Property Type

Pollack Shores to Break Ground on Apartment Community in Central Florida

by John Nelson April 19, 2017

MAITLAND, FLA. — Pollack Shores plans to build a 237-unit lakefront apartment community in Maitland, a suburb of Orlando. The Atlanta-based developer will demolish the existing Maitland Shores, a vacant 1960s-era complex situated on Lake Avenue fronting Lake Gem. The new apartment community will feature a resort-style pool with an outdoor kitchen and a bar area, as well as a lighted biking and pedestrian trail that will connect to the City of Maitland’s trail east of the property. The development will also feature 20 private garages and a newly rebuilt fishing dock and gathering areas with fire pits. The project team includes architect Poole & Poole Architecture and general contractor Oxford Construction. Pollack Shores’ subsidiary, Matrix Residential, will manage the apartment community upon completion, which is expected to be 15 months after construction begins.

April 19, 2017

Florida Retail Southeast

Earth Fare Opens at RD Management’s Shady Oaks Shopping Center in North Florida

by John Nelson April 19, 2017

OCALA, FLA. — Earth Fare has opened its newest store today at Shady Oaks Shopping Center, a 260,419-square-foot retail center located at 2401-2499 S.W. 27th Ave. in Ocala. The Fletcher, N.C.-based organic grocer operates the 29,618-square-foot store, which features more than 4,000 non-GMO items and the Heirloom Organic Café, an organic salad bar, hot food bar and ready-to-go packaged meals. The Ocala store is the fifth Earth Fare in Florida and its 40th nationwide. RD Management recently wrapped up a $2.2 million renovation of the shopping center, which is situated on 25.5 acres.

April 19, 2017

Georgia Industrial Southeast

CBRE Arranges Lease for New Brewery Pontoon in Metro Atlanta

by John Nelson April 19, 2017

SANDY SPRINGS, GA. — CBRE has arranged an 11,000-square-foot lease for Pontoon, a new brewery coming to Northridge Business Center in Sandy Springs, a northern suburb of Atlanta. The brewery will be located across the street from a Coca-Cola bottling plant on Dunwoody Place, situated directly between Ga. 400 and Roswell Road. Set to open in September, the first location for Pontoon will feature a large taproom and dockside décor, as well as tours, tastings, growler and crowler sales, events, live music and tailgates. Wesley Budd and Chris Irby of CBRE represented Pontoon in the lease transaction.

April 19, 2017

Multifamily Top Stories

Blackstone Buys Six-Property TA Realty Multifamily Portfolio for $430M

by Nellie Day April 19, 2017

BOSTON — Blackstone Real Estate Income Trust has purchased a six-property multifamily portfolio that spans four states for $430 million. The assets contain a total of 2,514 units. TA Realty LLC sold the portfolio on behalf of its Realty Associates Fund IX. The assets are situated in high-barrier-to-entry markets such as Dallas, Chicago and Orlando, supported by favorable demographic trends and positive economic indicators, according to TA Realty. Although the specific properties were not disclosed, CoStar notes that TA recently sold a 461-unit complex in Orlando for $105 million. Other properties CoStar believes to be included in the acquisition are the 483-unit Preserve at Osprey in Gurnee, Ill.; the 479-unit San Merano at Mirasol in Palm Beach Gardens, Fla.; the 312-unit Mason Park in Katy, Texas; and the 309-unit West End at City Center in Lenexa, Kan. “We believe the outcome of this transaction represents compelling value for Fund IX investors,” says Tom Landry, managing partner at TA Realty. “The price we were able to command for this well-located portfolio of apartment communities reflects the significant value created through strategic operational and capital improvements over the ownership period.” This is TA Realty’s second major disposition this month. On April 4, …

April 19, 2017

California Office Western

Omninet Capital Buys Los Angeles Corporate Center in Monterey Park

by Nellie Day April 18, 2017

LOS ANGELES — Omninet Capital LLC has purchased the four-building Los Angeles Corporate Center in the Monterey Park submarket for an undisclosed sum. The office campus is located at 900, 1000, 1200 and 1255 Corporate Center Drive. The Class A campus contains a total of 394,524 square feet. It is 95 percent occupied with tenants like the State of California, Los Angeles County, State Compensation Insurance Fund, Synermed and AT&T. Sean Fulp, Kevin Shannon, Ken White and Brunson Howard of NGKF Capital Markets represented the seller, Equity Office Properties, in this transaction.

