SOMERSET, N.J. — Dallas-based investment firm Dalfen Industrial has acquired a 99,714-square-foot building in the Northern New Jersey community of Somerset. The newly built property offers a clear height of 36 feet, 14 loading doors, an ESFR sprinkler system and 62 car parking spaces. Joel Lubin of JLL brokered the sale. Shortly after closing, Dalfen leased the entire building to Scentbird Inc., a fragrance subscription service company. Chuck Fern of Cushman & Wakefield represented the tenant in the lease negotiations.
SAN DIEGO — French investor Unibail-Rodamco-Westfield (URW) has sold Westfield Mission Valley, a 1.1-million-square-foot retail center in San Diego, for $290 million. Spread across two separate parcels, URW sold the eastern portion to Lowe and Real Capital Solutions, while Sunbelt Investment Holdings Inc. bought the smaller western portion. The Westfield Mission Valley shopping mall, the eastern part of the property, was originally built in 1960 on a 41-acre site. The center currently offers 73 shops, including Target, Nordstrom Rack, Macy’s Home, Michael’s, Bloomingdale’s Outlet and a 24-Hour Fitness, as well as restaurants such as Yard House, Outback and Buffalo Wild Wings. The center also includes the AMC Mission Valley 20 movie theater. The western portion of the asset features a Trader Joe’s, Marshalls and variety of smaller restaurants and retailers. The property is located opposite the San Diego Trolley’s Mission Valley Center Station. The mall is also accessible to thoroughfares such as I-8, I-805 and Highway 163. Lowe and Real Capital Solutions plan to redevelop their portion of the property into a walkable, transit-oriented, mixed-use village. Lowe will lead the redevelopment project. The team plans to refresh the existing retail and add complementary uses such as multifamily residential to the …
— By Chad O’Connor, Executive Managing Director, Capital Markets, Marcus & Millichap Capital Corp. — Financing continues to be challenging for multifamily, whether in San Diego County or elsewhere. We have noticed a general shift in the market where the usual players are moving to the sidelines, thereby allowing new developers to enter the field. Many of the new developers do not have a track record that encourages a lender to underwrite a transaction. The more seasoned developers are focused on smaller developments with a higher probability of securing financing. The redirection to smaller developers in San Diego has directly impacted the institutional market. Despite this, we are still financing a lot of deals and capital is, indeed, available. Having proprietary programs in the market — especially on the bridge side of things — continues to keep us both busy and adding value for our clients. The lack of go-to lenders in the market is driving us to forge new relationships with growing lenders, building those connections, and paving way for future opportunities. Timing is a crucial variable when securing financing. Locking in the most favorable interest rates and moving swiftly through the closing process is very important in dynamic …
— By Mark Wolf, AHV Communities — As we approach the second half of the year, much has transpired across the economy, the real estate sector and the single-family rental (SFR) arena. We’ve witnessed the negative impacts of record inflation, slowed investment activity accompanying the Federal Reserve’s continued interest rate hikes and the second and third largest bank failures in U.S. history. With real estate lending now hampered across all asset classes, rippling effects are being witnessed across SFRs as well. Although make no mistake — the sector will emerge stronger. The single-family, build-to-rent (BTR) model is only about a decade old and was spawned following a global financial crisis. The few that introduced the concept of SFR communities purpose-built from the ground up will attest that the first several years in the business were challenging. BTR got off to a choppy start Convincing institutional capital of the merits of the business model proved an uphill battle. It wasn’t until just the past few years that investment in the BTR sector ultimately exploded, resulting in both an onslaught of new communitydevelopments, as well as multitudes of players joining the sector looking to capitalize on the opportunity. Unfortunately, many of these …
BAYTOWN, TEXAS — Dallas-based developer Provident Realty Advisors has broken ground on Port 99, a 1.3 million-square-foot distribution center in Baytown, located near Port Houston on the city’s eastern outskirts. The development’s multiple buildings will have front-load and cross-dock configurations, clear heights of 32 to 40 feet, 271 dock-high doors, six grade-level doors and combined parking for 437 cars and 1,184 trailers. Construction is slated for a second-quarter 2024 completion. Lee & Associates is marketing the development for lease.
ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, has begun leasing One Rangers Way, a 299-unit multifamily project in Arlington. The community is located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way offers one- and two-bedroom units, as well as penthouses, in addition to a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Full completion is slated for late 2024. Rents start at $1,400 per month for a one-bedroom apartment.
BRAZORIA, TEXAS — Marcus & Millichap has brokered the sale of Churchill Bridge Storage, a 130-unit boat and RV storage facility located in the Texas Gulf Coast city of Brazoria. The facility spans 51,512 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based limited liability companies that requested anonymity, in the transaction.
DALLAS — Lee & Associates has negotiated a 25,564-square-foot industrial lease near Dallas Love Field Airport on the city’s northwest side. According to LoopNet Inc., the single-tenant property at 9151 King Arthur Drive was built in 1966. Mark Graybill of Lee & Associates represented the landlord, Trio Pines, in the lease negotiations. The representative of the tenant, Lighthouse Fence Supply, was not disclosed.
HOUSTON — Law firm Shepard, Smith, Edwards & Kantas has signed a 6,962-square-foot office lease renewal and expansion at 1010 Lamar St. in downtown Houston. According to LoopNet Inc., the property was built in 1981, rises 20 stories and totals roughly 278,000 square feet. John Zivley of Partners Real Estate represented the tenant in the lease negotiations. Monte Calvert of Transwestern represented the landlord, an entity doing business as MC TRS 2 LLC.
ORLANDO, FLA. — Berkadia has arranged debt and equity financing totaling $217.2 million for the recapitalization of a three-property multifamily portfolio in Central Florida totaling 1,139 units. The properties include 400 North in Maitland, M2 at Millenia in Orlando and Venetian Apartments in Fort Myers. 400 North and M2 at Millenia were built in 2019, and Venetian Apartments was built in 2018. Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia’s South Florida office secured the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. The financing package included a 10-year, fixed-rate Freddie Mac loan totaling $185.4 million and $31.8 million in preferred equity from Related Fund Management.