Property Type

Savvy Seniors Housing Developers Seize Window of Opportunity

by Taylor Williams July 25, 2024

By Jane Adler Post-pandemic, senior living owners and operators are rightfully focused on regaining occupancy and stabilizing their assets. Expansion opportunities have mostly been limited to acquisitions of troubled properties purchased at a discount. Inflation, relatively high interest rates, a tight labor market and even tighter capital markets have largely sidelined ground-up development. But contrarian players believe now is the right time to build. Much of the existing stock of seniors housing is 20-plus years old, and baby boomers are just over the horizon. A development that breaks ground today will be ready to welcome the first wave of boomers who turn 80 in two years. New projects will face less competition too because of today’s difficult development environment. “This is the perfect time to put a shovel in the ground,” says Anders Pesavento, senior vice president of capital markets at Ryan Cos. The Minneapolis-based development and investment firm has four seniors housing projects slated to break ground this year that are valued at approximately $385 million. The lack of new supply and strong demand supports the case for building now, emphasizes Pesavento. “We believe we will be rewarded.” The volume of seniors housing units under construction is at …

July 25, 2024

Industrial Market Reports Midwest Midwest Market Reports Ohio

Examine the Cincinnati Industrial Market with Perspective, Patience in Mind

by Kristin Harlow July 25, 2024

By Jeff Bender, Thomas McCormick and Seattle Stein, Cushman & Wakefield We’ve been doing this for a while. Every cycle with gang-busters demand and absorption comes to an end, as does every downturn. So, with the Cincinnati industrial market, we find ourselves in the doldrums since mid-2023, and we may not fully turn the corner until next year. Perspective and context matter, though. We’re coming off record absorption and demand at the end of 2020 and through 2022, when we also closed the year with an unsustainable 1.7 percent vacancy rate. Before the entire world paused for COVID in early and mid-2020, we had a record year in 2019 as well. While vacancy hovers around 6 percent at mid-year, that is basically the Cincinnati industrial market’s historical average. Four consecutive quarters of negative net absorption certainly defines “doldrums,” but that must be weighed against the previous 48 consecutive quarters of positive net absorption through mid-2023. We’ve also seen a slight increase in asking rental rates, up to $6.25 per square foot, despite negative absorption. So, despite a lackluster past 12 months, we have positive momentum, and that’s bolstered by many of the factors that have always made Cincinnati one of …

July 25, 2024

Company News Development Industrial Texas

iMarket America Relocates US Headquarters to Metro Austin, Proposes 212-Acre Industrial Campus

by Taylor Williams July 24, 2024

ROUND ROCK AND TAYLOR, TEXAS — iMarket America, a supplier of industrial raw materials and products, will relocate its U.S. headquarters to the northern Austin suburb of Round Rock, according to a release from the Round Rock Chamber. iMarket America, whose parent company is based in South Korea, is a major vendor of Korean electronics giant Samsung, which is developing a $17 billion semiconductor manufacturing facility in Taylor, another northern suburb of Austin. To facilitate that relationship, iMarket America has proposed a plan to develop a 212-acre campus that would be located northeast of the intersection of Carlos G. Parker Boulevard SE and FM 112 near the Samsung plant. According to the Austin Business Journal, the development would feature about 2.2 million square feet of warehousing, manufacturing, office and research-and-development space. The publication also reports that iMarket America purchased the land after signing a nonbinding memorandum of understanding with the City of Taylor in 2023. Samsung broke ground on its Taylor facility in 2022 and expects to be operational this year.

July 24, 2024

Acquisitions Multifamily Student Housing Texas

Palladius Capital Management Sells 672-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams July 24, 2024

SAN MARCOS, TEXAS — Austin-based investment firm Palladius Capital Management has sold The Oasis, a 672-bed student housing property in San Marcos, located roughly midway between Austin and San Antonio. The 240-unit property is located about three miles from the Texas State University campus and offers amenities such as a pool, fitness center, clubhouse and study lounges. Palladius acquired the property in spring 2022 and implemented a value-add program prior to the sale. Chris Epp of Walker & Dunlop represented Palladius in the transaction The buyer and sales price were not disclosed.

