Property Type

Blaze Partners Acquires 229-Unit Legacy Village Apartments in Suburban Charlotte

by Alex Tostado December 20, 2019

MOORESVILLE, N.C. — Charleston, S.C.-based Blaze Partners LLC has purchased Legacy Village Apartments, a 229-unit multifamily community located in Mooresville, a suburb 25 miles north of Charlotte in the Lake Norman submarket. The seller and the price of the 121 Village Green Lane apartment complex were not disclosed. Built in 2017, Legacy Village Apartments is less than one mile from both the Lowe’s Co. Inc. corporate headquarters and Lake Norman Regional Medical Center. The apartments feature one-, two- and three-bedroom floorplans as well as a saltwater pool, pet park, resident clubhouse and a fitness center. Blaze plans to make capital improvements for the units and amenities. With the acquisition of Legacy Village, Blaze now owns four assets in Charlotte.

December 20, 2019

Development North Carolina Retail Southeast

Publix to Anchor 2 MSF Wendell Falls Development Near Raleigh

by Alex Tostado December 20, 2019

WENDELL, N.C. — East West Partners and G.H.K. Developments Inc., the developers behind Wendell Falls, unveiled that Publix will occupy a 48,387 square-foot, freestanding grocery space in Wendell, approximately 11 miles east of Raleigh. Wendell Falls is one of the largest master-planned developments in the Research Triangle. CBRE | Raleigh’s Retail Services and Land Services groups represented the ownership group in the transaction. The store will employee approximately 130 people. An opening date has not yet been announced. Located at the northwest corner of Wendell Falls Parkway and Taylor Road, Publix will join the project’s existing tenants that include KinderCare Daycare, Farmhouse Cafe and Cruizers Convenience Marketplace. Publix at Wendell Falls be the grocer’s seventh store in Wake County. East West and G.H.K. will soon debut a collection of shops and restaurants at Wendell Fallas known as Treelight Square, as well as an office park named The Collective.

December 20, 2019

Acquisitions Massachusetts Northeast Office Top Stories

The Fallon Co., Barings Sell Boston Seaport Office Tower for $482M

by Alex Patton December 20, 2019

BOSTON — A joint venture between The Fallon Co. and Barings LLC has sold One Marina Park Drive, a 491,573-square-foot, multi-tenant office tower in the Boston Seaport district. An affiliate of Clarion Partners LLC acquired the property for $482 million. The 18-story One Marina Park Drive is the tallest building situated within Fan Pier, Fallon’s 3 million-square-foot mixed-use development in the Seaport. Fan Pier comprises six buildings with 2.6 million square feet of commercial space and 229 residential units. The ground floor of One Marina Park Drive features 19,000 square feet of retail and dining, including the Strega Waterfront Italian restaurant, the Empire Asian restaurant and the SailTime Boston sailing club. A host of other retail and entertainment attractions are located within walking distance, including the Fan Pier Park, Boston Children’s Museum, the Equinox Seaport fitness center and Trillium Brewing Co. At the time of sale, One Marina Park Drive was fully leased to tenants including law firms Fish & Richardson and Gunderson Dettmer; energy tech companies Enel X and Battery Ventures; Intarcia Therapeutics; and healthcare and tech investment firm Polaris Ventures. The Fallon Co. was the original developer of the One Marina Park Drive, which was designed by Elkus Manfredi and completed …

December 20, 2019

Acquisitions Multifamily Oregon Washington Western

MG Properties Acquires Two Pacific Northwest Multifamily Communities for $305.2M

by Amy Works December 20, 2019

BEAVERTON, ORE., AND LYNNWOOD, WASH. — San Diego-based MG Properties Group has purchased two multifamily properties — Pallas Townhomes & Apartments in Beaverton and Tivalli Apartments in Lynnwood — for a combined total of $305.2 million. The company acquired Pallas Townhomes & Apartments, a 566-unit community in Beaverton, in an off-market transaction for $186 million. The seller was a joint venture between Holland Partner Group and Invesco Real Estate. Built in 1997, Pallas is located at 15021 SW Millikan Way along the Millikan Way MAX Light Rail. Brian Eisendrath and Cameron Chalfant of CBRE arranged the Fannie Mae financing for the acquisition. MG Properties also purchased Tivalli Apartments, a 383-unit community located at 15631 Ash Way in Lynnwood, for $119.2 million. Built in 2014, Tivalli features a two-story clubhouse with multiple fireplaces, seating areas, a gourmet kitchen, indoor sports court and an upstairs game room and sky deck. The buyer plans to invest capital to further improve common area amenities for current and prospective residents. David Young and Corey Maxx of JLL represented the undisclosed seller in the deal. Freddie Mac provided financing, Bryan Frazier and Blake Hockenbury of Walker & Dunlop arranged. MG Properties has acquired 14 communities in …

