Property Type

Good + West Secures Joint Venture Partner for $400M Build-for-Rent Pipeline Located Across Texas

by Katie Sloan July 21, 2022

DALLAS AND AUSTIN, TEXAS — Good + West has partnered with a Dallas-based private equity fund for the development of four build-for-rent (BFR) projects in the state of Texas. Development costs are set to total $400 million. The communities will be built under the Austin, Texas-based development firm’s Perch banner over the course of the next four years. Heather McClure of Walker & Dunlop advised Good + West in identifying its joint venture partner for the projects. Perch communities offer a seres of single-family buildings with fenced-in yards and patios, alongside shared amenities including resort-style swimming pools, outdoor kitchens with gas grills, fire pits, game lawns, pet parks, fitness centers and landscaped courtyards. The company currently has $150 million worth of BFR development underway in the state of Texas, including the joint venture’s first project, Perch Denton. Located in the Dallas-Fort Worth suburb of Denton, the community is scheduled for delivery in 2023 and will offer 195 units. Additional Good + West BFR projects currently underway include Perch Chisolm Trail in Fort Worth and Perch Manor Downs, located outside Austin in Manor. Phase I of both projects are set for delivery in 2023 and 2024, respectively. The pace of development …

July 21, 2022

Features Retail

Retail Design Adapts to New Technology, Consumer Behavior, Supply Chain Issues

by Katie Sloan July 21, 2022

It’s a challenging world right now. Inflation, rising interest rates, persistent supply chain lags and labor shortages are affecting the retail industry. That’s to say nothing of the always changing retail environment. But there are also consumers who are ready to put COVID behind them — who are looking for a reason to venture out, be entertained and spend some money (though maybe not as much money, thanks to inflation). You also have shopping center owners who are quite eager to give these consumers what they want. While architects and designers can’t remove problems like rates or inflation from an owner’s plate, they can help them navigate — and win — in this new market. How? By making sure every detail, dollar and person counts. Multifaceted Designers Strength in numbers is always appreciated when times are tricky. Frankie Campione, principal at CREATE Architecture Planning & Design in New York City, notes designers are collaborating more than ever to get the job done. This type of collaboration is particularly useful during the current materials shortage, he notes. “There doesn’t seem to be any way to know what shortage may affect any particular project,” Campione says. “There are two projects, both on Long …

July 21, 2022

Industrial Market Reports Michigan Midwest Midwest Market Reports

Detroit Industrial: Bright Future, Ready for Anything

by Kristin Harlow July 21, 2022

By Anthony Avendt, Cushman & Wakefield Like most markets in the U.S. and Canada, Detroit’s industrial sector has seen its ups and downs. Detroit’s always been a bit of an outlier though due to extreme volatility. What’s more, we’ve (hopefully) learned lessons from past downturns that well position the city and its commercial real estate regardless of continued strong demand and rent growth or any bumps in the road we may encounter. Detroit is a little different from similar-sized markets in the region. First, while it’s certainly part of the U.S. heartland, the city’s geographic position on a peninsula means it’s poorly suited for broad distribution to large swaths of the country. Second, of course, is the auto industry’s impact. The auto industry is widely dispersed across the U.S. now, but Detroit and Michigan remain its heart and brain. As the sector pivots to autonomous and electric vehicles, that is going to drive demand for industrial space. Ford already has announced an investment of $40 to $50 billion over the next decade-plus, including redevelopment of Michigan Central Station as anchor of its Mobility Innovation District. Stellantis, the parent of Chrysler, Jeep and Dodge, has announced its own $35.5 billion investment …

July 21, 2022

Acquisitions Industrial Texas

CBRE Arranges Sale of 1 MSF DalParc Logistics Center in South Dallas

by Taylor Williams July 20, 2022

DALLAS — CBRE has arranged the sale of DalParc Logistics Center, a newly built, 1 million-square-foot industrial development in South Dallas. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented the seller and developer, Kansas City-based VanTrust Real Estate, in the transaction. Property Reserve Inc. purchased DalParc Logistics Center, which is fully leased to an unnamed tenant, for an undisclosed price. VanTrust broke ground on the project in summer 2020.

