Property Type

Marcus & Millichap Arranges Sale of 76-Unit Multifamily Property in San Antonio

by Haisten Willis August 12, 2016

SAN ANTONIO — Marcus & Millichap has arranged the sale of Flats at Olmos, a 76-unit multifamily property located at 103 Jackson Keller Road in San Antonio. Mike Moffitt of Marcus & Millichap’s Austin office represented the seller and secured the purchaser, a regional private entity that plans to complete light interior and exterior enhancements. Flats at Olmos is located near the Alamo Quarry, Northstar Mall and the Uptown/Tobin Hill entertainment district. The property’s amenities include picnic areas, two pools and a laundry facility.

August 12, 2016

Benchmark Contractors Completes Blossom Plaza in Downtown Los Angeles

by Nellie Day August 12, 2016

LOS ANGELES — Benchmark Contractors, a subsidiary of Morley Builders, has completed the construction of Blossom Plaza, located at the intersection of Broadway and College Street in downtown Los Angeles. Situated directly north of the Gold Line’s Chinatown Station, the plaza serves as the main pathway through Blossom’s Cultural Plaza and commercial arcade. Blossom features 237 apartment units in three five-story structures with 19,000 square feet of retail space over parking for 453 cars. Forest City developed the project, which Johnson Fair and Togawa Smith Martin designed. The project is targeting LEED Gold certification.

August 12, 2016

California Retail Western

The ONE Group to Open STK San Diego in Early Fall

by Nellie Day August 12, 2016

SAN DIEGO — The ONE Group is opening its San Diego version of STK at Andaz San Diego, located at 600 F St. in downtown San Diego. Occupying the space of the long-shuttered Katsuya, the modern steakhouse/club will feature an updated design and menu options from the brand’s original STK concept. The restaurant will feature a variety of food offerings, ranging from shellfish platters and raw bar dishes to various steaks, and entertainment including nightly DJs.

August 12, 2016

Mixed-Use Southeast Tennessee

Boyle, Northwood Ravin to Develop $270M Mixed-Use Project in Nashville’s Cool Springs District

by John Nelson August 12, 2016

FRANKLIN, TENN. — Boyle Investment Co. has formed a joint venture with Northwood Ravin to develop a 45-acre, $270 million mixed-use project in Nashville’s Cool Springs submarket in the city of Franklin. Located at the site historically known as Northside at McEwen, the development will include 750,000 square feet of Class A office space, more than 100,000 square feet of retail and restaurants, a 150-room hotel and 580 upscale residential units. The Boyle development team will submit the infrastructure plan to the city of Franklin this month, which details plans for the development and a new traffic light for West McEwen Drive, to be shared with the Whole Foods-anchored Southside at McEwen. Boyle and Northwood Ravin plan to deliver all components of the development by mid-2018. Northwood Ravin, a privately held operating platform of Denver-based Northwood Investors, is a multifamily development and management firm with a portfolio spanning 18 projects in the Southeast worth roughly $2 billion. Boyle Investment Co. is a Memphis-based mixed-use developer with a 3 million-square-foot portfolio and an additional 5 million square feet in the development and planning stages.

August 12, 2016

Florida Retail Southeast

The Hampshire Cos. Acquires The Crosslands in Metro Orlando for $121M

by John Nelson August 12, 2016

KISSIMMEE, FLA. — The Hampshire Cos. has acquired The Crosslands, a 529,300-square-foot power center located in Kissimmee, for $121 million. The 98 percent leased center is home to tenants including The Fresh Market, Hobby Lobby, Ross Dress For Less, Marshall’s, Home Goods, Forever 21, Burlington Coat Factory, 24 Hour Fitness and Academy Sports + Outdoors. The property was acquired from a partnership between O’Connor Capital Partners and Tupperware Brands Corp. O’Connor recently completed development on The Crosslands, and will retain an interest in the center as well as leasing and property management responsibilities.

August 12, 2016

Restaurant Retail Southeast Virginia

Newk’s Eatery Signs 10-Unit Development Agreement in Virginia

by John Nelson August 12, 2016

JACKSON, MISS. — Newk’s Eatery, a fast-casual restaurant chain based in Jackson, has signed a 10-unit development agreement in Virginia with Red Alpha Holding LLC, a long-time Five Guys Burgers & Fries multi-unit operator. The northern Virginia-based operator will open 10 locations in Fairfax and Arlington counties over the next six years. Red Alpha will open the first location next year, marking the chain’s entry into Virginia. Now in its 12th year of business, Newk’s Eatery serves made-from-scratch sandwiches, salads, soups and pizzas. Red Alpha Holding is the third multi-unit franchisee to sign with Newk’s Eatery in 2016. Combined, the new franchisees will open more than 30 new restaurants in the next four years, consistent with the company’s goal to reach 200 units by 2019.

August 12, 2016

Georgia Office Southeast

Pope & Land, Dilweg Sell 15-Acre Office Park in Metro Atlanta

by John Nelson August 12, 2016

KENNESAW, GA. — Pope & Land and The Dilweg Cos. have sold Barrett Summit, a 15-acre office park comprising three fully leased office buildings within the Barrett development in Kennesaw, roughly 25 miles north of Atlanta. Pope & Land developed the 182,000-square-foot portfolio in the early 2000s and brought on Dilweg Cos. as a joint venture partner in 2012, marking the company’s first acquisition in the Atlanta area. Justin Parsonnet, Will Yowell and Jay O’Meara of CBRE represented Pope & Land and Dilweg in the sale. Atlanta-based Brookwood Investment Group LLC purchased Barrett Summit for an undisclosed price.

August 12, 2016

Louisiana Multifamily Southeast Student Housing

RISE Acquires 462-Bed Student Housing Community Near LSU

by John Nelson August 12, 2016

BATON ROUGE, LA. — RISE: A Real Estate Co. has acquired Oakbrook Apartments, a 462-bed student housing community located near Louisiana State University at 5075 Nicholson Drive in Baton Rouge. RISE plans to implement an extensive renovation to the exterior and interior of the 240-unit property, including a new dog park. According to Oakbrook Apartments’ website, the gated community features two swimming pools, a 24-hour fitness center, 24-hour computer lab, grilling areas, covered bus stop on Tiger Trails, clubhouse and on-site management and maintenance.

August 12, 2016

Midwest Ohio Retail

Macy’s to Close 100 Stores Nationwide

by Christina Cannon August 12, 2016

CINCINNATI —Macy’s Inc. has announced that the company plans to close approximately 100 stores beginning in early 2017. This number constitutes roughly 15 percent of Macy’s current portfolio of 675 full-line stores. Specifics on the locations set to close will be announced at a later date. Cincinnati-based Macy’s intends to improve the stores that will remain in its portfolio by adding new vendor shops and bringing new businesses onto the sales floors through additional license agreements; increasing the size and quality of staffing through programs including “My Stylist” personal shopping services; infusing new technology; and creating new in-store events and experiences. The company also intends to invest in building the capacity of its websites and apps to create a faster, simpler interface for customers. Over the past six years, approximately 90 Macy’s stores have been closed and 13 new stores have been opened.

August 12, 2016

Illinois Midwest Multifamily Seniors Housing

Lifespace Communities Completes $19M Expansion of Seniors Housing Community Near Chicago

by Christina Cannon August 12, 2016

LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.

August 12, 2016

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