Property Type

Joint Venture Sells Newly Built Apartment Complex Near Atlanta for $65.8M

by Alex Tostado October 8, 2020

NEWNAN, GA. — A joint venture between PointOne Holdings, Batson-Cook Development Co. (BCDC) and Novare Group has sold Promenade at Newnan Crossing, a 298-unit apartment community in Newnan, for $65.8 million. The property, which was delivered in 2019, comprises a mix of three-story buildings offering apartment units and for-rent townhomes with units averaging 942 square feet. The community spans 24 acres and offers studio to three-bedroom floor plans. Communal amenities include a pool, clubhouse, car charging station, fitness center, a business center and storage space. Glen Allen, Va.-based Capital Square 1031 acquired the asset. David Gutting of Newmark Knight Frank (NKF) represented the sellers in the transaction. Humphreys & Partners Architects and Kimley-Horn & Associates Inc. designed the community. Hathaway Construction Services was the general contractor. Promenade at Newnan Crossing is located at 1450 Newnan Crossing, 37 miles southwest of downtown Atlanta. The property is situated near LINC, a 25.5-mile walking trail.

October 8, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Chicago Pacific Founders Acquires 118-Unit Seniors Housing Community in Southwest Florida

by Alex Tostado October 8, 2020

ENGLEWOOD, FLA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities and indoor and outdoor recreation. The acquisition includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal were not disclosed. Grace Management will take over operations at the community. Lisa Widmier of CBRE National Senior Housing represented the seller in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $20.8 million in acquisition financing for CPF. The 10-year, fixed-rate loan features 60 months of interest-only payments.

October 8, 2020

Florida Leasing Activity Office Southeast

Heritage Insurance Signs 88,643 SF Headquarters Lease in Tampa’s Westshore District

by Alex Tostado October 8, 2020

TAMPA, FLA. — Heritage Insurance has signed a 10-year, 88,643-square-foot office lease to move its headquarters to Westshore City Center in Tampa. The company will fully occupy the building, which is situated in the Westshore District at 1401 N. Westshore Blvd., five miles west of downtown Tampa. The tenant expects to move in in the second quarter of 2021. Heritage Insurance is currently headquartered in nearby Clearwater. Heritage Insurance plans to house 350 employees at the property upon move-in, with plans to expand to 700 employees in the next five years. Tampa-based Ally Capital Group acquired Westshore City Center in 2019 and is currently implementing a $10 million renovation program. Matt Alexander and Chad Rupp of Franklin Street represented the landlord in the lease negotiations.

October 8, 2020

Development Multifamily Student Housing Washington Western

Greystar to Break Ground on $145M Student Housing Community Near University of Washington

by Amy Works October 8, 2020

SEATTLE — Greystar is set to break ground on Lakeview Student Residences, a $145 million student housing community located in Seattle’s U District near the University of Washington. The Charleston, S.C.-based developer recently purchased a five-parcel assemblage of existing apartment buildings located at NE 42nd St. and 12th Ave. NE for the development for $17 million. Dan Chhan, Tim McKay and Sam Wayne of Colliers International represented Greystar and the undisclosed seller in the transaction. “This is a core location with high-rise zoning, just three blocks from the University of Washington and one block from the new light rail station opening in 2021,” says Wayne. “Despite some current headwinds facing student housing due to COVID-19, this area is poised for outsized future growth as institutional investors develop new residential and office towers and the University of Washington continues its expansion.” The 21-story, 226-unit community is slated for completion in fall 2022. Lakeview’s amenities are set to include a rock-climbing wall and rooftop decks with designated study areas and entertainment space. Charles Halladay, Jordan Angel, Chris Ross, Teddy Leatherman, Stewart Hayes and Taylor Gimian of JLL worked on behalf of the developer to secure construction financing for the project through Pacific …

October 8, 2020

Acquisitions Multifamily Nevada Western

Colliers Negotiates $64M Sale of Silver Ridge Apartments in Reno

by Amy Works October 8, 2020

RENO, NEV. — Colliers International has arranged the sale of Silver Ridge Apartments, located at 1555 Sky Valley Road in west Reno. A private seller sold the asset to a partnership between Ideal Capital Group and Tilden Properties for $64 million. Kalah Espinoza with Colliers’ San Francisco-based Multifamily Investments Team and Melissa Molyneaux with Colliers’ Reno office represented the seller and procured the buyer in the transaction. Constructed in 1990, Silver Ridge offers 300 units in a mix of one-, two- and three-bedroom townhouse units averaging 1,000 square feet. Situated on 20 acres, the 295,840-square-foot property also has entitlements in place to allow for an additional 70 units to be developed within the existing site plan.

