Property Type

Hanley Investment Group Brokers $2.9M Sale of Bank of America-Occupied Asset in Palm Desert, California

by Amy Works September 12, 2023

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of an absolute triple-net ground lease of a single-tenant building located at 39355 Washington St. in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor sold the building to a Riverside County-based private investor for $2.9 million. Bank of America occupies the 3,515-square-foot freestanding building, which features a drive-thru. Bill Asher and Jeff Lefko of Hanley Investment represented seller, while Tyler Rollema of The Klabin Co. in Torrance represented the buyer in the deal.

September 12, 2023

Acquisitions Healthcare Michigan Midwest

Marcus & Millichap Arranges $2.8M Sale of DaVita-Occupied Property in East China, Michigan

by Kristin Harlow September 12, 2023

EAST CHINA, MICH. — Marcus & Millichap has arranged the $2.8 million sale of a 12,174-square-foot property occupied by DaVita Dialysis and Saint Clair Nephrology in East China, a city in eastern Michigan along the border of Canada. The net-leased building is located at 4180 S. Hospital Drive across from Ascension River District Hospital and St. John Providence Health System. Both tenants have occupied the property since its construction in 2015. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the buyer, a limited liability company.

September 12, 2023

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates Sale of 4,425 SF Net-Leased Retail Property in Bullhead City, Arizona

by Amy Works September 12, 2023

BULLHEAD CITY, ARIZ. — Marcus & Millichap has arranged the sale of net-leased retail property, located at 1885 AZ-95 in Bullhead City, near the state borders of both Nevada and California. Maverik occupies the 4,425-square-foot building, which was completed this year. A limited liability company sold the property to an undisclosed buyer for $2.7 million. The sale included a new, 20-year, absolute triple-net corporate ground lease with an eight percent rental increase every five years. Mark Ruble and Chris Lund of Marcus & Millichap’s Phoenix office represented the seller in the transaction.

September 12, 2023

Development Nevada Restaurant Retail Western

Diversified Partners Completes Construction of Starbucks Location in Henderson, Nevada

by Amy Works September 12, 2023

HENDERSON, NEV. — Diversified Partners has completed the construction of a single-tenant building at 892 Sunset Road in Henderson. The project team includes Kitrell Jenson Contractors and RKAA Architects. Starbucks Coffee will occupy the 2,573-square-foot standalone building, which features a double drive-thru and 900-square-foot outdoor patio space. The building features the latest Starbucks prototype.

September 12, 2023

Development Industrial Texas Top Stories

Trina Solar to Open $200M Manufacturing Facility in Wilmer, Texas

by John Nelson September 12, 2023

WILMER, TEXAS — Trina Solar, a solar products manufacturer and solutions provider based in China, has announced plans to open a $200 million manufacturing facility in Wilmer, about 16 miles south of Dallas. Slated for completion in 2024, the plant will be located within Tradepoint 45 West, a 1.3 million-square-foot speculative development, and will be used for the production of photovoltaic (PV) Vertex modules as well as the sourcing of polysilicon, a key raw material in the production of solar PV products. The Wilmer plant will be Trina Solar’s first module factory in the Western hemisphere. “We have long had a vision to manufacture solar products in the United States, and we are proud of the jobs we are creating and the investment we are making in the Wilmer community,” says Steven Zhu, president of Trina Solar US. “Trina’s goal in building this facility is to begin to create an ecosystem of American manufacturing that can serve the burgeoning U.S. solar market.” “Trina will announce additional investments in American communities soon,” continues Zhu. “We are grateful to the State of Texas, Dallas County and the City of Wilmer for working with us on this exciting project.” At full capacity, the facility …

