Property Type

Lincoln Property Co., Phoenix Property Co. Partner with DivcoWest to Build 48-Story Office Tower in Austin

by Kristin Harlow April 20, 2022

AUSTIN, TEXAS — Lincoln Property Co. (LPC) and co-developer Phoenix Property Co. (PPC) have partnered with DivcoWest to develop The Republic, a 48-story office tower in downtown Austin. The developers say they have secured the building’s first major tenant, enabling construction to move forward. The developers expect to break ground on the project in the second quarter of this year. Located at 401 W. 4th St. and spanning 833,000 square feet, The Republic will overlook Lady Bird Lake and offer a direct connection to Republic Square Park. The office tower will feature a green public plaza at its main entrance that will act as an extension of the park. A 19th-floor amenity level will boast more than 50,000 square feet of indoor-outdoor space, including conference rooms, a fitness center, clubroom and a 25,000-square-foot outdoor terrace covered by canopies. In addition to the 20,000-square-foot public plaza, the ground floor will feature restaurant and retail space. Floor plates will average 29,000 square feet, and each floor will feature a private terrace. The building design by Duda Paine Architects emphasizes both outdoor space and health and wellness. Features include touchless access technology and enhanced air-filtration systems. The developers are pursuing WELLv2 Core certification, …

April 20, 2022

Conference Coverage Features Industrial North Carolina Southeast Southeast Feature Archive

Electric Vehicle Manufacturing Powers Real Estate Activity Along I-85 Industrial Corridor, Say InterFace Panelists

by John Nelson April 20, 2022

CHARLOTTE, N.C. — The Southeast has long been home to automotive giants such as Honda, Hyundai, Toyota and Mercedes-Benz, as well as their large network of suppliers. In 2021, BMW led the nation in automotive exports by value, the eighth consecutive year the German automaker held that distinction. BMW produced and exported $10.1 billion worth of cars and SUVs from its mega campus in Spartanburg, S.C., last year, and the company recently announced two new facilities — one on its campus and the other across Interstate 85 — that will total $300 million in investment. Similarly, Hyundai Motor Manufacturing Alabama, the regional headquarters and only U.S. plant for the South Korean auto giant, announced last week that it planned to invest $300 million to expand and improve its Montgomery plant. The initiative will create 200 jobs and accommodate the manufacturing of the hybrid Santa Fe vehicle line and launch of the first Electrified Genesis GV70 SUV. Hyundai Motor Group said it aims to sell 1.87 million battery electric vehicles (BEVs) annually by 2030 in order to secure a 7 percent global market share of BEVs sold. The automaker announced on April 12 that it plans to invest $7.4 billion in …

April 20, 2022

Industrial Market Reports Texas Texas Market Reports

El Paso Industrial Market: The Birth of The ‘Borderplex’

by Taylor Williams April 20, 2022

By Josh Meredith, director of development, VanTrust Real Estate Sharing a 2,000-mile border, Mexico and the United States trade over $500 billion worth of goods and services each year, representing our country’s second-largest trade partnership. Impressively, over 20 percent of this exchange travels through the El Paso, Texas, port of entry, according to the Texas Comptroller of Public Accounts. This movement has deemed the El Paso/Ciudad Juarez (Mexico) region as one of the most important industrial centers in North America for years. Although the El Paso/Juarez market has a history of extensive commercial activity, with more than 1,100 manufacturing operations alone, the region has remained under the radar, experiencing traditional, steady industrial growth for the past decade. However, with undeniable strategic advantages and 300-plus Fortune 1000 companies in the El Paso/Juarez region, the past couple of years have attracted an increasing number of developers looking to capitalize on the market’s industrial and distribution needs. Now, with record net absorption and a remarkably low vacancy rate, the “borderplex” is the market to watch, building a reputation as not only a competitive industrial center, but also as a driver of some of the most important global manufacturing trends. Competitive Edge With more …

April 20, 2022

Midwest Multifamily Multifamily & Affordable Housing Feature Archive Northeast Southeast Texas Western

How to Dispute Unfair Multifamily Property Assessments in Six Steps

by Jaime Lackey April 19, 2022

Property tax systems vary from state to state across the country, with differing procedures in each assessor’s jurisdiction. Complicating things further, the personalities of assessors and their staff influence the way they interact with property owners or their agents. It is the responsibility of the property owner or their agent to learn and adapt to the procedures and behaviors at work in their assessor’s offices. However, there are universal pre-emptive steps that property owners in any jurisdiction can take to combat excessive valuations. These property-specific action items and best practices can significantly increase the chances of a successful valuation protest. 1. Document Property Financial Statements In most appraisal systems, income-producing apartment property will be valued using the income approach. Arguably the most important pieces of information the apartment owner can present in protesting assessed values are the property’s rent rolls and profit-and-loss statements. The timely preparation and completion of these documents prior to a protest is essential to any discussion of fair market value. Key line items such as potential gross income, vacancy and collection loss, and net operating income can assist in negotiating lower assessed values. Market rent, in-place rents and occupancy are key indicators on a rent roll …

April 19, 2022

Acquisitions Florida Multifamily Southeast

Electra America, AKA Purchase Multifamily Building in West Palm Beach for $84M, Plan Hotel Conversion

by Julia Sanders April 19, 2022

WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.

