Property Type

JLL Arranges Sale of Accent Edgewood Apartments in Nashville

by John Nelson May 16, 2022

NASHVILLE, TENN. — JLL Capital Markets has brokered the sale of Accent Edgewood, a 236-unit, mid-rise multifamily community in the Wedgewood-Houston neighborhood of Nashville. JLL represented the seller, Westplan Investors, in the transaction. PassiveInvesting.com acquired the Class A asset for an undisclosed price. ACRE provided a $58.5 million acquisition loan through its latest debt fund to the buyer, which rebranded the community as Braxton Music City. Accent Edgewood features units with luxury finishes, including high ceilings, energy-efficient lighting, granite countertops, stainless steel appliances, vinyl and hardwood flooring, full-sized washers and dryers, walk-in closets and large windows. Community amenities include a 24-hour gym, resort-style pool, pet washing spa, bark park, bicycle storage, sky lounge, coffee bar, coworking space and a recording room. Located at 2165 Nolensville Pike near downtown Nashville, Accent Edgewood is situated near the redevelopment of the May Hosiery and Nashville Warehouse Co., a 150,000-square-foot creative office and outdoor music venue. The community also has immediate access to the recently opened Geodis Park, Nashville Soccer Club’s MLS stadium, which is the largest soccer-specific stadium in the United States by seating capacity (30,109 seats).

May 16, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of Alta Winter Garden Multifamily Community in Metro Orlando

by John Nelson May 16, 2022

ORLANDO, FLA. — Berkadia has negotiated the sale of Alta Winter Garden, a 250-unit, Class A multifamily community in the Orlando suburb of Winter Garden. Berkadia represented the seller, Atlanta-based Wood Partners, one of the nation’s leading multifamily developers and managers. CONTI Capital, a real estate investment company based in Dallas, acquired the property for an undisclosed price. Alta Winter Garden was delivered earlier this year and is located at 1223 E. Plant St., approximately 15 miles from downtown Orlando. ¬¬The property offers studio, one-, two- and three-bedroom units ranging from 637 square feet to 1,464 square feet. Individual units feature energy-efficient stainless steel Whirlpool appliances, Nest thermostats, electronic door locks with keyless entry, outlets with USB ports, kitchen islands, wood-style plank flooring and oversized balconies in select units. The controlled-access community’s amenities include a walk-in pool with a sun shelf and poolside cabanas, as well as a game room and a fitness center with a virtual training room and TRX equipment. Other amenities include an outdoor pavilion with a beer tap and summer kitchen, pet park, beer garden, rentable private office pods, study spaces with Wi-Fi, an outdoor lounge area, private detached garages and valet waste services.

May 16, 2022

Acquisitions Mississippi Retail Southeast

Palomar Group Secures Sale of Harper Square Shopping Center in Corinth, Mississippi

by John Nelson May 16, 2022

CORINTH, MISS. — The Palomar Group has secured the $3 million sale of Harper Square, a 40,000-square-foot shopping center located at 1801 S. Harper Road in Corinth. The property, which was redeveloped in 2018, was fully leased at the time of sale to Marshalls and Aldi. A private investment firm based in Georgia purchased the asset from an unnamed lender that recently foreclosed on the center. The Palomar Group represented the seller in the transaction.

May 16, 2022

Development Loans Multifamily Washington Western

JLL Arranges $60M in Construction Financing for Gridline Apartments in Seattle

by Amy Works May 16, 2022

SEATTLE — JLL Capital Markets has arranged $60 million in construction financing for Gridline Apartments, a multifamily property currently under construction in Seattle. SRM Development and its partners are the borrowers. An affiliate of an international real estate investment company provided the funds. Kaden Eichmeier and Steve Petrie of JLL Capital Markets arranged the financing for the borrower. Located at 1421 Harvard Ave., Gridline Apartments will feature 178 residences.

May 16, 2022

Acquisitions California Retail Western

Pacific Castle Management Sells Waterman Grove Plaza in Elk Grove, California for $17.2M

by Amy Works May 16, 2022

ELK GROVE, CALIF. — Pacific Castle Management has completed the disposition of Waterman Grove Plaza, a retail strip center located at 9304-9332 Elk Grove Road in Elk Grove. CenterSquare Investment Management acquired the property for $17.2 million. Situated on 4.2 acres, Waterman Grove Plaza features 44,090 square feet of retail space. At the time of sale, the property was 89.2 percent occupied. Current tenants include Pets to Go, Panda Express, Jamba Juice, Mountain Mike’s Pizza, 9Round, Subway and Envy Day Spa. Eric Kathrein, Gleb Lvovich, Bryan Ley and Warren McClean of JLL Retail Capital Markets represented the seller in the deal.

