Property Type

Cushman & Wakefield Arranges $134.3M Sale of Multifamily Portfolio in Mobile

by Camren Skelton August 17, 2018

MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets were constructed between 1951 and 1982. Community amenities across the portfolio include pools, fitness centers, laundry facilities, playgrounds and tennis courts.

August 17, 2018

Acquisitions Multifamily Southeast

Investors Management Group Acquires Multifamily Community in Tampa for $40M

by Camren Skelton August 17, 2018

TAMPA, FLA. — Investors Management Group (IMG) has acquired Pavillions at Ballast Point, a 276-unit apartment community located at 6306 S. MacDill Ave. in south Tampa, for $40 million. Craig Brown and Will Matthews of Colliers International arranged the transaction on behalf of the seller, Pavillion Management Group. IMG is the first entity to purchase the asset since it was built in 1990. The California-based company plans to implement extensive interior and exterior renovations at the property and rebrand it as Solis at Ballast Point. The community includes 19 buildings with a mix of one- and two-bedroom units. Community amenities include a pool, clubhouse, covered parking and picnic areas.

August 17, 2018

Acquisitions District of Columbia Loans Office Southeast

HFF Secures Sale, Financing for 73,168 SF Office Building in D.C.

by Camren Skelton August 17, 2018

WASHINGTON, D.C. — HFF has arranged the sale and financing for the Jefferson Building, a 73,168-square-foot office building located in Washington D.C.’s central business district. Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker of HFF brokered the transaction on behalf of the seller, Invesco Real Estate, and procured the buyer, Marcus Partners. In addition, HFF’s Dan McIntrye and Jay Graham arranged acquisition financing through a balance sheet lender on behalf of the buyer. The purchase price and loan amount were not disclosed. The eight-story Jefferson Building, most recently renovated in 2016, is situated within walking distance to four Metrorail stations. The property was 87 percent leased at the time of sale to 12 tenants including SN/SI Networks LLC, International Center for Alcohol Policies, Relman, Dan & Colfax PLLC and London & Mead/Andrew J. Kline LLC. In addition, the Jefferson Building houses The Palm, one of D.C.’s landmark restaurants.

August 17, 2018

Acquisitions Georgia Multifamily Southeast

CBRE Brokers Sale of 680-Unit Apartment Community in Metro Atlanta

by Camren Skelton August 17, 2018

MARIETTA, GA. — CBRE has brokered the sale of The Grandstand, a 680-unit apartment community located at 3500 Windcliff Drive S.E. in Marietta, roughly 20 miles northwest of Atlanta. Shea Campbell of CBRE arranged the transaction on behalf of the seller, Castlegate Property Group. The name of the buyer and purchase price were not disclosed. Constructed in 1986, The Grandstand features a newly renovated leasing office with a business center and coffee lounge, two pools, a fitness center, playground and lighted tennis courts.

August 17, 2018

California Development Multifamily Western

Majestic Realty Breaks Ground on Multifamily Component of 110-Acre Mixed-Use Development in Inland Empire

by Amy Works August 17, 2018

REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Summit Apartments, the multifamily component of its 110-acre mixed-use development in Redlands. The property represents the company’s first multifamily project. Located on the northwest quadrant of the Foothill and San Bernardino freeways, the apartment complex will comprise 17 three-story buildings offering a total of 281 garden-style, walk-up apartments. The apartments are available in a mix of one-, two- and three-bedroom layouts, ranging in size from 666 square feet to 1,256 square feet. On-site amenities will include a 4,400-square-foot clubhouse, resort-style swimming pool, gym, dedicated mailroom, dog park and Wi-Fi service throughout the entire 10.5-acre complex. Apartment units are slated for occupancy in July 2019, with the completion of the entire project scheduled for late 2019. Summit Apartments is located within Mountain Grove, Majestic’s 460,000-square-foot retail and entertainment shopping center that opened in 2015, and adjacent to the company’s 520,000-square-foot Citrus Plaza shopping center, which opened in 2005. Combined, the properties offer nearly 1.2 million square feet of retail, restaurant and entertainment, including 24 Hour Fitness, Kohl’s, Banana Republic, Barnes & Noble, Bed Bath & Beyond, buybuy Baby, Chipotle, Cost Plus World Market, Gap, Habit Burger, Harkins, Hobby Lobby, Justice, Petco, …

