Tuesday, February 11, 2025
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AlabamaDevelopmentMixed-UseMultifamilyRestaurantRetailSoutheast

WSS Development Delivers $100M Mixed-Use Community in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — WSS Development has delivered 2020 at Providence, a $100 million mixed-use community in Huntsville. The property features 360 upscale apartments with 12 different floor plans with monthly rental rates ranging from $1,530 to $4,890, according to Apartments.com. Amenities include a rooftop pool and lounge, fitness center, sky room, onsite coworking and conference rooms, resident courtyard and a game room with a golf simulator. Additionally, 2020 at Providence features approximately 23,000 square feet of retail space leased to tenants including Starbucks, Society Salon, Providence Wine Bar, Dolce Amore Italian Restaurant, Whitt’s Frozen Custard, Cajun Roux and Loona’s Breakfast & Lunch Café.

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FloridaLoansSeniors HousingSoutheast

BWE Secures $76M Refinancing for Carlisle Naples Seniors Housing Community in Southwest Florida

by John Nelson

NAPLES, FLA. — BWE has secured a $76 million loan for the refinancing of The Carlisle Naples, a Class A seniors housing community in Naples. Operated by Senior Resource Group (SRG), the 18-acre community features 257 independent living apartments and 93 assisted living units. Ryan Stoll and Taylor Mokris of BWE arranged the financing on behalf of the borrower, a joint venture between Harbert Management Co. and SRG. The sponsors recently completed a capital improvement program at The Carlisle Naples.

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GeorgiaLoansMixed-UseMultifamilySoutheast

CBRE Arranges Refinancing Loan for 370-Unit Luxury Multifamily Complex in Midtown Atlanta

by John Nelson

ATLANTA — CBRE has arranged a fixed-rate loan for the refinancing of Sora at Spring Quarter, a newly built, 370-unit luxury multifamily complex in Midtown Atlanta. Mike Ryan, Blake Cohen and Taylor Crowder of CBRE arranged the financing on behalf of the borrowers, Portman Residential and National Real Estate Advisors. Apollo provided the five-year loan, the amount of which was not disclosed. The NGBS Silver-certified property was completed in January 2024 and is part of Portman’s Spring Quarter mixed-use campus, which includes the recently completed Ten Twenty Spring office tower and the historic H.M. Patterson Home and Gardens funeral home. Located at 1000 Spring St., the 29-story multifamily tower features various floor plans ranging from 659 to 1,680 square feet, including studios, one-, two- and three-bedroom units, two-story townhomes and two- and three-bedroom penthouse units. According to Apartments.com, monthly rental rates begin at $2,195.  Unit amenities comprise condo-style finishes with plank flooring, 10- to-12-foot ceilings, quartz countertops, gas range cooktops, stainless steel appliances and porcelain tile bathrooms. Residents have access to a 10th-floor pool and terrace, 24-hour gym with fitness studios, infrared sauna, rock-climbing wall, sports simulator, gaming lounge, 29th-floor rooftop lounge and observation deck and nearly 13,000 square feet …

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AcquisitionsGeorgiaIndustrialLeasing ActivitySoutheast

Graystone Capital Brokers Sale-Leaseback of 74,718 SF Industrial Facility in Metro Augusta for Stuckey’s

by John Nelson

WRENS, GA. — California-based Graystone Capital Advisors has brokered the sale-leaseback of Stuckey’s 74,718-square-foot headquarters and manufacturing facility in Wrens, a rural suburb 30 miles southwest of Augusta. A Midwest-based buyer acquired the 10.2-acre asset for an undisclosed price, where Stuckey’s Corp. will lease the facility from its new owner. Julius Swolsky and Don Bingham of Graystone represented the seller in the transaction for the 20-year leaseback. Situated along 705 South Main St., the American brand has almost 20 standalone brick-and-mortar pecan stand locations and more than 50 Stuckey’s Express, or store-within-a-store, locations in convenience stores and gas stations, primarily in the Southeast and Texas. The company is a wholesale distributor for these outlets and the exclusive provider of Stuckey’s-branded products, including T-shirts, mugs, hats and the pecan log roll.

