Property Type

Vista Realty Sells Apartment Community in Metro Atlanta to Hudson Capital for $49M

by Camren Skelton September 12, 2018

SANDY SPRINGS, FLA. — Vista Realty Partners has sold Northridge Vista Apartments, a 220-unit multifamily community located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Hudson Capital Partners acquired the asset for $49 million. Northridge Vista includes a mix of one- and two-bedroom units ranging in size from 710 square feet to 1,438 square feet. Monthly rental rates start at $1,293 for a one-bedroom unit, and go up to $1,900 for a two-bedroom unit, according to Apartments.com. Community amenities include a business center, coffee bar, Zen garden, grill/picnic area, pet play area, fitness center and a resort-style pool. Northridge Vista is located less than five miles from the new Mercedes-Benz U.S headquarters, which opened in March.

September 12, 2018

Development Mixed-Use Texas

Triple Crown Begins 80,000 SF Mixed-Use Redevelopment Project in Houston

by Taylor Williams September 12, 2018

HOUSTON — Triple Crown Investments has begun work on Southside Commons, an 80,000-square-foot redevelopment project in Houston. The developer will convert the former site of Palace Bowling Lanes, located at 4191 Bellaire Blvd., into a mixed-use development. Individual components will include 10,000 square feet of retail space, 30,000 square feet of entertainment/restaurant space and 40,000 square feet of office and medical office space. Arch-Con Construction is serving as general contractor on the project, which is expected to open in late summer 2019.

September 12, 2018

Acquisitions California Retail Western

DealPoint Merrill Negotiates Sale of 109,098 SF Shopping Center in Northern California

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — DealPoint Merrill has arranged the sale of Elverta Crossing I, a shopping center located adjacent to Antelope Greens Golf Course in Sacramento’s Antelope submarket. Situated on 9.8 acres, the property features 109,098 square feet of retail space. David Frank of DealPoint negotiated the transaction, while Sterling McGregor, also of DealPoint, handled the due diligence for the sale. The acquisition was completed by DealPoint’s Jason Limbert. The buyer and seller were not disclosed.

September 12, 2018

Acquisitions California Office Western

Hines Sells 345,775 SF Office Portfolio in Sacramento

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — Hines has completed the sale of Point West, a three-building office portfolio located in Sacramento. Basin Street Properties acquired the asset for an undisclosed price. Totaling 345,775 square feet, the properties are located at 1545 River Park Drive, 1601 Response Road and 1610 Arden Way. At the time of sale, the portfolio was 78 percent occupied by a diverse tenant base, including UBS, GSA, WestAmerica Bank and Covered CA. Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal.

September 12, 2018

Acquisitions California Retail Western

Chelsea Pacific Group Acquires Marin Square Mixed-Use Property in San Rafael, California

by Amy Works September 12, 2018

SAN RAFAEL, CALIF. — Chelsea Pacific Group has purchased Marin Square, a retail, office and commercial property located at 75 Bellam Blvd. in San Rafael. Tiburon, Calif.-based Sutter Health sold the property for an undisclosed price. Situated on 11.3 acres, Marin Square was developed in 1984 as a neighborhood shopping center. The property was later expanded to include an office and multi-tenant commercial component. Dan Wald, Don LeBuhn and Trevor Buck of Cushman & Wakefield represented the seller, while the buyer was self-represented in the transaction.

September 12, 2018

Development Georgia Industrial Southeast

Trammell Crow, Clarion Buy 109.7 Acres for Third Phase of Industrial Park in Northeast Georgia

by Camren Skelton September 12, 2018

JEFFERSON, GA. — Trammell Crow Co. (TCC) and joint venture partner Clarion Partners LLC have acquired 109.7 acres for the third phase of Jefferson Mill Business Park, an industrial park in the northeast Georgia city of Jefferson. The acquisition represents an assemblage of seven properties held by seven different owners. Price Weaver and Ben Logue of Colliers International represented TCC and Clarion Partners in the transaction. Matt McCord of Norton Commercial, Grant Whitworth of Whitworth Land Corp. and Kim Bowman of Keller Williams represented the various sellers. Phase III of Jefferson Mill Business Park will be a build-to-suit, cross-dock distribution facility that will span between 1.1 and 1.5 million square feet. The first two phases of the industrial park include more than 500 trailer spaces and 1,000 auto parking spaces. All together, Jefferson Mill Business Park spans 232 acres and includes 2.7 million square feet of industrial space. A construction timeline for Phase III was not disclosed.

