Property Type

CBRE Brokers $64M Sale of Apartment Community in Metro Nashville

by John Nelson August 4, 2021

MT. JULIET, TENN. — CBRE has arranged the $64 million sale of Creekside at Providence, a 209-unit apartment community located at 1001 Providence Parkway in Mt. Juliet, about 18 miles east of Nashville. Newport Beach, Calif.-based Olen Properties Corp. purchased the property for $64 million, or $306,220 per unit. Built by Dobbins Group in 2015, Creekside at Providence features a swimming pool, pet play area with washing station, car care center, business center, gym, playground, movie theater, game room, picnic area and walking/biking trails. The community is situated adjacent to Providence Marketplace, a shopping mall housing tenants such as Best Buy, Belk, Books-A-Million, Dick’s Sporting Goods, HomeGoods, Kroger, Old Navy, PetSmart, Regal Cinemas, Taco Bell, Target and The UPS Store. Russ Oldham and Brett Kingman of CBRE’s Nashville office represented the undisclosed seller in the transaction. Olen Properties was self-represented.

August 4, 2021

Development Mixed-Use Texas

AT&T Opens 300,000 SF Discovery District in Downtown Dallas

by Taylor Williams August 4, 2021

DALLAS — AT&T has opened Discovery District, a project that transformed the telecommunications giant’s headquarters in downtown Dallas into a mixed-use destination with retail, restaurant, office and entertainment uses. Designed by global architecture firm Gensler, AT&T Discovery District spans 6.5 acres and includes multiple art installations, as well as interactive features for customers. The Beck Group served as the general contractor of the project, which was conceived more than five years ago.

August 4, 2021

Development Retail Texas

NewQuest Breaks Ground on 300,000 SF Retail Project in Metro Houston

by Taylor Williams August 4, 2021

MISSOURI CITY, TEXAS — Houston-based development firm NewQuest Properties has broken ground on Phase II of Fort Bend Town Center, a project that will add 300,000 square feet of shopping, dining and entertainment space to the local supply of Missouri City, located southwest of Houston. A 12-screen Cinemark theater will anchor the 42-acre second phase, which is expected to come on line in the third quarter of 2023. NewQuest is also in the midst of negotiations with six potential junior anchor tenants for Phase II.

August 4, 2021

Acquisitions Affordable Housing Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Rethink Community Buys Land in East Nashville, Plans to Develop Mixed-Use Project

by John Nelson August 4, 2021

NASHVILLE, TENN. — Rethink Community, a New York-based real estate development firm and investment manager of social impact projects in urban areas, purchased 21 acres on Nashville’s east side for a new development dubbed Rethink Community – Nashville. The site is two miles north of downtown Nashville and a half-mile from Oracle Corp.’s upcoming 65-acre campus. Rethink Community, a subsidiary of Rethink Capital Partners and a division of Seavest Investment Group, plans to build workforce apartments, for-sale townhomes, lofts and neighborhood retail and dining at the site, as well as a one-acre public park. Once complete, the firm plans to deliver programs and services for residents. BlackBirch Capital acted as exclusive advisor to Rethink Community on the capital raise for the project. In addition to Nashville, Rethink Community has projects in the development pipeline in Atlanta, Cleveland, Durham and Portland.

August 4, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 267-Unit Self-Storage Facility in Azle, Texas

by Taylor Williams August 4, 2021

AZLE, TEXAS — Marcus & Millichap has brokered the sale of Eagle Mountain Self Storage, an 267-unit facility located in the northwestern Fort Worth suburb of Azle. The property spans 68,200 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a limited liability company. Both parties requested anonymity.