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AcquisitionsFloridaRetailSoutheast

Garden Commercial Acquires 83,841 SF Plaza Del Mar Shopping Center in South Florida

by John Nelson

MANALAPAN, FLA. — Garden Commercial has acquired Plaza Del Mar, an 83,841-square-foot shopping center located at 250 S. Ocean Blvd. in Manalapan, a South Florida suburb in Palm Beach County. The tenant roster includes Publix, Art Basil Restaurant, John G’s, Thaikyo Asian Cuisine, The Ice Cream Club, Chico’s, Evelyn & Arthur, J.McLaughlin and several care and service retailers. Addicted Chic is set to open later this year. Located about 13 miles south of West Palm Beach, Plaza Del Mar sits between the Atlantic Ocean and the Intracostal Waterway and across from the upscale Eau Palm Beach Resort & Spa. Casey Rosen, Dennis Carson, Sriram Rajan and Michael Etemad of CBRE represented the seller, an affiliate of a joint venture between Evergreen Investment Advisors and Kitson & Partners, in the transaction. Scott Loventhal and Michael Gartenberg were the internal representatives for Garden Commercial. The sales price was not disclosed.

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Maxwell-Everett-Massachusetts
DevelopmentMassachusettsMultifamilyNortheast

Greystar Welcomes First Residents to 384-Unit Apartment Community in Everett, Massachusetts

by Taylor Williams

EVERETT, MASS. — South Carolina-based developer Greystar has begun welcoming residents to  Maxwell, a 384-unit apartment community in Everett, a northeastern suburb of Boston. Designed by CBT, Maxwell represents the second phase of a larger development at 85 Boston St. and consists of 355 market-rate apartments, 29 affordable housing units, a 460-space parking garage and 6,450 square feet of ground-floor retail space. Floor plans feature studio, one- and two-bedroom layouts. Amenities include a pool, gym, lounges, coworking spaces and outdoor grilling stations. Rents start at $2,300 per month for a studio apartment. Construction began in late 2022.

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DevelopmentIndustrialNortheastPennsylvania

Endurance, Greystar-Thackeray Break Ground on 176,000 SF Industrial Project in Souderton, Pennsylvania

by Taylor Williams

SOUDERTON, PA. — A partnership between regional developer Endurance Real Estate Group and Greystar-Thackeray has broken ground on a 176,000-square-foot industrial project in Souderton, located roughly midway between Philadelphia and Allentown in the Lehigh Valley. The building at 205 Schoolhouse Road will be known as 205 Commerce Center and will feature a clear height of 36 feet, 27 overhead dock doors, parking for 180 cars and 31 trailers and an ESFR sprinkler system. Completion is slated for the fourth quarter. JLL is marketing the property for lease.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Negotiates $85M Sale of Multifamily Portfolio in San Fernando Valley

by Amy Works

LOS ANGELES — Marcus & Millichap has arranged the sale of a multifamily portfolio in San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio to Florida-based Material Comforts Inc. for $85 million, or $142,617 per unit. Totaling 596 units, the portfolio consists of 16 parcels in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. The portfolio offers gross building areas ranging from 6,030 square feet to 160,858 square feet. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.

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Woodside-Terrace-Alhambra-CA
AcquisitionsCaliforniaMultifamilyWestern

Raintree Partners Buys Woodside Terrace Apartment Property in Alhambra, California for $26.2M

by Amy Works

ALHAMBRA, CALIF. — Raintree Partners has acquired Woodside Terrace, an apartment property in Alhambra, for $26.2 million, or $312,500 per unit. Built in 1972, Woodside Terrace features 85 apartments, a swimming pool, lounge deck, laundry facilitates and assigned parking. Apartments have original cabinetry, floor-to-ceiling pantries and private balconies or patios. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.

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AcquisitionsCaliforniaRetailWestern

Cohen & Steers, Sterling Acquire 231,700 SF Retail Center in San Mateo

by Amy Works

SAN MATEO, CALIF. — Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization have acquired Bridgepointe Shopping Center, a 231,700-square-foot retail center in San Mateo. Tenants at the property, which was fully leased at the time of sale, include Total Wine & More, Nordstrom Rack, Ross Dress for Less and Marshalls. This marks the third joint-venture acquisition for CNSREIT and Sterling. 

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