Property Type

USA Properties Fund Starts Construction of $32M Sage at Folsom Seniors Housing Property in California

by Amy Works December 14, 2021

FOLSOM, CALIF. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction of the $32 million development is scheduled for completion in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.

December 14, 2021

Gold-Hill-Shopping-Center-Woodland-Park-CO

Acquisitions Colorado Retail Western

IPA Brokers Sale of 47,978 SF Gold Hill Shopping Center in Woodland Park, Colorado

by Amy Works December 14, 2021

WOODLAND PARK, COLO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gold Hill Shopping Center, a multi-tenant retail center in Woodland Park. A local private investor acquired the asset from an undisclosed seller for $10.2 million. City Market, a Kroger-branded supermarket, anchors Gold Hill Shopping Center. The 47,978-square-foot retail center was fully occupied at the time of sale. Ryan Bowlby and Drew Isaac of IPA represented the buyer and secured the seller in the transaction.

December 14, 2021

Acquisitions Arizona Retail Western

Allard Developments Buys Arcadia Fiesta Retail Center in Phoenix for $41.6M

by Amy Works December 14, 2021

PHOENIX — An entity formed by Canada-based Allard Developments has purchased Arcadia Fiesta, a shopping center located at the southwest corner of 32nd Street and Indian School Road in Phoenix. An entity formed by a joint venture between Arizona-based DeRito Partners and Van Tuyl Cos. sold the asset for $41.6 million. The 154,436-square-foot Arcadia Fiesta was fully leased at the time of sale with 96 percent of tenants national retailers. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

December 14, 2021

Acquisitions Multifamily Texas

Colliers Arranges Sale of 280-Unit Dominion Park Apartments in Northwest San Antonio

by Taylor Williams December 14, 2021

SAN ANTONIO — Colliers has arranged the sale of Dominion Park, a 280-unit apartment community in northwest San Antonio that was built in 2002. According to Apartments.com, the property offers one-, two- and three-bedroom units ranging in size from 597 to 1,346 square feet and amenities such as a pool, fitness center, clubhouse and a business center. Chip Nash, Bob Heard and Todd Stewart of Colliers represented the seller, an entity doing business as GSSW Dominion LLC, and procured the buyer, Austin-based GVA Real Estate Group.

December 14, 2021

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

by Julia Sanders December 14, 2021

MIAMI — Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter Associates. Legacy will offer 310 for-sale residential units on top of a 219-room hotel. The project’s residential units all sold out in May 2021 in less than 12 months. Construction on the property broke ground in August and is slated for completion by 2024. Community amenities at the mixed-use tower include ground-floor retail space, five restaurant and bar concepts, a hotel pool deck, enclosed seven-story rooftop atrium with a restaurant bar and lounge and a members-only international business lounge. Other than the residential and hotel space, Legacy will also include a 10-floor, $100 million medical center known as Blue Zones Medical and Wellbeing Center. RPC’s design team for the Legacy Hotel project includes Miami-based Kobi Karp Architects, Design Agency and ID & Design International. Martin Schwartz and Anthony de Yurre of Bilzin Sumberg provided legal counsel to the development team in the loan transaction.

December 14, 2021

Leasing Activity Office Texas

Galderma to Relocate U.S. Headquarters to Trammell Crow Center in Dallas

by Taylor Williams December 14, 2021

DALLAS — Galderma, a Swiss dermatology company known as the maker of Cetaphil, will relocate its U.S. headquarters to Trammell Crow Center, located at 2001 Ross Ave. in The Dallas Arts District. The lease spans 50,000 square feet across the 16th and 17th floors. About 400 people will work out of the new headquarters space. Galderma plans take occupancy next summer. Trammell Crow Center offers a 9,000-square-foot athletic club, 1.4 acres of outdoor space, a 9,000-square-foot conference center and a convenient market, as well as 200 boutique hotel rooms.

