Property Type

Delaware Street Townhomes in Denver’s South Broadway neighborhood features 22 three-bedroom units.

CBRE Arranges $10.4M Sale of Delaware Street Townhomes in Denver

by Amy Works September 12, 2023

DENVER — CBRE has arranged the sale of Delaware Street Townhomes, a multifamily building located at 2566-2598 S. Delaware St. and 351-375 W. Vassar Ave. in Denver’s South Broadway neighborhood. Hill Street Realty acquired the asset for $10.4 million from Pando Holdings. Built in 2022, Delaware Street Townhomes features 22 three-bedroom floor plans averaging 1,272 square feet and high-end finishes. At the time of sale, the townhomes were fully leased. Erik Toll, Justin Hunt, Andy Hellman, Brad Schlafer and Jessica Graham of CBRE’s Colorado multifamily investment properties team represented the seller in the deal.

September 12, 2023

Acquisitions Development Hospitality Illinois Midwest

Waterton Launches Outbound Hotels Brand

by Kristin Harlow September 12, 2023

CHICAGO — Chicago-based real estate investor and operator Waterton has launched its new Outbound Hotels brand, a collection of hotels for travelers seeking outdoor-inspired experiences in boutique settings. The vision for Outbound Hotels began with Waterton’s acquisition of The Virginian Lodge in Jackson Hole, Wyo. Waterton acquired the property in partnership with Wyoming-based Orion Cos. and has since rebranded it as The Virginian Lodge, an Outbound Hotel. The Outbound portfolio, operated by Springboard Hospitality, was expanded in 2021 with the acquisition of Outbound Mammoth (formerly the Sierra Nevada Resort) in Mammoth, Calif., and Towne and Country Stowe in Stowe, Vt., in March 2023. Most recently, Waterton partnered with Argosy Real Estate Partners to for a redevelopment project on a 17-acre Qualified Opportunity Zone site in Oakhurst, Calif., just south of the main gate to Yosemite National Park. The property will be developed as Outbound Yosemite Resort, a 135-key hotel consisting of 108 vacation rental cabins and 14 hotel rooms located above a 12,500-square-foot clubhouse in addition to a 13-key boutique hotel currently on the site.

September 12, 2023

Development Indiana Midwest Multifamily

The Life Properties Underway on $9.9M Capital Improvement Program at Indianapolis Apartment Community

by Kristin Harlow September 12, 2023

INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $9.9 million capital improvement program at The Life at Wood Springs, a 608-unit apartment community in Indianapolis. The project is slated for completion in the first quarter of 2025. Upgrades include interior renovations to 417 of the residences; the implementation of new windows and paint; laundry center upgrades; resident clubhouse, onsite office and roofing repairs; and improvements to the dog park, playground and asphalt. There have also been necessary repairs made to the pool, delivering an amenity back to residents that had been unavailable for years under previous ownership. Upgrades also include several sustainable and security features, including the implementation of low-flow plumbing retrofits, LED lighting and a new security camera system. The property was originally built in 1973.

September 12, 2023

Acquisitions California Retail Western

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

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