Property Type

Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M

by Julia Sanders July 1, 2021

WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller. Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport. The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified. The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech …

July 1, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $40.5M Sale of Barrington on the Green Apartments in Hoover, Alabama

by Julia Sanders July 1, 2021

HOOVER, ALA. — Cushman & Wakefield has brokered the $40.5 million sale of Barrington on the Green, a 342-unit apartment community located in the Birmingham suburb of Hoover at 5831 Summer Place Parkway. Jimmy Adams and Craig Hey of Cushman & Wakefield represented a private undisclosed seller in the transaction. The buyer, White Eagle, plans to rebrand the community as The Avenues of South Hoover. Constructed in 1996, Barrington on the Green’s community amenities include a pet park with agility equipment, swimming pool, a playground, outdoor kitchen and picnic area, resident park amenity area, clubhouse, sports courts and a cardio and strength training center. The property was 97 percent occupied at the time of sale.

July 1, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $32M Sale of Tucker Square Apartments in Metro Atlanta

by Julia Sanders July 1, 2021

TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.

July 1, 2021

Development Georgia Multifamily Southeast Student Housing

Juneau Construction Breaks Ground on Hub Atlanta Student Housing Project Near Georgia Tech

by Julia Sanders July 1, 2021

ATLANTA — Juneau Construction Co. has broken ground on Hub Atlanta, a student housing high-rise property located at 960 Spring St. in Midtown Atlanta. The property, developed by Core Spaces, is meant to be an off-campus housing option for students attending nearby Georgia Tech. Hub Atlanta will provide housing for almost 800 students beginning in the summer of 2023. The new development will be located close to the Midtown MARTA station and will comprise studios up to six-bedroom units. Standing 19 stories tall, Hub Atlanta will have 5,600 square feet of ground-level retail space along Spring Street. Community amenities will include a fitness center, study lounge, coworking space, pool deck with a hot tub, library and dog run and wash area. Additionally, Hub Atlanta residents will have access to four stories of garage parking with bicycle parking and electric vehicle charging stations. Core Spaces is a real estate investment firm that focuses on acquiring, developing and managing residential properties. Hartshorne Plunkard Architecture is also part of the project team and is a Chicago-based architecture and design firm. Juneau Construction is an Atlanta-based construction firm.

July 1, 2021

Development Industrial Texas

United Properties Breaks Ground on 474,000 SF Industrial Project in Metro Austin

by Taylor Williams July 1, 2021

BUDA, TEXAS — Minneapolis-based developer United Properties has broken ground on Phase I of Buda Midway, a project that will add 474,000 square feet of industrial space to the local supply. The site is located at the junction of Interstate 35 and State Highway 45 on the southern outskirts of Austin. Phase I will comprise three buildings — two rear-load facilities each totaling 115,090 square feet and one cross-dock facility totaling 244,285 square feet — on 35.9 acres. Completion of Phase I is slated for early 2022. Project partners include Aquila Commercial, Kimley-Horn Design and Engineering Consultants, Powers Brown Architecture, RC Page Construction and Hitchcock Design Group. Phase II of Buda Midway will include up to three buildings totaling 326,000 square feet. Once finished, the buildings will provide 30- to 36-foot clear heights, ample trailer parking and 200-plus automobile parking spots.

July 1, 2021

Development Healthcare Oklahoma Texas

Saint Francis Health System to Undertake $250M Renovation, Expansion at Tulsa Hospital

by Taylor Williams July 1, 2021

TULSA, OKLA. — Saint Francis Health System will undertake a $250 million renovation and expansion of its Saint Francis Hospital South campus in Tulsa. The healthcare provider has tapped Cushman & Wakefield’s project development and services team to lead the project. Specifically, the team plans to deliver a 51,000-square-foot renovation of imaging spaces and four operating rooms and a 232,600-square-foot expansion that will add four operating rooms, a six-story tower with 124 patient rooms and a 600-space parking garage. Completion of the renovation and expansion is slated for March 2025.

July 1, 2021

Acquisitions Office Washington Western

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works July 1, 2021

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

July 1, 2021

Development Multifamily Washington Western

Pastakia & Associates Acquires South Lake Union Multifamily Development Site in Seattle for $10.2M

by Amy Works July 1, 2021

SEATTLE — Pastakia & Associates has purchased a development site located at 1405 Dexter Ave. North in Seattle’s South Lake Union area for $10.2 million. The buyer has finalized entitlements and permitting for an eight-story apartment project on the site. The community will feature 160 units and a 62-stall parking structure. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the undisclosed seller in the transaction.

July 1, 2021

Loans Office Texas

Emerald Creek Provides $10.3M Acquisition Loan for Metro Dallas Office Building

by Taylor Williams July 1, 2021

FARMERS BRANCH, TEXAS — Manhattan-based lender Emerald Creek Capital has provided a $10.3 million bridge loan for the acquisition of a 170,915-square-foot office building in the northern Dallas suburb of Farmers Branch. The property sits on eight acres and contains 18 leasable units that are occupied by tenants in the finance, engineering and physical therapy industries. Matt Fantuzzi of Emerald Creek Capital originated the loan on behalf of the undisclosed borrower.

July 1, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $23.7M Sale of Crystal Court Apartments in Las Vegas

by Amy Works July 1, 2021

LAS VEGAS — Avison Young has arranged the sale of Crystal Court, a multifamily property located in Las Vegas. Crystal Court Apartments Inc. sold the asset to an undisclosed buyer for $23.7 million, or $203,233 per unit. Located at 900 E. Desert Inn Road, Crystal Court features 116 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the deal.

July 1, 2021

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