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Bright Realty Completes 251,000 SF Offices at The Realm Project in Greater Dallas

by Taylor Williams November 21, 2019

DALLAS — Locally based developer Bright Realty has completed Offices at The Realm, a 235,000-square-foot office project with 16,000 square feet of ground-floor retail space in Lewisville, located north of downtown Dallas. The project represents Phase I of Bright Realty’s 324-acre Realm at Castle Hills mixed-use development. Amenities at Offices at The Realm include a fitness center, conference center and a rooftop terrace. Coworking firm Venture X has also signed a lease to occupy 30,371 square feet at the nine-story building. BOKA Powell designed the project, and Hill & Wilkinson served as the general contractor. Phase II of The Realm at Castle Hills will deliver a 260-unit apartment community with ground-floor retail and restaurant space in fall 2020.

November 21, 2019

Georgia Market Reports Mixed-Use Southeast Southeast Market Reports

South Downtown Atlanta is on Fire (Again) with $10B in New Developments

by Alex Tostado November 13, 2019

In 1864, General William T. Sherman burned Atlanta to the ground, including the area around the Zero Mile Post marking the terminus of the Western & Atlantic Railroad. Now, 155 years later, South Downtown is on fire again but this time, it is as one of the hottest development submarkets in the Southeast. With the still-active downtown rail yards at its center, more than $10 billion in new development is either completed, under construction or in the planning stages. This “Downtown Ring of Fire” stretches from Centennial Olympic Park and Mercedes-Benz Stadium to Castleberry Hill and over to Underground Atlanta. The project SSG Realty Partners recently brought to market, Artisan Yards, is a 9.9-acre site at the intersection of Ted Turner Drive (historic Spring Street) and Whitehall Street. It is currently the headquarters of Gourmet Foods International, which has outgrown the property and is relocating to a new facility. The primary catalyst for this significant new development momentum is the $1.6 billion Mercedes-Benz Stadium, home of the Atlanta Falcons and the 2018 MLS Cup champions Atlanta United. The $192 million renovation of State Farm Arena and the $25 million expansion of Centennial Olympic Park were also critical in creating the …

November 13, 2019

Loans Michigan Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $48.3M Bridge Loan for Apartment Property in Suburban Grand Rapids

by Kristin Harlow November 11, 2019

GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy Krosin of Walker & Dunlop arranged the 24-month, floating-rate loan. Kari Zapolski of Inner Circle Holdings originated the loan, which will enable the borrower to pay off the existing construction debt and complete lease-up.

November 11, 2019

Acquisitions Illinois Midwest Multifamily

Colliers Brokers Sale of 93-Unit Apartment Building in Chicago

by Kristin Harlow November 7, 2019

CHICAGO — Colliers International has brokered the sale of Jackson Throop Place in Chicago’s West Loop neighborhood for an undisclosed price. The 93-unit luxury apartment building is located on West Jackson Boulevard. Built in 2016, the property includes 18 one-bedroom units, 72 two-bedroom units and three three-bedroom units. The apartments feature hardwood floors, quartz countertops and stainless-steel appliances. Tyler Hague and Lauren Stoliar of Colliers represented the buyer, Newcastle Limited. Michigan Avenue Real Estate Partners was the seller.

November 7, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Negotiates Sales of Multifamily Properties in Metro Atlanta Totaling $80M

by Alex Tostado November 6, 2019

ATLANTA — Berkadia has negotiated two sales of four multifamily properties in metro Atlanta totaling $80 million. In the first sale, Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia arranged the combined $36 million sales of Pines at Greenbriar and Mountain Oaks on behalf of the seller, a joint venture between Adams Investor and Crown Bay Group. Pines at Greenbriar sold to Olive Tree Holdings and Mountain Oaks sold to Highland Properties Group. Pines at Greenbriar is located at 2909 Campbellton Road in southwest Atlanta. The 376-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, playground and an onsite laundry facility. The buyer has plans to renovate an unspecified number of units. Mountain Oaks is located at 4719 Central Drive in Stone Mountain, 14 miles east of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans along with community amenities such as a barbeque area, pool and a newly renovated clubhouse. In the second deal, the same Berkadia team brokered the $44 million sale of Sedgefield Apartments and Castlebrook Apartments, two garden-style properties in Marietta. Berkadia represented the seller, Princeton Enterprises LLC. The Waldon Group acquired both properties. Sedgefield …

