Property Type

JLL Arranges $110M Acquisition Loan for 12-Property Retail Portfolio in Southern California

by Amy Works November 20, 2019

NEWPORT BEACH, LAGUNA BEACH, YOUNTVILLE AND CORONA DEL MAR, CALIF. — JLL has arranged $110 million in acquisition financing for Boardwalk Investments Group. The funds will be used for the purchase of a 12-property retail portfolio in Southern California. John Chun, John Marshall, Sam Godfrey and Jake Fideler of JLL Capital Markets placed the three-year, floating-rate loan with two one-year extension options. Michael Mestel of H.I.G. Realty Partners ran the transaction on behalf of the lender’s retail estate credit fund. Key assets in the portfolio include a CVS/pharmacy-anchored shopping center located at 30814-30936 Pacific Coast Highway in Laguna Beach; a Pavilions-anchored retail center at 3100-3152 Newport Blvd. and a high-street retail asset located at 2902 West Coast Highway in Newport Beach; a fine-dining retail property located at 6725 Washington St. in Yountville; and multiple coastal assets in Newport Beach.

November 20, 2019

Acquisitions California Development Industrial Western

Goodman Group Buys 65-Acre Manufacturing Center Near Los Angeles, Plans Redevelopment

by Amy Works November 20, 2019

FULLERTON, CALIF. — Goodman Group has acquired a 65-acre manufacturing and distribution property in Fullerton and plans to redevelop the site into a modern logistics campus named Goodman Logistics Center Fullerton. The project will support construction of up to 1.5 million square feet of new space, offering tenants space ranging from 170,000 square feet to 1.5 million square feet across a four-building campus. Slated for delivery in late 2021, the campus will feature potential for cargo/commuter rail service, significant paved trailer parking and cross-dock functionality with multiple points of ingress/egress. Glenn Dyke, Darla Longo and Barbara Emmons of CBRE represented the undisclosed seller, while Sean Ward and Ben Seybold, also of CBRE, were instrumental in the sale of the former distribution center.

November 20, 2019

Acquisitions Arizona Multifamily Western

Highline Property Group Acquires Bloom 24 Apartment Community in Phoenix for $17.1M

by Amy Works November 20, 2019

PHOENIX — Denver-based Highline Property Group has purchased Bloom 24, an apartment community in Phoenix. LWH Bloom Apartments 24 sold the property for $17.1 million, or $150,438 per unit. Constructed in 1973 and fully renovated in 2015, Bloom 24 features 114 apartments in a mix of floor plans with stainless steel appliances, designer cabinetry, laminate countertops and breakfast bars. The modernized, loft-style units average 1,100 square feet and feature oversized windows. Community amenities include a swimming pool with cabanas, a fitness center and patio picnic areas. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Milichap, represented the seller and procured the buyer in the deal.

November 20, 2019

Acquisitions Idaho Industrial Self-Storage Western

Watchman Properties Purchases 555-Unit Self-Storage Facility in Metro Boise

by Amy Works November 20, 2019

NAMPA, IDAHO — Watchman Properties has acquired The Storage Co., a self-storage asset located in Nampa, approximately 20 miles west of Boise. A local family sold the property for an undisclosed price. Totaling 95,962 square feet, the self-storage facility features 555 rentable spaces, 408 drive-up, enclosed storage units and 147 outdoor parking spaces. The property also includes 4.5 acres of undeveloped land. Originally developed in 1957 for agricultural use, the asset was converted to self-storage space in 1995. The fully fenced and gated facility features keypad access and 24-hour video surveillance with off-site monitoring. Jordan Farrer and Adam Schlosser of The LeClaire Group of Marcus & Millichap represented the seller, while Andrew Helm, also of The LeClaire Group, procured the buyer in the transaction.

November 20, 2019

Acquisitions Colorado Retail Western

CBRE Brokers $4.1M Sale of E Shops at Mesa Ridge in Fountain, Colorado

by Amy Works November 20, 2019

FOUNTAIN, COLO. — CBRE has arranged the sale of E Shops at Mesa Ridge, a retail center located at 6825 Mesa Ridge Parkway in Fountain. A Los Angeles-based private real estate fund sold the asset to a private discretionary investor for $4.1 million. Built in 2013, the 9,380-square-foot property features five tenant spaces. At the time of sale, the property was fully occupied by Noodles & Co., Sprint, Jersey Mike’s, Sports Clips and H&R Block. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners, represented the seller in the deal.