December 14, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 434-Unit Multifamily Community in Buford, Georgia

by Julia Sanders December 14, 2021

BUFORD, GA. — Columbus, Ga.-based Flournoy Development Group has broken ground on a 434-unit apartment community in Buford, approximately 30 miles northeast of downtown Atlanta. The property will include 376 multifamily units and 58 townhomes. The construction timeline for the property was not disclosed. The multifamily community is part of Exchange at Gwinnett, Fuqua Development’s mixed-use development situated near the Mall of Georgia with more than 465,000 square feet of retail, restaurants, office space, hotel space and residential units. Community amenities at the multifamily project will include a pool courtyard, access-controlled living areas, three one-level parking decks, flexible coworking space, courtyard and event greenspace and several private pocket courtyard amenity areas. The Exchange at Gwinnett will include a food hall with restaurants such as Starbucks Coffee, Five Guys Burgers & Fries and Jersey Mike’s Subs. The mixed-use development will also include Topgolf, Andretti Indoor Karting & Games, a flagship Rooms To Go store, a center stage at Town Green and a Sprouts Farmers Market. The project team for the apartment community includes architect Dynamik Design and contractor Flournoy Construction Group. Flournoy Properties Group will manage the property.

December 14, 2021

Loans Office Texas

Emerald Creek Capital Provides $13.2M Acquisition Loan for Houston Office Building

by Taylor Williams December 14, 2021

HOUSTON — New York City-based Emerald Creek Capital has provided a $13.2 million bridge loan for the acquisition for a 107,923-square-foot office building in Houston’s Westchase neighborhood. The Home Depot occupies the four-story property, which sits on a 5.7-acre site about 15 miles west of downtown Houston. Matt Fantuzzi of Emerald Creek originated the loan. The borrower was not disclosed.

December 14, 2021

Development Multifamily North Carolina Southeast

Wood Partners Opens 403-Unit Multifamily Community Near Durham

by Julia Sanders December 14, 2021

MORRISVILLE, N.C. — Atlanta-based Wood Partners has opened Alta Davis, a 403-unit, seven building multifamily community in Morrisville, about 11 miles from Durham. Alta Davis offers studio, one-, two- and three-bedroom floorplans that range in size from 626 to 1,422 square feet. Each of the apartment units feature nine-foot ceilings, stainless GE appliance packages, white quartz countertops, subway tile backsplash throughout the kitchen and bathrooms, soaking tubs, wood-style plank flooring and in-unit washer and dryer sets. Monthly rent ranges from $1,315 to $2,500, according to Apartments.com. Community amenities include a saltwater pool, outdoor kitchen, pet run and spa, clubroom, fitness center, café and a coworking area with a conference room and micro-offices. Wood Residential manages the property. Located at 615 Corbett St., the property is situated close to Research Triangle Park (RTP), and major employers in the area include IBM, Credit Suisse, Cisco, Lenovo and Fujifilm. The property also is located close to Interstates 40 and 540 and NC Highway 147. Additionally, the multifamily community is 12.3 miles from Duke University and 13.5 miles from North Carolina State University.

December 14, 2021

Acquisitions Georgia Retail Southeast

CBRE Brokers Sale of 82,097 SF Shopping Center in Atlanta’s Central Perimeter District

by Julia Sanders December 14, 2021

ATLANTA — CBRE National Retail Partners has brokered the sale of Park Place, an 82,097-square-foot retail property in Atlanta’s Central Perimeter district. Edens purchased the property from Atlanta-based Coro Realty Advisors for an undisclosed amount. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE represented the seller in the transaction. Located at 4505 Ashford Dunwoody Road, Park Place is located directly across from Perimeter Mall at the intersection of Ashford Dunwoody Road and Perimeter Center West. Built in 1978, the property is anchored by Alon’s Bakery and Market, Fidelity Investments and Jared Galleria of Jewelry. The property was 92.2 percent occupied by tenants such as Allen Edmonds, Expedia Travel, Balance Salon and The Brass Tap.

December 14, 2021

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