Property Type

Irvine Co. to Open New Restaurants Across Orange County Portfolio

by Nellie Day July 27, 2015

IRVINE, CALIF. — Irvine Co. Retail Properties has announced the opening of new restaurants across its Orange County portfolio, including Fashion Island, Irvine Spectrum Center, The Market Place and several other community centers. Openings include Sushi Roku, American Tea Room and Hopdoddy Burger Bar at Fashion Island in Newport Beach; Kona Grill and Habana, a Cuban restaurant and bar, at Irvine Spectrum Center; TAPS Fish House & Brewery, Famous Dave’s Barbeque, Miguel’s Jr. Homestyle Mexican Food and Piadina Italian Market at The Market Place in Irvine; Mendocino Farms at University Center; California Pizza Kitchen at Alton Square; and Burntzilla Modern Eats at Walnut Village Center.

July 27, 2015

Arizona Retail Western

Colliers Arranges $6M Sale of Arrowhead Lakes Marketplace

by Nellie Day July 27, 2015

GLENDALE, ARIZ. — Colliers International has arranged the $6 million sale of Arrowhead Lakes Marketplace, a 22,280-square-foot grocery-anchored retail center located in Glendale. Steve Gonzalez, Marcus Muirhead and Greg Guglielmino of Colliers represented the buyer, DCL Investments LLC, in the transaction. The seller was self-represented. The center was 92 percent occupied at the time of sale.

July 27, 2015

California Retail Western

Cathay Pacific Acquires Los Angeles Retail Property for $3.1M

by Nellie Day July 27, 2015

LOS ANGELES — Carthay Pacific LLC has purchased a 6,789-square-foot retail property in Los Angeles for $3.1 million. The building is located at 6001-6011 W. Pico Blvd. The buyer plans to turn this space into a new multifamily development. The two retail tenants are on short-term leases. Michel Hibbert of Charles Dunn Company represented Carthay. David Aschkenasy of Commercial Asset Group represented the seller, 6001-6011 W. Pico Boulevard LLC.

July 27, 2015

Georgia Office Southeast

The Brookdale Group Underway on Multimillion Dollar Renovation of Buckhead Office Tower

by John Nelson July 27, 2015

ATLANTA — The Brookdale Group has commenced a multimillion dollar capital improvement program for 3445 Peachtree, a 14-story, 287,000-square-foot office building in Atlanta’s Buckhead submarket. The Atlanta-based private equity firm purchased both 3445 Peachtree and The Pinnacle building next door in January 2015. The renovations to 3445 Peachtree, formerly known as Two Live Oak, include an overhaul to the lobby, modernized elevators, landscaping upgrades, enhanced front and garage entrances and a freshly painted exterior. The lobby upgrades are expected to be finished in October and the remaining renovations will be completed in early 2016. The Brookdale Group has tapped Niles Bolton Associates as the architect for the renovations and Transwestern as the construction manager. DTZ currently provides agency leasing services at the building, and Transwestern provides property management services. Originally built in 1969, 3445 Peachtree is now ENERGY STAR rated and is currently 82 percent leased to 23 national and regional tenants. The property is operated in tandem with The Pinnacle building.

July 27, 2015

Florida Multifamily Southeast

Forum Architecture to Design New Apartment Community in Orlando

by John Nelson July 27, 2015

ORLANDO, FLA. — Forum Architecture & Interior Design Inc. has received a contract to design Oasis at Grande Pines, a 282-unit apartment community located on Westwood Boulevard in Orlando near Sea World. The project team includes developer Picerne Development Corp., structural engineer Structural Concepts & Design and MEP engineer Joseph, Lawrence & Co. The apartment community will feature one-, two- and three-bedroom units within three-story walkup buildings, as well as separate carriage units with direct access garages. The property will also have a 9,600-square-foot clubhouse with a clubroom, game room, theater, fitness center, conference room, business facility and an outdoor porch.

July 27, 2015

Office South Carolina Southeast

Garrison Investment Group Inks Nearly 100,000 SF in Leases in Greenville Office Portfolio

by John Nelson July 27, 2015

GREENVILLE, S.C. — Garrison Investment Group has signed nearly 100,000 square feet of office space to new tenants at its eight-building office portfolio in Greenville. The leases include Ahold leasing 26,000 square feet at 651 Brookfield Parkway; The Gordian Group leasing 21,000 square feet at Patewood 2 in Office Park Patewood; and Real Page leasing 46,400 square feet at Patewood 3. Other new tenants at Patewood include NFP, OB Hospitalist Group, Auto-Owners, Palmetto Security Group and Keyence Corp. of America. The portfolio is managed by Trinity Partners, asset-managed by Trinity Capital Advisors, and leased by CBRE. Charles Gouch, Blaine Hart and Shelby Dodson of CBRE represented Garrison Investment Group in the new lease transactions. Garrison recently completed a $2 million capital improvement program at its portfolio comprising the addition of a fitness center at Office Park Patewood, new signage and lobby upgrades.

