Property Type

KeyBank Provides $64M Acquisition Loan for Apartment Complex in Metro Atlanta

by Alex Tostado January 20, 2020

MARIETTA, GA. — KeyBank Real Estate Capital (KBREC) has provided a $64 million acquisition loan for The Park on Windy Hill, a 654-unit apartment complex in Marietta. The property was built in 1970 and has recently undergone renovations to approximately half of the unit interiors. The buyer, Bridge Investment Group, plans to complete the upgrades and extensively renovate the exteriors. The garden-style apartment complex comprises 26 three-story buildings on 42 acres at 2121 Windy Hill Road, 15 miles northwest of downtown Atlanta and two miles west of Truist Park, home of the Atlanta Braves. The seller was not disclosed, although Wilkinson Corp. acquired the property in late 2017. Brian Caudel and Jennifer Seamons of KBREC structured the financing.

January 20, 2020

Acquisitions North Carolina Retail Southeast

Progress Realty Acquires Shopping Center in Fayetteville, North Carolina for $36M

by Alex Tostado January 20, 2020

FAYETTEVILLE, N.C. — Progress Realty Partners has acquired Marketfair Shopping Center, a 219,000-square-foot retail property in Fayetteville, for $36 million. The property recently underwent a complete redevelopment and remerchandising, highlighted by the mid-December grand opening of Lidl. The German grocer joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theatres. Marketfair Shopping Center is located at 1916 Skibo Road, six miles west of downtown Fayetteville. The seller was Westport Capital.

January 20, 2020

Company News Florida Multifamily Southeast

Three Multifamily Broker Veterans Join IPA, Expanding Firm’s Central Florida Office

by Alex Tostado January 20, 2020

ORLANDO, FLA. — Shelton Granade, Luke Wickham and Justin Basquill have joined the Orlando office of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Granade joins the firm as an executive managing director. Wickham and Basquill join the firm as senior managing director and first vice president, respectively. As a team, the three brokers have closed more than $10 billion in sales. All three brokers were formally with CBRE. “The addition of this outstanding team is another step forward in our growth plan for IPA throughout North America,” said Jeffery Daniels, senior vice president and national director of IPA Multifamily. “Our ability to attract one of the most successful multifamily sales teams in the country is a testament to IPA’s success in creating an entrepreneurial, collaborative culture focused on client service and goal attainment.”

January 20, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Nationwide Realty Investors Announces Next Phase of Rivulon Mixed-Use Project in Arizona

by Amy Works January 20, 2020

GILBERT, ARIZ. — Nationwide Realty Investors received approval from the Town of Gilbert for the next phase of development at Rivulon, a master-planned mixed-use project located at the corner of Gilbert Road and Arizona Loop 202 in Gilbert. The phase will include two four-story, 160,000-square-foot office buildings with an adjacent parking structure. Situated in the center of the development, the buildings will feature a glass façade adorned with natural limestone pillars. Additionally, the new phase will feature a one-acre lake feature, walking paths and outdoor seating. The parking structures will be adjacent to the lake and feature more than 850 parking spaces. Construction is slated to begin mid-2020 with completion by the end of 2021. The 250-acre Rivulon development is currently home to Deloitte, Isagenix International’s world headquarters, Morgan Stanley, Amerifirst Financial and Merrill Lynch. Retailers at the development include LA Fitness, Wildflower Bread, Sauce Pizza & Wine, Jersey Mike’s Subs, Yogi’s Grill Teriyaki & Roll and Grabbagreen.

January 20, 2020

Acquisitions California Office Western

Meridian Sells Sutter Square Office Asset in Northern California for $30.9M

by Amy Works January 20, 2020

CONCORD, CALIF. — Meridian has completed the sale of Sutter Square, an office building located at 1800 Sutter St. in Concord. A joint venture between Barker Pacific Group and Iron Point Partners acquired the 174,689-square-foot asset for $30.9 million. When Meridian purchased the property in August 2017, it was 78 percent occupied. Meridian invested more than $4 million in interior renovations and brought occupancy up to nearly 90 percent. Scott Ellis and Eric Erickson of Colliers International managed the leasing efforts at the property. Bob Gilley, Brad Idleman and Andy Zighelboim of Colliers International represented the buyer and seller in the deal.

