Property Type

TSCG Arranges $12M Sale of Walmart-Anchored Shopping Center in Tampa

by Julia Sanders September 23, 2021

TAMPA, FLA. — TSCG has arranged the sale of The Greenhouse Shops, a Walmart-anchored shopping center in Tampa. Anthony Blanco and Mallory Silva of TSCG represented Abaco-Greenhouse, a private partnership in the $12 million sale to an affiliate of CF Properties, a private real estate investment firm from Miami. Built in 1985 and renovated in 2014, The Greenhouse Shops totals 36,670 square feet, not including Walmart, and was 96 percent leased at the time of sale. The Walmart Neighborhood Market totals 41,689 square feet. Located at 3611 W Hillsborough Ave., The Greenhouse Shops is situated on West Hillsborough Avenue and Himes Avenue. Also included in the sale was a Murphy’s USA Express gas station along Hillsborough Avenue. Other tenants in the center include Sanitas Medical Center, La Familia Pawn and Jewelry and El Oso Blanco Supermarket.

September 23, 2021

Development Georgia Leasing Activity Retail Southeast

GID Signs Puttshack to 26,000 SF Lease at High Street Development in Atlanta

by Julia Sanders September 23, 2021

ATLANTA — Puttshack, a mini golf and entertainment provider, has signed a second lease in Atlanta at High Street, a $2 billion, 36-acre mixed-use property in Perimeter Center Parkway on the northside of Atlanta. National real estate developer, owner and operator GID Development Group is developing High Street and inked the lease with Puttshack. Puttshack is the first anchor tenant to be announced for High Street. The mini golf retailer will have more than 26,000 square feet of space and will feature four custom-made, tech-driven mini golf courses. The property will also feature ‘Trackaball’ technology, which includes automated scoring, bonus points opportunities and interactive games at each hole. The entertainment venue will also have a dining menu and full cocktail bar. The first phase of the project will break ground this year and is slated to open by 2023. The project will include 150,000 square feet of entertainment-driven retail and restaurants, approximately 600 rental apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. Located at 211 Perimeter Center Parkway, High Street is situated at the intersection of Perimeter Center Parkway and Hammond Drive. The project is also located close to the Dunwoody MARTA Station, …

September 23, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Stratus Development Group Sells 286-Bed Student Housing Community Near University of Georgia

by Julia Sanders September 23, 2021

ATHENS, GA. — Stratus Development Group has sold The Haven of Athens, a 286-bed student housing community located near the University of Georgia campus in Athens. Inland Real Estate Acquisitions acquired the cottage-style community for an undisclosed price. The property was completed in fall 2020 and offers 93 two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, grill, fire pit, dog park, fitness center, clubhouse, nature trails, green space, covered parking and study rooms. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets group along with the company’s Sunbelt Advisory Group represented the seller in the transaction.

September 23, 2021

Development Office Texas

KDC to Develop Three New Office Buildings at CityLine in Metro Dallas Totaling 1.4 MSF

by Taylor Williams September 23, 2021

RICHARDSON, TEXAS — Developer KDC will build three new office buildings totaling approximately 1.4 million square feet at CityLine, a 204-acre mixed-use development located in the northeastern Dallas suburb of Richardson. Five CityLine will be an 18-story tower with 513,000 square feet, while Six CityLine will rise 13 stories and span 356,000 square feet. The third tower, Seven CityLine, will be a 15-story, 507,000-square-foot building. Dallas-based Corgan & Associates is designing the buildings, which will bring the total office component at CityLine to approximately 2.6 million square feet. The development also houses 200,000 square feet of retail and restaurant space. In addition, more than 3,000 urban residential units, 148 hotel rooms and 20 acres of dedicated public green space are located within walking distance of CityLine. The new buildings are currently being marketed for lease, and construction will begin when a tenant(s) has been secured.