May 16, 2022

Acquisitions Colorado Healthcare Office Western

SRS Real Estate Partners Negotiates $10.6M Sale of Medical Office Property in Colorado Springs

by Amy Works May 16, 2022

COLORADO SPRINGS, COLO. — SRS Real Estate Partners has arranged the sale of a medical retail property located at 1910 Lelaray St. in Colorado Springs. A Colorado-based private investor sold the asset to a West Coast-based investor for $10.6 million. Built in 2009 on 2.1 acres, the property features 19,187 square feet of medical office space. Liberty Dialysis, a subsidiary of Fresenius, and Pikes Peak Nephrology fully occupy the two-tenant building. Stephen Sullivan, Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller in the deal.

May 16, 2022

221-299-Allen-Ave-906-924-Cataract-Ave-San-Dimas-CA

Acquisitions California Industrial Western

RanchHarbor, Manhattan West Acquire 91,000 SF Industrial Infill Property in San Dimas, California

by Amy Works May 16, 2022

SAN DIMAS, CALIF. — Newport Beach-based RanchHarbor and Los Angeles-based Manhattan West have partnered to purchase a multi-tenant industrial warehouse property located at 221-299 Allen Ave. and 906-924 Cataract Ave. in San Dimas. Terms of the transaction were not released. Situated on five acres, the value-add asset includes four individual buildings encompassing 91,000 rentable square feet across 44 individual suites. At the time of sale, the property was 98 percent occupied. The property’s four concrete tilt-up structures feature 14-foot to 18-foot clear heights and 44 ground-level doors. Unit sizes range from 1,232 square feet to 6,250 square feet. The property was originally built in 1979 and renovated in 2005. The buyers plan to perform deferred maintenance and capital improvements to the property. Jack Haley of Lee & Associates represented the buyer, while Todd Launchbaugh and Justin Leewood of Lee & Associates represented the undisclosed seller in the deal.

May 16, 2022

California Loans Retail Western

Partnership Receives Recapitalization for 605,000 SF SouthBay Pavilion Shopping Center in Carson, California

by Amy Works May 16, 2022

CARSON, CALIF. — Eastern Real Estate, Rockpoint and Atlas Capital Group have partnered to recapitalize SouthBay Pavilion in Carson. IKEA, Target and JCPenney anchor the 605,000-square-foot regional shopping center. The amount of the recapitalization was not disclosed. SouthBay Pavilion is 13 miles south of downtown Los Angeles and near the ports of Los Angeles and Long Beach, as well as Los Angeles International Airport. This is the second venture between Eastern, Atlas and Rockpoint in the Southern California area in the past year. In June 2021, the partners acquired Eagle Rock Plaza, a 446,000-square-foot retail property in Los Angeles.

May 16, 2022

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta Retail Market Stays Hot With Unique, Experiential Offerings Around Town

by John Nelson May 16, 2022

Atlanta continues its streak as a high-growth market for retail. Low vacancy rates have turned up the competition for quality spaces among tenants and rents have continued to climb. Competition and a landlord’s market have sparked new trends as developers further refine their approach to finding retailers that drive traffic and retailers search for fertile and readily available locations, including submarkets outside the intown submarkets. Northeastern and West Coast brands have followed the trend of people moving to the Southeast, landing locations in suburban and exurban submarkets often filled with high-income, educated populations. As cities like Newnan, Cumming, Roswell, Woodstock, Peachtree City and Alpharetta see population density continue to grow, retail and restaurants are following. Suburbs and exurbs are also attracting urban dwellers from Atlanta seeking a quieter, yet similarly amenitized lifestyle they may have experienced closer to attractions like the Atlanta BeltLine. During the pandemic, people also got used to staying close to home and are now reluctant to drive far to take care of day-to-day needs and enjoy amenities, giving a boost to Ga. Highway 400 corridor developments like Avalon and Halcyon, as well as Ashley Park in Newnan. Unique offerings Hot trends emerging in Atlanta are “eatertainment,” …

May 16, 2022

Development Multifamily Texas

Greystar, J.P. Morgan Open 315-Unit Westcott Apartment Community in Houston

by Taylor Williams May 13, 2022

HOUSTON — A partnership between South Carolina-based developer Greystar and J.P. Morgan Global Alternatives has opened The Westcott, a 315-unit apartment community in Houston’s Memorial Park neighborhood. The property features one-, two- and three-bedroom floor plans that range in size from 788 to 3,235 square feet. Amenities include a pool, fitness center, media lounge, coworking space, a rooftop terrace with a lounge and bar and concierge services. Rents start at $2,250 per month for a one-bedroom unit.

May 13, 2022

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