Property Type

North American Properties, Nuveen Acquire Mixed-Use Property in North Atlanta Suburb

by Julia Sanders April 11, 2022

PEACHTREE CORNERS, GA. — Cincinnati-based North American Properties and Nuveen Real Estate have acquired The Forum on Peachtree Parkway, a 500,000-square-foot shopping center in Peachtree Corners, about 22.9 miles from downtown Atlanta. The seller and sales price were not disclosed. Originally opened in 2002, The Forum on Peachtree Parkway is an open-air lifestyle center that is home to a mix of retail, restaurants and office space, including lululemon, Pottery Barn, Trader Joe’s and Ulta Beauty. Property amenities include walking trails, property-wide Wi-Fi, outdoor seating areas and a pedestrian bridge connecting to Peachtree Corners Town Center. North American Properties has plans to redevelop the property, including making the public realm bigger, improving the common areas and remerchandising the retail collection. No other redevelopment plans were disclosed.

April 11, 2022

Georgia Loans Office Southeast

Cushman & Wakefield Secures Refinancing for 509,792 SF Office Campus in Metro Atlanta

by Julia Sanders April 11, 2022

DUNWOODY, GA. — Cushman & Wakefield has secured a loan of an undisclosed amount for the refinancing of Crown Pointe, a 509,792-square-foot office campus in Dunwoody, about 15.3 miles from downtown Atlanta. Brian Linnihan, Mike Ryan, J.P. Cordeiro and Taylor Mathis of Cushman & Wakefield secured the refinancing through Wells Fargo. Crown Pointe includes two office towers that were each built in the 1980s. The buildings’ features include flexible floorplans, more than 1,500 parking spaces onsite and direct access to the Sandy Springs MARTA station via a covered walkway. Located at 1040 and 1050 Crown Pointe Parkway, the property is situated in Atlanta’s Central Perimeter office submarket. The office campus is also located 25.9 miles from Hartsfield-Jackson Atlanta International Airport.

April 11, 2022

Development Industrial Texas

Stream Realty, Westcore to Develop 301,120 SF Spec Industrial Project in Rockwall, Texas

by Taylor Williams April 11, 2022

ROCKWALL, TEXAS — Stream Realty Partners, in partnership with San Diego-based investment firm Westcore, will develop 1515 Corporate Crossing, a 301,120-square-foot speculative industrial project that will be situated on a 43.2-acre site in Rockwall, an eastern suburb of Dallas. Building features will include 32-foot clear heights, a divisible rear-load configuration, 68 dock doors, 309 car parking spaces and 62 trailer stalls, both of which can be expanded based on tenant needs. Completion is slated for the end of the year. Stream will also handle leasing of the facility.

April 11, 2022

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 354-Unit Dawson Apartments in West Houston

by Taylor Williams April 11, 2022

HOUSTON — Berkadia has arranged the sale of The Dawson, a 354-unit apartment community located in the Energy Corridor area of West Houston. Built in 2014, The Dawson offers one- and two-bedroom units that range in size from 649 to 1,552 square feet. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor kitchen and a dog park. Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Austin-based RPM Living, in the transaction. Clay Akiwenzie, also with Berkadia, originated an undisclosed amount of Freddie Mac financing on behalf of the buyer, California-based Bridge Partners. The loan carried a seven-year term and a floating interest rate.

April 11, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $23M Sale of Retail Portfolio in Miami

by Julia Sanders April 11, 2022

MIAMI — Marcus & Millichap has arranged the sale of a 17-suite retail portfolio in Miami dubbed Midtown Miami. The assets sold for $23 million, or $922.77 per square foot. The portfolio is occupied by tenants such as Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin. Alex Zylberglait, Alejandro D’Alba and Scott Sandelin of Marcus & Millichap represented the seller, Block Capital Group, and procured the German-based buyer, Rüger Holding KG. Robert Bhat of Marcus & Millichap arranged an undisclosed amount of acquisition financing for the buyer. The Midtown Miami retail portfolio features two buildings totaling 24,925 square feet of gross leasable space at 3300 N Miami Ave. and 30 NW 34 St. The property also includes 30 dedicated parking spaces. The adjacent retail assets are located about 7.5 miles from Miami International Airport and 6.4 miles from Miami Beach.

