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MVIP-BuildingC-Salt-Lake-City-UT
IndustrialMarket ReportsUtahWesternWestern Market Reports

The Hidden Good News of Salt Lake City’s Industrial Market

by Jeff Shaw

— By Jarrod Hunt, vice chair, Colliers — The Utah industrial market continues to perform very well given the reduction in the average deal size in 2023 (illustrated in the charts for both Utah and Salt Lake Counties below).  The entrepreneurial spirit that continues to be the backbone of Utah’s economy is evident with the smaller lease sizes. This was a welcome opportunity for companies confined to limited options for growth over the past economic run-up. However, we have seen a notable increase in out-of-market tenant inquiries, with many in search of larger blocks of space in the New Year. We expect the pendulum to swing the other direction this year with an increase in the average square footage of completed deals, an overall increase in the number of deals and a reduction in the vacancy rates, which will put a solid floor on lease rates.  The reduction in vacancy is most attributable to the stark reduction of construction deliveries in the two main county markets, Salt Lake and Utah counties (per the charts below). This dramatic reduction in speculative building activity is “on brand” for Utah, being a very disciplined market for new construction compared to several other high-growth …

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ConnecticutHospitalityLoansNew YorkNortheastTop Stories

MCR, Building and Land Technology Secure $632M Refinancing of 53-Hotel Portfolio

by John Nelson

NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …

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HealthcareLoansOfficeSoutheastVirginia

Monday Properties Obtains $205.5M Refinancing for Office Tower, Medical Office Building in Metro D.C.

by John Nelson

ARLINGTON, VA. — Monday Properties has obtained two loans totaling $205.5 million for the refinancing for two commercial properties in Arlington, a suburb of Washington, D.C. The assets include a 540,000-square-foot office tower at 1812 N. Moore St. and Shirlington Gateway, a 12-story medical office building. Citi Real Estate Funding Inc. provided the $173 million loan for the office tower and $32.5 million loan for the medical office building, both of which were CMBS loans with five-year terms and fixed interest rates. Monday Properties leased 60,000 square feet of space at 1812 N. Moore over the past six months, bringing it to 90 percent leased. There are an additional 20,000 square feet of deals in the pipeline. Shirlington Gateway was 93 percent leased at the time of financing to healthcare tenants including Anderson Orthopedic Clinic, INOVA and Virginia Hospital Center, which has signage on the building’s exterior.

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The-Moran-CITYCENTRE-Houston
DevelopmentHospitalityTexas

Midway Underway on Renovation of 244-Room Hotel at CITYCENTRE in West Houston

by Taylor Williams

HOUSTON — Locally based developer Midway is underway on renovations of a 244-room hotel located within its CITYCENTRE mixed-use development in West Houston. The Moran CITYCENTRE was originally built in 2009. The renovation will deliver updated furnishings, premium bedding, contemporary lighting fixtures and technology enhancements to all rooms. In addition, the lobby, meeting and event spaces and amenity areas, including the fitness center and onsite bar, will all be upgraded. Work began at the beginning of the year and is expected to be complete this summer.

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FloridaIndustrialLoansSoutheast

JLL Secures $100M Loan for Warehouse Portfolio in South Florida

by John Nelson

MIAMI — JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include warehouses at Lakeway Corporate Center in Miami Lakes; 3450 NW 115th Ave. in Doral; Commerce Park in Miami; Miami Gardens Industrial Center in Miami; Deerwood Commerce Center in Miami; Flamingo Park of Commerce in Miramar; and University Park of Commerce in Fort Lauderdale. The portfolio was 99 percent leased at the time of financing.

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AcquisitionsArkansasSoutheastStudent Housing

Cushman & Wakefield Brokers Sale of 432-Bed Student Housing Property Near University of Central Arkansas

by John Nelson

CONWAY, ARK. — Cushman & Wakefield has brokered the sale of The Edge at Donaghey, a 432-bed student housing community situated adjacent to the University of Central Arkansas. Located at 530 S Donaghey Ave. in Conway, the 120-unit property was built in 2013. Sundance Real Estate purchased the community from an entity doing business as Azalea Holdings II LLC for an undisclosed price. Travis Prince, Victoria Marks and Shawn Lubic of Cushman & Wakefield’s Student Housing Capital Markets team, along with Martin Bynum of the firm’s Sunbelt Multifamily Advisory Group, represented both the seller and buyer in the transaction. The new buyer plans to bolster The Edge at Donaghey’s amenity package, which currently includes a business center, fitness studio, study areas, resort-style pool and a clubhouse.

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AcquisitionsNorth CarolinaRetailSoutheastVirginia

Graystone Negotiates $12M Sale of 7-Eleven Portfolio in North Carolina and Virginia

by John Nelson

NEWPORT BEACH, CALIF. — Newport Beach-based Graystone Capital Advisors has negotiated the $12 million sale of a portfolio of 7-Eleven properties located throughout North Carolina and Virginia. A Texas-based developer sold the portfolio, which comprises seven newly constructed locations. 7-Eleven occupies the properties on 15-year leases. Shannon Bona and Julius Swolsky of Graystone represented the 1031-exchange buyer in the transaction.

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Edged-Energy-Irving
Data CentersDevelopmentIndustrialTexas

Edged Energy Underway on 168,000 SF Data Center in Irving

by Taylor Williams

IRVING, TEXAS — An affiliate of Edged Energy, a global data center developer and operator whose U.S. headquarters is based in Connecticut, is underway on construction of a 168,000-square-foot facility at 505 N. Wildwood Drive in Irving. The data center will have a critical power capacity of 24 megawatts. Construction is scheduled for a fall completion. The facility is one of about a dozen in Edged Energy’s development pipeline across Europe and North America.

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AcquisitionsAlabamaRetailSoutheast

SRS Arranges $6.6M Sale of Retail Property in Fultondale, Alabama Leased to Ashley Furniture

by John Nelson

FULTONDALE, ALA. — SRS Real Estate Partners has arranged the $6.6 million sale of a single-tenant retail property located at 3321 Lowery Park in Fultondale, a suburb of Birmingham. The tenant, Ashley Furniture, purchased the store exercising its right of first refusal. Situated on four acres and built in 2007, the store serves as an outparcel to Promenade Fultondale, a shopping center anchored by Target. Matthew Mousavi and Patrick Luther of SRS Real Estate’s Newport Beach office, along with Martin Smith of the firm’s Birmingham office, represented the privately based seller in the transaction.

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Oaks-at-Covell-Edmond-Oklahoma
DevelopmentLoansMultifamilyTexas

IPA Arranges $13.1M in Equity Financing for Multifamily Project in Edmond, Oklahoma

by Taylor Williams

EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a multifamily project in Edmond, located just north of Oklahoma City. Oaks at Covell will comprise 102 townhomes in two-, three- and four-bedroom floor plans that will be located along I-35. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.

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