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Cumberland Mall Atlanta
DevelopmentGeorgiaMixed-UseSoutheast

Brookfield Properties Files Plans to Redevelop Atlanta’s Cumberland Mall as Mixed-Use Destination

by Alex Tostado

ATLANTA — Brookfield Properties Retail Group has submitted initial plans for the redevelopment of the eastern portion of Cumberland Mall, a 1 million-square-foot regional mall in northern Atlanta’s Cumberland-Galleria submarket. Cobb County submitted the proposal on behalf of the Chicago-based developer to the Georgia Regional Transportation Authority (GRTA) to review as a Development of Regional Impact (DRI), which is a distinction for projects that have outsized impact on civic functions such as schools and traffic. Brookfield hopes to reshape the mall into a town center with 445,000 square feet of office space, 312 multifamily residences, 31,200 square feet of retail and restaurant space and 10 bus bays. Additionally, What Now Atlanta reported that Cobb County recently issued permits for a new Round 1 Bowling & Amusement attraction to begin construction for a new 80,000-square-foot venue at the former Sears, which closed in 2018. The initial action that Brookfield is proposing for Cumberland Mall is for the 14-acre site at 2940 Cobb Parkway to be rezoned as mixed-use. According to the filing with the GRTA, the developer hopes to complete the phased redevelopment in 2025. The Cumberland-Galleria submarket has been transformed in the past four years with the addition of the …

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DevelopmentGeorgiaMultifamilySoutheast

McShane Delivers 280-Unit Apartment Community Near Savannah

by Alex Tostado

POOLER, GA. — McShane Construction Co. has delivered Parc at Pooler, a 280-unit apartment community located at 2200 Old Quacco Road in the Savannah suburb of Pooler. The property is situated on 21 acres and features 19,000 square feet of amenities, including a pool, sundeck, outdoor kitchen, car care center and a dog park. Indoor amenities include a clubhouse with a fitness center, coffee bar, café and a resident’s lounge. Units include granite countertops, sunrooms or balconies, stainless steel appliances, wood cabinetry and wood-finished flooring. The design team includes developer Equity Resources LLC and architect Dynamik Design. McShane also handled the site work for the project, including eight standalone garages, landscape and parking lots.

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AcquisitionsMultifamilyTexas

NKF Brokers Sale of 332-Unit Hillstone at Wolf Ranch Apartments in Metro Austin

by Taylor Williams

GEORGETOWN, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of Hillstone at Wolf Ranch, a 332-unit apartment community located in the northern Austin suburb of Georgetown. Built in 2018, the Class A property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, game room and walking/biking trails. Patton Jones of NKF represented the seller, Dallas-based Leon Capital Group, in the transaction. The buyer was Virginia-based Weinstein Properties, which will rebrand the community as Bexley Wolf Ranch.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 126,100 SF Industrial Lease Renewal in Flower Mound, Texas

by Taylor Williams

FLOWER MOUND, TEXAS — Lee & Associates has negotiated a 126,100-square-foot industrial lease renewal at 500 Enterprise Drive in the northern Fort Worth suburb of Flower Mound. According to LoopNet Inc., the property was built in 2003 and spans 462,200 square feet. Reed Parker of Lee & Associates represented the tenant, transportation and logistics firm BFS Services Inc., in the lease negotiations. Sarah Ozanne and Jeremy Kelly of Stream Realty Partners represented the landlord, New York-based Clarion Partners.

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IndustrialLeasing ActivityTexas

Texas Wholesale Computers Signs 81,263 SF Industrial Lease in Metro Dallas

by Taylor Williams

GARLAND, TEXAS — Texas Wholesale Computers, a supplier and distributor of finished computers, servers and accessories, has signed an 81,263-square-foot industrial lease at Miller Park North in the northeastern Dallas suburb of Garland. Josh Barnes and Ben Wallace of Holt Lunsford Commercial represented the landlord, Boston-based TA Realty, in the lease negotiations. Andy Goldston of Citadel Partners represented the tenant.

