Property Type

Seniors Housing Transaction Activity Will Not Return to Normal Levels This Year, Says InterFace Panel

by John Nelson August 22, 2023

ATLANTA — One of the central questions of the investment panel at InterFace Seniors Housing Southeast was: Will transaction activity return in the fourth quarter? When Brooks Blackmon, panel moderator and executive managing director of Blueprint Healthcare Real Estate Advisors, asked the question, there was a quick response from the panel — “no.” “Return to what?” asked Kelly Sheehy senior managing director of Artemis Real Estate Partners. “Higher than today? Yes. Compared to 2019? No, it’s going to take time.” InterFace Seniors Housing Southeast is an annual conference hosted by France Media’s InterFace Conference Group, Seniors Housing Business and Southeast Real Estate Business. The event was held on Wednesday, Aug. 16 at the Westin Buckhead Atlanta hotel. Blackmon moderated the discussion. The panelists agreed that the fly in the ointment that has stifled investment sales the past few quarters has been the rapid runup in interest rates. The 10-year Treasury yield was at 4.3 percent at the time of this writing, which is the highest level since 2007. The secured overnight financing rate (SOFR) and federal funds rate, two short-term benchmark interest rates, have risen by more than 500 basis points in roughly 16 months. “Until debt markets improve, you’re …

August 22, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey

by John Nelson August 22, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …

August 22, 2023

California Industrial Market Reports Western Western Market Reports

Orange County Market Adjusts, but Remains Resilient

by Jeff Shaw August 22, 2023

— By Christopher J. Destino, Principal, Lee & Associates — The geographic area along the border of Los Angeles and Orange County is locally known as the Mid Counties market. This region currently boasts about 130 million square feet of industrial real estate, thanks to its prime location. This is a location that’s only 25 miles from the ports of Long Beach and Los Angeles, and 20 miles from Los Angeles International Airport (LAX). Like many other parts of the U.S., Mid Counties has begun to see the effects of continued economic uncertainty and a rising interest rate environment. It faces challenges like land scarcity and limited newly constructed buildings to accommodate the growing demand. Thankfully, this area still typically delivers 200,000 to 500,000 square feet of new construction annually (2018 was abnormally high with about 2 million square feet added). One recent deal worth noting is the 94,000-square-foot, Class A industrial distribution building in Santa Fe Springs from Panattoni that leased to BeBella Cosmetics for $2.05 per square foot net per month with an option to purchase at $577 per square foot. Another new development example is the 146,617-square-foot building that Duke Realty developed and leased to Weee!, a …

August 22, 2023

Development Retail Southeast Tennessee

BrightColors, Kingsmen Xperience to Open 30,000 SF Crayola Attraction in Pigeon Forge, Tennessee

by John Nelson August 21, 2023

PIGEON FORGE, TENN. — BrightColors LLC and partner Kingsmen Xperience Inc. have announced plans with crayon giant Crayola to open a 30,000-square-foot Crayola Experience in Pigeon Forge. Upon completion, the indoor family entertainment center will feature 20 interactive experiences and a retail store. The Pigeon Forge location marks the sixth attraction for the brand, which has opened venues in Pennsylvania, Florida, Minnesota, Texas and Arizona. Four additional Crayola Experience locations will open over the next five years, the locations of which were not disclosed.

August 21, 2023

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges Sale of 237,498 SF Shopping Center in Boca Raton, Florida

by John Nelson August 21, 2023

BOCA RATON, FLA. — Cushman & Wakefield has arranged the sale of Shadowwood Square, a 237,498-square-foot shopping center located in Boca Raton. Constructed in 1982, the property is anchored by Sprouts Farmers Market, Walgreens and Old Navy. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an entity controlled by Evelyn Langlieb Greer doing business as Shadowwood Square Ltd. An affiliate of Edens acquired the property for an undisclosed price.

August 21, 2023

Acquisitions Development Georgia Mixed-Use Southeast

Atlanta BeltLine Inc. Completes $13.3M Land Purchase Along Southside Trail in Southwest Atlanta

by John Nelson August 21, 2023

ATLANTA — Atlanta BeltLine Inc. has purchased 13.7 acres along the BeltLine’s Southside Trail in southwest Atlanta for $13.3 million. Situated at 356 University Ave., the property is situated adjacent to the Pittsburgh Yards adaptive reuse development. This acquisition marks the continuation of the BeltLIne’s mission to procure land along the trail loop. AECF Atlanta Realty, a subsidiary of the Annie E. Casey Foundation, manages Pittsburgh Yards and was the seller. SouthState Bank provided acquisition financing for the transaction. The BeltLine will conduct a community engagement process to determine best uses for the site. After incorporating the vision of adjacent residents and local businesses into the plans, the organization will issue a Request for Proposals (RFPs) to invite developers to submit proposals to redevelop the site.

August 21, 2023

Development Healthcare Southeast Tennessee

OGA Breaks Ground on 6,000 SF Vanderbilt Medical Facility in Nashville

by John Nelson August 21, 2023

NASHVILLE, TENN. — Oman-Gibson Associates (OGA) has broken ground on a 6,000-square-foot medical imaging facility in Nashville. The clinic, which is being constructed at 8124 Sawyer Brown Road on behalf of Vanderbilt Imaging Services, will provide specialty imaging including MRI, CT, ultrasound, fluoroscopy, digital X-ray and mammography services. Vanderbilt plans to relocate its Belle Meade Imaging practice to the new facility, with completion expected in late 2024 or early 2025. Thomas Constructors is the general contractor on the project, HMK Architects is the architect and Fulmer Lucas Engineering is serving as the civil engineer.

August 21, 2023

Holiday-Inn-Express-Staybridge-Suites-Houston

Development Hospitality Texas

Arriba Capital Provides $52.5M Construction Loan for Dual-Branded Hotel Project in Downtown Houston

by Taylor Williams August 21, 2023

HOUSTON — Arizona-based lender Arriba Capital has provided a $52.5 million construction loan for a dual-branded hotel project that will be located at 1319 Texas Ave. in downtown Houston. The property will feature a total of 275 guestrooms with traditional and extended-stay options under the Holiday Inn Express and Staybridge Suites brands. Shared amenities will include an outdoor pool, meeting and event space, a full-service bar, fitness center, business center and a dining area for complimentary breakfast. Completion is slated for late 2025. The borrower and developer is Houston-based Neway Hospitality.

August 21, 2023

Acquisitions Hospitality Texas

CityStreet Residential Partners Buys 224-Site RV Resort in Georgetown, Texas

by Taylor Williams August 21, 2023

GEORGETOWN, TEXAS — Houston-based owner-operator CityStreet Residential Partners has purchased Stone Oak Ranch RV Resort, a 224-site property located north of Austin in Georgetown. The Boterra Group originally constructed the park in October 2020. Amenities include a pool, fitness center, dog park, playground, pickleball courts and onsite laundry facilities. CityStreet plans to rebrand the property under its Jetstream umbrella and develop an additional 200 sites.

August 21, 2023

Acquisitions Industrial Texas

Matthews Brokers Sale of 93,000 SF Industrial Portfolio in Midland, Odessa

by Taylor Williams August 21, 2023

MIDLAND AND ODESSA, TEXAS — Matthews Real Estate Investment Services has brokered the sale of a portfolio of seven industrial buildings totaling 93,000 square feet in the West Texas cities of Midland and Odessa. The portfolio was fully leased to seven tenants, including Rexel, Interstate Batteries and North Basin Coating, at the time of sale. Michael Kelleher and Jeff Miller of Matthews brokered the deal. The buyer and seller were not disclosed.

August 21, 2023

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