September 23, 2021

Acquisitions Colorado Multifamily Western

Avanti Residential Acquires Forum Fitzsimons Apartment Complex in Metro Denver for $159M

by Amy Works September 23, 2021

AURORA, COLO. — Denver-based Avanti Residential has purchased Forum Fitzsimons, a Class A apartment community in Aurora. An undisclosed seller sold the property for $159 million. Located at Interstate 225 and Colfax Avenue, Forum Fitzsimons features 397 apartments, 28,202 square feet of retail space and a full amenity package for residents. Community amenities include two swimming pools, a 24-hour fitness center, bike repair shop and storage, three event clubrooms, and a dog washing area and bark park. The property was built in 2017 to meet the needs of workforce housing demand generated by the adjacent Fitzsimons Life Science District, a major employment center with 44,600 workers.

September 23, 2021

Acquisitions Arizona Restaurant Retail Western

Macerich Co. Sells La Encantada Lifestyle Center in Tucson for $165.2M

by Amy Works September 23, 2021

TUCSON, ARIZ. — Macerich Co. has completed the disposition of La Encantada, an open-air lifestyle center in Tucson. A group of local investors acquired the property for $165.2 million. JLL Capital Markets arranged a $102 million acquisition loan for the buyer. Completed in 2003, La Encantada offers 246,256 square feet of retail space. At the time of sale, the property was 93 percent leased. Current tenants include Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, Bluemercury, Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila. Patrick Dempsey of JLL Capital Markets Investment Sales and Advisory represented the seller in the deal. Jeremy Womack and Zane Coffman of JLL Capital Markets Debt Advisory team represented the new owner in the acquisition financing.

September 23, 2021

Acquisitions Multifamily Texas

Stratus Properties Agrees to Sell Santal Apartments in Austin for $152M

by Taylor Williams September 23, 2021

AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. In addition, The Santal offers multiple pools, fitness centers and resident lounges, as well as a bark park and dog wash station, package lockers and electric vehicle charging stations. The buyer was undisclosed. The deal is expected to close in the fourth quarter.

September 23, 2021

Acquisitions Colorado Office Western

Invesco Real Estate Divests of 186,231 SF Office Property in Broomfield, Colorado for $59.1M

by Amy Works September 23, 2021

BROOMFIELD, COLO. — Invesco Real Estate has completed the disposition of 105 Edgeview, a Class A office asset in Broomfield. An undisclosed buyer acquired the property for $59.1 million. John Jugl and John Gustafson of Newmark represented the seller in the transaction. Completed in 2012, 105 Edgeview features 186,231 square feet of office space within Interlocken Advanced Technology Environment. The property is fully leased to eight tenants with Gogo Inc., a global aero-communications service, as the anchor.

September 23, 2021

Affordable Housing Loans Midwest Minnesota Multifamily Northmarq

NorthMarq Arranges $32.2M Loan for Refinancing of Minneapolis Affordable Housing Community

by Kristin Harlow September 23, 2021

MINNEAPOLIS — NorthMarq has arranged a $32.2 million loan for the refinancing of Stone Arch Apartments in Minneapolis. The 221-unit affordable housing community, built in 2002, is located at 601 Main St. Amenities include a fitness center, business center, laundry facilities and grill area. Michael Padilla of NorthMarq arranged the loan through Freddie Mac’s Targeted Affordable Housing (TAH) program. The seven-year loan features a 30-year amortization schedule.

September 23, 2021

Development Illinois Midwest Multifamily

Kinzie Builders Completes Construction of $20M Luxury Apartment Complex in Mount Prospect, Illinois

by Kristin Harlow September 23, 2021

MOUNT PROSPECT, ILL. — Kinzie Builders has completed construction of 10 North Main in downtown Mount Prospect, a suburb of Chicago. The $20 million luxury apartment complex rises five stories with 97 units, which range in size from 564 to 1,290 square feet. Amenities include a fitness center, coffee bar, club lounge and outdoor rooftop deck. Kinzie worked alongside owner First Equity Group LLC, developer Harlem Irving Cos. and architect OKW Architects. Other project team members included ECL Engineer Consultants, Pierce Engineering, LETech Inc., V3 Cos. and Kathryn Talty Landscape Architecture.

September 23, 2021

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