Property Type

Walmart Unveils Expansion Plans for 350-Acre Corporate Campus in Bentonville, Arkansas

by Alex Tostado May 22, 2019

BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, green space and lake views. The campus will also feature solar panels atop parking decks and energy-efficient lighting and HVAC systems, as well as regionally sourced building materials. A price for construction was not disclosed.

May 22, 2019

Acquisitions Florida Multifamily Southeast

Toro Real Estate Acquires Three Multifamily Properties in Jacksonville for $39M

by Alex Tostado May 22, 2019

JACKSONVILLE, FLA. — Toro Real Estate Partners has acquired three multifamily properties in Jacksonville for $39 million. The portfolio includes Whispering Oaks, Highlander Apartments and River City Landing, which total 552 units. Toro plans to invest $4 million to renovate the three properties. Renovations will include exterior and amenity enhancements, rebranding and interior improvements. Ben Weddington of CBRE arranged two Freddie Mac small balance loans for Toro’s acquisition of Whispering Oaks and Highlander. Jeremy Nussbaum of Walker & Dunlop arranged the acquisition loan for River City Landing. Dhaval Patel, also with Walker & Dunlop, represented Toro in the sale of River City Landing. Toro purchased the other two assets in off-market deals. Toro has hired Lisa Massis of Lofty Asset Management to manage all three properties.

May 22, 2019

Acquisitions Multifamily North Carolina Southeast

Carlisle Residential Sells Apartment Complex in Greensboro for $33.9M

by Alex Tostado May 22, 2019

GREENSBORO, N.C. — Carlisle Residential Properties has sold Encore North Apartments, a 237-unit apartment complex in Greensboro, for $33.9 million. Denver-based Grimley Residential acquired the property, which was 95 percent occupied at the time of sale. Encore North was built by Lomax Construction in 2016 and is situated five miles north of downtown Greensboro. Carter-Haston will handle leasing efforts on behalf of the buyer. Encore North offers one- and two-bedroom floor plans and communal amenities such as a saltwater swimming pool, resident lounge and a community game room.

May 22, 2019

Loans North Carolina Office Southeast

HFF Arranges $24.5M Acquisition Loan for Office Property in Charlotte’s SouthPark District

by Alex Tostado May 22, 2019

CHARLOTTE, N.C. — HFF has arranged a $24.5 million acquisition loan for Rexford Park I and II, two office buildings in Charlotte totaling 136,812 square feet. The borrower, a partnership between Childress Klein and Gottesman Real Estate Partners, will use the funds to acquire, renovate and re-lease the buildings. Cory Fowler of HFF represented the borrower to secure the six-year, floating-rate loan through Atlantic Union Bank. Planned renovations include new interior common spaces, major improvements to the exterior façade and significant upgrades to building systems. Rexford Park I and II are located at 2100 and 2115 Rexford Road within Charlotte’s SouthPark submarket.

May 22, 2019

Acquisitions Florida Retail Southeast

Partnership Acquires Retail Space in South Florida for $8.5M

by Alex Tostado May 22, 2019

DELRAY BEACH, FLA. — A partnership between Konover South LLC and Gary Broidis, principal of Atlantic Commercial Group Inc., has acquired the retail component of City Walk in Delray Beach. The 16,652-square-foot, ground-level retail space is situated in the city’s Pineapple Grove district. The space is part of a four-story condominium building and currently houses Brule Bistro, Joseph’s Wine Bar & Café and Yama Japanese Restaurant. Citywalk Commercial Property LLC sold the property. Continental Casualty provided a $4.9 million loan to the partnership. Konover South will provide property management, and Broidis will handle leasing.

May 22, 2019

Development Multifamily Student Housing Texas

Park7 Group Breaks Ground on 701-Bed Student Housing Project in Arlington

by Taylor Williams May 22, 2019

ARLINGTON, TEXAS — New York City-based developer Park7 Group has broken ground on Park Place Arlington, a student housing project that will feature 701 beds for students attending the University of Texas at Arlington. The property, located one block from campus in downtown Arlington, will also house 9,000 square feet of ground-floor retail space. Park Place Arlington’s 298 units will offer designer wood cabinetry, stainless steel appliances and washers and dryers. All units also come equipped with a 50-inch flatscreen TV. Amenities will include an oversized pool, half-court basketball court, volleyball court, spa, movie theater, golf simulator, study courtyards, a two-story fitness center and a resident-only clubroom. Humphreys & Partners Architects designed the project, which is slated for completion in summer 2020.

May 22, 2019

Acquisitions Office Washington Western

Unico Properties Acquires 160,164 SF Historic Office Building on Seattle’s Waterfront

by Amy Works May 22, 2019

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has acquired the Colman Building on Seattle’s waterfront from Goodman Real Estate for an undisclosed price. With this purchase, Unico’s presence on the waterfront now exceeds 1 million square feet. The six-story Colman Building features 160,164 square feet of office space with ground-level retail encircling the entire property. At the time of sale, the property was 88 percent occupied. The historic building was commissioned by Scottish immigrant and master machinist James Colman and constructed in several stages between 1889 and 1906. The building is listed on the National Register of Historic Places and considered a City of Seattle landmark. Nick Kucha, Kevin Shannon, Cavan O’Keefe, Michael Moll, Bill DeLacy, Jakob Nicolls and Jeff Hodson of Newmark Knight Frank represented the seller in the deal.

May 22, 2019

Development Office Texas

Cawley Partners to Develop 200,000 SF Office Building in Plano

by Taylor Williams May 22, 2019

PLANO, TEXAS — Dallas-based Cawley Partners will develop HQ53, a 200,000-square-foot office building that will be located at 5300 Headquarters Drive in Plano. The Class A building will offer collaborative gathering spaces, as well as a 6:1 parking ratio and access to a variety of nearby retail and dining options. The groundbreaking is slated for September and completion is scheduled for September 2020. BOKA Powell is the project architect.

May 22, 2019

Arizona Loans Multifamily Western

NXT Capital Closes $21M Acquisition Loan for 174-Unit Apartment Community in Phoenix

by Amy Works May 22, 2019

PHOENIX — NXT Capital has closed a $21 million loan to finance the acquisition and renovation of Enclave at Paradise Valley, a Class B apartment community in Phoenix. Located 15 miles north of downtown Phoenix, Enclave at Paradise Valley features 174 apartments, a fitness center, clubhouse, business center, barbecue area with picnic tables, pool, hot tub and covered parking. Mark Schulder of BlueGate Partners’ New York City office placed the loan with NXT Capital.

May 22, 2019

Acquisitions Colorado Retail Western

Armstrong Capital Buys Arvada Connection Shopping Center in Metro Denver for $17.5M

by Amy Works May 22, 2019

ARVADA, COLO. — Denver-based Armstrong Capital Development (ACD) has acquired Arvada Connection, a shopping center in Arvada, a suburb of Denver. Walton Street Capital sold the property for $17.5 million. Located at 5220 Wadsworth Blvd., Arvada Connection features 56,000 square feet of retail space. At the time of sale, the asset was 95 percent leased to a variety of tenants, including Chick-fil-A, Chase Bank, Taco Bell, IHOP and Sherwin Williams. ACD plans to refresh the center with upgraded site work, improved monument storage and unified artistic enhancements. Brad Lyons and Matthew Henrichs of CBRE represented ACD in the transaction. ACD funded the acquisition through its ACD 2017 Fund LP investment vehicle. Mike DePalma and David Dobek of SullivanHayes Brokerage will serve as the exclusive listing agent for Arvada Connection.

May 22, 2019

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