Property Type

Progressive Real Estate Partners Brokers $2.4M Sale of Value-Add Retail Strip Center in West Covina, California

by Amy Works June 25, 2024

WEST COVINA, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail strip center in West Covina, approximately 20 miles east of Los Angeles. A San Bernardino County-based private investor sold the asset to a West Covina-based investor for $2.4 million in an all-cash transaction. Located at 532-540 N. Azusa Ave., the 7,760-square-foot property was fully occupied at the time of sale by five service-oriented tenants ranging in size from 1,300 square feet to 2,000 square feet. Current tenants include a nail salon, hair salon, martial arts school, massage studio and Friar Tux. Greg Bedell and Roxanne Klein of Progressive Real Estate Partners represented the seller in the deal.

June 25, 2024

Features Multifamily

Selecting Sponsors: The Importance of Property Management Vertical Integration

by Taylor Williams June 25, 2024

By Chris Cordes, real estate portfolio manager, PPR Capital Management When seeking a sponsor for multifamily partnerships, it’s critical to consider one that offers worthy qualities for the joint venture, since this individual or company will be in charge of managing the property on behalf of the partnership. Worthiness is measured by the ability to be resourceful and versatile. When determining the worthiness of a sponsor, there’s an old expression that can be helpful to keep in mind: “You’re only worth as much as the pocketknife that you carry.” The pocketknife is a simple tool that offers incredible assistance when utilized for daily tasks. While this device is particularly useful when completing common tasks, it’s important to select the right type of pocketknife. Often, a knife with a single blade will not always get the job done, and you’ll need something else to finish a task. The iconic Swiss Army Knife solves that issue. The historic and versatile multi-use device is known for including varying types of pivoting tools that offer a secured level of preparedness in a compact way. During the sponsor screening process, the main equity partner should examine the qualities a sponsor presents and determine whether the …

June 25, 2024

Development Industrial North Carolina Southeast Top Stories

Ozempic Manufacturer Novo Nordisk Breaks Ground on $4.1B Production Facility Near Raleigh

by John Nelson June 25, 2024

CLAYTON, N.C. — Novo Nordisk, a Danish pharmaceutical giant, has broken ground on a 1.4 million-square-foot manufacturing facility in the Raleigh suburb of Clayton. The drugmaker plans to invest $4.1 billion in the development in order to boost the production of diabetes treatment Ozempic, weight loss drug Wegovy and other injectable therapies. Operations at the 56-acre site will include filling and packaging syringes and injection pens. According to CNBC, the demand for Wegovy and Ozempic has outstripped supply in the United States over the past year. The disparity has led to “intermittent shortages,” reports the national news outlet. In 2024 alone, Novo Nordisk is investing $6.8 billion into pharmaceutical production, up from approximately $4 billion last year. “It took us a century to reach 40 million patients, but through this expansion and continued investment in our global production, we’re building Novo Nordisk’s ability to serve millions more people living with serious chronic diseases in the future,” says Lars Fruergaard Jørgensen, president and CEO of Novo Nordisk. “This is yet another real signal of our efforts to scale up our production to meet the growing global need for our life-changing medicines and the patients of tomorrow.” The expansion project will double …

June 25, 2024

Development Multifamily Texas

Wood Partners, ParkProperty Capital Open 261-Unit Albright Apartments in Austin

by Taylor Williams June 24, 2024

AUSTIN, TEXAS — A partnership between Atlanta-based developer Wood Partners and ParkProperty Capital has opened The Albright, a 261-unit apartment complex in Austin’s Burnet neighborhood. The Albright offers studio, one-, two- and three-bedroom units with smart technology features, stainless steel appliances, granite countertops, walk-in closets and full-size washers and dryers. Amenities include a pool, fitness center, coworking lounge, clubroom, gaming area, pet park and a rooftop lounge. Rents start at $1,475 per month for a studio apartment, according to the property website.

