ATLANTA — Alliance Residential Co. will develop Broadstone at Pullman Yards, a planned 354-unit multifamily community in east Atlanta’s Kirkwood district. The developer expects to break ground this year and open the property in early 2022. The complex will offer studio, one- and two-bedroom floor plans. Unit interiors will include two-toned custom cabinetry, tile backsplashes, veined quartz countertops, matte black fixtures and electronic locks. Communal amenities will include a two-story clubroom with a demonstrator kitchen, lounge space, fitness center and a saltwater pool. Brock Hudgins Architects designed the community, which will be situated at 105 Rogers St. NE, four miles east of downtown Atlanta. Local media outlets reported last year that Atomic Entertainment sold the site within its Pratt-Pullman Yard redevelopment to Phoenix-based Alliance Residential.
HOT SPRINGS, ARK. — A public-private partnership between Servitas and National Park College has completed construction of Dogwood Hall, a 180-bed residence hall that will serve students of the public community college in Hot Springs. The community is National Park College’s first on-campus student housing building. The three-story property comprises 52 fully furnished units. Communal amenities include study lounges on each floor, package lockers, an onsite laundry room and resident parking. Servitas served as lead developer for the project and will manage the community. The development team also included BGO Architect, Design Collective, Annex and Stevens Financing. Students began moving into Dogwood Hall on Aug. 20 and in-person classes at National Park began today.
CANTON, GA. — JLL has arranged the $18.6 million sale of Hickory Flat Commons, a Kroger-anchored shopping center located along Hickory Flat Highway in Canton, about 34 miles north of downtown Atlanta. The 115,000-square-foot property was 97 percent leased at the time of sale to tenants such as Anytime Fitness, Mathnasium, furniture store Phillips Trading, Great Clips and Platinum Cleaners. Jim Hamilton of JLL represented the undisclosed seller in the transaction. Phillips Edison & Co. acquired the center as part of a 1031 tax exchange.
TAMPA, FLA. — A joint venture between Pacer Partners and Drake Real Estate has sold a 120,500-square-foot office building in Tampa for $26.9 million. The property is located at 3620 Queen Palm Drive within Sabal Park, nine miles east of downtown Tampa. The asset was fully triple net leased to Ford Motor Credit Corp. at the time of sale. The sellers, which acquired the property in 2016, extended the tenant’s lease five years prior to the sale. Dale Peterson, Joe Chick, Kristen McFarland and Courtney Snell of CBRE represented the joint venture in the transaction. CTO Realty Growth purchased the asset for an undisclosed price.
FREDERICKSBURG, VA — Edge has negotiated the $5.5 million sale of The Park at Snowden, a six-building, 22,400-square-foot medical office portfolio in Fredericksburg. The asset was 95 percent leased at the time of sale and is situated adjacent to Mary Washington Hospital. Tenants at the park include National Spine & Pain Centers, Fresenius Center, Integrated Health, Century Pediatrics, Fredericksburg Dental Associates and other medical practitioners affiliated with the Mary Washington Healthcare System. The Park at Snowden was delivered in 2002 and sits on 1.7 acres. Joe Friedman and Cristine Kleine of Edge represented the seller, a Fredericksburg-based private partnership, in the transaction. The team also procured the buyer, affiliates of Bethesda, Md.-based Fernau LeBlanc.
LAS VEGAS — San Diego-based developer Matter Real Estate Group has started construction of UnCommons, a $400 million mixed-use project in Las Vegas. Designed by Gensler, the development is located on a 40-acre site at Interstate 215 and Durango Drive on the city’s southwest side. Plans currently call for 500,000 square feet of Class A office space and 830 multifamily units, as well as retail and restaurant space. Completion of Phase I is scheduled for early 2022. The Las Vegas Review-Journal reports that construction on the project was delayed due to COVID-19. Subsequently, the development team has pivoted to “near hospital-quality” HVAC systems and interior finishes made of materials designed to limit the spread of diseases like the novel coronavirus. “We recognized with COVID-19 that a fundamental shift was taking place that would render many office structures as unsafe and therefore obsolete practically overnight,” says Jim Stuart, partner at Matter Real Estate Group. “With the adjustments we made to our building systems, plus additional design attributes, we believe we have unlocked the answer for employee safety that will serve as the preferred model moving forward.” The retail and restaurant component will take the form of a public outdoor venue that …
The Memphis industrial market was off to another record-setting year for the third straight time. Then, the Mike Tyson punch no one could have ever expected came: the shutdown of the entire country. Even after sheltering in place for months and nonessential businesses out of the office until further notice, our industrial market is holding firm. The Memphis industrial market holds over 285 million square feet of useable space and offers the basic tenets for distribution. Memphis International Airport is the second largest cargo airport in the world. Additionally, Memphis is home to 400 trucking companies; it is the third-busiest trucking corridor (Interstate 40 spans from East Coast to California); it is one of only four cities to be served by five long-haul Class 1 rail systems; it has the fourth largest inland port in the country; and it has the second largest stillwater port. Memphis is also home to the FedEx worldwide hub and also houses UPS and US Postal Service hubs. All these companies operate 24 hours per day, 365 days per year. Because of this, Memphis provides the most cost-effective distribution and logistics operations in the country. And in the midst of a worldwide pandemic and shelter-in-place …
DENVER — Angelo Gordon has received a $49 million loan for the refinancing of Stanford Place III, a Class A office building in Denver. Prime Finance provided the loan, which Jeff Halsey and Brady O’Donnell of CBRE Capital Markets arranged. Located at 4582 S. Ulster St., Stanford Place III features 367,445 square feet of office space with immediate access to interstates 25 and 225. The property features a deli/café, tenant lounge, structured parking, nine-foot ceilings, a training center, secure bike barn and 22,000-square-foot rectangular floor plates. Current tenants include AIMCO, RS&H and Kimley Harris. SteelWave serves as property manager.
WESTMINSTER, COLO. — The Dinerstein Cos. has purchased a 7.8-acre land site at the northwest corner of Westminster Boulevard and West 109th Avenue in Westminster. City Office REIT sold the land for an undisclosed price. Dinerstein Cos. plans to develop a 261-unit multifamily property on the site, which is adjacent to the 300,000-square-foot Circle Point Corporate Center and in close proximately to more than 305,000 square feet of retail space at Westminster Promenade. Chris Cowan, Bryon Stevenson and Mackenzie Walker of Newmark Knight Frank Multifamily represented the seller in the deal.
PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of a retail building located at 1625 Camelback Road in Phoenix. An affiliate of Menin Development sold the asset to an undisclosed institutional buyer for $20.3 million. Target occupies the single-tenant, 50,428-square-foot property on a long-term net lease with fixed rental increases. The retailer opened the store, its first small footprint location in Arizona, in July 2017. Matt Berres, Samer Khalil and David Guido of NKF Net Lease Capital Markets represented the seller and procured the buyer in the transaction.