April 11, 2022

Acquisitions Florida Industrial Southeast

Colliers Brokers $14.9M Sale of Two Industrial Buildings in Fort Lauderdale

by Julia Sanders April 11, 2022

FORT LAUDERDALE, FLA. — Colliers has brokered the $14.9 million sale of two industrial buildings in Fort Lauderdale. Mark Rubin, Bastian Laggerbauer, Jake Stauber, Steven Wasserman and Erin Byers of Colliers represented the seller, Apogee Investment Partners LLC, as well as the buyer, Elion Acquisitions LLC, in the transaction. The two buildings include a 60,000-square-foot repair facility that was renovated in 2019 and a 11,682-square-foot staging facility. The buildings are conjoined by a recently constructed covered walkway. The industrial buildings are currently occupied by CTS Engines, a turbine engine maintenance, repair and overhaul (MRO) company, with long-term leases in place. Located at 3000 & 3060 SW 2nd Ave. on 2.6 acres, the properties are adjacent to Fort Lauderdale-Hollywood International Airport and less than three miles from Port Everglades.

April 11, 2022

Acquisitions Florida Retail Southeast

Navarra Investments Sells Avenue Shoppes Retail Center in Orlando for $8.1M

by Julia Sanders April 11, 2022

ORLANDO, FLA. — Navarra Investments LLC has sold Avenue Shoppes, a 42,196-square-foot retail strip center and outparcel in Orlando. John Krzyminski and Max Krzyminski of JLL represented the seller and procured the buyer, House Reform Group. The sales price was $8.1 million. Originally constructed in 1988, Avenue Shoppes was most recently renovated in 2020 when the seller implemented a capital improvement plan to reposition the property. The property was 94 percent leased at the time of sale to tenants including Euro Living, Wallcoverings Mart, Toxic Lounge, Greenberg Dental, GL Staffing, Little New Orleans, Let’s Relax Spa, Le’s Alternations, Memories of Peru, Adega Gaucha and Estrella Insurance. Located on 2.7 acres at 8204 Crystal Clear Lane, the center is situated 12.4 miles from Walt Disney World Resort and 9.6 miles from Orlando International Airport.

April 11, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 290-Unit Self-Storage Facility in Arlington

by Taylor Williams April 11, 2022

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Alpha Storage Centers, a 290-unit self-storage facility in Arlington. The property spans 88,107 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. An entity doing business as 10 Federal Self Storage purchased the asset for an undisclosed price.

April 11, 2022

Acquisitions Multifamily Texas

Magma Equities, Franklin Templeton Buy 281-Unit Palencia Apartment Homes in Plano

by Taylor Williams April 11, 2022

PLANO, TEXAS — A joint venture between two California-based investment firms, Magma Equities and Franklin Templeton, has purchased Palencia Apartment Homes, a 281-unit multifamily property in the northern Dallas suburb of Plano. Built in 1996, the property consists of nine buildings housing studio, one- and two-bedroom units on a 9.6-acre site. Amenities include multiple pools, a clubhouse, fitness center, business center and picnic and grilling areas. The new ownership plans to implement a value-add program that will be primarily focused on unit interiors.

April 11, 2022

Affordable Housing Loans Multifamily Texas

Dwight Capital Provides $22.7M HUD-Insured Refinancing for San Antonio Affordable Housing Community

by Taylor Williams April 11, 2022

SAN ANTONIO — New York City-based Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of Stablewood Farms, a 252-unit affordable housing community in San Antonio. Built in 2002, the property comprises 16 two- and three-story buildings, five garages, a leasing office and a community center on a 22-acre site. The majority (75 percent) of the units are restricted to households earning 80 percent or less of the area median income (AMI), while 20 percent are reserved for renters earning up to 50 percent of AMI. Josh Sasouness of Dwight Capital originated the loan through HUD’s 223(f) program on behalf of the borrower, locally based nonprofit organization Merced Housing Texas.

April 11, 2022

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