Property Type

Gantry Arranges $61M Loan for Cedar Hills Crossing Retail Center in Beaverton, Oregon

by Amy Works October 19, 2022

BEAVERTON, ORE. — San Francisco-based Gantry has secured $61 million in permanent, long-term financing for the Cedar Hills Crossing, a shopping center in Beaverton. The borrower is C.E. John Co. Blake Hering and Heather Kegler of Gantry arranged the 10-year loan, which one of the firm’s correspondent life company lenders provided. WinCo Foods, New Seasons, Ross Dress for Less, Office Depot and Best Buy are tenants at the 477,000-square-foot shopping center. Cedar Hills Crossing also features a variety of dining, banking, professional service and specialty retailers.

October 19, 2022

Green-Acres-Distribution-Center-Spokane-Valley-WA

Development Industrial Washington Western

PCCP, Panattoni Break Ground on 192,078 SF Green Acres Distribution Center in Spokane Valley, Washington

by Amy Works October 19, 2022

SPOKANE VALLEY, WASH. — A joint venture between PCCP and Panattoni Development Co. has started construction of Green Acres Distribution Center, a speculative, Class A distribution facility at 17770 E. Euclid Ave. in Spokane Valley. Slated for completion in third-quarter 2023, the 192,078-square-foot building will offer 30-foot clear heights and rear loading capabilities. The asset is situated on 9.8 acres. The Spokane Valley area offer an abundant labor pool and access to Interstate 90, as well as Union Pacific and Burlington Northern Santa Fe railroad lines.

October 19, 2022

Acquisitions California Healthcare Office Western

Agora Realty Buys 75,000 SF Medical Office Building in Tarzana, California for $30M

by Amy Works October 19, 2022

TARZANA, CALIF. — Calabasas-based Agora Realty & Management has purchased Tarzana Medical Plaza, a three-story medical office building located at 5525 Etiwanda Ave. in Tarzana. An undisclosed seller sold the asset for $30 million in an off-market deal. At the time of sale, the 75,000-square-foot medical office building was 90 percent occupied. Current tenants include Providence Healthcare Systems, Cedars-Sinai Medical Care and Unilab Corp. Agora plans to complete an interior and exterior renovation on the property. Interior renovations will include upgraded elevator cabs, modern corridor finishes, lighting upgrades, and expanded and renovated lobby areas with enhanced wayfinding. The buyer also plans to add solar panels to reduce operating costs.

October 19, 2022

Acquisitions California Healthcare Office Western

Spectrum CRE Brokers $11.3M Sale of Santa Clarita Medical Center in California

by Amy Works October 19, 2022

SANTA CLARITA, CALIF. — Spectrum Commercial Real Estate has brokered the sale of Santa Clarita Medical Center, a medical/dental building in Santa Clarita. Yair Haimoff, Randy Cude, Andrew Ghassemi and Matt Sreden of Spectrum handled the $11.3 million transaction. The names of the seller and buyer were not released. Located at 23206 Lyons Ave., the two-story property offers 37,759 square feet of medical and dental space. The building features a mix of 24 professional medical suites, floor-to-ceiling window lines and an abundance of parking.

October 19, 2022

Arizona Colorado Development Hospitality Nevada Top Stories Utah Western

Partnership Plans 15 New Extended Stay America Premier Suites Hotels in Western Region

by Kristin Harlow October 19, 2022

CHARLOTTE, N.C. — Charlotte-based Extended Stay America has signed a development agreement with a partnership comprising Concord Hospitality and Whitman Peterson to build 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the West, including Denver, Phoenix, Las Vegas and Salt Lake City. Concord Hospitality is a hotel management and development company based in Raleigh, N.C., and will handle the development, branding and operations of the properties. Whitman Peterson is a private real estate equity company based in Westlake Village, Calif. The firm will provide equity, identify markets and assist with development. “Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended-stay travelers looking for a higher level of amenities,” says Mark Laport, CEO and president of Concord. “This agreement is the first step in increasing our presence in the higher-end extended-stay segment.” The Extended Stay America Premier Suites brand comprises both new construction and renovated properties with upgraded amenities, including fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable, onsite guest laundry, free breakfast and upgraded design elements such as larger TVs, increased storage space and a …