December 20, 2019

Acquisitions Arizona Multifamily Western

Wood Partners Divests of 277-Unit Alta Drinkwater in Scottsdale for $96.1M

by Amy Works December 20, 2019

SCOTTSDALE, ARIZ. — Wood Partners has sold Alta Drinkwater, a multifamily community located in downtown Scottsdale. Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood Capital Group, acquired the property for $96.1 million. Built in 2019, Alta Drinkwater features 277 apartments; a resort-style swimming pool with poolside kitchen and dining area; rooftop lounge; fitness center; designer resident clubhouse with a 13-foot television; outdoor courtyard with gas grills and games; and secured parking. Residences at the property offer nine-, 10- and 20-foot ceilings, gourmet kitchens with oversized quartz countertops, natural gas cooktops and energy-efficient, stainless steel appliances. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

December 20, 2019

Acquisitions California Multifamily Western

CPP Purchases Cameron Park Apartments in Southern California for $52M

by Amy Works December 20, 2019

WEST COVINA, CALIF. — Community Preservation Partners (CPP) has purchased Cameron Park Apartments, a multifamily property located at 929 W. Cameron Ave. in West Covina, for $52 million. The acquisition includes nearly $10 million in renovations, plus measures to keep all 158 units at below market rents for the next 55 years. Built in 1970 and lightly renovated in 2002, the 14-building property features a 158 units in a mix of one-, two-, three- and four-bedroom apartments. CPP plans to implement an extensive renovation to the property, including upgrades to the interiors and exteriors, improvements to the common area facilities, and a reconfiguration of the community building and office space. Renovations began in October, with completion slated for summer 2020. The rehabilitation will include a total roof and window replacement; new HVAC, electrical load and plumbing upgrades; new energy-efficient lighting; stucco repair; new paint; full unit turns; ADA upgrades; path-of-travel improvements; common-facility improvements; security upgrades; and new landscaping. Foundation for Affordable Housing, the nonprofit managing general partner for the deal, supported CPP in the acquisition. Additional equity and development partners included Citi Community Capital and WNC & Associates, CPP’s parent company.

December 20, 2019

Acquisitions California Office Western

IDS Real Estate Group Buys 148,488 SF Office Asset in Central San Diego for $23.7M

by Amy Works December 20, 2019

SAN DIEGO — IDS Real Estate Group has purchased an office building, located at 4181 Ruffin Road in San Diego’s Kearny Mesa district. Massachusetts-based Office Properties Income Trust sold the property for $23.7 million. Originally built in 1981 and renovated in 2013, the property features 148,488 square feet of office space. At the time of sale, the property was 83 percent leased to four tenants, including the U.S. General Services Administration, a travel insurer and a technology company. Louay Alsadek, Hunter Rowe and Brad Black of CBRE represented the seller in the transaction.

December 20, 2019

Acquisitions Arizona Development Mixed-Use Multifamily Office Retail Western

Sunchase Holdings Sells 30-Acre Opportunity Zone Redevelopment Site in Scottsdale

by Amy Works December 20, 2019

SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.

December 20, 2019

Loans New Jersey Northeast Office

Meridian Capital Arranges $200M Loan for Refinancing of Bell Works Office Campus in Holmdel, New Jersey

by Alex Patton December 20, 2019

HOLMDEL, N.J. — Meridian Capital Group has arranged a $200 million loan for the refinancing of Bell Works, a 1.4-million-square-foot, class A office campus in Holmdel, located approximately 30 miles south of New York City. A balance sheet lender provided the loan, which the borrower, a partnership between Somerset Development Group and Adarsan Holdings, will use to complete capital improvements and pay off existing debt. Located at 101 Crawford’s Corner Road, the former research and development facility for Bell Labs and Alcatel Lucent is comprised of four six-story buildings with ground-floor retail space. The building was redeveloped from the Bell Labs scientific research center and current tenants including software companies iCIMS and WorkWave, as well as Guardian Life Insurance and Jersey Central Power & Light. Drew Anderman, Josh Berman and Eli Serebrowski of Meridian arranged the loan.

December 20, 2019

Development Loans Multifamily New York Northeast Retail

CIM Provides $120M Construction Loan for Redevelopment of Manhattan Residential Tower

by Alex Patton December 20, 2019

NEW YORK CITY — CIM Group has provided a $120 million construction loan for the redevelopment of 685 Fifth Avenue, a 115,330-square-foot multifamily and retail property in Manhattan. The borrower, a partnership of developer-owners SHVO, Bilgili Group and Deutsche Finance, will redevelop and rebrand the residences as 69 Mandarin Oriental and will construct 10 additional floors for the tower. Originally built in 1928, the 20-story building was the former headquarters of Gucci, and current retail tenants include apparel and accessory retailers Coach, Stuart Weitzman and Tag Heuer. Construction is slated for completion in 2021.

December 20, 2019

Newer Posts

Older Posts