Property Type

Wonderful Real Estate Starts Construction of 1 MSF Industrial Park Near Bakersfield

by Nellie Day September 20, 2017

BAKERSFIELD, CALIF. — Wonderful Real Estate has commenced construction on Wonderful Industrial Park, a 1 million-square-foot industrial building northwest of Bakersfield. The 1.6-acre spec asset is located at 4100 Express Ave. in Shafter. The building will feature 300-foot truck courts, 700 trailer parking stalls, 183 dock-high doors, eight-inch slab designed to meet multi-level e-commerce uses, and a high-speed fiber optics network. Notable tenants in the area include Target, Ross Stores, American Tire Distributors, DMSI, MRC Global and FedEx. JLL’s Mike McCrary, Peter McWilliams and Mac Hewett are leading the leasing efforts at Wonderful Industrial Park.

September 20, 2017

California Office Western

Irvine Co. Purchases 127,000 SF Office Project in Del Mar Heights

by Nellie Day September 20, 2017

SAN DIEGO — The Irvine Company has purchased Township 14, a 127,000-square-foot office project in the San Diego submarket of Del Mar Heights, for an undisclosed sum. The two-building asset is situated near Del Mar Highlands Town Center, Highway 56 and Interstates 5 and 805. Township 14 opened on six acres in the 1980s as Del Mar Corporate Plaza. It underwent significant redevelopment in 2014. It was renamed after the plot of land first established in the 1880s that later became known as Del Mar. Amenities include a fitness center, café, regular food trucks and floor-to-ceiling glass for maximum daylight and energy efficiencies that lower costs. Eastdil Secured represented both the buyer and the seller, TH Real Estate, in this transaction.

September 20, 2017

California Office Western

The Luzzatto Co. Breaks Ground on Creative Office Development in West LA

by Nellie Day September 20, 2017

LOS ANGELES — The Luzzatto Company has broken ground on Expo Station, an 80,000-square-foot creative office development in West Los Angeles. The transit-oriented development is located at 12414 Exposition Blvd. near the Metro Expo line’s Expo/Bundy station in Silicon Beach. Expo Station will have three levels of creative office space above a two-level parking structure. The building’s contemporary design will feature a concrete, wood and glass façade, angled roof line and more than 16,000 square feet of outdoor patio areas with seating, bar, barbecue grills and unobstructed ocean and city views. The interior space will offer 16- to 25-foot ceiling heights, operable windows, polished concrete floors and exposed wood trusses. Construction on Expo Station is scheduled for completion in the first quarter of 2019. The project was designed by HLW International. The general contractor is Essey Construction Co. Rick Buckley of LA Realty Partners will lead leasing efforts.

September 20, 2017

Arizona Industrial Western

CapRock Partners Buys 110,710 SF Manufacturing Facility in Phoenix for $8M

by Nellie Day September 20, 2017

PHOENIX — CapRock Partners has purchased a 110,710-square-foot manufacturing facility in Phoenix for $8 million. The building is situated on 5.8 acres just east of Phoenix Sky Harbor International Airport. The asset features 30-foot clear height, 22 dock-high loading doors and two 20-foot-wide, grade-level doors. Plans are underway to transition the property to Class A space by upgrading the interior and exterior. Stein Koss and Tom Louer of Lee & Associates represented both the buyer and seller, Madison 225 LLC.

September 20, 2017

Loans Multifamily Texas

HFF Arranges $121.6M Loan for Redevelopment of Apartment Tower in Houston

by Taylor Williams September 20, 2017

HOUSTON — HFF has arranged a $121.6 million floating-rate bridge loan for the redevelopment of The Star, a multifamily development located in downtown Houston. Upon completion, the property will feature 286 multifamily units, 26,000 square feet of retail space, 8,000 square feet of storage space and 672 parking spaces. Steve Heldenfels and Matthew Putterman of HFF arranged the loan through TPG RE Finance Trust on behalf of the borrower, Provident Realty Advisors.

September 20, 2017

Retail Texas

Lidl Buys 5.2 Acres in San Antonio for 30,000 SF Grocery Store

by Taylor Williams September 20, 2017

SAN ANTONIO — German discount grocery chain Lidl has purchased a 5.2-acre site at the intersection of Alamo Ranch and Lone Star parkways in San Antonio for the development of a 30,000-square-foot location. Construction of the property is expected to begin during the fourth quarter and wrap up during the third quarter of 2018. Gene Williams of CBRE represented the seller, Abiso Development, in the land sale. Gensler will serve as the project architect and Metropolitan Contracting as the general contractor.

September 20, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $76.5M Sale of Three Multifamily Assets in Metro Atlanta

by Camren Skelton September 20, 2017

NORCROSS AND PEACHTREE CORNERS, GA. — Cushman & Wakefield has arranged the $76.5 million sale of three apartment communities in Gwinnett County near Atlanta. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the seller, Audubon Communities, in the transaction. Sabra Property Management acquired Bella, a 318-unit community in Norcross; Hathaway Development LLC acquired Center at Peachtree Corners, a 272-unit community in Peachtree Corners; and Zavala Properties acquired Summit at Dawson, a 162-unit community also in Norcross. Each property has a full suite of modern amenities and features oversized floor plans.

September 20, 2017

Alabama Multifamily Southeast

Coastal Ridge, M Group Purchase Apartment Community in Birmingham for $40M

by Camren Skelton September 20, 2017

BIRMINGHAM, ALA. — Coastal Ridge Real Estate, in partnership with M Group, has acquired The Village at Lakeshore Crossings, a 264-unit apartment community located at 251 London Parkway in Birmingham, for $40 million. A Philadelphia-based private investor sold the property. Constructed in 2013, The Village at Lakeshore Crossings offers one-, two- and three-bedroom units with rents ranging from $1,067 to $1,512. Individual units feature hardwood floors, granite countertops and private porches. Community amenities include a resort-style swimming pool, outdoor kitchen with a gas grill, outdoor fire place with a lounge area, lighted tennis court, clubhouse, media room, fitness room, pet park and a pet wash station.

September 20, 2017

Multifamily Texas

Arch Street Brokers Sale of 417-Unit Apartment Community in Metro Dallas

by Taylor Williams September 20, 2017

EULESS, TEXAS — Arch Street Capital Advisors, a Connecticut-based investment advisory firm, has brokered the sale of Suite 2801, a 417-unit apartment community located in the Dallas metro of Euless. Built in 2013, the Class A property offers a mix of one-, two- and three-bedroom units and amenities such as two pools, a fitness center and a residential clubhouse. Arch Street represented the buyer, a joint venture between an institutional investor and Atlanta-based Cortland Partners, in the transaction

September 20, 2017

North Carolina Office Southeast

Foundry Commercial, Hart Realty Acquire Office Campus in Research Triangle Park for $24.2M

by Camren Skelton September 20, 2017

MORRISVILLE, N.C. — Foundry Commercial, along with capital partner Hart Realty Advisers LLC, has purchased Concourse Lakeside I and II, a two-building office campus in the Raleigh-Durham community of Morrisville, for $24.2 million. Ryan Clutter, Scott Humphrey and Chris Lingerfelt of HFF represented the seller, a partnership between an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management. The HFF team also procured the buyer. Foundry and Hart plan on updating the 154,552-square-foot office campus to include base building upgrades and additional amenities. Located within the Research Triangle Park submarket, Concourse Lakeside has direct access to Interstates 40 and 540. At the time of sale, the portfolio was 89 percent leased to tenants including Aetna Life Insurance Co., The Redwoods Group and TransAmerica.

September 20, 2017

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