July 20, 2022

Acquisitions Multifamily Texas

Walker & Dunlop Brokers Sale of 402-Unit Apartment Community in Houston

by Taylor Williams July 20, 2022

HOUSTON — Walker & Dunlop has brokered the sale of 7 Square, a 402-unit apartment community in Houston. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center with yoga and spin rooms, a wine room and outdoor grilling stations. Walker & Dunlop’s Ryan Epstein and Jennifer Ray represented the undisclosed seller in the transaction. The duo also worked with Mark Vinitsky and Harvey Pava of Walker & Dunlop to arrange acquisition financing through Voya Financial on behalf of the buyer, a partnership between DLP Capital and Avid Realty Partners. The loan was structured with a three-year term and interest-only payments.

July 20, 2022

Acquisitions Office Retail Texas

Venture Investment Partners Buys 83,256 SF Office, Retail Property in Richardson, Texas

by Taylor Williams July 20, 2022

RICHARDSON, TEXAS — Venture Investment Partners has purchased The Shire at CityLine, an 83,256-square-foot office and retail property located in the northeastern Dallas suburb of Richardson. The property was built on 6.2 acres between 2005 and 2006 and was 85 percent leased at the time of sale. Tenants include Sweeney Eye Associates, Dogtopia, Shire Pediatrics, North Texas Dermatology, Anaya’s Seafood, Republic Title, Modern Dental, Ameriprise, Re/Max and Gillespie’s Tavern. Adam Howells, Barry Brown, Jack Copher and Beth Copeland of JLL represented the seller, locally based investment firm Standridge Cos., in the transaction.

July 20, 2022

Acquisitions Industrial Texas

PHP Capital Buys 30,029 SF Industrial Property in Fort Worth

by Taylor Williams July 20, 2022

FORT WORTH, TEXAS — Fort Worth-based PHP Capital has purchased CentrePort Tech, a 30,029-square-foot industrial property in Fort Worth. The multi-tenant property, which was fully leased at the time of sale, is located within the CentrePort master-planned business park on the city’s northeast side. The seller and sales price were not disclosed.

July 20, 2022

Hospitality Loans Texas

Avatar Financial Provides $5.3M Acquisition Loan for West Texas Hotel

by Taylor Williams July 20, 2022

ODESSA, TEXAS — Seattle-based Avatar Financial Group has provided a $5.3 million bridge loan for the acquisition of a Hilton-branded hotel in the West Texas city of Odessa. The Hilton Garden Inn at 5221 John Ben Shepperd Parkway totals 100 rooms and spans 22,000 square feet. The loan was structured with a 12-month term and an 8 percent interest rate. The borrower was not disclosed.

July 20, 2022

Loans New York Northeast Office

Newmark Arranges $175M in Debt, Equity for Midtown Manhattan Office Building

by Taylor Williams July 20, 2022

NEW YORK CITY — Newmark has arranged $175 million in debt and equity financing for Park 53, a 129,000-square-foot boutique office building in Midtown Manhattan. The financing consists of a $120 million acquisition loan and $55 million in equity from Acres Capital. The 20-story building was originally constructed in 1991 as the New York City headquarters of Santander Bank. The borrower, a joint venture between ZG Capital Partners and Rialto Capital Management, plans to upgrade the lobby and elevators, activate outdoor gathering spaces and add two amenity centers. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Eden Abraham and Michael Dorfman led the transaction for Newmark.

July 20, 2022

Development Georgia Industrial Southeast

Rooker Begins Construction on 797-Acre Industrial Park Near Port of Savannah

by John Nelson July 20, 2022

BLACK CREEK, GA. — Rooker, an Atlanta-based industrial developer and construction management firm, has broken ground on Seaport 16 Trade Center, a 797-acre industrial campus situated about 25 miles from the Port of Savannah in Black Creek. The multi-phased project has the capacity for 7.1 million square feet of logistics space across 10 facilities at full buildout. Rooker has begun construction on Building 1, an 868,160-square-foot speculative building that is expandable to 1.6 million square feet and is scheduled for completion in 2023. Solution Property Group is Rooker’s marketing partner for the project and represented the developer in its land acquisition in 2021. Thomas & Hutton is the civil engineer for Seaport 16, and POH Architects will provide architectural design. Morgan Corp. is the site work contractor. The development will be located at the intersection of Olive Branch Road and Ga. Highway 80, a little over three miles from I-16. The campus will also be situated about five miles from Hyundai’s new electric vehicle assembly and battery factory, which is expected to come on line in 2025.

July 20, 2022

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