April 19, 2022

Acquisitions North Carolina Office Southeast

Serac Capital Partners Acquires Office Project in Cary, North Carolina for $19.3M

by Julia Sanders April 19, 2022

CARY, N.C. — Houston-based Serac Capital Partners has acquired 500 Gregson, a 106,047-square-foot office building in Cary, for $19.3 million. Ben Kilgore of CBRE represented the seller, Boston-based Albany Road Partners, in the transaction. Bill Dampier of Independent Financial provided an undisclosed amount of acquisition financing for the sale. The single-story building was originally a build-to-suit for American Airlines. The property is now 93 percent occupied by multiple tenants, including American Airlines. 500 Gregson is situated within MacGregor Park, a 108-acre business park with about 1 million square feet of office space. The park is about 97 percent occupied to public and private companies, including LORD Corp., ABB and Siemens.

April 19, 2022

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Brokers Sale of 80-Unit Multifamily Property in New Albany, Mississippi

by Julia Sanders April 19, 2022

NEW ALBANY, MISS. — Marcus & Millichap has brokered the sale of The Gardens Apartments, an 80-unit community in New Albany. David Dorris and Bryan Sisk of Marcus & Millichap represented the undisclosed seller and procured the New York City-based buyer. Built in 2004, The Gardens offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, playground, grill, picnic area, pet care and laundry facilities. Located at 910 Kings Creed Road on 5.6 acres, the property is situated 35.5 miles from the University of Mississippi in Oxford.

April 19, 2022

Development Leasing Activity Mixed-Use North Carolina Southeast

Stonemar Properties Adds New Retail Tenants at Ballantyne Village in Charlotte

by Julia Sanders April 19, 2022

CHARLOTTE, N.C. — Stonemar Properties is adding several new retailers at Ballantyne Village, a mixed-use development in Charlotte that features offices, shops, restaurants and the new 14-story AC Hotel Charlotte Ballantyne. The New York-based firm has tapped Foundry Commercial, which handles retail leasing at the property, to oversee leasing of the 55,000 square feet of office space that formerly housed a movie theater. Ballantyne Village offers large floor plates for various layouts, 13-foot ceiling heights and the potential for a private tenant rooftop. The property features a recently revamped covered parking deck, directional signage and an outdoor patio space overlooking the center’s retailers. Ballantyne Village is located at the southwest corner of Johnston Road and Ballantyne Commons Parkway. The new retail tenants include Casa Del Tequila, a 2,623-square-foot authentic Mexican restaurant and tequila bar; Vel Tree, a 2,503-square-foot soulful vegan restaurant; and Deka Lash, a 1,082-square-foot eyelash extension and beauty shop. Vel Tree is open, and both Casa Del Tequila and Deka Lash are expected to open by early summer. The 186-room AC Hotel Charlotte Ballantyne opened within Ballantyne Village earlier this year. Additionally, directly across the street is the Ballantyne Reimagined project, which is expected to include 10 additional …

April 19, 2022

Acquisitions Florida Industrial Southeast

Colliers Arranges $4M Sale of Industrial Complex in Fort Lauderdale

by Julia Sanders April 19, 2022

FORT LAUDERDALE, FLA. — Colliers has arranged the sale of a three-building warehouse and office complex totaling 20,820 square feet in Fort Lauderdale. Robert Listokin of Colliers represented the seller, an entity doing business as PRF Holdings LLC, and Levy Realty represented the undisclosed buyer. The sales price was $4 million. The property, dubbed the Southern Cross Portfolio, includes a 3,314-square-foot warehouse building, a 7,459-square-foot office/showroom/storage building and a 10,047-square-foot warehouse. PRF Holdings previously utilized the entire complex to manage its business. The buildings are situated adjacent to Lockhart Stadium and Fort Lauderdale Executive Airport.

April 19, 2022

Acquisitions Multifamily Texas

Magma Equities Acquires 1,361-Unit Multifamily Portfolio in Texas from Hilltop Residential

by Taylor Williams April 19, 2022

MANHATTAN BEACH, CALIF. — California-based investment firm Magma Equities has acquired a portfolio of 1,361 multifamily units that are located across various major markets in Texas from Houston-based Hilltop Residential. The sales price was not disclosed, nor were the specific names and locations of the properties. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. The deal represents Magma Equities’ initial foray into the Houston and San Antonio multifamily markets and boosts the firm’s holdings in Dallas-Fort Worth to more than 2,000 units.

April 19, 2022

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