Property Type

Mill Creek Opens 269-Unit Apartment Community in Atlanta’s Vinings District

by Camren Skelton August 29, 2018

ATLANTA — Mill Creek Residential has opened a 269-unit apartment community in Atlanta’s Vinings district. Located at 3205 Cumberland Blvd., Modera Vinings is located roughly 11 miles northwest of downtown Atlanta and less than three miles from SunTrust Park, the new home ballpark of the Atlanta Braves. The community overlooks a private body of water, dubbed Crossroads Pond, and includes a mix of studio to three-bedroom units atop 5,316 square feet of ground-floor retail space. In addition to the recently announced Kale Me Crazy, the development will house Highland Bakery. The Atlanta-based breakfast, brunch and lunch chain is expected to open in early 2019, marking the restaurant’s 11th location in the city. Community amenities at Modera Vinings include an open-air event space, swimming pool with sundeck, courtyard with fire pits, dog park, pet spa and a fitness center with a yoga studio and personal training sessions. Resident move-ins began earlier this month at the complex. Monthly rental rates at the community range from $1,510 for a one-bedroom unit to $3,648 for a three-bedroom, according to Apartments.com.

August 29, 2018

Acquisitions Office South Carolina Southeast

Dominion Realty, Blue Vista Capital Acquire Office Park in Columbia for $24.3M

by Camren Skelton August 29, 2018

COLUMBIA, S.C. — Dominion Realty Partners (DRP), in partnership with Blue Vista Capital Management, has acquired Synergy Business Park, a 315,919-square-foot office park in Columbia, for $24.3 million. The new ownership plans to make significant investments in building renovations and capital improvement projects. The four-building property was 78 percent leased at the time of sale. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller.

August 29, 2018

Acquisitions Florida Multifamily Southeast

CBRE Brokers $15.3M Sale of Multifamily Community in Jacksonville

by Camren Skelton August 29, 2018

JACKSONVILLE, FLA. — CBRE has brokered the $15.3 million sale of Palm Trace Apartments, a 160-unit multifamily community located at 6870 103rd St. in Jacksonville. Shelton Granade, Cliff Taylor, Joe Ayers, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, Chicago-based American Landmark Properties. Beverly Hills, Calif.-based Enzo Multifamily acquired the asset. Palm Trace Apartments includes a mix of one- and two-bedroom units and features a dog spa, car wash area, resident clubhouse, fitness center, pool, playground and a grilling/picnic area.

August 29, 2018

Acquisitions Colorado Hospitality Western

Xenia Hotels & Resorts Acquires The Ritz-Carlton Denver for $100.2M

by Amy Works August 29, 2018

DENVER — Xenia Hotels & Resorts has purchased The Ritz-Carlton Denver, located at 1811 Curtis St. in downtown Denver, for $100.2 million, approximately $496,000 per key. The acquisition was funded with cash available on the company’s balance sheet. The 14-story hotel features 202 oversized rooms, including 47 suites, 13,000 square feet of meeting space, The Ritz-Carlton Spa and Elway’s Restaurant. The hotel is part of a mixed-use development that includes 25 luxury residences and 193 apartment units. The Ritz-Carlton, Denver is the 39th hotel in Xenia’s portfolio of primarily luxury and upper upscale hotels. It the company’s second Ritz-Carlton hotel.

August 29, 2018

Acquisitions Georgia Retail Southeast

SRS Arranges $5.3M Sale of Crunch Fitness-Leased Building in Metro Atlanta

by Camren Skelton August 29, 2018

LAWRENCEVILLE, GA. — SRS Real Estate Partners has arranged the $5.3 million sale of a freestanding retail building leased to Crunch Fitness in Lawrenceville, located 34 miles northeast of Atlanta. The 22,000-square-foot property opened in March and is triple-net-leased to Crunch Fitness for 12.5 years. Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the seller, a local developer, and procured the buyer, a public REIT.