August 4, 2021

Development Florida Mixed-Use Southeast

Flaherty & Collins to Build $66M Mixed-Use Development in Downtown Cape Coral, Florida

by John Nelson August 4, 2021

CAPE CORAL, FLA. — Flaherty & Collins Properties plans to develop The Cove at 47th, a $66 million mixed-use multifamily project in downtown Cape Coral. The property will include 285 luxury apartments and 19,000 square feet of commercial space on the ground level, as well as a rooftop pool and lounge. The Cove will prominently feature studios, one- and two-bedroom apartments to attract younger renters. The Cape Coral Community Redevelopment Agency recently approved the development, which is a public-private partnership between the City of Cape Coral and Flaherty & Collins. As part of the agreement, the city is contributing $20 million in sewage upgrades and $10.4 million in incentives to fund the construction of a 525-space parking garage available for public use. The 3.9-acre site is situated at the corner of Cape Coral Parkway East and SE 8th Court near Corksoakers restaurant. Flaherty & Collins purchased the land from an entity doing business as Downtown Village Square LLC. Paulette duCharme Hansen of Miloff Aubuchon Realty Group negotiated the land sale. Flaherty & Collins is aiming to break ground in early 2022, with first units coming in spring 2023. Full project completion is estimated for fall 2023.

August 4, 2021

Acquisitions Multifamily Texas

LRC Commercial Acquires 132-Unit Multifamily Property in Portland, Texas

by Taylor Williams August 4, 2021

PORTLAND, TEXAS — LRC Commercial, an owner-operator primarily focused on secondary and tertiaruy markets in the Midwest, has acquired Westcliffe-Royal Palms, a 132-unit multifamily property in Portland, located in South Texas outside Corpus Christi. The Waller Group represented LRC Commercial and the undisclosed seller in the transaction. Chris Litzler of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal. LRC Commercial will rebrand the property as LUX Off Moore.

August 4, 2021

Acquisitions Alabama Multifamily Southeast

Arch Cos., Drake Acquire Multifamily Portfolio in Tuscaloosa Totaling 649 Units

by John Nelson August 4, 2021

TUSCALOOSA, ALA. — A partnership between Arch Cos. and Drake Real Estate Partners has purchased a three-property multifamily portfolio in Tuscaloosa totaling 649 units. The communities in the sold portfolio include Broadmoor Gardens, Copper Greek and Woodlawn Manor. The seller(s) and sales price was not disclosed. Arch will be implementing value-add capital improvements to the portfolio through its Arch Builders division and operate the communities in-house. Arch Cos. and Drake have purchased three garden-style portfolios in the past five months. The partners jointly own approximately 2,000 multifamily units. The investment sales brokers for this transaction include Josh Jacobs of Marcus & Millichap and Brian Savage of Colliers International. Walker & Dunlop arranged acquisition financing.

August 4, 2021

Acquisitions Office Southeast Virginia

S.L. Nusbaum Arranges $15.7M Sale of Three Office Buildings in Virginia Beach

by John Nelson August 4, 2021

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Buildings Four, Five and Six within Pembroke Office Park in Virginia Beach. The three buildings total 167,660 square feet of Class B office space. Suburban Capital sold the buildings to the undisclosed buyer for $15.7 million. Pembroke Office Park is a 300,000-square-foot office park with five multi-tenant office buildings. The property is located close to Pembroke Mall, as well as retail, dining, hospitality and entertainment options at Town Center of Virginia Beach, a 25-acre lifestyle center in the city’s downtown district fronting the Atlantic Ocean. Stephanie Sanker and Sam Rapoport of S.L. Nusbaum Realty worked with Ten-X to represent the seller. The new owner has retained S.L. Nusbaum Realty to provide leasing and management services for the property.

August 4, 2021

Development Industrial Northeast Pennsylvania

Endurance, Cabot Underway on 1 MSF Spec Industrial Facility in Olyphant, Pennsylvania

by Taylor Williams August 4, 2021

OLYPHANT, PA. — A partnership between developer Endurance Real Estate Group and Boston-based Cabot Properties is underway on construction of Olyphant Logistics Center, a 1 million-square-foot speculative industrial facility that will be located in Lackawanna County. The partnership acquired the 112-acre site from Langen Development Economics LLC. Building features will include a clear height of 40 feet, 477 car parking spaces, 237 trailer parking stalls and an ESFR sprinkler system. Completion is slated for fall 2022. JLL has been appointed as the leasing agent.

August 4, 2021

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