BEE CAVE, TEXAS — Rocco’s Grill is relocating to 12432 Bee Cave Road from its original Lakeway Commons Shopping Center location. The new location spans 6,334 square feet and features two outdoor dining and entertainment areas, including a covered patio and an outdoor deck. The property is adjacent to the Hill Country Galleria, will have larger seating capacity, more parking and is estimated to open in late April. Rocco’s Grill, founded by Rocco C. “Rockey” Piazza 13 years ago in Lakeway, serves Italian recipes including pasta, seafood and steaks. Bryan McMurrey of CBRE represented the landlord, Hill Country Galleria LLC, in the transaction. Currin Van Eman of VC Interests LLC represented Rocco’s Grill.
RESTON, VA. — Multifamily developer Renaissance Centro has delivered Harrison at Reston Town Center, a 360-unit luxury apartment community located at 1800 Jonathan Way in Reston, 22 miles west of Washington, D.C. According to Renaissance Centro, the community is 20 percent pre-leased. Located across the street from Reston Town Center, the multifamily property features more than 28,000 square feet of amenity space, including an indoor lap pool, on-site Starbucks Coffee, 24-hour fitness center, resident lounge, outdoor pool and sundeck, media room, business center, conference rooms, culinary center, dog park and pet spa. The property also has an underground parking garage and a bus stop for Metro’s Silver Line. All residents will have membership to the Reston Association, which operates 15 swimming pools, 52 tennis courts, 1,350 acres of open space and 55 miles of paved pathways and trails. Community Realty Co. is providing property management services for Harrison at Reston Town Center. According to the property’s website (liveharrisonapts.com), rental rates range from $1,855 to $6,605.
POMPANO BEACH, FLA. — ZOM, a luxury multifamily real estate developer, plans to begin construction on The Residences at Palm Aire, a 404-unit luxury apartment community in Pompano Beach. The asset will be located on Atlantic Boulevard adjacent to the Florida Turnpike. PNC Bank is providing construction financing for the asset, and ZOM has formed a joint venture partnership with an investor account advised by UBS Global Asset Management for the development. The apartment community will have floor plans ranging from 655 to 1,545 square feet and units will feature kitchens with islands and granite countertops, private patios and walk-in closets. Amenities will include a fitness center, e-lounge and a resort-style pool. ZOM plans to begin construction in March and begin pre-leasing in early 2016. ZRS Management LLC will provide property management services.
ATLANTA — Atlanta-based Oakmont Industrial Group and Washington, D.C.-based The Carlyle Group have broken ground on Oakmont/85 South, a spec industrial property located on a 35-acre parcel in Atlanta’s I-85 South industrial submarket. The 370,000-square-foot property will feature 36-foot clear heights, cross-dock loading, concrete truck courts, 106 trailer parking spots and 238 auto parking spaces. Steve Grable, Chris Tomasulo and Stephen Bridges of JLL will handle the leasing assignment. The Atlanta-based design and construction team includes architect Randall-Paulson Architects and general contractor The Conlan Co. Regions Bank is providing construction financing. Oakmont Industrial Group and The Carlyle Group plan to deliver Oakmont/85 South in the fall.
VIRGINIA BEACH, VA. — Furniture and home décor retailer West Elm will open a new 10,000-square-foot retail store in Virginia Beach on March 5. The new store will be located at Town Center at 4511 Main St. The new store will feature the company’s national catalogue of items, plus products from local artists. Brooklyn-based West Elm has more than 70 retail stores in the United States and is a member of the Williams-Sonoma Inc. portfolio of brands. “We are thrilled to open our first store in Virginia at the Town Center,” says Jim Brett, president of West Elm. “As we continue to expand we look to make a positive impact on the community we are entering and are excited to highlight local makers and designers from Virginia in our assortment.”
LITHONIA, GA. — Multi Housing Advisors (MHA) has brokered the $15.8 million sale of Devon Place, a 415-unit apartment community located in the metro Atlanta suburb of Lithonia. The property recently underwent renovations to upgrade unit interiors and exteriors. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Varden Capital Properties LLC, in the transaction and were the sole brokers involved in the deal.
The New Castle County office market includes roughly 16 million square feet of total inventory with nearly 3 million square feet of that vacant. Vacancy in Class A space has improved somewhat as tenants take advantage of market conditions but these moves have not had much impact on overall vacancy rate. Jackson Cross Partners reports 2014 absorption of 80,000 square feet; although positive, this indicates we have years of recovery before a healthy overall vacancy rate is reached. We are seeing a number of projects that will have some impact on reducing inventory and improving vacancy rates as marginal office space is redeveloped for various non-office uses. These projects include: • A group of local investors purchased 1001 Jefferson Street in the city of Wilmington, which contains 170,000 square feet of office space on approximately 1.4 acres in May 2014, following a failed auction process. The building was recently demolished and the site is now being improved for surface parking, at least temporarily. Although a new office project is not being ruled out down the road, the site is being marketed for other uses, including residential and retail. • 1300 Market Street, also in the City of Wilmington, containing 62,000 …
SANTA ANA, CALIF. — A pair of Lyon Communities’ recently constructed multifamily properties in Southern California has received $166.6 million in financing. Financing was provided to The Marke at South Coast Metro, a 300-unit community in Santa Ana, and the 370-unit Palomar Station in the San Diego submarket of San Marcos. The Marke is located at 100 East MacArthur Blvd. It was built in 2014. Palomar Station is located at 1257 Armorlite Drive, about 35 miles north of San Diego, near Palomar College and the Sprinter Commuter Rail. This community was also completed last year. The communities were 63 and 55 percent occupied, respectively, at closing. Both properties received 10-year, 3.32 percent, fixed-rate loans, which were financed through Freddie Mac’s premiere lease-up program. Financing was arranged for Lyon by HFF’s Charles Halladay and Sebastian Trujillo.
ONTARIO, CALIF. — Third-party logistics provider Allen Distribution has leased a total of 1.2 million square feet of distribution space in Ontario. The buildings are owned by Prologis and located within the firm’s West Inland Empire portfolio of properties. Allen Distribution signed three leases at the center. The company was represented by JLL’s Kim Meincke, Tim O’Rourke and Mike Fowler. Prologis was represented in-house by Travis Durfee.
County, a 288,348 square-foot office campus in the Orange County submarket of Foothill Ranch, for an undisclosed sum. The campus is located at 27042, 27051 and 27121 Towne Centre Drive. The three-building Campus South County was built in 1999. It was renovated last year. The renovation included the addition of a state-of-the-art conference center, a tenant lounge and a Wifi-enabled, outdoor meeting area. The campus is near the Foothill Ranch Towne Center and fronts the Foothill Transportation Corridor (SR-241). The seller, MetLife, was represented by Kevin Shannon, Paul Jones, Bob Smith and Blake Bokosky of CBRE’s Institutional Properties Group.