August 17, 2018

Acquisitions California Retail Western

Red Mountain Group Acquires 560,000 SF Regional Power Center in Indio, California

by Amy Works August 17, 2018

INDIO, CALIF. — Red Mountain Group has purchased Indio Towne Center, a regional power center located at 42100 Jackson St. in Indio, for an undisclosed price. WinCo Foods, The Home Depot, 24 Hour Fitness, Party City, Petco, CVS/pharmacy, Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway and Starbucks Coffee are tenants at the 560,000-square-foot center. The property also features a recently vacated 46,827-square-foot Toys R Us storefront and an undeveloped anchor building and shop pads, which will support an additional 141,000 square feet of building area. While in escrow, Red Mountain Group signed leases with Marshalls and Burlington. Bill Bauman and Kyle Miller, formally of Savills Studley, brokered the transaction.

August 17, 2018

California Development Retail Western

Irvine Co. Completes $200M Redevelopment of Irvine Spectrum Center

by Amy Works August 17, 2018

IRVINE, CALIF. — Irvine Co. has completed a $200 million reinvestment at Irvine Spectrum Center, a shopping, dining and lifestyle property located at 670 Spectrum Center Drive in Irvine. The capital improvements program included new store openings, extensive outdoor renovations and enhanced restaurant and entertainment options at the 1.2 million-square-foot shopping center. The following 15 tenants are slated to open Aug. 18, 2018: Apple Irvine Spectrum Center Hello Kitty Café H&M STANCE Gorjana 85°C Bakery Café BLKdot Coffee Afters Ice Cream Concrete Rose Falasophy Robata Wasa SoHa Living The Denim Lab Ra Yoga UnAffected Additionally, Brigade LA, Drybar, Sephora and SST&C will join Irvine Spectrum Center later this year.

August 17, 2018

Arizona Development Office Western

VanTrust Real Estate Delivers 117,000 SF Office Development in Chandler, Arizona

by Amy Works August 17, 2018

CHANDLER, ARIZ. — VanTrust Real Estate has completed the development of Chandler Corporate Center, a Class A office building located at 350 N. McClintock Drive in Chandler. Layton Construction Co. served as general contractor and Butler Design Group served as architect for the 117,000-square-foot building. Situated on 11 acres, the property features a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes and integrated LED light fixtures. VanTrust plans to develop the remaining 15 acres of land surrounding the completed property.

August 17, 2018

Acquisitions California Multifamily Western

IREA Negotiates $6.8M Sale of Apartment Building in North Hollywood

by Amy Works August 17, 2018

LOS ANGELES — IREA has arranged the sale of an apartment building located at 5543 Case Ave. in Los Angeles’ North Hollywood district. A private individual sold the property to an undisclosed buyer for $6.8 million, or $381,000 per unit. The property features 18 apartments within walking distance to the North Hollywood Metro Red Line Station. On-site amenities include two outdoor resident lounges and a secured and gated dog-walk area. Within the last 12 months, the property underwent renovations including new exterior paint, front door, mailboxes, landscaping, signage, laundry room and LED lighting. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the seller in the deal.

August 17, 2018

Acquisitions Office Texas

Highland Capital Management Acquires 42-Story Office Building in Dallas

by Taylor Williams August 17, 2018

DALLAS — Highland Capital Management, a Dallas-based alternative investment manager, has acquired Cityplace Tower, a 42-story, 1.3 million-square-foot office building located in the Uptown area of Dallas. The seller was Parmenter Realty Partners. Completed in 1988, the transit-oriented property features 51,000 square feet of meeting space, a fitness center with a spa and proximity to more than 65 retail and dining establishments. Highland plans to upgrade the property’s common areas and introduce new retail space. Creighton Stark, Chris Boyd and Jihane Boury of Colliers International brokered the sale. Avison Young will handle leasing of the property following the change in ownership.

August 17, 2018

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