July 24, 2024

Acquisitions Multifamily Texas

SPI Advisory Acquires 248-Unit Multifamily Portfolio in Denton, Texas

by Taylor Williams July 24, 2024

DENTON, TEXAS — Texas-based private equity firm SPI Advisory has acquired a portfolio of two multifamily properties totaling 248 units in the North Texas city of Denton. Lana is a 116-unit, garden-style property that was originally built in 1981, and Aspire is a 132-unit complex that was constructed in 1970. Both properties offer one- and two-bedroom units and underwent capital improvement programs over the past two years. Mark Allen of GREA represented the seller, Legacy REI, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.

July 24, 2024

Industrial Loans Texas

MMCC Arranges $5M in Acquisition Financing for East Houston Industrial Building

by Taylor Williams July 24, 2024

HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged $5 million in acquisition financing for a 112,700-square-foot industrial building in East Houston. According to LoopNet Inc., the single-tenant facility at 14830 Talcott St. was constructed on seven acres in 1970. Adam Pike of MMCC originated the financing, which carried an 8 percent fixed interest rate and a 20-year amortization schedule, through an undisclosed local bank. The borrower was also not disclosed.

July 24, 2024

Industrial Leasing Activity Texas

Finial Group Negotiates 3,150 SF Industrial Lease in Northwest Houston

by Taylor Williams July 24, 2024

HOUSTON — Locally based brokerage firm Finial Group has negotiated a 3,150-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the building at 10750 Barker Cypress Road was built on three acres in 2005 and totals 31,113 square feet. Chase Tucker and Tyler Holt of Finial Group represented the undisclosed landlord in the lease negotiations. The tenant, an entity doing business as MTGK3 Enterprises LLC, was self-represented.

July 24, 2024

Acquisitions Georgia Office Southeast

Shorenstein Acquires 324,000 SF 14th & Spring Office Tower in Midtown Atlanta

by John Nelson July 24, 2024

ATLANTA — Shorenstein Investment Advisers, a privately owned office and multifamily owner and operator based in San Francisco, has purchased 14th & Spring, a 12-story office tower in Midtown Atlanta. The 324,000-square-foot building was delivered in late 2022 and has been without a tenant since its delivery, according to the Atlanta Business Chronicle. The seller and sales price were not disclosed, but the publication reported that locally based Greenstone Properties and an affiliate of Goldman Sachs put the tower up for sale earlier this year and the price would likely fall in the $200s per square foot, giving the sales price a range of $65 million to $97 million. Shorenstein has tapped ASD|SKY to help redesign and reposition 14th & Spring’s common areas, amenities and façade. The company has also hired Murphy Meyers to design a full floor of speculative office suites in various sizes. Additionally, Shorenstein has selected Jeff Keppen, Nicole Goldsmith, Kyle Kenyon and Maddie Nagley of CBRE to lease the office tower.

July 24, 2024

Development Florida Multifamily Southeast

Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami

by John Nelson July 24, 2024

MIAMI — Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897, according to Apartments.com. Designed by Corwil Architects, Remi on the River’s amenities include a resort-style swimming pool, aqua lounge, fitness center, clubroom, private parking and a resident lounge with coworking spaces. Remi on the River is Phase II of a multifamily development by Mast Capital. Phase I of the project was MAST on Waterline Miami, a 346-unit apartment community formerly known as Waterline Miami.

July 24, 2024

Acquisitions District of Columbia Hospitality Loans Southeast

Cronheim Hotel Capital Arranges $42.3M Acquisition Loan for Cambria Hotel in Downtown DC

by John Nelson July 24, 2024

WASHINGTON, D.C. — Cronheim Hotel Capital has arranged a $42.3 million acquisition loan for Cambria Hotel Washington, D.C. Convention Center, a 182-room hotel located at 899 O St. NW in downtown D.C. Built in 2014 by Concord Hospitality, the hotel is situated with a half-mile of the Walter E. Washington Convention Center and features a rooftop gathering area. The borrower, locally based Frontier Development & Hospitality Group, plans to overhaul the hotel and rebrand it to the Hyatt House flag. Other details of the renovation and loan underwriting were not disclosed.

July 24, 2024

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