October 8, 2020

Acquisitions Arizona Industrial Western

Mack Real Estate Group Acquires 793,862 SF Hub at Goodyear Industrial Facility in Arizona

by Amy Works October 8, 2020

GOODYEAR, ARIZ. — An affiliate of Mack Real Estate Group (MREG) has purchased The Hub at Goodyear, a new industrial facility located at 305 S. Bullard Ave. in Goodyear. Terms of the transaction were not released. The 793,862-square-foot property features a cross-dock configuration, 40-foot clear heights, 144 dock-high doors, four grade-level doors and 190-foot full concrete truck doors. Additionally, the site provides parking for 192 trailers and 420 cars, and egress and ingress with access via Bullard and 143rd avenues. Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE’s Phoenix office represented the buyer in the transaction. MREG has also retained the CBRE team to handle leasing of the property. Bruce Francis of CBRE Capital Markets Debt & Structured Finance arranged acquisition financing for the buyer.

October 8, 2020

California Development Multifamily Seniors Housing Western

Advocacy Development Completes Entitlements for 83-Unit Assisted Living Project in San Jose

by Amy Works October 8, 2020

SAN JOSE, CALIF. — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprisingf 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, Councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is least intrusive to the overall community by terracing the building into the single-family neighborhood of Dry Creek and creating fabulous outdoor garden spaces for the residents.” As recommended by the San Jose Planning Commission, the City Council approved the Conditional Use Permit for the project site to replace existing dilapidated retail strip buildings with a modern, three-story building. ADP is in the process of securing its project team of architects, engineers and contractors for the development, according to Paul Bunton of ADP. He says the firm also expects to have its financing and operator in place in the next couple months and anticipates breaking ground in early 2021, which would …

October 8, 2020

Development Industrial Texas

Parent Company of T.J. Maxx, Marshalls to Open $150M Distribution Center in El Paso

by Taylor Williams October 8, 2020

EL PASO, TEXAS — TJX Cos., the Massachusetts-based corporation that owns major discount retailers such as T.J. Maxx and Marshalls, will open a $150 million distribution center in El Paso, a move that will bring about 1,000 full-time jobs to the borderplex region. The facility could ultimately feature as much as 2 million square feet of industrial space. According to The El Paso Times, the proposed site for the facility is a 200-acre tract at Global Reach Drive and George Perry Boulevard in East El Paso that is owned by the El Paso International Airport. The paper also reports that Marmaxx Operating Corp., the affiliate of TJX Cos. that operates T.J. Maxx and Marshalls, received $14.3 million in tax rebates and other incentives for the project.

October 8, 2020

Acquisitions California Retail Western

Faris Lee Brokers $4.3M Sale of Property Leased to Starbucks in Metro Los Angeles

by Amy Works October 8, 2020

SANTA ANA, CALIF. — Faris Lee Investments has brokered the $4.3 million sale of a retail property leased to Starbucks Coffee in Santa Ana. Starbucks recently signed a 10-year, corporate-guaranteed lease at the freestanding building, which is located at 2701 N. Grand Ave., 30 miles southeast of downtown Los Angeles. Shaun Riley and Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based private family investor, in the transaction. The sale closed five days before the buyer’s deadline for completing a 1031 exchange. Patrick Wade and Alex Kozakov of CBRE represented the undisclosed seller.

October 8, 2020

Development Office Texas

TRS Completes 134,938 SF Research Forest Lakeside Office Project in The Woodlands

by Taylor Williams October 8, 2020

THE WOODLANDS, TEXAS — Transwestern Real Estate Services has completed Research Forest Lakeside Building 9, a 134,938-square-foot office project located in The Woodlands, about 30 miles north of Houston. The six-story, Class A building includes floor-to-ceiling glass, a climate-controlled parking garage and proximity to a planned four-acre green space that will feature walking trails and exercise stations. In addition, several restaurants, including Snooze A.M. Eatery, Grub Burger Bar and Bellagreen American Bistro, are located adjacent to Building 9. Research Forest Lakeside is a mixed-use development that spans 77 acres overlooking Lake Woodlands that will ultimately feature 1.8 million square feet of commercial space.

October 8, 2020

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