July 27, 2015

Georgia Retail Southeast

SRS Real Estate Brokers Three Leases at Gateway in Metro Atlanta

by John Nelson July 27, 2015

SANDY SPRINGS, GA. — SRS Real Estate Partners (SRS) has brokered three new leases at Gateway, a 21-acre, 121,071-square-foot mixed-use development in Sandy Springs, a suburb of Atlanta. The development project, owned by Core Property Capital, consists of 630 apartment units, a 20,000-square-foot office component and 100,000 square feet of retail space. New stores will include a 1,530-square-foot Buttermilk Sky Pie Shop, an 850-square-foot Kale Me Crazy and a 2,765-square-foot flagship BLAST fitness studio. Adrienne Crawford and Lily Heimburger of SRS represented Core Property Capital in all three transactions. Steve Shuler of Shuler Properties LLC represented Buttermilk Sky Pie Shop, Shaun Weinstock of Weinstock Realty & Development represented Kale Me Crazy and Jenna Schulten of Richard Bowers & Co. represented BLAST Fitness.

July 27, 2015

Multifamily Seniors Housing Southeast Virginia

Virginia Property Receives First-Ever Wildlife Sanctuary Certification for Seniors Community

by John Nelson July 27, 2015

FORT BELVOIR, VA. — The Fairfax, a military retirement community in Fort Belvoir owned and operated by Sunrise Senior Living, has become the first seniors housing community to receive wildlife sanctuary certification from the Audubon Society. Beginning in 2012, The Fairfax resident and retired Navy officer James Harkin began working with the Audubon at Home program of the Audubon Society of Northern Virginia to encourage more birds, butterflies and other wildlife to visit the community’s campus, which includes a seven-acre lake and numerous nature trails. Sunrise team members and several other residents planted native plants, reduced pesticide and fertilizer use and removed invasive species. Residents and employees observed 10 “sanctuary species” using the property for building nests, feeding and foraging, and raising young, qualifying the property as a sanctuary. More than 40 species of birds and butterflies have found a home at The Fairfax Wildlife Sanctuary.

July 27, 2015

Industrial Market Reports South Carolina Southeast Southeast Market Reports

South Carolina’s Midland Region is in the Middle of ‘Manufacturing Renaissance’

by John Nelson July 27, 2015

South Carolina continues to see a manufacturing renaissance, after back-to-back record years of manufacturing investment totaling $10 billion in 2013 and 2014. All signs suggest that 2015 will be just as promising. The Midlands region has benefitted from this investment and is poised to take off in 2015. As the market has heated up, the Midlands region of South Carolina has the most to offer in the way of product for new and expanding companies. Yes, in 2015 vacancy is a good thing! As the upstate and low country markets have become alarmingly tight on viable manufacturing space, the Midlands region offers up an array of high-quality industrial product that is move-in ready. Data for the first quarter of 2015 shows significant improvements in the Midlands market with investments, job creation and construction activity. Major companies, including Brazil-based Inbra Industrias Quimicas, Red Bone Alley Foods, Avantrech and Wire Mesh Cos., have all made multi-million dollar investments in new or expanded facilities, and there is also increased build-to-suit and speculative construction across the region. There has also been a growth in leasing, as manufacturers pursue existing facilities that can meet the demands for advanced manufacturing but with significant cost savings over …

July 27, 2015

Affordable Housing Midwest Minnesota Multifamily

Dominium to Transform Fort Snelling Upper Post Into 190 Affordable Housing Units

by Jonathan Mehall July 24, 2015

ST. PAUL, MINN. — Dominium has secured provisional approval to rehabilitate the historic Fort Snelling Upper post in St. Paul. The approximately $100 million project will be financed through a combination of low-income housing tax credits as well as federal and state historic tax credits, among other sources. The final product will add a projected 190 affordable housing units. The project is in response to strong demand for more affordable housing in the market. Research from Dominium shows Hennepin and Ramsey counties have only 34 apartments affordable and available for every 100 residents making less than $20,000 a year. Located near the Minneapolis-St. Paul International Airport, the Upper Post of Fort Snelling was a major hub for military activity throughout the late 19th century and much of the early 20th century. It served as an induction and training center during both world wars. The site, which was designated a national historic landmark in 1960, was turned over to the Minnesota Department of Natural Resources in 1971. Dominium recently completed the rehabilitation of St. Paul’s Schmidt Brewery on West 7th St. Dominium also is in the process of completing the $175 million renovation of the Minneapolis Pillsbury A-Mill, a national historic landmark, …

July 24, 2015

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