November 20, 2019

Acquisitions Multifamily Texas

Advenir Acquires New 360-Unit Apartment Community in Odessa

by Taylor Williams November 20, 2019

ODESSA, TEXAS — Florida-based investment firm Advenir LLC has acquired Advenir at Legado Ranch, a 360-unit apartment community located in the West Texas city of Odessa. Built in 2018, the property offers one- and two-bedroom units averaging 908 square feet per unit and offering granite countertops, hardwood floors, walk-in closets, in-unit washers and dryers and patios. Amenities include a pool, clubhouse, media center, fitness center and a dog park. Eric Tupler, Josh Simon and Matthew Putterman of JLL originated an undisclosed amount of Freddie Mac fixed-rate acquisition financing for the deal. The property was more than 91 percent occupied at the time of the loan closing.

November 20, 2019

Acquisitions Industrial Office Texas

Avison Young Brokers Sale of 270,000 SF Office, Warehouse Portfolio in Austin

by Taylor Williams November 20, 2019

AUSTIN, TEXAS — Avison Young has brokered the sale of a 270,000-square-foot commercial portfolio in Austin. The portfolio consists of 618 Tillery Street, an office building currently under construction; 507 Calles Street, a former warehouse that has been converted into office space; and 1300 East 5th Street, a warehouse building also slated for redevelopment. Corey Martin, Andrew Alizzi and Jason Hellberg of Avison Young handled the transaction on behalf of the buyer, CIM Group. The seller was Peter Barlin, a local investor.

November 20, 2019

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 77,415 SF Industrial Lease Renewal in Dallas

by Taylor Williams November 20, 2019

DALLAS — Holt Lunsford Commercial has negotiated a 77,415-square-foot industrial lease renewal at 631-641 W. Mockingbird Lane in Dallas. According to LoopNet Inc., the property was built in 1980, spans 133,000 square feet and features 26-foot clear heights. Canon Shoults of Holt Lunsford represented the landlord, Boston-based TA Realty, in the lease negotiations. Craig Jones and Michael Haggar of JLL represented the tenant, Dakota Premium Hardwood.

November 20, 2019

Leasing Activity Retail Texas

Fun Movie Grill to Open 70,000 SF Venue at Mustang Square in Plano

by Taylor Williams November 20, 2019

PLANO, TEXAS — Fun Movie Grill, an entertainment concept that combines food, bowling, movies and games, will open a 70,000-square-foot venue in Plano. The eight-screen location will be part of Mustang Square, a 36-acre mixed-use development that will include 90,000 square feet of office space, hotels, residential villas and townhomes and a public plaza. Dan Avnery and Stewart Korte of NAI Robert Lynn represented the tenant and the landlord, Thakkar Developers, which broke ground on Phase I of the project in October, in the lease negotiations. The venue, which is scheduled to open in 2020, will be Fun Movie Grill’s fourth entertainment center in the metroplex.

November 20, 2019

Development Office Texas Top Stories

Apple Breaks Ground on $1B Campus in Austin

by Kristin Harlow November 20, 2019

AUSTIN, TEXAS — Apple (NASDAQ: AAPL) has broken ground on its new $1 billion, 3 million-square-foot office campus in Austin. The 133-acre property will initially house 5,000 employees, with the capacity to grow to 15,000. It is expected to open in 2022. Cupertino, Calif.-based Apple is steadily growing in Austin with approximately 7,000 employees in the city — more than a 50 percent increase in the past five years alone. Plans for the campus were first announced in December 2018. “With the construction of our new campus in Austin now underway, Apple is deepening our close bond with the city and the talented and diverse workforce that calls it home,” says CEO Tim Cook. The company has partnered with Austin-based Bartlett Tree Experts to preserve and increase the diversity of native trees on the new campus. Additionally, the site is designed to maximize green space, with landscaping covering more than 60 percent of the project, including a 50-acre nature and wildlife preserve that will be open to the public. Like all Apple facilities, the Austin campus will run on 100 percent renewable energy, including solar power generated on site. The groundbreaking coincides with the company’s announcement that it is preparing …

November 20, 2019

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