Property Type

Crescent Communities, Nuveen Acquire 546,878 SF Office Tower in Uptown Charlotte

by Alex Tostado June 18, 2019

CHARLOTTE, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired 101 North Tryon, a 20-story office building in Uptown Charlotte that was renovated in 2018. HFF arranged the sale of the 546,878-square-foot office building, which was 81 percent leased at the time of sale to tenants including Bank of America, Robinson Bradshaw & Hinson PA, Spaces, Sunlight Financial and Northeastern University. The property is situated near more than 100 restaurants and retailers; Bank of America Stadium, which is home to the NFL’s Carolina Panthers; Spectrum Center, which is home to the NBA’s Charlotte Hornets; and several of Charlotte’s major transportation hubs. BBVA and US Bank provided acquisition financing to the buyer. Barry Fabyan and Charley Leavitt of JLL will lead leasing efforts on behalf of the new owners. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF represented the seller, Barings LLC, in the transaction. Patterson Real Estate Advisory Group represented the buyers. The sales price was not disclosed.

June 18, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $52M Sale of Office Building in Tampa

by Alex Tostado June 18, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of Westshore Center, a 217,022-square-foot office building in Tampa’s Westshore district. The Tampa Bay Business Journal reports the building traded for $52 million. The seller was Roseview-PMRG Fund I, a fund managed by Boston-based Roseview Investment Advisors. America’s Capital Partners acquired the nine-story building, which is situated at 1715 N. Westshore Blvd., five miles west of downtown Tampa and three miles south of Tampa International Airport. The building was originally delivered in 1984 and has undergone more than $2.5 million in renovations and upgrades over the past several years. The building was 84 percent leased at the time of sale to tenants including Reynold Smith & Hill, United Soccer Leagues and USI Insurance Services. Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller in the transaction.

June 18, 2019

Development Florida Leasing Activity Restaurant Retail Southeast

Three Retailers Return to Miami Beach’s Lincoln Road, Two Food Halls Debut

by Alex Tostado June 18, 2019

MIAMI BEACH, FLA. — Lincoln Road Business Improvement District (BID) has announced three retailers are returning to Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. The three retailers — Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium — all had original locations on Lincoln Road. Fritz’s originally opened on Lincoln Road in 1989. Dog Bar, a full-service pet boutique, moved back into its original location on Lincoln Road. Lulu Laboratorium is situated on the corridor’s 1100 block. Two food halls also opened earlier this year on Lincoln Road. Time Out Market features 17 eateries, a demo kitchen and three bars serving craft cocktails. Lincoln Eatery spans 9,600 square feet and includes 16 fast-casual, artisan and grab-and-go concepts. In addition to food and retail, the Lincoln Road BID sponsors free events that range from farmers markets to concerts to fitness classes.

June 18, 2019

Development Industrial Self-Storage Texas

GreenSpace to Develop 1,000-Unit Self-Storage Facility in Pearland, Texas

by Taylor Williams June 18, 2019

PEARLAND, TEXAS — GreenSpace Self-Storage LLC will develop a 1,000-unit facility on a 2.4-acre parcel in the southwestern Houston suburb of Pearland. The Class A property will offer 100,000 square feet of net rentable space, with both climate- and non-climate-controlled units. Construction is scheduled to begin later this year. Chris Bergmann Jr. of JLL represented GreenSpace, which also has projects underway in Sacramento, Philadelphia and Portland, in the land acquisition deal.

June 18, 2019

Development Multifamily Texas

Wood Partners Opens 336-Unit Multifamily Property in Metro Houston

by Taylor Williams June 18, 2019

BAYTOWN, TEXAS — Wood Partners, a multifamily development and investment firm with offices around the country, has opened Alta Baytown, a 336-unit apartment community located in the eastern Houston suburb of Baytown. Floor plans feature one-, two- and three-bedroom units with granite countertops, custom backsplashes and full-size washers and dryers. Amenities include a business center with two private conference rooms, fitness center, bike shop and a pet park. Rents start at roughly $1,000 per month for a one-bedroom unit, according to apartments.com.

June 18, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 228-Unit Self-Storage Facility in Houston

by Taylor Williams June 18, 2019

HOUSTON — Marcus & Millichap has brokered the sale of U-Stuf-It, a 228-unit self-storage facility located in southwest Houston. Dave Knobler of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.

June 18, 2019

Development Multifamily Texas

Greystar Breaks Ground on 152-Unit Apartment Community in Houston

by Taylor Williams June 18, 2019

HOUSTON — Greystar has broken ground on a 152-unit multifamily community at 510 W. 20th St. in Houston’s Heights neighborhood. Designed by Meeks + Partners, the community will offer one- and two-bedroom units ranging in size from 850 to 1,900 square feet. Penthouse units ranging in size from 1,700 to 2,300 square feet will also be available for lease. Amenities will include a clubroom, business center, fitness and yoga rooms, a resort-style pool with outdoor kitchen and a high-end sky lounge at the top floor. Completion is slated for spring 2021.

June 18, 2019

Summer-Grove-Tanglewood-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Bascom Group, Axton Group Buy Two Apartment Properties in Colorado Springs for $41.1M

by Amy Works June 18, 2019

COLORADO SPRINGS, COLO. — The Bascom Group, in partnership with an affiliate of The Axton Group, has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacent multifamily communities in Colorado Springs, for a total consideration of $41.1 million. The joint venture purchased the 374-unit Summer Grove Apartments, located at 3802 Half Turn Road, for $31 million, or $82,887 per unit. The 112-unit Tanglewood property, located at 3803 Half Turn Road, cost $10.1 million, or $90,625 per unit. Jake Young of CBRE brokered the transaction, while Brian Eisendrath and Annie Rice, also of CBRE, arranged debt financing with Don Broderick and Erik Frandsen of TCF Bank.

June 18, 2019

Acquisitions California Multifamily Western

Levin Johnston Negotiates $15.9M Sale of Buena Vista Apartments in Alameda, California

by Amy Works June 18, 2019

ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of Buena Vista Apartments, a multifamily community located at 4330-450 Buena Vista Ave. in Alameda. A private, high-net-worth investor sold the property to an undisclosed buyer for $15.9 million. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the transaction. Originally constructed in 1966 and renovated in 2018, the 52-unit property consists of two parcels and offers a mix of studio, one- and two-bedroom floor plans. On-site amenities include laundry facilities, gated secure entrance, bike storage, barbecue and picnic areas, and storage for tenant use.

June 18, 2019

Acquisitions California Office Western

Mission Federal Credit Union Sells Former Headquarters in San Diego for $10.4M

by Amy Works June 18, 2019

SAN DIEGO — Mission Federal Credit Union has completed the disposition of its former headquarters in San Diego. Alvarez & Marsal Capital Real Estate, a creative office developer, acquired the asset for $10.4 million. Located at 5785 Oberlin Drive in San Diego’s Sorrento Mesa submarket, the 61,406-square-foot property features an entry lobby, open floor plans and an extensive glass line with hillside views. The buyer plans to convert the three-story building, which was built in 1985, into creative office space. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented both parties in the transaction.

June 18, 2019

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