Property Type

Lincoln Property Co. Divests of 104,510 SF Last-Mile Industrial Facility in San Diego for $64.2M

by Amy Works October 28, 2021

SAN DIEGO — Lincoln Property Co. has completed the disposition of a newly renovated last-mile distribution center in San Diego’s Kearny Mesa submarket. Realterm Logistics acquired the asset for $64.2 million. Situated on 10.5 acres at 7995 Armour St., the freestanding facility features 104,510 square feet of industrial space. The seller completed significant capital improvements and repositioned the asset, which was built in the 1980s. The facility features well-designed ingress/egress; efficient warehouse and office layouts; dock- and grade-loading capabilities; and ample parking. At the time of sale, the property was fully leased to a global Fortune 50 e-commerce company. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.

October 28, 2021

Acquisitions Arizona Multifamily Western

CBRE Negotiates $10M Sale of Arcadian Apartments in Phoenix

by Amy Works October 28, 2021

PHOENIX — CBRE has arranged the sale of The Arcadian, a multifamily property in Phoenix’s Lower Arcadia submarket. A California investor acquired the asset from an undisclosed seller for $10 million. Located at 3101 N. 36th St., The Arcadia features 45 apartments in a mix of one- and two-bedroom layouts, a swimming pool, gazebo with picnic seating, barbecues, covered parking, rental office and laundry facility. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer and seller in the deal.

October 28, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Brokers Two Multifamily Sales in Tempe Totaling $8.2M

by Amy Works October 28, 2021

TEMPE, ARIZ. — Taylor Street Advisors has arranged the sales of apartment communities in Tempe in two separate transactions totaling $8.2 million. Both properties are located near Arizona State University’s Tempe campus. Brian Tranetzki of Taylor Street brokered the sale of The Atrium, a three-story, 39-unit multifamily property. A local buyer acquired the asset from a California-based seller for $6.2 million, or $160,256 per unit. Anton Laakso of Taylor Street arranged the sale of Ash Properties, a 10-unit apartment community in downtown within walking distance of Arizona State University. The property traded for $1.9 million, or $193,100 per unit. The undisclosed buyer plans to renovate the value-add property.

October 28, 2021

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Arranges Sale of Starbucks-Occupied Property in Oakland

by Amy Works October 28, 2021

OAKLAND, CALIF. — Marcus & Millichap has brokered the sale of a retail building located at 470 Lake Park Ave. in Oakland. A limited liability company sold the asset to an undisclosed buyer for $3.5 million. Starbucks Coffee net leases the 1,600-square-foot property, which was built in 1968. Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal. David Nelson of Marcus & Millichap’s Oakland office was broker of record for the transaction.

October 28, 2021

Acquisitions California Life Sciences Office Top Stories

Longfellow Buys Nine Office Assets in San Diego for $315.4M, Plans Conversion to Life Sciences Campus

by Julia Sanders October 28, 2021

SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus. The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a high demand from life sciences tenants. All of the properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences. Situated on a total of 20.6 acres, the portfolio has access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute. San Diego remains one of the top markets for life sciences demand, according to CBRE’s U.S. Life Sciences Midyear 2021 report. Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL represented the seller, PS Business Parks, in the transaction. “This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of …

October 28, 2021

Development Industrial Texas

Trammell Crow Unveils Plans for 2.1 MSF Phase III of Fort Worth Industrial Project

by Taylor Williams October 28, 2021

FORT WORTH, TEXAS — Locally based developer Trammell Crow Co. (TCC) has unveiled plans for Phase III of Eagle 35, a 2.1 million-square-foot speculative industrial project located at Interstate 35 West and Eagle Parkway in Fort Worth. Phase III of Eagle 35 will consist of five buildings ranging in size from 103,668 to 1.2 million square feet, with the site of the largest building expandable to 1.5 million square feet. The buildings will be constructed on a combined 40 acres adjacent to Alliance Airport and will feature 32- to 40-foot clear heights, 140- to 195-foot truck court depths and ample space for car and trailer parking. Phase I of Eagle 35 consisted of two buildings totaling 1.5 million square feet, and Phase II comprised three buildings totaling 1.6 million square feet. Alliance Architects, Inc. is the project architect for Phase III, and Halff Associates Inc. is the civil engineer. Steve Trese and Bob Scully with CBRE’s Dallas office are leasing and marketing the project. Construction is scheduled to begin in January.