October 19, 2022

Industrial Market Reports Texas Texas Market Reports

Interest Rates, Industrial Tenant Demand Square Off Across Texas Markets

by Taylor Williams October 19, 2022

By Taylor Williams Much as the commercial community and society at large would like to avoid a recession, prolonged periods of contraction are part of the natural economic cycle, and the U.S. financial powers that be appear to be on a collision course for exactly that scenario. But for assets classes backed by exceptional demand drivers and fundamentals, like industrial real estate in major Texas markets, is there really a need to sweat a downturn? Like any conflict, the battle between macro- and micro-level forces essentially comes down to magnitude. Will the severity of interest rate increases — three separate hikes totaling 200-plus basis points in a few months — prevail over robust tenant demand that has fueled record occupancy and rent growth throughout Texas and beyond in recent years? Only the Federal Reserve can speak to the first variable. The nation’s central bank appears hell-bent on whipping inflation, which registered a year-over-year increase of 8.3 percent in August, and is seemingly resigned to the inevitability of recession as a byproduct of its monetary policy. As for the competing forces that are industrial fundamentals, third-quarter figures were not available at the time of this writing. But, using Dallas-Fort Worth (DFW) …

October 19, 2022

Leasing Activity Midwest Multifamily Northeast Southeast Texas Video Webinar Western

Webinar — The Future of Multifamily Advertising is Here: How Automation is Transforming Housing

by Sarah Daniels October 18, 2022

On Oct. 12, France Media hosted the “The Future of Multifamily Advertising is Here: How Automation is Transforming Housing” webinar, sponsored by Conversion Logix. A growing need for marketing automation in the industry means organizations are looking for improved tools and technology. Curious about how to mesh Google ads and social media video ads, retargeting campaigns, website experiences, virtual tours, emails and more into a coherent marketing approach for multifamily? Want to learn more about engagement personalization? Hear how to prepare your organization for marketing automation and make the most of the data you collect. Watch this brief webinar for tips, tricks and tech. “The multifamily marketing landscape continues to evolve,” says Crystal Banegas, new business development manager at Conversion Logix. She explains that as the world of marketing technology expands, marketers need to evolve as well to best take advantage of time-saving, personalizing technology that frees marketers to look at their advertising strategically — using real-time data to personalize (but not pester) leads. Click to listen. A copy of the webinar presentation may be downloaded here. See a list of major topics covered below: Integration of real-time data — sharing information useful to Teams Vendors Organizations Making the best use …

October 18, 2022

Build-to-Rent Development Single-Family Rental Texas

Lynd to Develop $61M Build-to-Rent Residential Community in Lockhart, Texas

by Taylor Williams October 18, 2022

LOCKHART, TEXAS — San Antonio-based multifamily developer The Lynd Group has acquired a 30.5-acre parcel in Lockhart, about 35 miles south of Austin, for the development of a 174-unit build-to-rent community. Lynd is developing the project, which carries a total price tag of $61 million, in partnership with T.R. Inscore. Residences will come in two- and three-bedroom formats and will have an average size of 1,530 square feet. Communal amenities will include a pool, fitness center, dog park, a clubhouse and outdoor grilling and dining areas. Construction is scheduled to begin in January, with the first homes slated to come on line in the third quarter of 2023.

October 18, 2022

Civic Development Texas

Adolfson & Peterson Construction Completes $53M Renovation, Addition to Metro Dallas High School

by Taylor Williams October 18, 2022

MIDLOTHIAN, TEXAS — General contractor Adolfson & Peterson Construction has completed a $53 million renovation and expansion project at Midlothian Heritage High School, located south of Dallas. Designed by VLK Architects, the project updated the main entrance and added a 185,000-square-foot academic wing with science labs, gyms, a fine arts complex and cafeteria. Construction began in summer 2020.

October 18, 2022

Acquisitions Multifamily Seniors Housing Texas

MedCore Buys 86-Unit Seniors Housing Property in Metro Dallas

by Taylor Williams October 18, 2022

FARMERS BRANCH, TEXAS — MedCore Partners has acquired The Avenues of Park Forest, an 86-unit seniors housing property in the northern Dallas suburb of Farmers Branch that offers assisted living and memory care services. MedCore plans to renovate the unit interiors and common areas, upgrade building exteriors and landscaping and rebrand the property as The Grove on Forest Lane. The seller was not disclosed.

October 18, 2022

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