Property Type

NorthCreek-Office-Complex-Colorado-Springs-CO

Alturas Real Estate Fund Acquires NorthCreek Office Complex in Colorado Springs for $46.6M

by Amy Works February 5, 2021

COLORADO SPRINGS, COLO. — Alturas Real Estate Fund has purchased NorthCreek Office Complex, located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs. NorthCreek Complex LLC sold the asset for $46.6 million. James Brady, Patrick Devereaux and Campbell Davis of CBRE Capital Markets represented the seller in the deal, which closed on Jan. 29, 2021. Built between 1984 and 1989, NorthCreek offers a total of 325,208 rentable square feet spread across three buildings situated on 16.6 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking with covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. The sellers invested more than $3.6 million in capital improvements to the property, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades. At the time of sale, the property was 98 percent leased to a mix of tenants, including CSAA Insurance, First Source Group and Pima Medical Institute.

February 5, 2021

Development Multifamily Single-Family Rental Texas

Avanta Residential to Develop 216-Unit Single-Family Rental Community in Austin

by Taylor Williams February 5, 2021

AUSTIN, TEXAS — Avanta Residential, an affiliate of Hunt Cos., will develop a community of 216 single-family rental homes within The Colony, a 2,300-acre master-planned community in Austin. Communal amenities will include a clubhouse and pool, walking trails with fitness stations, open play areas and playgrounds. Avanta plans to break ground in the near future and to deliver the homes for rent in 2022. Alliance Bank of Arizona is providing construction financing for the project.

February 5, 2021

Acquisitions Colorado Multifamily Western

Evergreen Development Sells 324-Unit Outlook Gateway Multifamily Community in Denver to Cortland

by Amy Works February 5, 2021

DENVER — Evergreen Development has completed the disposition of Outlook Gateway, a newly built apartment property in Denver. Cortland acquired the asset for an undisclosed price. Situated on 16.6 acres at 5650 Argonne St., the 13-building Outlook Gateway features 324 apartments in a mix of one- and two-bedroom layouts, averaging 901 square feet. Each unit offer quartz countertops, wood-style flooring, glass showers, walk-in closets, in-unit washers/dryers and private balconies or patios. Community amenities include a clubhouse, pool, hot tub, fitness center, business center, coffee bar, bike and ski repair facility, bocce ball court, dog park, open green spaces and a package room with lockers. Evergreen Devco developed Outlook Gateway, while Nexus Builders, an Evergreen-affiliate company, served as general contractor. Denver-based Kephart Architects designed the project. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

February 5, 2021

Industrial Leasing Activity Texas

Colliers Negotiates 157,805 SF Industrial Lease at Cypress Preserve Logistics Center in Houston

by Taylor Williams February 5, 2021

HOUSTON — Colliers International has negotiated a 157,805-square-foot industrial lease at Cypress Preserve Logistics Center in North Houston. The property consists of two multi-tenant buildings totaling 516,000 square feet and two smaller freestanding buildings. Walker Barnett and Ryan Byrd of Colliers represented the landlord, Davis Commercial Development, in the lease negotiations. Trace Elrod of Newmark represented the tenant, Source Logistics Houston.

February 5, 2021

Acquisitions Multifamily Utah Western

IPA Negotiates Sale of 138-Unit ViA Apartment Building in South Salt Lake, Utah

by Amy Works February 5, 2021

SOUTH SALT LAKE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of ViA, a multifamily property located in South Salt Lake, approximately 10 minutes south of Salt Lake City. Graycliff Capital acquired the property from an affiliate of Mountain Capital Partners, an affiliate of Dekel Capital and Castlewood Development for an undisclosed price. Built in 2016, the five-story property features 138 apartments with an average unit size of 700 square feet. Community amenities include community-wide WiFi, door-to-door trash pickup, heated swimming pool, hot tub and car-charging station. The property is located adjacent to the Meadowbrook station of the Utah Transit Authority’s TRAX light rail system and near Southgate Shopping Center, University of Utah, Salt Lake Community College and Westminster College. Brock Zylstra, Danny Shin, Steven Gebing and Cliff David of IPA represented the sellers in the transaction. Gary Mangum of Marcus & Millichap served as broker of record in Utah.

February 5, 2021

Development Industrial Texas

Plastipak to Undertake $10M Industrial Expansion in Metro Dallas

by Taylor Williams February 5, 2021

GARLAND, TEXAS — Plastipak Packaging, a Michigan-based supplier of bottles for major food companies like PepsiCo and Kraft Heinz, will undertake a $10 million expansion of its industrial facility in the northeastern Dallas suburb of Garland. The project will include capital investment in the company’s 400,000-square-foot manufacturing facility and is expected to create six new jobs. Plastipak’s total footprint in Garland exceeds 900,000 square feet.

February 5, 2021

Development Mixed-Use New York Northeast

Dynamic Star Unveils Plans for $3.5B Fordham Landing Mixed-Use Project in The Bronx

by Taylor Williams February 5, 2021

NEW YORK CITY — Connecticut-based developer Dynamic Star has unveiled updated plans for Fordham Landing, a mixed-use project in the University Heights neighborhood of The Bronx that is valued at $3.5 billion, according to Crain’s New York. Current plans call for 3,000 market-rate and affordable housing units, 800,000 square feet of life sciences space, 600,000 square feet of office space, 50,000 square feet of retail space, an 80,000-square-foot public school and 12 acres of open green space. Other uses will include a hotel, esports arena and a senior living community, while the open green space will include a public farm and garden plots. Dynamic Star expects to receive zoning and permitting approvals by the third quarter of 2022 and to deliver the first phase of the project in the first quarter of 2025. The design team includes New York City-based Perkins Eastman, Boston-based NADAAA and Tarrytown, New York-based Margie Ruddick Landscape.

February 5, 2021

Delaware Loans Multifamily Northeast

Greystone Provides $25M Agency Acquisition Loan for Multifamily Asset in New Castle, Delaware

by Taylor Williams February 5, 2021

NEW CASTLE, DEL. — Greystone has provided a $25 million Fannie Mae acquisition loan for The Garrison, a 120-unit multifamily property in New Castle, located south of Wilmington. The property was built in 2019. Dan Sacks of Greystone originated the nonrecourse loan, which was structured with a fixed interest rate, 12-year term and a 30-year amortization schedule. Jack Miller of Platinum Capital Group arranged the debt on behalf of the borrower, Goldcrest Management.

February 5, 2021

Development Multifamily New Jersey Northeast

Larken Associates Breaks Ground on 254-Unit Apartment Project in Readington, New Jersey

by Taylor Williams February 5, 2021

READINGTON, N.J. — Larken Associates, a New Jersey-based developer, has broken ground on The Ridge at Readington, a 254-unit apartment project that will be located about 50 miles west of New York City. The property will feature 21 different floor plans with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities will include a clubhouse with a theater room, pool, gym, outdoor lounge, children’s play area, a dog park and walking trails. Completion is slated for summer 2022.

February 5, 2021

Acquisitions Northeast Office Pennsylvania

Commonwealth Charter Academy Buys 140,000 SF Office Building Near Pittsburgh

by Taylor Williams February 5, 2021

HOMESTEAD, PA. — Commonwealth Charter Academy, an online education platform, has purchased Waterfront Technology Center, a 140,000-square-foot office building in Homestead, an eastern suburb of Pittsburgh. The building, which was 94 percent leased at the time of sale, was originally a Macy’s department store. The sellers, Chicago-based M&J Wilkow and BIG Shopping Centers, purchased the property from Macy’s in 2018 and converted it to an office use. Commonwealth Charter is currently a tenant in the building.

February 5, 2021

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