ATLANTA — Berkadia has secured financing for Winters Creek, a garden-style multifamily property in Atlanta. Andy Hill and Tyler Nowlin of Berkadia secured the $26.1 million in acquisition financing for the property on behalf of Western Wealth Capital. The five-year, non-recourse, adjustable-rate bridge loan, financed through Bridge Investment Group, features interest-only payments and future funding for planned capital improvements. Winters Creek features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, fitness center, playground, courtyard and a tennis court. Located at 1600 Winters Creek Drive, Winters Creek is located close to Interstate 285. Winters Creek is near Assembly Yards, a redevelopment project on the site of the former General Motors plant in Doraville.
HOUSTON — Group RMC, a New York City-based investment firm focused on the office sector, has acquired a 491,092-square-foot building located at 5718 Westheimer Road in Houston’s Galleria District. The 22-story building was renovated in 2017 and offers a fitness center and a full-service café. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream, also with JLL, arranged an undisclosed amount of floating-rate acquisition financing through Sound Point Capital Management on behalf of Group RMC. At the time of sale, 5718 Westheimer was approximately 68 percent leased.
MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Midlothian Self Storage, a 714-unit facility located on the southern outskirts of Dallas. The property spans 94,385 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a 1031 exchange investor. Both parties involved in the transaction requested anonymity.
WASHINGTON, D.C. — Wegmans Food Markets is opening its first store in Northwest Washington, D.C. at City Ridge. Located at the intersection of Wisconsin Avenue and Rodman Street, the Wegmans Wisconsin Ave. store will be part of the historic building formerly occupied by Fannie Mae’s headquarters. Roadside Development and North America Sekisui House LLC are the developers of the City Ridge development. Wegmans Wisconsin Ave. is part of the $640 million City Ridge development, which includes commercial, residential and retail facilities. The 84,000-square-foot Wegmans supermarket will include a Market Café, coffee shop and the casual restaurant called The Burger Bar. The store site will include parking below and residential units above. The new store is slated to open in the summer of 2022. Wegmans plans to employ approximately 450 people at the City Ridge location, including 150 full-time positions. Wegmans now operates 106 stores in seven states and has more than 50,000 employees chainwide. The company is set to open three Mid-Atlantic locations in 2022: in Alexandria, Va.; Washington, D.C.; and Wilmington, Del.
HOUSTON — Global energy consulting firm Opportune has signed a 62,535-square-foot office lease renewal and expansion at Pennzoil Place, a 1.4 million-square-foot office complex located at 711 Louisiana St. in downtown Houston. The firm will now occupy floors 31 through 34 at Pennzoil Place, which also houses a Starbucks Coffee and a Chick-fil-A. Tyler Garrett and Eric Anderson of Transwestern represented the landlord, Metropolis Investment Holdings Inc., in the lease negotiations. Lucian Bukowski of CBRE represented Opportune, which has been a tenant at Pennzoil Place since 2005.
DALLAS — Locally based brokerage firm Wellington Realty has arranged the sale of Crestview Apartments, an 85-unit multifamily complex located near Highland Park in Dallas. According to Apartments.com, the property was built in 1962 and offers a picnic area and onsite laundry facilities. The buyer and seller were both undisclosed. David Shaffer, Caleb Jones and Will Miller of Wellington Realty brokered the deal.
MENLO PARK, CALIF. AND NEW YORK CITY — BowX Acquisition Corp. (NASDAQ: BOWX), a special purpose acquisition company (SPAC) has completed its purchase of WeWork and will take the company public with an initial public offering (IPO) on Thursday, Oct. 21. Silicon Valley-based BowX originally announced its plan to acquire WeWork, which will trade on the New York Stock Exchange under the ticker symbol “WE” in March of this year in a deal that was then valued at $9 billion. “With a strong leadership team in place and new platform offerings that will leverage WeWork’s decade of expertise and proprietary technology, we can’t imagine a business better equipped to lead continued growth in the flexible space market,” said Vivek Ranadive, the CEO and chairman of BowX Acquisition Corp. who also owns the NBA’s Sacramento Kings. “While the pandemic has created many uncertainties, flexibility is here to stay and WeWork has the space and technology to power this global shift.” WeWork opened its first concept more than a decade ago in New York City, where the pioneering coworking office firm is also headquartered, and first announced its intent to go public in August 2019. Subsequent investigation into the company’s financials revealed …
BRENTWOOD, CALIF. — Columbus, Ohio-based Klingbeil Capital Management has purchased Avery at TownCentre, a two-story apartment community in Brentwood. ConAm sold the asset for $49.5 million. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the deal. Comprising 13 buildings, Avery at TownCentre features 137 apartments in a mix of 56 one-bedroom units, 68 two-bedroom units, 12 three-bedroom units and one studio unit. The apartments feature stainless steel appliances, granite countertops, wood-style flooring and private patios/balconies. Some units also offer vaulted ceilings and washers/dryers. Community amenities include a pool, sundeck, fitness center, playground, on-site laundry facility and covered parking.
HELENA, MONT. — Citivest Commercial Investments and Sage Investco have purchased a former department store building in Helena for an undisclosed price. The 116,992-square-foot asset also includes two pad development opportunities, with one ground finalized and another in negotiations. Shopko formerly occupied the building, which is situated within a larger center anchored by Albertsons, Target, JoAnn, Ross Dress for Less and other retailers. The buyers plan to implement a renovation program, including updating paint colors, landscaping and signage to maximize the center’s value. The name of the seller was not released.
HEMET, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Zen Diamond Valley Senior Living Apartments, a 177-unit active adult community in the Inland Empire city of Hemet. Investment Concepts acquired the property for $23.9 million. “One of the fastest-growing submarkets in Southern California, the Inland Empire is well suited to meet demands for seniors housing,” says Bill Roblero, vice president of investments in Marcus & Millichap’s Ontario office. “Supported by the area’s strong economic fundamentals and demographics, Zen Diamond Valley Senior Living Apartments is an excellent candidate for an interior and exterior renovation program that will reposition it as a seniors housing market leader.” Roblero, Alexander Garcia Jr. and Christopher Zorbas represented the undisclosed seller.