January 20, 2020

Acquisitions California Multifamily Student Housing Western

CBRE Arranges Sale of 174-Bed Campus Walk Community Near California State University, Chico

by Amy Works January 20, 2020

CHICO, CALIF. — CBRE has arranged the sale of Campus Walk, a 174-bed student housing community serving California State University, Chico. NB Private Capital purchased the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Marc Ross of CBRE arranged the transaction on behalf of the seller. The property offers shared amenities including a swimming pool, outdoor movie screen and fitness center.

January 20, 2020

Acquisitions Colorado Multifamily Western

Colliers Brokers $26.1M Sale of Palmer Park Apartments in Colorado Springs

by Amy Works January 20, 2020

COLORADO SPRINGS, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of The Palmer Park Apartments, a multifamily property located at 1304 E San Miguel St. in Colorado Springs. Roundhouse, a Los Angeles-based investment and development firm, sold the asset to Los Angeles-based Clear Capital for $26.1 million, or $130,500 per unit. The acquisition price is a record price per square foot for the multifamily assets built in Colorado Springs before 1990. Built in 1949, Palmer Park Apartments features 200 units. Originally constructed as military housing in a low-density setting with 20 two-story buildings on nine acres, the property has operated as a market-rate property for years. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the transaction.

January 20, 2020

Acquisitions California Office Retail Western

Rockwood Capital Acquires Historic Telephone Building in Santa Monica

by Amy Works January 20, 2020

SANTA MONICA, CALIF. — An affiliate of Rockwood Capital has purchased the Telephone Building, a historic property in downtown Santa Monica. DivcoWest sold the asset for an undisclosed price. The seller acquired the 58,000-square-foot creative office and retail building in 2017. During its ownership, DivcoWest completed lease-up, implemented capital improvements and obtained historical landmark status for the building from the City of Santa Monica under the Mills Act. The historic landmark status ensures preservation of the Art Deco building. Andrew Harper, Michael Leggett, Doug Bond and Matt McRoskey of JLL Capital Markets represented the seller in the deal.

January 20, 2020

Acquisitions Florida Office Southeast Top Stories

TPG Real Estate Acquires Jacksonville Town Center Office Campus for $107M

by Taylor Williams January 20, 2020

JACKSONVILLE, FLA. — TPG Real Estate, a San Francisco-based investment firm, has acquired Town Center One and Two, a 374,123-square-foot office campus in Jacksonville, for $107 million. The property spans 25 acres. It is located in the Deerwood Park area and features proximity to the Southside Quarter mixed-use development and St. Johns Town Center, an open-air shopping and dining destination. Town Center One is a five-story, 155,423-square-foot building that was 94 percent leased at time of sale to tenants including Availity, UBS Bank and Insight Global. Town Center Two is a six-story, 218,700-square-foot building that is fully leased to Web.com. A state-of-the-art common area with a cafe and conference center is located in Town Center Two, while Town Center One features a tenant amenity hub on the first floor. Both buildings were constructed with above-code hurricane resistance. Mike Davis, Rick Brugge, Karl Johnston, Rick Colon, Zachary Eicholtz and Steve Aiken of Cushman & Wakefield represented the seller, Kansas City, Mo.-based developer VanTrust, in the transaction. “With an influx of new multifamily and mixed-use development, the Deerwood Park submarket is experiencing a rapid transformation from suburban to a more densely populated urban landscape,” says Johnston. “Town Center One and Two have played a significant role in …

January 20, 2020

Industrial Leasing Activity Texas

Colliers Negotiates 349,050 SF Industrial Lease for Wholesome Sweeteners Near Houston

by Taylor Williams January 20, 2020

DEER PARK, TEXAS — Colliers International has negotiated a 349,050-square-foot industrial lease for organic food company Wholesome Sweeteners at Victory Commons Center in Deer Park, an eastern suburb of Houston. Victory Commerce Center features a cross-dock configuration, 32-foot clear heights, 185-foot truck court depths, 256 car parking spaces, an ESFR sprinkler system and an additional acre for storage or trailer parking. In addition, the property is located within 10 miles of Beltway 8, Interstate 10 and the Barbours Cut and Bayport Container terminals at Port Houston. Jon Lindenberger, Walter Menuet and Paul Dominique of Colliers represented the landlord, Crow Holdings Industrial, in the lease negotiations. Ryan Fuselier and Carl Mueller of JLL represented Wholesome Sweeteners.

January 20, 2020

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