Property Type

De La Vega Provides Updates on The Central Mixed-Use Project in Dallas

by Taylor Williams March 3, 2021

DALLAS — Dallas-based De La Vega Development has provided updates on Phase I of The Central, a 27-acre mixed-use project located at the former site of the Leaning Tower of Dallas. In February 2020, the building at the site, an 11-story office tower that was constructed in 1971 for Southland Corp., was demolished but did not entirely collapse, earning it the name Leaning Tower of Dallas. Phase I of The Central currently includes 350,000 square feet of office space, a 350-unit apartment community by local developer StreetLights Residential, 29,000 square feet of retail and restaurant space and a four-acre centerpiece park. Complementing this first phase, JPI is currently constructing a multifamily community, bringing an additional 430 residences to the development that are expected to be complete in the fourth quarter of 2022. The other components of Phase I are expected to be complete in early 2024. Falcon Realty Advisors has been tapped to lease the retail and restaurant space.

March 3, 2021

Development Multifamily Texas

Koontz Corp. Breaks Ground on 280-Unit Multifamily Project in New Braunfels, Texas

by Taylor Williams March 3, 2021

NEW BRAUNFELS, TEXAS — Locally based developer Koontz Corp. has broken ground on The Moderno, a 280-unit multifamily project in the San Antonio suburb of New Braunfels. The 28-acre property will be developed in two phases and will consist of 10 buildings offering one- and two-bedroom units. Residences will feature stainless steel appliances, quartz countertops and private balconies. Amenities will include a pool, fitness center, outdoor grilling area and a resident clubhouse. Houston-based Garcia + Associates is the project architect. Completion of Phase I is scheduled for March 2022.

March 3, 2021

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 124,289 SF Towne North Shopping Center in Irving

by Taylor Williams March 3, 2021

IRVING, TEXAS — Locally based retail brokerage firm Disney Investment Group has arranged the sale of Towne North, a 124,289-square-foot shopping center in Irving. Ethnic grocer El Rancho Supermercado anchors the property, which was 97 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an affiliate of Dallas-based Nayeb Group, which sold the property to an out-of-state private equity firm. Disney Investment Group also arranged the sale of Towne North to Nayeb Group from HSM Equities for $17 million in summer 2019.

March 3, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 200-Site RV Park in Galveston, Texas

by Taylor Williams March 3, 2021

GALVESTON, TEXAS — Marcus & Millichap has brokered the sale of Galveston Island RV Resort, a 200-site property that is situated on a 28.3-acre tract in the coastal Texas city. Jesse Pine and Bob Kaplan of Marcus & Millichap represented the seller, a private investor, in the transaction. Pine also procured the buyer, Kampgrounds of America Inc. (KOA). Tim Speck of Marcus & Millichap assisted with the closing of the deal.

March 3, 2021

Acquisitions Multifamily Texas

Estes Acquires 100-Unit Verandas of Beaumont Apartments in East Texas

by Taylor Williams March 3, 2021

BEAUMONT, TEXAS — The Estes Cos., a metro Houston-based investment firm, has acquired Verandas at Beaumont Apartments, a 100-unit multifamily community in East Texas. The property features one-, two-, three- and four-bedroom units and amenities such as a playground, dog park and outdoor grilling area. Estes plans to implement a value-add program. The seller was not disclosed.

March 3, 2021

Southeast-Phoenix-Distribution-Center-Chandler-AZ

Acquisitions Arizona Industrial Western

JLL Income Property Trust Buys Southeast Phoenix Distribution Center for $91M

by Amy Works March 3, 2021

CHANDLER, ARIZ. — JLL Income Property Trust has purchased Southeast Phoenix Distribution Center, a Class A distribution center located in Chandler, for $91 million. Constructed in 2019, the four-building campus features 474,000 square feet of space that can accommodate a wide range of tenants, ranging from 20,000 square feet to 135,000 square feet. The buildings offer 32-foot clear heights, ESFR sprinkler systems, grade- and dock-high doors and full concrete truck courts with fencing. The asset is situated at the confluence of Interstate 10 and Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.

March 3, 2021

California Development Industrial Western

CT Realty, Clarion Partners Break Ground on 145,840 SF South Bay Logistics Center in Carson, California

by Amy Works March 3, 2021

CARSON, CALIF. — CT Realty and Clarion Partners have commenced construction of South Bay Logistics Center, a Class A industrial facility in Carson. Located at 333 W. Gardena Blvd., the single-tenant, 145,840-square-foot building will feature 25 dock-high positions, 36-foot clear heights, a 144-foot secure truck yard, an ESFR K-25 sprinkler system, 5,500 square feet of modern two-story office space and ample parking. Completion is slated for this fall. Danny Williams, Barry Hill and John McMillan of Newmark are listing agents for the project.

March 3, 2021

Development Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

by Amy Works March 3, 2021

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.

March 3, 2021

California Loans Multifamily Western

Panoramic Interest Receives $104M in Refinancing for City Gardens Apartments in San Francisco

by Amy Works March 3, 2021

SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.

March 3, 2021

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

by Amy Works March 3, 2021

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million. Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis. Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert represented the seller in the deal.

March 3, 2021

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