April 18, 2017

California Office Western

Paseo Palomar Office Building in San Diego Sells for $12.8M

by Nellie Day April 18, 2017

SAN DIEGO — A private investor has acquired Paseo Palomar, a 60,649-square-foot office building in the San Diego submarket of Vista, for $12.8 million. The low-rise building is located at 3220 Executive Ridge. Paseo Palomar is fully leased to tenants like Jaguar Mobile Inc., Chandler Signs and 101domain.com. The property is less than two miles from Bressi Ranch Village Center, one of the area’s major shopping centers. CBRE’s Gary Stache, Anthony DeLorenzo, Matt Pourcho and Doug Mack represented the seller, Rialto Capital/Birtcher Anderson Realty, in this transaction.

April 18, 2017

California Industrial Western

Best Buy Leases Industrial Space at the Brickyard South Bay in Compton

by Nellie Day April 18, 2017

LOS ANGELES — Best Buy has signed a 10-year lease for 479,310 square feet of industrial space at the Brickyard South Bay in the Los Angeles submarket of Compton. The site is just south of downtown Los Angeles, east of Los Angeles International Airport and north of the nation’s two biggest ports. The project’s two Class A buildings are located at 1701 N. Central Ave. and 1430 N. McKinley Ave. UPS signed a 10-year lease for 521,816 square feet at the site this past September. The project is now fully leased. Brickyard South Bay is a 58-acre site that was formerly home to a brick manufacturing facility. A joint venture between Clarion Partners and Trammell Crow Company is converting the site into a state-of-the-art industrial facility. CBRE Group’s Bret Quinlan and John Schumacher serve as the leasing agents.

April 18, 2017

Oregon Retail Western

Cracker Barrel Opens First Store in Oregon

by Nellie Day April 18, 2017

TUALATIN, ORE. — Cracker Barrel Old Country Store has opened a store in the Portland suburb of Tualatin, the first Cracker Barrel location in Oregon. William Morrison has been named general manager of the new location and has worked at Cracker Barrel for nearly 20 years. Established in 1969 in Lebanon, Tenn., Cracker Barrel Old Country Store Inc. and its affiliates operate 643 Cracker Barrel Old Country Store company-owned locations in 44 states and own the fast-casual restaurants Holler & Dash.

April 18, 2017

Multifamily Texas

Cadence McShane Breaks Ground on 220-Unit Apartment Complex in San Antonio

by Taylor Williams April 18, 2017

SAN ANTONIO — Cadence McShane Construction Co. has broken ground on 120 Ninth Street Apartments, a 220-unit multifamily property that will be located along the River Walk area of San Antonio. Situated on 2.2 acres, the five-story building will house four studio apartments, 165 one-bedroom units and 40 two-bedroom units. Amenities will include a fitness center, central courtyard with a bocce ball court, pool and grilling stations. SC Bodner Co., an Indianapolis-based firm, is the developer of the project, the first phase of which is slated for September 2018 completion.

April 18, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $15.4M Financing for Skilled Nursing Facility in Harlingen, Texas

by Taylor Williams April 18, 2017

HARLINGEN, TEXAS — KeyBank Real Estate Capital has arranged $15.4 million in first mortgage financing for Regency-Windsor Atrium View, a skilled nursing facility in the south Texas city of Harlingen. Located at 1814 Atrium Place Drive, the facility, which was built in 2012, offers 120 beds. John Randolph of KeyBank arranged the loan, which has a 35-year amortization schedule, to refinance existing debt on the property.

April 18, 2017

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