Property Type

Prism Realty to Develop 143,640 SF North Valleys Industrial Center in Reno, Nevada

by Jeff Shaw April 19, 2023

RENO, NEV. — Prism Realty has announced plans to develop North Valleys Industrial Center, a 143,640-square-foot property in Reno. The Class A building will be located at 9630 N. Virginia St. Prism plans to break ground this summer and complete the project in the second quarter of 2024. The development will offer availability for a single full-building user or can be split to a minimum of 45,000 square feet to accommodate tenants seeking mid-bay space. Plenium Builders will serve as general contractor on the project. DCG’s Joel Fountain, Nick Knecht and Baker Krukow will represent Prism Realty on all leasing activity.

April 19, 2023

Acquisitions Development Florida Multifamily Southeast Top Stories

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

by Kristin Harlow April 19, 2023

MIAMI — Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence in the first quarter of 2024, with completion slated for 2026. The multifamily high-rise, designed by Coral Gables-based Corwil Architects, will offer a range of studio, one-, two- and three-bedroom units along with 380 parking spaces. Amenities will include a pool, fitness center, lounge area and business center all located on the seventh floor. The building will meet specific environmental and sustainability standards, such as energy efficiency, water conservation, use of sustainable materials and indoor air quality, to achieve at least a LEED Silver certification. The transaction marks Empira’s second development site acquisition in greater downtown Miami in the last eight months. “This investment underlines Empira’s commitment to investing in Miami’s residential real estate market, which is poised for tremendous growth over the next few decades,” says Lahcen Knapp, Empira’s chairman. “Miami has emerged as one of the top U.S. …

April 19, 2023

Conference Coverage Features Student Housing

InterFace Student Housing ‘Power Panel’ Highlights Positive Outlook for Sector

by Katie Sloan April 19, 2023

AUSTIN, TEXAS — Experts in the student housing industry are bullish on the outlook for the upcoming academic year, citing the strong performance and outstanding fundamentals of the sector. At the recent 15th annual InterFace Student Housing conference in Austin, industry professionals from around the country convened at the JW Marriott downtown to share insights and discuss industry trends. The first full day of the conference kicked off with the ‘Power Panel’ session, where a consortium of high-level executives provided their outlook for the year ahead. “Evidenced once again by a packed house in this room, the sector is popping,” began moderator Peter Katz, executive director of Institutional Property Advisors. “As we continued to experience unprecedented, off-the-charts asset operations in 2022 and through the first quarter of this year, while simultaneously seeing the most mercurial capital markets we’ve seen in years, we have now statistically proven that the industry is not only recession resilient but pandemic resilient.” The real estate industry has been under a lot of pressure since the summer of 2022 as a result of the rapid rise in the cost of debt, which has created challenges as it pertains to valuing assets. “The recent quarter-point rise has …

April 19, 2023

Acquisitions Georgia Industrial Southeast

Cosmetics Company Kiss Acquires New 708,990 SF Warehouse Near Savannah from CRG

by John Nelson April 18, 2023

ELLABELL, GA. — Kiss, a global cosmetics company, has acquired a 708,990-square-foot industrial facility underway in the western Savannah suburb of Ellabell. CRG sold the warehouse, which will be located within the developer’s 300-acre The Cubes at Interstate II campus. Chris Tomasulo, Ryan Hoyt and Bennett Rudder of JLL represented CRG in the transaction. The sales price was not disclosed. Kiss plans to utilize the property for distribution of its cosmetics products once completed. Located at 1864 Interstate Blvd., Building B at The Cubes at Interstate II is located less than two miles from I-16, 15 miles from I-95, 25 miles from Savannah/Hilton Head International Airport and approximately 30 miles west of the Port of Savannah. The development is part of the larger Interstate Centre industrial park in Bryan County. At full buildout, The Cubes at Interstate II will span 4.3 million square feet of industrial space leased to tenants such as Rooms To Go and McKesson Medical-Surgical, among others.