September 12, 2023

California Healthcare Market Reports Office Western Western Market Reports

Orange County’s Medical Office Market Stays on Solid Ground

by Jeff Shaw September 12, 2023

— By John Wadsworth and Aaron Phillip, Colliers — The Orange County medical office building (MOB) market continues to show resilience post-pandemic despite headwinds of the new interest rate environment. The overall Orange County MOB market consists of 10 million square feet with a current vacancy of 8.5 percent, down 100 basis points from the end of 2022. The average rental rate is $3.48 per square foot, per month, full-service growth, with an increase of 9.3 percent from mid-year 2022. The lack of significant MOB construction completions, coupled with much of the existing vacancy found in older, functionally obsolete buildings, has kept supply largely in line with demand. The velocity of MOB leasing activity has softened compared to pre-pandemic transaction volume, with healthcare providers still digging out of the financial “COVID hole.” Among other market pressures, labor costs and retention across healthcare employment significantly contribute to continued narrow margins on provider balance sheets. From larger health systems to smaller independent practices, all have been impacted, slowing the pace of expansion projects and mandating shorter, more flexible transactions until more permanent real estate solutions can be implemented. Despite the market challenges posed by the pandemic, MOB absorption has remained positive countywide, …

September 12, 2023

Multifamily Market Overleveraged Revere Capital

Acquisitions Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Western

Multifamily Market Faces Strain as Overleveraged Investors Confront Rising Costs, Property Value Decline

by Sarah Daniels September 12, 2023

As the pandemic lockdowns hammered offices and retail properties, investors abandoned those assets and plowed cash into apartments and warehouses, both of which witnessed robust rent growth and appreciation as the economy reopened. But in many cases, apartment investors tapped ultra-cheap, variable-rate financing to overpay for multifamily properties, expecting rental rates to continue to climb and help the deals pencil financially. While in large part rents have grown — albeit not at the same double-digit level seen during 2021 and early 2022 — buyers often made the deals with too much optimism and failed to account for potential risks or often, at least, underappreciated them. Now, not only has the debt on those multifamily assets become considerably more expensive in about a year’s time, but labor, insurance, taxes and other operating costs also have increased. As a result, financial cracks are emerging in the multifamily market, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. What’s more, because of the typical 12-month apartment lease term, landlords are unable to pass those higher expenses onto tenants in a timely fashion, declares Salladin, leader of the firm’s real estate debt team. Even if multifamily owners could increase rents, …

September 12, 2023

Development Florida Multifamily Southeast

McHugh, Stiles Top Off 39-Story NEMA Apartment Tower in Downtown Miami

by John Nelson September 11, 2023

MIAMI — McHugh Construction and Stiles Construction have topped off NEMA Miami, a 39-story luxury apartment tower underway at 2900 Biscayne Blvd. in downtown Miami. Crescent Heights is developing the project, which will comprise 588 apartments in studio, one-, two-and three-bedroom layouts, as well as ground-floor retail space, including a 42,030-square-foot Whole Foods Market store. Additionally, the development will feature a 748-spot parking garage, with 195 spots reserved for Whole Foods patrons. Designed by Arquitectonica, NEMA Miami’s amenities will include indoor and outdoor lounges, a swimming pool, sauna and steam rooms, event space and catering kitchen, private bar lounge and a fitness center. Rockwell Group is providing interior design services. The first move-ins are scheduled for next summer.

September 11, 2023

Acquisitions North Carolina Retail Southeast

CenterSquare Acquires 105,785 SF Shopping Center in Wilmington, North Carolina

by John Nelson September 11, 2023

WILMINGTON, N.C. — CenterSquare has acquired The Forum, a 105,785-square-foot shopping center located in Wilmington. The property was fully leased at the time of sale to tenants including Dunkin’, Jimmy John’s, Club Pilates, The UPS Store, Chop’t, Bento Box, True Blue Butcher and Osteria Cicchetti. The seller and sales price were not disclosed.

September 11, 2023

Acquisitions Multifamily Southeast Virginia

GID Acquires 282-Unit Apartment Community in Fairfax, Virginia

by John Nelson September 11, 2023

FAIRFAX, VA. — GID has acquired Arbors at Fair Lakes, a 282-unit apartment community located in Fairfax, roughly 20 miles outside of Washington, D.C. Amenities at the property, which will be rebranded as Windsor Fair Oaks, include a clubhouse, pool and sundeck, 24-hour fitness center, dog park, tennis court, two outdoor grilling stations and a complimentary shuttle to the Vienna Metro station. The seller and sales price were not disclosed.

September 11, 2023

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