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SES-Foam-Spring
AcquisitionsIndustrialOfficeTexas

Welcome Group Acquires 38,702 SF Office, Industrial Complex in Spring, Texas

by Taylor Williams

SPRING, TEXAS — Locally based investment firm The Welcome Group has acquired a 38,072-square-foot office and industrial complex at 2400 Spring Stuebner Road in the northern Houston suburb of Spring. The two-building property is situated on 11 acres and is leased to SES Foam, a provider of insulation products. The first building was built in 1984 and the second building was built in 1994.

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LoansMultifamilyTexas

UC Funds Provides $18.2M Loan for Adaptive Reuse Project in San Antonio

by Taylor Williams

SAN ANTONIO — Boston-based lender UC Funds has provided an $18.2 million loan for the adaptive reuse of The Travis Building, a high-rise office building in San Antonio that was originally built in 1920. The undisclosed borrower will convert the building in a mixed-use property with 63 Class A apartments and 20,000 square feet of ground-floor retail space.

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Clarkson-Cherry-Hills-Village-CO-1
ColoradoDevelopmentMultifamilyWestern

MIG Real Estate Buys Land Site in Metro Denver to Develop 114-Unit Clarkson Apartments

by Amy Works

CHERRY HILLS VILLAGE, COLO. — MIG Real Estate has acquired a one-acre development site in Denver for construction of The Clarkson, a 114-unit multifamily community located in Cherry Hills Village, a suburb of Denver. A private seller sold the site for $3.4 million. Slated to break ground in 2021, The Clarkson will feature 23 studios, eight junior one-bedroom, 56 one-bedroom and 27 two-bedroom layouts. The property’s 2,600 square feet of amenities will include a roof deck, courtyard with swimming pool, club room and gym. Additionally, the community will offer 160 parking spaces. The project team includes MIG Real Estate as developer, TCA Architects as design architect and Kimley-Horn Associates as civil engineering and landscape architect. Occupancy is scheduled for 2023. The transaction is the first acquisition for MIG’s Qualified Opportunity Zone Business Fund, which recently raised more than $100 million in equity to invest in Opportunity Zone development sites throughout the Western United States.

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CaliforniaLoansMultifamilyWestern

NKF Provides $208.1M in Freddie Mac Financing for Two Multifamily Communities in California

by Amy Works

ALAMEDA AND MONTEREY PARK, CALIF. — The Newmark Knight Frank (NKF) Multifamily Capital Markets team has arranged a total of $208.1 million in Freddie Mac loans to refinance two multifamily properties in California. The refinancing includes a $167.8 million loan for Summer House Apartments, a 615-unit property on Alameda Island, and a $40.3 million loan for Emerald Hills, a 184-unit complex located at 855 W. E1 Repetto Drive in Monterey Park. Emerald Hills features a mix of studio, one-, two- and three-bedroom layouts, two swimming pools, laundry facilities and a fitness center. Mitch Clarfield, Stephen Gianoplus, Ramsey Daya and Josh Braceros of NKF arranged the refinancing for Summer House Apartments, while Clarfield and Ryan Greer, also of NKF, secured the 10-year refinancing of Emerald Hills on behalf of a Los Angeles-based private owner.

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CaliforniaColoradoLoansMontanaMultifamilyNorth CarolinaWesternWyoming

Bellwether Enterprise Closes $294.2M in Financing for 22 Manufactured Housing Communities Nationwide

by Amy Works

DENVER — Bellwether Enterprise Real Estate Capital has closed four transactions totaling $294.2 million in Fannie Mae loans for manufactured housing communities across the United States. MJ Vukovich of Bellwether’s Denver office, along with Ghazy Grijalva of the firm’s Chicago office, arranged the deals. In total the financing covers 5,554 pad sites across the five transactions. The deals include: A $28 million loan for two manufactured housing assets located in Montana on behalf of a Utah-based operator. A $23.2 million loan for a community located in Wyoming on behalf of an operator based in California and Colorado A $193.3 million loan for a portfolio of 13 properties located in the Rocky Mountain and Southern regions on behalf of a Colorado-based operator. A $46 million loan for five communities located in various states on behalf of a Utah-based operator. A $3.7 million Fannie Mae loan for a property located in North Carolina on behalf of a North Carolina-based operator. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

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