DALLAS — Wood Partners, a multifamily development firm with offices around the country, has broken ground on Alta Midtown Park, a 307-unit apartment community located in the Vickery Meadow area of Dallas. The property will offer a mix of studio, one- and two-bedroom units with high-end appliance packages. Amenities will include a pool with tanning ledges, outdoor kitchen area, fitness center, conference room and a sky lounge with views of downtown Dallas. Completion is scheduled for early 2021.
BUDA, TEXAS — A partnership between Fort Worth-based investment firm Olympus Property and RSE Capital Partners has acquired Carrington Oaks, a 303-unit apartment community located in the Central Texas city of Buda. Built in 2015, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops, kitchen islands/breakfast bars and faux wood vinyl flooring. Amenities include a pool with cabanas, a fitness center with a spin room, resident clubhouse, game room, theater room, business center, outdoor grilling areas, a pet park and a playground. The seller was not disclosed.
MESQUITE, TEXAS — Conor Commercial Real Estate has acquired 12.4 acres in the eastern Dallas suburb of Mesquite for the development of Skyline Commerce Park, a 197,600-square-foot speculative industrial project. The site offers immediate proximity to Interstate 30 and U.S. Highway 80. Skyline Commerce Park will consist of a 135,200-square-foot building with 32-foot clear heights and a 62,400-square-foot building with 28-foot clear heights, as well as 258 parking spaces and 12 trailer parking stalls. Cadence McShane is the general contractor for the project, construction of which is slated to begin this year and wrap up in the fourth quarter of 2020. Conor Commercial Real Estate and Cadence McShane are both divisions of The McShane Companies, a national development and investment firm headquartered in suburban Chicago.
PLANO, TEXAS — JLL has brokered the sale of Jupiter Business Park, a 141,200-square-foot light industrial park in the northern Dallas suburb of Plano. Built on 8.1 acres, the property was 88 percent leased at the time of sale. Stephen Bailey of JLL represented the seller, Berkeley Partners, in the transaction. Campbell Roche, Steve Heldenfels and Jarrod McCabe of JLL placed acquisition financing for the buyer, locally based investment firm MoxieBridge, through Grant Street Funding. The loan carried a five-year term and a fixed interest rate.
HOUSTON — Finial Group has negotiated a 15,000-square-foot industrial lease at 12989 Market Street Road in Houston. Jason Gibbons and Doc Perrier of Finial Group represented the landlord in the lease negotiations. According to LoopNet Inc., the property was built in 1982. The representative of the tenant, truck repair shop AM PM Diesel Services Inc., was not disclosed.
METAIRIE, LA. — The Richards family, the longtime owner and operator of Clearview Shopping Center in Metairie, has unveiled plans to transform the 700,000-square-foot regional mall into a mixed-use destination. Located at 4436 Veterans Memorial Blvd., the new Clearview City Center sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The $100 million project will add a hotel, 260 upscale apartments, open-air restaurants with rooftop seating, 100,000 square feet of office space and green space for outdoor events and concerts. “This is what the next-generation consumer is looking for in a mixed-use development, and we’re bringing it here to the heart of Jefferson Parish,” says Thomas Richards, managing partner of Richards Clearview LLC. The redevelopment will create over 1,600 jobs and is expected to have a $123 million economic impact during construction alone, according to an analysis conduced by Greater New Orleans Inc. Once all phases are complete and Clearview City Center opens, it will support 420 total jobs and deliver $26 million in annual economic impact. Construction on the first phase of the Clearview City Center development is expected to begin in mid-2020, with the shopping center remaining fully operational throughout. The Richards family and …
ATLANTA — Much of today’s new apartment projects feature a ground-floor retail component. But developers at France Media’s 10th annual InterFace Multifamily Southeast conference actually expressed concern about this type of development approach. “The overall retail market is just not what it once was,” said Richard Aaronson, CEO of Atlantic Residential. “A lot of municipalities are recognizing that ground-floor retail in a residential building is not ideal.” In other words, if there is difficulty leasing the retail space, a bunch of empty storefronts doesn’t bode well for the overall project. Aaronson said his company is implementing ground-floor retail on a limited basis and is instead incorporating first-floor apartments and community spaces. Aaronson spoke on a panel titled, “What Makes a Development Project Successful in Today’s Market?” Joining Aaronson on the panel was Harvey Wadsworth, managing director with Mill Creek Residential; Peter Joerss, director of acquisitions for PointOne Holdings; Jason Doornbos, executive managing director for Landmark Properties; and John Leonard, first vice president with Marcus & Millichap who served as moderator. The conference took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district and welcomed 384 attendees. Complicating matters, however, is that some cities require new apartment developments to …
If you have sufficient room and staff at your property to handle the influx of package deliveries today, chances are good you may come up short tomorrow. “I’m sure in a few years, I will say the same thing I said two years ago: We still don’t have large enough package areas,” says Kristen Penrod, a principal with Parallel. Most properties report receiving an average of 150 to 200 packages per day. But at larger properties, and during peak times such as move-in, deliveries can multiply quickly. “During the busier times of year, 600 a day is not unheard of,” says Matt Fulton, managing director with Greystar. “The sheer volume is concerning. Properties built even five years ago don’t have the room to store that many packages.” According to American Campus Communities’ 2019 Spring Living Survey, the REIT was able to identify that on average, 91 percent of residents receive one package a week and that 86 percent of residents retrieve their packages within 24 hours. Craig Meddin, founder and CEO of Postal Solutions, which has been delivering mail and packages to student housing for 20 years, says that package volume is increasing 15 percent year-over-year. “We have some student …
CARY, N.C. — Hines, Columbia Development and USAA Real Estate have signed four retailers to join the lineup at Fenton in Cary. Cosmetic retailer Sephora will occupy 4,400 square feet, women’s clothing retailer Free People will occupy 4,000 square feet and Bailey’s Fine Jewelry will occupy 5,000 square feet. CMX CineBistro will join Wegmans as the 69-acre development’s anchor tenants. Construction on Fenton is expected to begin next summer with completion anticipated for fall 2021. Phase I will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, 350 multifamily residences and a 175-room boutique hotel. The mixed-use project is located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown Raleigh.
CHARLESTON, S.C. — Greystar Real Estate Partners LLC has opened its new headquarters in the Greystar Building, located in downtown Charleston. The five-story, 82,000-square-foot building completes Phase I of Evening Post Industries’ Courier Square redevelopment. The Greystar Building is the second property to open as part of the first phase of development within the master plan. Robert A.M. Stern Architects, Gensler and Elizabeth Stuart designed the headquarters to fit in with surrounding architecture. The building includes 70,000 square feet of office and 12,000 square feet of retail space. The building, located at 465 Meeting St., Suite 500, features 71 conference rooms and collaborative spaces, motion-sensor lighting, filtered water machines, coffee bar, fitness center/yoga studio and locker rooms with showers.
