Property Type

Chipotle Plans to Open First Digital Restaurant as Online Sales Tripled in Third Quarter

by Jeff Shaw November 11, 2020

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of the company’s third-quarter earnings report, which showed Chipotle’s digital sales tripled year-over-year. Furthermore, online sales accounted for nearly half (48.8 percent) of total sales for the quarter, which ended Sept. 30.

November 11, 2020

Acquisitions Multifamily Nevada Western

NWI Vida Divests of Bella Vida Apartments in Las Vegas for $15M

by Amy Works November 11, 2020

LAS VEGAS — NWI Vida LLC has completed the disposition of Bella Vida Apartments, a multifamily property in Las Vegas. An undisclosed buyer acquired the community for $15 million, or $208,333 per unit. Located at 1111 S. Cimarron Road, the property features 72 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.

November 11, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Arranges $5.3M Acquisition of Multifamily Property in Thornton, Colorado

by Amy Works November 11, 2020

THORNTON, COLO. — Nexus Commercial Realty has brokered the sale of an apartment community located at 8770-8780 Galen Court in Thornton. An undisclosed buyer acquired the asset for $5.3 million. The 38-unit property features 12 one-bedroom units and 26 two-bedroom units. The majority of the units have been updated, and select units feature balconies. The property includes two on-site laundry rooms and 54 off-street parking spaces for tenants. The buyer plans to manage the property, upgrade the remaining units and increase rents to market value.

November 11, 2020

Acquisitions Industrial Nevada Self-Storage Western

Local Ownership Group Sells 235-Unit Lockwood Landing Self Storage & Industrial Facility in Nevada

by Amy Works November 11, 2020

SPARKS, NEV. — A local ownership group has completed the disposition of Landing Self Storage & Industrial, a self-storage facility located along Interstate 80 in Sparks. A Northern California-based owner-operator acquired the asset for $5.5 million. Lockwood Landing comprises 49,100 net rentable square feet of self-storage space and 28,865 net rentable square feet of industrial space on 8.7 acres. The property features six steel-frame storage buildings and three steel-frame industrial buildings with asphalt drive aisles, plus a manager’s office and living quarters. At the time of sale, the storage buildings were approximately 84 percent occupied and the industrial buildings were 100 percent occupied. Bobby Loeffler and Tyler Skelly of The Loeffer Self-Storage Group represented the seller in the deal.

November 11, 2020

Development Georgia Mixed-Use Southeast Top Stories

Jamestown Plans to Expand Ponce City Market Adaptive Reuse Project in Atlanta by 500,000 SF

by Kristin Harlow November 11, 2020

ATLANTA — Developer Jamestown has unveiled plans to expand Ponce City Market in Atlanta’s Old Fourth Ward neighborhood by 500,000 square feet. Expansion plans for the mixed-use development include a 100,000-square-foot office building, an outdoor courtyard with 38,000 square feet of shopping and dining space, and more than 400 units of a “hospitality living” concept. Jamestown says the hospitality concept was designed to cater to the way people live and work today, with spaces available for both short-term and long-term leases at accessible price points. Residents will enjoy hotel-like services and amenities, including regular housekeeping and laundry services, a rooftop terrace and pool, and in-building storage units. The office building will offer tenants customizable floorplates with the option to create private outdoor balconies. The ground floor will house 25,000 square feet of retail and restaurant space with a direct connection to the new courtyard. The four-story building is designed to achieve LEED Gold certification and reduce embedded carbon. There will also be bike and scooter parking, designated rideshare drop-off sites, an electric bike share program and electric car charging stations. The next phase of Ponce City Market will also feature an expansion of the Central Food Hall. Jamestown plans to …

November 11, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community in Metro Tampa for $76.4M

by Alex Tostado November 10, 2020

LAND O’ LAKES, FLA. — Passco Cos. has acquired Tapestry Cypress Creek, a 341-unit multifamily community in Land O’ Lakes, for $76.4 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Unit interiors feature granite countertops, hurricane-impact windows, screened-in patios and balconies, washers and dryers, walk-in closets and stainless steel appliances. Communal amenities include a saltwater pool, clubhouse, 24-hour fitness center, club room and a dog park. The community is located at 2300 Tapestry Park Drive, 20 miles north of downtown Tampa. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller, Arlington Properties, in the transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated acquisition financing on behalf of Passco.

November 10, 2020

Development Multifamily North Carolina Southeast

Hawthorne Residential, Evolve to Develop 248-Unit Apartment Complex Near Raleigh

by Alex Tostado November 10, 2020

WAKE FOREST, N.C. — A joint venture between Hawthorne Residential and Evolve Cos. has acquired a 23-acre site in Wake Forest to develop Hawthorne at the Forest, a 248-unit apartment community. The developer acquired the land from an undisclosed seller for $4.3 million. The asset is expected to deliver in 2022 and will be situated at 10728 Star Road, 14 miles north of downtown Raleigh. The property will offer one-, two- and three-bedroom floor plans with wood-style floors, energy-efficient GE appliances, washers and dryers, stone countertops and tile backsplashes. Communal amenities will include a saltwater pool, grilling area, 5,000-square-foot clubhouse, cyber café, fitness center, playground and a dog park. Caleb Troop, Ron Corrao and Eric Liebich of Capstone represented the buyers in the land transaction.

November 10, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Logistics Firm Completes $16.2M Sale-Leaseback of Warehouse in Metro Miami

by Alex Tostado November 10, 2020

DORAL, FLA. — Logistics firm Clover Systems has sold a 113,891-square-foot warehouse in Doral for $16.2 million. The family-owned company signed a short-term lease to remain at 1910 NW 97th Ave., which is situated nine miles east of Miami International Airport and 15 miles east of downtown Miami. The buyer was Los Angeles-based 1910 NW 97th Ave Owner LLC, an institutional investor registered in Delaware. The warehouse was originally built in 1979 and was most recently traded in 1996 for $4.7 million. Jose Sasson-Lerner of Axiom Capital Advisors represented the buyer in the transaction. Stephen DiGiacomo, Roger Zuniga and Patty Marquez of DiGiacomo Group represented the seller.

November 10, 2020

District of Columbia Multifamily Southeast

NMHC: 80.4 Percent of Renters Have Paid November Rent

by Alex Tostado November 10, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) found that 80.4 percent of apartment households made a full or partial rent payment by Nov. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is a 110-basis point drop from November 2019, or a decrease of 131,712 households. November fared 100 basis points better compared to October 2020 when 79.4 percent of households made partial or full payment at Oct. 6. “November’s opening rent payment figures show that the additional support apartment residents received over the summer, coupled with generous, innovative approaches put into place by property owners and managers, continue to provide renters with some degree of security against the economic distress facing communities throughout the country,” says Doug Bibby, NMHC’s president. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.

November 10, 2020

Georgia Leasing Activity Office Southeast

Consulting Firm Signs 25,347 SF Office Lease in Metro Atlanta

by Alex Tostado November 10, 2020

PEACHTREE CORNERS, GA. — Consulting firm Merlinos & Associates Inc. has signed a full-floor, 25,347-square-foot office lease at Summit at Peachtree Parkway in Peachtree Corners. The landlord, OA Development, renovated the lobby, corridors and elevators, and added a fitness center and conference center in 2019. The six-story, 179,617-square-foot building is located at 5550 Peachtree Parkway, 22 miles northeast of downtown Atlanta. Howard Garrett of KW Commercial represented Merlinos & Associates in the transaction. Chip Roach and Stephen Clifton of Transwestern represented the landlord. Merlinos & Associates specializes in property, casualty, health, disability and life actuarial consulting.

November 10, 2020

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