April 18, 2023

Acquisitions Georgia Multifamily Southeast

FCP Purchases Apartment Community in Marietta, Georgia for $51M

by John Nelson April 18, 2023

MARIETTA, GA. — FCP has purchased Amber Grove at Olley Creek Apartments, a 360-unit community located in the north Atlanta suburb of Marietta. Travis Presnell and James Wilber of Cushman & Wakefield represented the undisclosed seller in the $51 million transaction. Located at 2050 Austell Road, the gated property features a leasing center and club room, swimming pool, dog park, fitness center, community garden and a playground. FCP plans to add in-unit washers and dryers and provide an afterschool program for children living at the property. With the purchase of Amber Grove at Olley Creek, the Chevy Chase, Md.-based investment firm now owns 7,230 apartment units in the metro Atlanta area.

April 18, 2023

Acquisitions Multifamily Southeast Virginia

Harbor Group Sells 556-Unit Sussex at Kingstowne Apartments in Alexandria, Virginia

by John Nelson April 18, 2023

ALEXANDRIA, VA. — Harbor Group International has sold Sussex at Kingstowne, a 556-unit apartment community located in Alexandria, about eight miles south of Washington, D.C. The buyer and sales price were not disclosed, but Harbor Group purchased the property in 2018 for $144 million. Prior to the sale, Harbor Group implemented a multimillion-dollar capital improvement program for Sussex at Kingstowne’s interiors, common areas and amenities, including the community’s two swimming pools, fitness center, cyber café and a resident’s lounge.

April 18, 2023

Development Multifamily South Carolina Southeast

Aventon Breaks Ground on 336-Unit Multifamily Development in Charleston

by John Nelson April 18, 2023

CHARLESTON, S.C. — Aventon Cos. has broken ground on Aventon Mikasa, a 336-unit apartment community located in Charleston’s Daniel Island submarket. Set to open for leasing in fall 2024, the property will be situated on 19 acres and comprise multiple four-story, elevator-serviced buildings housing one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a remote working lounge, game room and fitness center, as well as a resort-style swimming pool. The design-build team includes architect Scott + Cormia, interior designer Studio 5 Interiors Inc. and civil engineer/landscape architect Thomas & Hutton. Aventon Mikasa is the second multifamily development in the Charleston area for Raleigh-based Aventon Cos.

April 18, 2023

Development Office Texas

KDC Breaks Ground on 850,000 SF Office Campus for Wells Fargo in Irving

by Taylor Williams April 18, 2023

IRVING, TEXAS — Locally based developer KDC has broken ground on an 850,000-square-foot office campus in Irving’s Las Colinas district that will serve as the new regional headquarters for Wells Fargo. The campus will consist of two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces, all on a 22-acre site. The San Francisco-based bank is consolidating its regional real estate footprint and expects to employ about 3,000 people at the campus, inclusive of the hiring of 650 new staffers. Completion is slated for late 2025.

April 18, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $23M Sale of Tampa Industrial Facility

by John Nelson April 18, 2023

TAMPA, FLA. — Cushman & Wakefield has arranged the $23 million sale of 4908 Tampa West, a 214,806-square-foot industrial facility in Tampa’s Airport submarket. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi and Chloe Strada of Cushman & Wakefield represented the seller, Robert Curran from Tryumph LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $15.1 million in acquisition financing through an unnamed national insurance company on behalf of the buyer, IP Capital Partners. 4908 Tampa West is situated about eight miles from Tampa International Airport and near I-275 and I-4. The property was fully leased at the time of sale to companies including anchor tenant CAE. The acquisition includes five acres of additional land onsite for outdoor storage or new development.

April 18, 2023

Acquisitions Kansas Midwest Multifamily

Post Road Management Acquires 1,002-Unit Multifamily Portfolio in Wichita, Kansas

by Kristin Harlow April 18, 2023

WICHITA, KAN. — Post Road Management has acquired an 11-property multifamily portfolio totaling 1,002 units in Wichita for an undisclosed price. With this purchase, Post Road has nearly tripled its footprint in the Wichita market. The firm plans to invest an average of $12,000 per unit in upgrades across the portfolio. About 21 percent of the units have been fully renovated. Post Road purchased the portfolio with assumable nonrecourse Fannie Mae and HUD financing in place. The properties include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the undisclosed seller and procured the buyer.

April 18, 2023

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