September 12, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 240-Unit Age-Restricted Multifamily Asset in Metro Dallas

by Taylor Williams September 12, 2018

DESOTO, TEXAS — Marcus & Millichap has brokered the sale of Franklin Park of Desoto, a 240-unit, age-restricted multifamily community for residents 55 and older in Desoto, a southern suburb of Dallas. Built in 2009, the property consists of 31 buildings across 22 acres. Amenities include walking trails, a media room, resort-style pool and an outdoor fireplace. Rod Llanos and Doug O’Toole of Marcus & Millichap represented the seller in the transaction. Will Balthrope and Jennifer Campbell of Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer. Both buyer and seller are based in Texas but requested anonymity.

September 12, 2018

Acquisitions Hospitality Maryland Southeast

HREC Brokers Sale of 152-Room, Hilton-Branded Hotel in Metro Baltimore

by Camren Skelton September 12, 2018

COLUMBIA, MD. — HREC Investment Advisors has arranged the sale of the 152-room DoubleTree by Hilton Hotel Columbia in downtown Columbia, roughly 19 miles southwest of Baltimore. A joint venture between LTD Hospitality Group and Sefira Capital acquired the asset for an undisclosed price. Ketan Patel and Kevin Kanley of HREC arranged the transaction on behalf of the seller, RLJ Lodging Trust. The hotel features meeting space, a fitness center, heated indoor pool and an onsite restaurant and bar.

September 12, 2018

Acquisitions Development Multifamily New York Northeast Top Stories

Alchemy Properties Acquires Former School on Upper West Side for $158M, Plans to Develop Condos

by David Cohen September 12, 2018

NEW YORK CITY — Alchemy Properties has acquired the former Collegiate School on the Upper West Side of Manhattan for $158 million. The property, which is located at 378 West End Ave. and 260-262 West 78th St., will be redeveloped into two ground-up residential condominium buildings rising 19 and 12 stories, respectively. When completed, the project will bring anywhere from 58 to 62 condominium units to the Upper West Side as well as 20,000 square feet of amenities, including an outdoor pool, squash court and fitness center. Alchemy has partnered with South Korean investment bank Daishin Securities to develop the project. Architectural firm COOKFOX Architects has been commissioned to design both the exterior and interior of 378 West End Ave. Bank OZK provided pre-construction and construction financing for the project. Construction on 378 West End Ave. is scheduled to start in the third quarter of 2018. Alchemy Properties recently completed Two Fifty West 81st St., a 31-unit condominium project on the Upper West Side. The project is currently 85 percent sold, according to Alchemy. — David Cohen

September 12, 2018

Market Reports New York Northeast Northeast Market Reports Retail

New York City Retail Opportunity Never Better, Nor as Challenging

by David Cohen September 12, 2018

2018 is a compelling time to be in retail real estate, especially in New York. Sure, rents are probably still too high, but the vacancy rate keeps pressure on landlords and developers. There is no doubt Amazon will continue to disrupt and dominate, but reports of retail’s demise have been greatly exaggerated. The lower rents and vacancies are creating opportunity for retailers who can adapt to the factors driving consumers’ shopping habits. Perhaps more importantly, many of the city’s most desirable retail corridors such as Fifth Avenue and SoHo were historically difficult to come by, regardless of a tenant’s ability to pay. Now, opportunity beckons. The latest census data indicates New York City is growing and that the trend will continue as people seek urban environments to live, work and play. Futurists predict urban population growth to continue throughout the century. But it isn’t just residents and workers flocking to the Big Apple. More than 60 million tourists visited the city in 2017 and even more are projected to visit in 2018. Recent technological advancements have changed many aspects of human behavior, from the way we interact with one another to how we get around and how we purchase products. …

September 12, 2018

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