NATICK, MASS. — An affiliate of Boston-based Bulfinch Cos., in partnership with Chicago-based Harrison Street, has purchased a 94,000-square-foot retail property in the western Boston suburb of Natick. Neiman Marcus currently occupies the two-story building, which is contiguous to Brookfield Properties’ Natick Mall, but plans to vacate the space in September. The new ownership plans to redevelop the property but did not share specific plans.
By Tim Reid, First Vice President, CBRE Boise’s retail market continues to show signs of resiliency in the wake of a global downturn caused by the pandemic. Though retail companies pivoted their business models to accommodate social distancing policies and provide contactless options last year, many were still forced to close their doors. The retail outlook is now much brighter after the industry experienced an incredibly turbulent year. Beginning in April, Idaho’s year-over-year retail sales rebounded 56.3 percent after dropping to 22.7 percent in 2020. Much of that progress can be attributed to Idaho’s strong fundamentals, including the state’s robust population growth. Idaho led the nation as the second-fastest growing state in the past decade, adding 17.3 percent to the population from 2010 to 2020. This state also houses several of the fastest-growing cities in the nation. While much of the migration to Boise City came from within the state, relocations from the West Coast — namely, California, Washington and Oregon — surged, accounting for 17.5 percent of last year’s growth. Those moving tend to be young, affluent, childless professionals seeking urban locations. While this migration pattern is not new, relocations to the Treasure Valley were amplified by the pandemic. These dynamics …
MCLEAN, VA. — A fund managed by CIM Group has provided a $148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners to refinance Highline at Greensboro, a Class A office campus in Tysons Corner. Highline at Greensboro features two 10-story buildings comprising approximately 461,000 square feet of office space, ground floor retail and amenity space and a 1,333-stall underground parking garage. The property recently underwent a renovation including upgrades to the façade, lobbies and common areas, as well as the addition of tenant amenities such as a health club, tenant lounge, outdoor plaza and a 60-person conference center. Located at 8401 and 8405 Greensboro Drive, Highline at Greensboro is situated close to the Metro Silver Line Spring Hill Station, Dulles Toll Road, Interstate 495 and Route 66, as well as downtown Washington, D.C., and Dulles International Airport. The property is also situated adjacent to The Boro, a 3.5 million-square-foot mixed-use development.
SAN ANTONIO — Locally based developer Embrey Partners has sold Standard at Legacy, a 323-unit apartment community located on the north side of San Antonio that, according to Apartments.com, offers studio, one-, two- and three-bedroom units. Residences are furnished with quartz countertops, custom cabinetry and stainless steel appliances. Amenities include a cyber lounge with workspaces and a conference room, a fitness center with yoga and virtual fitness studios, golf simulator, an outdoor area with kitchen and games, a pool with cabanas and a dog park. Chicago-based Sherman Residential purchased the property for an undisclosed price.
DALLAS — Zuri Furniture, which specializes in outfitting homes and offices, has signed a 270,686-square-foot, full-building industrial lease at 601 Tittle Drive in Dallas. The space is under construction within the 1,700-acre Austin Ranch master-planned development on the city’s north side and is expected to be available for occupancy by March 1. Chad Albert of NAI Robert Lynn represented the tenant in the lease negotiations. George Billingsley represented the landlord, locally based developer Billingsley Co., on an internal basis.
SOUTHFIELD, MICH. — Southfield-based American House Senior Living Communities has acquired 13 seniors living communities in Tennessee totaling 875 units. Seniors housing giant Ventas sold the portfolio for an undisclosed price. The properties were formerly Elmcroft Senior Living campuses and will be rebranded as American House Senior Living Communities. With this new portfolio, Southfield-based American House will now manage a total of 70 independent living, assisted living and/or memory care facilities. The portfolio includes the following properties: – American House Bartlett features 66 assisted living apartments and is located at 3345 Kirby Whitten Road in Bartlett. – American House Brentwood features 60 assisted living and memory care apartment units, and is located at 5436 Edmondson Pike in Brentwood. – American House Bristol features 83 assisted living and memory care apartment units, and is located at 826 Meadow View Road in Bristol. – American House Halls features 53 assisted living and memory care apartments, and is located at 7521 Andersonville Pike in Knoxville. – American House Hamilton Place features 49 assisted living and memory care apartments and is situated at 1502 Gunbarrel Road in Chattanooga, near the Georgia and Tennessee border. – American House Hendersonville is located at 1020 Carrington Place …
DALLAS — North Carolina-based Bell Partners has acquired Routh Street Flats, a 208-unit apartment community in Uptown Dallas. Completed in 2015, the property features a mix of studio, one- and two-bedroom units with granite surfaces, stainless steel appliances and full-size washers and dryers. Amenities include a pool, fitness center and a rooftop terrace. Bell Partners, which acquired Routh Street Flats in a joint venture with German institutional investment firm HANSAINVEST Real Assets GmbH, will rebrand the community as Bell Katy Trail.
SARASOTA, FLA. — Sarasota-based Benderson Development has purchased Sarasota County’s administration building in downtown Sarasota for $25 million. The deal allows the seller, Sarasota County, to lease back the space in the building for another four years. Sarasota County will be the only tenant at the building. Paul Carr, Todd Tolbert, Ken Krasnow and Brooke Berkowitz of Colliers arranged the sale of the 158,149-square-foot office property. Located at 1660 Ringling Blvd., the building is situated one mile from downtown Sarasota, 6.4 miles from Sarasota Beach and 57.6 miles from Tampa. The property is also close the Sarasota Art Museum, Whole Foods Market and Marie Selby Botanical Gardens Downtown Sarasota campus. Built in 1972, the property has been renovated several times over the years.
FORT WORTH, TEXAS — CBRE has negotiated the sale of Mercantile Distribution Center 40, a 182,500-square-foot industrial property in Fort Worth. New Jersey-based Faropoint purchased the property from Austin-based Marbella Interests LLC for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of the seller. Mercantile Distribution Center 40 was fully leased to a single, unnamed tenant at the time of sale.
KYLE, TEXAS — Berkadia has arranged an undisclosed amount of acquisition financing for Urbana at Plum Creek, a 144-unit build-to-rent community in the southern Austin suburb of Kyle. The property was built in 2021 within the Plum Creek master-planned development. Homes come in one-, two- and three-bedroom formats and range in size from 632 to 1,246 square feet. Communal amenities include a pet park with washing stations, a pool and an outdoor lounge with a fire pit and grilling spaces. Scott Wadler and Matt Nihan of Berkadia arranged the three-year loan through CrossHarbor Capital Partners on behalf of the buyer, Florida-based Beacon Real Estate Group.