ALPHARETTA, GA. — IKEA plans to open a 4,306-square-foot store at Mansell Crossing, a shopping center located at 7681 North Point Parkway in the northern Atlanta suburb of Alpharetta. The landlord is New York-based Brixmor. The new store is among four small-format locations that IKEA announced in January, along with new stores in the greater Los Angeles area and Austin, Texas. Each store will allow customers to design and order home-furnishing solutions and products with help from IKEA experts, as well as pick up items once they’re shipped. The new Alpharetta store is set to open this summer. Other tenants at Mansell Crossing include REI, Five Below, TJ Maxx, DSW, Macy’s Furniture Gallery and Barnes & Noble. IKEA opened its prototypical store and warehouse location, which spans more than 366,000 square feet, in Atlanta’s Midtown area in 2005.
ARLINGTON, TEXAS — Trademark Property Co. has unveiled plans for the redevelopment of Lincoln Square, a 45-acre shopping center in Arlington. The Fort Worth-based owner-operator plans to demolish about 229,000 square feet of the existing space and renovate another 65,000 square feet at the 40-year-old center beginning in the second quarter of next year. Trademark will rebrand the property as “Anthem” and redevelop it to feature 152,000 square feet of new retail and restaurant space, 125,000 square feet of office and coworking space, a hotel with up to 200 rooms and 355 apartments. Trademark acquired Lincoln Square in late 2022 and subsequently entered into a public-private partnership agreement with the City of Arlington to invest $150 million into the property’s redevelopment. Dwell Design Studio is the project architect.
SHERMAN, TEXAS — GREA, a multifamily brokerage firm with a dozen offices around the country, has negotiated the sale of Hilltop Village, a 248-unit affordable housing property in the North Texas city of Sherman. According to Apartments.com, Hilltop Village was built in 1969 and offers one-, two- and three-bedroom units. Residences are reserved for households earning 80 percent or less of the area median income. Amenities include a playground, volleyball court and outdoor grilling and dining stations. Mark Allen led the GREA team that brokered the deal. The seller was not disclosed. The buyer, Brazos Residential, plans to invest about $11 million in capital improvements to the property.
COLORADO SPRINGS, COLO. — Cortland has commenced construction of Cortland Peterson, an apartment community located near Peterson Space Force Base in Colorado Springs. The initial phase of the 294-unit project is slated for completion in summer 2025, with the final phase scheduled for delivery in summer 2026. Consisting of two-, three- and four-story buildings, the community will offer a mix of living options for residents. Units will feature granite countertops and matte black fixtures in the kitchens and bathrooms, smart locks, Nest thermostats and hardwood flooring. Community amenities will include a large courtyard with a pool, cabanas, a hot tub, an outdoor grill and kitchen, a fire pit, fitness center and a leash-free dog park. Additionally, Cortland Peterson will offer a fourth-story sky lounge with a bar and views of Pikes Peak. The project is a joint venture with Promus Realty Properties, Iviron Capital Partners and BMO Bank.
KINGWOOD, TEXAS — High Street Residential has broken ground on Reserve at West Lake, a 181-unit multifamily project located on the northern outskirts of Houston in Kingwood. High Street Residential is developing the project, which consists of 109 townhomes and 72 apartments and is the second phase of a larger development, in partnership with Japanese homebuilder Daiwa House Group. Residences will come in one-, two- and three-bedroom formats. Apartments will have an average size of 1,046 square feet, and townhomes will have an average size of 1,530 square feet. Amenities will include a pool, grilling areas, fitness center, resident lounge and an entertainment kitchen. W Partnership is the project architect, and Arch-Con Corp. is the general contractor. Delivery is slated for next summer.
LIBERTY HILL, TEXAS — Greysteel has arranged the sale of a 15-acre multifamily development site in Liberty Hill, about 40 miles north of Austin, that is approved for the construction of 345 units. The project, a construction timeline for which is still being finalized, will include a workforce housing component. J.R. Ellis of Greysteel brokered the deal. The buyer was a Dallas-based private investment group, and the seller was not disclosed.
PORTLAND, ORE. — A public-private partnership between USA Properties Fund, Northwest Housing Alternatives and Oregon Housing and Community Services (OHCS) has opened The Canopy Apartments at Powell, a multifamily property at 12475 S.E. Powell Blvd. in Portland. Situated 12 miles east of downtown Portland, The Canopy Apartments at Powell features 169 one-, two- and three-bedroom apartments for residents earning less than 60 percent of the area median income. Community amenities include elevators, laundry facilities on each floor, on-site parking, bike room, an after-school program for children, a courtyard with a tot lot, a dog wash and a donation pantry. The $63 million development is the first of two apartment communities in Oregon for USA Properties Fund. The public-private partnership, including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) housing program, was critical in paving the way for the project, as well as The Portland Housing Bureau’s waiving of millions of dollars of development fees. Additional project partners included WNC & Associates and JP Morgan Chase as financial partners and WALSH Construction Co. as general contractor.
SAN ANTONIO — Architecture firm Corgan has signed a 5,000-square-foot office lease at Frost Tower, a 24-story building in downtown San Antonio that was completed in 2019. Corgan, which has had an office in San Antonio for 25 years, is relocating from the building at 1777 NE Loop 410. David Ballard and Parker LaBarge of CBRE represented Corgan in the lease negotiations. Christi Griggs, also with CBRE, represented the landlord, Weston Urban, which developed Frost Tower in partnership with Dallas-based KDC.
SCOTTSDALE, ARIZ. — Ziff Real Estate Partners (ZRP) has acquired Mercado at Scottsdale Ranch, a neighborhood retail center in the Phoenix suburb of Scottsdale. Whitestone REIT sold the asset for $26.5 million. This transaction marks ZRP’s first purchase in Arizona. Situated on more than 11 acres, Mercado at Scottsdale Ranch offers 118,751 square feet of retail space occupied by a blend of national, regional and local tenants, including Planet Fitness and Walgreens. The center serves Scottsdale Ranch, a 1,100-acre, master-planned community. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Christian Chamblee and Kayla Meier provided self-representation for the buyer in the transaction.
GARDEN GROVE, CALIF. — Marcus & Millichap has arranged $5 million in refinancing for Larson Apartments at 8101 Larson Ave. in the Orange County city of Garden Grove. Constructed in 1980, the two-story building features 21 apartments in a mix of studio, one-, two- and three-bedroom layouts. Ron Balys of Marcus & Millichap Capital Corp. secured the bank financing on behalf of the private client. Terms of the 30-year loan include 65 percent loan-to-value ratio and a 6.3 percent interest rate with a 30-year amortization schedule.