COLLEYVILLE, TEXAS — CBRE has arranged a $32 million bridge loan for the refinancing of Town Center Colleyville, a 246,327-square-foot shopping center in Colleyville, a northeastern suburb of Fort Worth. The borrower, Sterling Organization, acquired the grocery-anchored property in 2020. Shaun Moothart, Dana Summers, Scott Lewis and Frank Piasta of CBRE arranged the financing through Rialto Capital. The loan was structured with a three-year initial term and two one-year extension options.
FORT WORTH, TEXAS — Colliers International has negotiated the sale of Golden Heights Business Park, a 48,000-square-foot industrial flex property in Fort Worth. The property consists of four buildings that were built in 2017 and were fully occupied at the time of sale. Cody Payne, Austin Edelmon and Michael Tran of Colliers represented the seller, a private investor, in the transaction. The buyer was an out-of-state 1031 exchange investor.
JARRELL, TEXAS — A group of local entrepreneurs has opened The Granary, a food, drink and entertainment venue in Jarrell, located about 40 miles north of Austin. The Granary is a 1.1-acre site fronting Interstate 35 that is a retrofit of an existing garage and office space using old barn wood from a nearby church barn that was torn down. The venue houses multiple food trucks, outdoor seating for 200 people and a music stage that is a retrofit of an old grain truck. The owners are also looking to purchase the adjacent lot to provide additional parking.
SMYRNA, GA. — Atlanta-based real estate investment firm Branch Properties has executed the $96.5 million sale of Elevate West Village, a 313-unit, Class A apartment community located at 4520 Pine St. in Smyrna. The buyer of the property is GID. Elevate is the multifamily component of a larger community known as West Village, which includes a collection of retailers and restaurants. Branch is currently developing the fourth and final phase of the West Village project, a medical office build-to-suit for Northside Hospital. Elevate’s community amenities include a pool with a poolside yoga area, a courtyard featuring an outdoor bar with built-in grills, fitness center and a game room, as well as a number of micro offices and a conference room. Apartments range in size from 660-square-foot studios to nearly 1,500-square-foot apartments, with a parking garage comprising 470 spaces. Construction on Elevate began in April 2019, with the first residents moving in last July. Summit Contracting Group served as the general contractor. Other project partners included Crosby Design Group as the interior designer, Preston Partnership as the architect and Planners & Engineers Collaborative as the civil engineer.
HUNTSVILLE, ALA. — The Beach Co. has broken ground on The Foundry, a mixed-use apartment community, and The Range, a commercial office building, in Huntsville. Construction on The Foundry is scheduled for completion in spring 2023, and The Range is scheduled to be completed in winter 2022. The Foundry will comprise four residential buildings offering 328 multifamily residences with studio, one- and two-bedroom floor plans and three townhome buildings encompassing 14 units. The multifamily units will range from 608 to 1,176 square feet, and the three-bedroom townhomes average 2,468 square feet. Residences at The Foundry will feature stainless appliances, designer fixtures, tile showers and backsplashes, granite counters and ceilings ranging from nine to 14 feet. Residential amenities will include a pool deck, dog park, club and fitness rooms, private parking and a bike storage room and bike shop. The Foundry will also offer approximately 9,900 square feet of commercial space throughout its campus, including a one-story, 5,500-square-foot building designated to feature multiple retail or restaurant concepts sharing a common patio space along Governors Drive. Wieland was The Foundry’s general contractor, Nashville-based Smith Gee Studio is the architect and Fifth Third Bank is the lender. The Range will offer 49,000 square …
LAKE WORTH, FLA. — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has acquired The Shoppes at Sherbrooke, a 57,901-square-foot neighborhood shopping center anchored by LA Fitness. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the undisclosed seller in the $11.3 million deal. The Shoppes at Sherbrooke was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The Shoppes at Sherbrooke represents the seventh retail property and ninth asset acquired by the fund, following last year’s acquisition of Mount Pleasant Towne Centre, a 510,000-square-foot, open-air regional shopping venue near Charleston, S.C.. Constructed in 2004 and positioned at 8954 Lantana Road, The Shoppes at Sherbrooke has a tenant mix comprising six retailers. The approximate eight-acre site includes a nearly one-acre undeveloped land parcel. The property is approximately 15 miles from Palm Beach International Airport and less than 15 miles from downtown West Palm Beach.
LOUISVILLE, COLO. — Etkin Johnson Real Estate Partners has completed the disposition of a 16-property industrial portfolio in Louisville. An undisclosed institutional investor acquired the portfolio for $392.9 million. Totaling nearly 1.7 million square feet, the properties are located within Colorado Technology Center, a 580-acre master-planned business park near US Route 36 and the Northwest Parkway in Boulder County. Jeremy Ballenger, Tyler Carner, Jim Bolt, Tim Richey and Jessica Ostermick of CBRE represented the seller in the transaction.
WOODBRIDGE, VA. — The IDI Group Cos., a multifamily developer based in Washington, D.C., and PTM Partners, a real estate development and investment firm, have formed a joint venture to acquire 1000 Annapolis Way in Woodbridge for a future multifamily project totaling 318 units. The $16.6 million land acquisition represents the start of the second phase of IDI’s 720-unit riverfront development. The transaction is the second deal for PTM Partners Opportunity Zone Fund II, which launched in September 2020. IDI and PTM secured a $63.8 million loan from United Bank for the project. Situated along the Occoquan River, 1000 Annapolis Way will have a mix of one-, two- and three-bedroom apartments. Community amenities will include a health and fitness center, club lounges, roof terrace, outdoor pool with sundeck and resident activities. The project will provide more housing options for those working at a nearby growing Army base less than eight miles north of the project. Leasing is expected to begin in 2022. The property has immediate access to Interstate 95 and the Virginia Railway Express and is close to Fort Belvoir, which employs more than 50,000 military, civilian, contractor and Department of Defense personnel.
SAN MATEO, CALIF. — Longfellow Real Estate Partners has purchased San Mateo Bay Center, a two-building office campus located at 901 and 951 Mariners Island Blvd. in San Mateo. Rubicon Point Partners sold the asset for $156 million. Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps of Newmark represented the seller in the deal. Totaling nearly 250,000 square feet, the campus is currently 88 percent occupied with substantial near-term rollover of 198,000 square feet in the first three years, enabling a conversion to life sciences space for the buyer. The campus has received more than $17 million in capital improvements since 2015, including multiple outdoor amenity spaces, a ground-floor café, onsite fitness center, creative exposed ceilings in tenant areas, HVAC renovations, lobby upgrades and parking lot resurfacing.
SCOTTSDALE, ARIZ. — A partnership between Trammell Crow Co. and PGIM Real Estate has completed Axis Raintree, a speculative office property in Scottsdale. Located at 8605 E. Raintree Drive, Axis Raintree offers 175,112 square feet of Class A office space across three stories and structured parking. Designed by RSP Architects and constructed by Willmeng Construction, the building is situated on five acres and features 5,000 square feet of outdoor, Wi-Fi-enabled amenity space; a 1,500-square-foot tenant lounge; and a 40-person training room. Additionally, the building features touchless entries, an air testing and monitoring system and MERV-13 filters, which meets new CDC guidelines. Axis Raintree is also in the process of achieving WELL v2 Core Certfication and a WELL Health-Safety rating. Bryan Taute and Charlie Von Arenschidlt of CBRE will handle marketing and leasing of the property.