August 29, 2018

Acquisitions Arizona Industrial Western

CBRE Global Investors Buys Industrial Center in Arizona for $48.5M

by Amy Works August 29, 2018

PHOENIX — Los Angeles-based CBRE Global Investors Acquisitions has purchased Southwest Industrial Center, an industrial asset located at 7775 W. Buckeye Road in Phoenix. Houston-based Hines sold the property for $48.5 million. Constructed in 2015, the 684,420-square-foot facility features 32-foot clear heights and Class A cross-dock distribution space. Bo Mills, Mark Detmer, Ryan Sitov, Marc Hertzberg and Anthony Lydon of JLL Capital Markets represented the seller in the transaction.

August 29, 2018

Arizona Development Multifamily Western

Evergreen Devco Breaks Ground on 258-Unit Apartment Community in Phoenix

by Amy Works August 29, 2018

PHOENIX — Evergreen Devco has broken ground on Parc at South Mountain, a luxury apartment community located at 3400 E. Southern Ave. in Phoenix. Situated on 10.8 acres, the development will feature 258 garden-style apartment units with wood-inspired plank flooring, quartz countertops and stainless-steel appliances. On-site amenities will include a resort-style pool and spa. The property’s leasing office is slated to open July 2019. The project team includes Todd & Associates as architect; MT Builders as contractor; Kland Civil Engineers as civil engineer; and Collaborative V Design Studio as landscape architect.

August 29, 2018

Acquisitions California Industrial Western

Realty Advisory Group Brokers Sale of 78,600 SF Industrial Asset in San Gabriel Valley

by Amy Works August 29, 2018

CITY OF INDUSTRY, CALIF. — Realty Advisory Group has arranged the sale of an industrial property located at 15250 Don Julian Road in City of Industry. Cordia Capital Management acquired the 78,600-square-foot property for an undisclosed price. Situated on 3.8 acres, the facility features 25-foot to 29-foot ceiling heights, seven dock-height positions and future divisibility. At the time of sale, Golden West Packaging Group fully occupied the property. Mark Repstad and John Repstad of Realty Advisory Group represented the undisclosed seller and the buyer in the transaction.

August 29, 2018

Acquisitions California Multifamily Western

Levin Johnston Arranges $7.6M Acquisition of Multifamily Community in Santa Clara, California

by Amy Works August 29, 2018

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the purchase of Claddagh Apartments, a multifamily property located at 1408 Reeve St. in Santa Clara. A local apartment group acquired the asset from an undisclosed seller for $7.6 million. Constructed in 1958, the property features 20 apartments in a mix of one- and two-bedroom layouts, a community pool, on-site laundry and covered parking. The buyer plans to reposition and renovate the property. Levin Johnston represented the buyer in the deal.

August 29, 2018

Industrial Market Reports New York Northeast Northeast Market Reports

E-Commerce Industry Solves Logistics with Air Cargo in New York City

by David Cohen August 29, 2018

As the e-commerce industry continues to grow and evolve, demand for industrial warehouse product located in dense urban areas situated with access to transit infrastructure, particularly air transit, has grown. The industrial sector has been experiencing multiple years of record rent growth, both locally in New York City and nationally, with average asking rents reaching nearly $30 per square foot in western Brooklyn and parts of Queens. This rapid rise in rents is driving property values higher and generating robust investor demand for this asset class. By way of example, the newly constructed FedEx warehouse in Maspeth, Queens recently sold for nearly $750 per square foot. Simultaneously, we are seeing the evolution and realignment of the supply chain to match a changing retail landscape. E-commerce sales have caused a 300 percent increase in the demand for logistics and distribution spaces, as opposed to traditional brick-and-mortar retail locations. The impact of e-commerce will only continue to accelerate, and the need for new industrial product will grow along with it. For every $1 billion increase in e-commerce sales, an additional 1 million square feet of distribution space will be required. And it’s not solely e-commerce companies that are starting to think about …

August 29, 2018

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