October 28, 2021

Development Georgia Mixed-Use Southeast

Armada Hoffler to Break Ground on $110M Southern Post Mixed-Use Project in Roswell, Georgia

by Julia Sanders October 28, 2021

ROSWELL, GA. — Armada Hoffler Properties Inc. plans to break ground in the fourth quarter on Southern Post, a 260,000-square-foot mixed-use development project in downtown Roswell. Construction is slated for initial completion in summer 2023. The development cost for the project is expected to be approximately $110 million. Located at 1023 Alpharetta St., Southern Post will include 128 apartments, nine townhomes, 95,000 square feet of creative loft office space, 40,000 square feet of retail space and 600 parking spaces with a parking deck. Belux Coffee, a coffee shop, is committed to 1,200 square feet, and Mexican eatery Arotea Cantina will lease out about 4,700 square feet. Other tenants will include Ponko Chicken, DaVinci Donuts and Silla Del Toro. Armada Hoffler Construction Co. will serve as the general contractor for this project. Retail and office space is currently available for lease. Transwestern is in charge of office and medical office leasing, while Dart Retail Advisors is in charge of retail leasing. The apartments will begin preleasing in the first quarter of 2023.

October 28, 2021

Loans Maryland Multifamily Southeast

KeyBank Secures $53.7M Refinancing for Multifamily Community in Largo, Maryland

by Julia Sanders October 28, 2021

LARGO, MD. — KeyBank Real Estate Capital has secured $53.7 million of fixed-rate Freddie Mac financing for Truman Park Apartments, a 284-unit mid-rise complex in Largo. Dirk Falardeau and Matt Purtell of KeyBank Real Estate Capital structured the refinancing with a 10-year, interest-only period on behalf of the borrower, The Dolben Co. Built in 2002, Truman Park includes seven four- and five-story residential buildings on nearly 10 acres of land. The property offers one- and two-bedroom floorplans with units that feature full-size washers and dryers, gas fireplaces, nine-foot ceilings and patios or balconies. Community amenities include a fitness center, swimming pool, nature trail, car wash area, gated entry, five-story parking garage and a club suite. Located at 601 Harry S. Truman Drive, the apartment community is situated about 13.2 miles from the University of Maryland, 13.4 miles from Washington, D.C. and 17.3 miles from Alexandria, Va.

October 28, 2021

Development Maryland Seniors Housing Southeast

Kisco, Welltower Begin Construction on Seniors Housing Project in Gaithersburg, Maryland

by Julia Sanders October 28, 2021

GAITHERSBURG, MD. — Carlsbad, Calif.-based Kisco Senior Living and joint venture partner Welltower Inc. have broken ground on The Carnegie at Washingtonian Center, a seniors housing project in Gaithersburg. The seven-story complex will offer 302 one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Floorplan options will range in size from one-bedroom, one-bath with an average of 837 square feet to two-bedrooms, two-baths and a den at about 1,487 square feet, as well as a club level living option that includes concierge and valet services. Situated on 8.5 acres, The Carnegie is slated for completion by the spring of 2024. The property is located beside RIO Lakefront at Washingtonian Center, a popular area shopping center. Community amenities will include indoor and al fresco dining venues; an indoor heated, saltwater pool; fitness center; wellness spa; yoga studio; and access to healthcare onsite. Additional amenities will include a lecture hall, computer learning center, art gallery, cooking demonstration kitchen and an outdoor landscaped park with a trail. THW Design is the project’s architect, StudioSIX5 is the interior designer and Balfour Beatty is the general contractor.

October 28, 2021

Development Mixed-Use Texas

Kalterra Capital to Develop 56-Acre Mixed-Use Project in Grand Prairie, Texas

by Taylor Williams October 28, 2021

GRAND PRAIRIE, TEXAS — Dallas-based Kalterra Capital Partners will develop Midtown GP, a 56-acre mixed-use project located in the central metroplex city of Grand Prairie. The development’s residential component will consist of 142 townhomes and 366 apartments with clubhouses, resort-style pools, gyms and outdoor courtyards. In addition, Midtown GP will feature office, retail, restaurant and hospitality uses. Kalterra will develop the project in phases, with the construction of the first phase expected to be complete in 2023.

October 28, 2021

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