Property Type

Lionstone Investments Acquires Grocery-Anchored Retail Center in Austin

by Haisten Willis May 27, 2016

AUSTIN, TEXAS — Lionstone Investments has purchased Brodie Oaks Shopping Center, a grocery-anchored retail center located in Austin, on behalf of an institutional investor. Constructed in 1983, the property occupies 31 acres at the intersection of South Lamar Boulevard and Loop 360. In addition to the 285,044-square-foot strip center, the 91.5 percent leased development includes 37,546 square feet of office space. Retail tenants include Neiman Marcus Last Call, Hobby Lobby, Tuesday Morning and Sprouts Farmers Market, among others. HFF Brokered the sale and Barshop & Oles will continue to manage the property and handle leasing transactions.

May 27, 2016

Old Capital Provides $10.9M Loan for Apartment Complex in Dallas

by Haisten Willis May 27, 2016

DALLAS — Old Capital has provided a $10.9 million loan for Sedona Ridge Apartments in Dallas. An out-of-state ownership group purchased the 317-unit, stabilized asset. Old Capital provided a Fannie Mae non-recourse loan with a 30-year amortization schedule.

May 27, 2016

California Office Western

SteelWave, USAA Break Ground on America Center Phase II in San Jose

by Nellie Day May 27, 2016

SAN JOSE, CALIF. — A partnership between SteelWave (formerly Legacy Partners Commercial) and USAA Real Estate Co. has broken ground on Phase II of America Center in San Jose. This phase will add 450,000 square feet of office space in two six-story buildings. America Center is situated off Highway 101 at the junction of Highway 237 and Great America Parkway. It sits adjacent to the 175-room Aloft Hotel, and is surrounded by a 30-acre open space preserve, with access to public jogging and bicycle paths. The new phase will bring America Center to a total of 885,000 square feet. The project will eventually include 1.1 million square feet of Class A office space once Phase III is completed. Phase I is 88 percent leased. It is occupied by tech companies like Polycom and Flextronics International. The project was initially built in 2009. Newmark Cornish & Carey is handling leasing for the property.

May 27, 2016

California Multifamily Western

Vista Catalina Apartments in Los Angeles Sells for $40.1M

by Nellie Day May 27, 2016

LOS ANGELES — An undisclosed buyer has purchased the 90-unit Vista Catalina apartment complex in the Los Angeles County submarket of Rancho Palos Verdes for $40.1 million. The community is located at 6507-6510 Ocean Crest Drive. Vista Catalina was built in the early 1970s and renovated between 2010 and 2012. Ron Harris, Paul Darrow and Michael DiSimone of Institutional Property Advisors represented both the buyer and seller in this transaction.

May 27, 2016

California Retail Western

Vestar Adds 1.1M SF to Management Portfolio in Southern California

by Nellie Day May 27, 2016

SAN DIEGO AND ANAHEIM, CALIF. — An institutional owner has retained Vestar as the property management firm for Clairemont Town Square in San Diego and Anaheim Hills Festival in Anaheim. Located at Clairemont Mesa Boulevard and Clairemont Drive, the 550,000-square-foot Clairemont Town Square is anchored by Vons, CVS/pharmacy, Ross Dress For Less, T.J. Maxx, Michaels, Petco and Ulta. Situated at Weir Canyon Road and Santa Ana Canyon Road, the the 567,000-square-foot Anaheim Hills Festival is occupied by Target, Pavilions, Edwards Theatres, T.J. Maxx, Hobby Lobby, Stein Mart and Pier 1 Imports.

May 27, 2016

California Retail Western

Turner Construction, Ware Malcomb Complete Hoehn Motors Audi Dealership

by Nellie Day May 27, 2016

CARLSBAD, CALIF. — Turner Construction and Ware Malcomb have completed the construction of Hoehn Motors Audi Dealership, located at 5425 Paseo Del Norte in Carlsbad. The 54,688-square-foot, full-service auto dealership features a showroom, sales offices, public lounge seating areas, retail boutique, interior care delivery room, public Quattro Café, mezzanine executive level with offices and a conference room. Additionally, the property features 28 vehicle service and wash bays, a 120-stall parking deck above the offices and showroom, and a completed parts department with a bin-supported mezzanine. Turner Construction served as general contractor, Ware Malcomb provided architecture and interior design services and The Horine Group served as project manager for the project.

May 27, 2016

Colorado Retail Western

Sports Authority to Close All Stores

by Nellie Day May 27, 2016

ENGLEWOOD, COLO. — Englewood-based Sports Authority Inc. has announced that it will close the doors to all 463 of its locations by the end of August. The company filed for Chapter 11 bankruptcy protection in March, with plans to close only 140 of its locations. Liquidation sales will be held in all stores, with exchanges and returns available through June 25. Bloomberg News has reported that Sports Authority is in talks with Pittsburgh-based rival chain Dick’s (NYSE: DKS), as well as other parties, regarding the sale of stores and intellectual property.

May 27, 2016

Georgia Office Southeast

Transwestern to Develop 354,500 SF Office Tower in Atlanta’s Central Perimeter Submarket

by John Nelson May 27, 2016

ATLANTA — Transwestern Development Co. plans to develop Nexus, a 354,500-square-foot trophy office tower in Atlanta’s Central Perimeter submarket. The building will be situated at the intersection of Hammond Drive and Perimeter Center Parkway. Transwestern expects to break ground on Nexus in the first quarter of 2017 and wrap up construction in the fourth quarter of 2018. Nexus will feature floor-to-ceiling glass, flexible floorplates for both open and closed layouts, 10-foot ceilings, a two-story lobby and structured parking below the office building and in an adjacent deck connected via skybridge. The property will also featured a covered connection to the Dunwoody MARTA station. Cooper Carry has been selected to design Nexus, and Transwestern will provide leasing and management services.

May 27, 2016

Multifamily New Jersey Northeast

Tucker Development Opens 152-Unit Apartment Complex in New Jersey

by Amy Works May 27, 2016

NEWARK, N.J. — Chicago-based Tucker Development has delivered 24 Jones, an apartment complex located adjacent to the new Springfield Avenue Marketplace in the University Heights neighborhood of Newark. The 152-unit property features a mix of studio, one- and two-bedroom apartment layouts. The units feature stainless steel appliances, hardwood floors and in-unit washers/dryers. On-site amenities include a modern fitness center, secured parking lot, 24-hour doorman and WiFi throughout the common areas.

May 27, 2016

Multifamily New Jersey Northeast Student Housing

Rutgers University-Newark, RBH Group to Develop 400-Bed Living-Learning Community

by Amy Works May 27, 2016

NEWARK, N.J. — Rutgers University-Newark has partnered with RBH Group to develop a 400-bed learning and residence facility with dining, recreational and academic spaces in downtown Newark. The $70 million Honors Living-Learning Community will feature residences, classrooms/work spaces, street-level retail and parking, as well as open space for students and the surrounding community. Designed by Perkins Eastman, the 320,000-square-foot property will include 30,000 square feet of retail space. Construction is slated to begin late this year, with completion scheduled for 2018.

May 27, 2016

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