June 24, 2024

Affordable Housing Civic Development Georgia Multifamily Southeast

Atlanta BeltLine, Invest Atlanta Approve $172M Budget for Affordable Housing and Trail Construction

by John Nelson June 24, 2024

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. Totaling $172 million and marking a 12 percent increase over the 2024 budget, the funding will be directed toward the goal set in 2005 of developing 5,600 units of affordable housing by 2030, as well as acquiring land for the completion of trail construction on the planned 22-mile corridor by the end of 2030. Funding sources for the budget include $69 million from the tax-allocation district (TAD); $49 million from donations; $32 million from the BeltLine special service district (SSD); and $20 million from federal grants. “This is a historic and exciting time for Atlanta BeltLine as we get closer to completing the trail while meeting important goals,” says Clyde Higgs, president and CEO of Atlanta BeltLine Inc. “Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all.” The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

June 24, 2024

Acquisitions Retail Texas

Kobalt Investment Buys 222,291 SF Rio Norte Shopping Center in Laredo, Texas

by Taylor Williams June 24, 2024

LAREDO, TEXAS — Dallas-based Kobalt Investment Co. has purchased the 222,291-square-foot Rio Norte Shopping Center in the Rio Grande Valley city of Laredo. Ross Dress for Less anchors the center, which is also home to tenants such as Michael’s, Petco, Dollar Tree, Shoe Carnival and Five Below. Adam Howells and Matthew Barge of JLL represented the undisclosed seller in the transaction. Kobalt purchased the property in partnership with Dallas-based Stonefield Investment Advisors and San Antonio-based Espada Real Estate.

June 24, 2024

Industrial Leasing Activity Texas

Bob Mills Furniture Signs 114,396 SF Industrial Lease in Schertz, Texas

by Taylor Williams June 24, 2024

SCHERTZ, TEXAS — Bob Mills Furniture has signed a 114,396-square-foot industrial lease in Schertz, a northeastern suburb of San Antonio. The space within Schertz Corporate Center, which was originally built in 1981, includes retail showroom space. Stewart Skloss and Eva Horton of Newmark represented the tenant in the lease negotiations. Joe Simmons of AQUILA Commercial represented the landlord, a Texas-based entity doing business as PV Schertz LLC. The location is the company’s ninth in the state and 12th nationwide.

June 24, 2024

Georgia Leasing Activity Office Southeast

Newell Brands Signs 180,000 SF Office Lease at Queen Building in Atlanta

by John Nelson June 24, 2024

ATLANTA — Newell Brands, a manufacturer of consumer products including Sharpie, Contigo and Rubbermaid, has signed a 180,000-square-foot office lease at the Queen Building within Concourse Office Park in Atlanta. According to Cushman & Wakefield, which arranged the lease, this marks the largest office lease within Atlanta’s Central Perimeter submarket since 2018. The tenant will relocate from its current headquarters in nearby Sandy Springs. Building & Land Technology is the landlord. Leases at the Queen Building (and its sister property, the King Building) over the past 12 months have totaled 361,133 square feet. Other new tenants include NICE Systems, IMA Financial Group, Snellings Walters and Atlanticus.

June 24, 2024

Civic Development Southeast Virginia

Hoar Construction Breaks Ground on 25,000 SF Recreation Center at George Mason University in Northern Virginia

by John Nelson June 24, 2024

FAIRFAX, VA. — Hoar Construction has broken ground on a new, 25,000-square-foot recreation center at George Mason University in Fairfax, roughly 20 miles outside Washington, D.C. Dubbed the Activities Community Wellness Building, the facility will serve as the home of the school’s pep band, as well as host student programming and events. Completion is scheduled for spring 2025. The building will feature a full-size NCAA basketball court, additional courts for basketball and volleyball games, yoga and exercise class space, conference rooms, storage and office suites. Powers Brown Architecture is the project architect, and IMEG Corp. is serving as the civil engineer.

June 24, 2024

Acquisitions Florida Multifamily Southeast

JLL Arranges Sale of 352-Unit AMLI Doral Multifamily Community in Metro Miami

by John Nelson June 24, 2024

DORAL, FLA. — JLL Capital Markets has arranged the sale of AMLI Doral, a 352-unit multifamily community located at 11481 N.W. 41st St. in Doral, about 18 miles west of Miami. AMLI Residential sold the property to Pantzer Properties for an undisclosed price. Developed in 2013, AMLI Doral comprises nine four-story buildings with apartments in one-, two- and three-bedroom layouts that average 1,058 square feet in size. Amenities at the community include a pool, fitness center, grilling stations, business center, lounge, clubhouse, playground, electric car charging stations and bike parking. Maurice Habif, Simon Banke and Nick Lavin of JLL represented the seller in the transaction. Additionally, Jamie Leachman, Amit Kakar and Sean O’Brien of JLL secured an undisclosed amount of acquisition financing on behalf of the buyer.

June 24, 2024

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