lake Union, Capitol Hill and the central business district, Cascadian features 211,000 rentable square feet and potential ground-floor retail. The buyers plan to convert the property into a life sciences space. The redeveloped property will also feature a 7,300-square-foot rooftop terrace, on-site parking and transit accessibility. Terms of the acquisition were not released.

October 5, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $11M Sale of Cornell Apartments in Phoenix

by Amy Works October 5, 2021

PHOENIX — ABI Multifamily has arranged the sale of Cornell Apartments, a multifamily property in Phoenix. An Arizona-based seller sold the property to buyers based in California and Texas for $11 million, or $216,059 per unit. Built in 1968, Cornell Apartments features 51 residences with 34 three-bedroom/two-bath units, 14 two-bedroom/two-bath units and two one-bedroom/one-bath units. All units offer metered electricity, in-suite washers and dryers, stainless steel appliances, stone countertop, new interior fixtures and ceiling fans and vinyl wood flooring in most units. Community amenities include a swimming pool, barbecue grill, central courtyards, outdoor gathering spaces and covered parking. John Klocek and Patrick Burch of ABI Multifamily represented the seller in the deal.

October 5, 2021

Acquisitions Arizona Industrial Office Western

Cushman & Wakefield Arranges Sale of Vacant 61,316 SF Flex Property in Phoenix

by Amy Works October 5, 2021

PHOENIX — Cushman & Wakefield has brokered the sale Riverpoint Building 2, a flex office and industrial property in Phoenix. Michael Hsiung of Phoenix Rising Investments acquired the property from BH Properties for $9 million. Located at 3100 E. Broadway Road, the 61,316-square-foot property was vacant at the time of sale. Built in 2002 on 5.3 acres, the single-story building is currently divided into three shell-condition suites of varying sizes and served by a newly constructed lobby. Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson of Cushman & Wakefield represented the seller in the transaction.

October 5, 2021

California Industrial Leasing Activity Office Western

Romeo Power Signs 215,000 SF Lease for Headquarters, Manufacturing Facility in Cypress, California

by Amy Works October 5, 2021

CYPRESS, CALIF. — Romeo Power, an energy technology company delivering electrification solutions for complex commercial vehicle applications, has leased a new headquarters and manufacturing facility in Cypress. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, allowing for faster innovation and time to market. The 215,000-square-foot facility includes 191,000 square feet of industrial space that will be designed to double critical laboratory and testing capacity. The expanded manufacturing capabilities will enhance throughput, quality and cost effectiveness, while the increased office space will also allow for continued organizational investment in scientific engineering and other support resources. Romeo Power will assume occupancy in the near future, with full occupancy expected to be completed over the next six to nine months.

October 5, 2021

Acquisitions Multifamily Texas

Catalyst Equity Partners Buys 290-Unit Apartment Community in Northwest Houston

by Taylor Williams October 5, 2021

HOUSTON — Dallas-based investment firm Catalyst Equity Partners has purchased The Landings at Steeplechase, a 290-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1981, offers one-, two- and three-bedroom units ranging in size from 501 to 1,088 square feet and includes amenities such as a pool and a fitness center. The seller and sales price were not disclosed. Catalyst plans to invest about $2.5 million in capital improvements to the property.

October 5, 2021

Loans Multifamily Texas

Bellwether Enterprise Provides Agency Financing for Fort Worth Affordable Housing Property

by Taylor Williams October 5, 2021

FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided an undisclosed amount of Freddie Mac financing for the preservation of Metro 7000, a 206-unit affordable housing property in Fort Worth. The borrower, Comunidad Partners, plans to invest more than $1 million in physical upgrades to the garden-style property. In addition, Comunidad will introduce social services, including telehealth, concierge resource referral, resident council meetings, youth education services, health and wellness education and economic advancement education. Anthony Tarter of Bellwether structured the financing.

October 5, 2021

Development Multifamily Texas

Cadence McShane Breaks Ground on 130-Unit Seniors Housing Community in North Austin

by Taylor Williams October 5, 2021

AUSTIN, TEXAS — General contractor Cadence McShane has broken ground on Anthology of Austin, a 130-unit seniors housing community that will be located on the city’s north side. Designed by OZ Architecture, the five-story, 128,000-square-foot facility will offer assisted living and memory care services. Units will feature studio, one- and two-bedroom formats, and amenities will include a fitness center, salon, clubhouse, theater and a bar/bistro. Completion is scheduled for spring 2023.

October 5, 2021

Acquisitions Multifamily Texas

Greystone Brokers Sale of 109-Unit Apartment Complex in Garland, Texas

by Taylor Williams October 5, 2021

GARLAND, TEXAS — Greystone has brokered the sale of Oak Creek, a 109-unit apartment complex in Garland, a northeastern suburb of Dallas. According to Apartments.com, the property was built in 1964 and offers one-, two- and three-bedroom units ranging in size from 568 to 1,000 square feet. Mark Allen of Greystone brokered the deal. The new ownership plans to implement a value-add program. Both parties involved were Texas-based limited liability companies.

October 5, 2021

Acquisitions Office South Carolina Southeast

CBRE Arranges $31.3M Sale of Office Campus in Charleston

by Julia Sanders October 5, 2021

CHARLESTON, S.C. — CBRE has arranged the sale of South Park Plaza, a three-building office park in Charleston. Boyd Watterson purchased the property from an entity doing business as JEMA II LLC for $31.3 million. Charles Carmody, Patrick Gildea, Matt Smith, Grayson Hawkins and Ryan Carmody of CBRE represented the seller in the transaction. Located at 1-3 South Park Circle, South Park Plaza is a 139,060-square-foot property situated close to Interstate 526 and Citadel Mall, a shopping center anchored by Belk, Dillard’s, Target, Bath & Body Works and Loft. Since 2018, South Park Plaza has been 90.6 percent leased to tenants including The Medical University of South Carolina Hospital Authority.

October 5, 2021

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