November 6, 2019

Market Reports Midwest Midwest Market Reports Office Ohio

New Construction, Mixed-Use Drive Columbus Office Market Activity

by Kristin Harlow October 24, 2019

As a whole, commercial real estate in Columbus has experienced high levels of activity in recent years, and the office market has been no exception. The amount of new office space hitting the market has kept vacancy and average rental rates relatively flat, pacing the economic growth of the region. The vacancy rate has hovered around 6 to 7 percent, and the average rental rates are around $18 to $19 per square foot on a gross basis. Developers in the region are anticipating continued growth, so there is an additional 830,000 square feet of office space currently under construction. With that amount of new construction, we don’t expect the vacancy or rental rates to change dramatically in the coming year. Let’s look at the trends driving these numbers. Population, economic growth Columbus continues to grow quickly. Columbus offers residents a low cost of living, great drivability, plenty of amenities and economic opportunity. Since 2010, the metro area has grown by 10.8 percent, adding over 200,000 people, which makes Columbus the 14th-largest city in the United States with over 2 million total residents. The population growth hasn’t slowed down; from 2017 to 2018, the area grew 1.2 percent, and forecasts expect …

October 24, 2019

Features Retail

Retailers Look to Capture the ‘Laptops and Lattes’ Crowd

by Jeff Shaw September 24, 2019

LOS ANGELES — The four F’s may need to move over: there’s a new consonant in town. While fun, food, fitness and fashion are still category staples in shopping centers, retailers at ICSC’s Western Conference & Deal Making event, held Sept. 16 to 18 at the Los Angeles Convention Center, are now interested in courting the two L’s: laptops and lattes. “We do really well with the laptops and lattes crowd,” said Felicia Alexander, a Health & Wellness panelist and co-founder and co-owner of BoxUnion boxing studio. “We look at daytime population, but residential density is also really important to us.” Alexander’s sentiments were reiterated throughout the three-day conference as retailers began to prioritize what the customer is lacking above what they’re selling. “Shopping center owners and retailers alike are forced to acknowledge that time has become consumers’ most important commodity, even perhaps more so than money,” said Dan Villalpando, attendee and partner at Cox, Castle & Nicholson. “Getting the consumer to part with their time has become paramount to the success of a shopping center.” Putting Time On Your Side For BoxUnion, prioritizing a member’s time means keeping the workout to 45 minutes, publishing extremely detailed instructions on parking on …

September 24, 2019

Acquisitions California Office Western

Brick and Timber Collective Buys Office Building in San Francisco for $27M

by Amy Works September 13, 2019

SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.

September 13, 2019

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Arranges $3.8M Sale of Restaurant Building in Southern California

by Amy Works August 15, 2019

MISSION VIEJO, CALIF. — SRS Real Estate Partners’ National Net Lease Group has completed the sale of a single-tenant retail property located at 28651 Marguerite Parkway in Mission Viejo. Irvine, Calif.-based Pacific Castle sold the asset to a Hawaii-based investor for $3.8 million, or $1,374 per square foot. Patrick Luther, Matthew Mousavi and Terrison Quinn of SRS’ National Net Lease Group represented the seller, while Arthur Flores of CBRE represented the buyer in the deal. Built in 1979, the 2,759-square-foot property is scheduled to be renovated in the near future. Jack in the Box occupies the building and recently signed a lease extension for 15 years and has been a tenant at the location for more than 35 years.

August 15, 2019

Crown-Centre-at-Castle-Hills-Lewisville-Texas

Development Office Texas

Bright Realty Breaks Ground on 109,000 SF Office Building in Greater Dallas

by Taylor Williams August 6, 2019

LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Crown Centre at Castle Hills, a 109,000-square-foot office building located in the northern Dallas suburb of Lewisville. The four-story, Class A property will be situated within the Castle Hills development. 505Design and Corgan are the project architects; Hill + Wilkinson is the general contractor and LandDesign is the civil engineer and landscape architect. Prosperity Bank is providing construction financing. Completion is scheduled for summer 2020.

August 6, 2019

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