NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $6 million loan for the refinancing of an 18,694-square-foot medical office building in Queens. The property is located at the intersection of Queens Boulevard and 56th Avenue, directly across the street from Queens Mall. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
AUSTIN, TEXAS — Carr Properties has broken ground on Block 16, a 43-story office tower in Austin. Carr Properties has chosen Austin-based Manifold Development as its local partner for the project. Block 16 will offer over 738,000 square feet of space. Building amenities will include a fitness facility, multiple meeting areas and food and beverage offerings. The development cost was not disclosed. Designed by Gensler, each floor will offer 10-foot, floor-to-ceiling windows and a virtually column-free workplace. Additionally, Carr Properties is planning to implement improved indoor air quality measures in order to maximize the health and wellness of the customers in the building. “I think we have a real opportunity to deliver a project of world-class design with incredible amenities that best meets the needs of today’s ever-changing work environment,” says Tyler Grooms, the president of Manifold. Located in downtown Austin, Block 16 is situated at the intersection of San Jacinto Boulevard, Trinity and Second streets. The project will offer easy access to the Central Business District, the Rainey Entertainment District and Lady Bird Lake Hike & Bike Trail. Block 16 is also close to the Austin Convention Center and the city’s future rail station. The project is currently available …
By Shawn Jaenson, Senior Vice President, Industrial Specialist, Kidder Mathews The Northern Nevada industrial market is composed of 98.7 million square feet of industrial real estate spread across six submarkets. Northern Nevada’s centralized location allows for a one-day truck service to more than 60 million customers. Couple that with the fact that Nevada has no corporate tax, personal tax, inventory tax, franchise tax, or special intangible tax and the city is one of the most desirable industrial locations in the Western U.S. What was once thought of as unattainable in Northern Nevada has become the norm as nearly every record or statistic has been shattered and the market continues to show no signs of slowing. The overall market vacancy rate plummeted in 2021 to 1.7 percent, with a direct vacancy rate of 1.6 percent — a more than 200 percent decrease from the start of the year when overall vacancy rates were 5.3 percent and direct vacancy rates were 4.9 percent. Due to the unprecedented demand, new product in Northern Nevada has never been more crucial as new construction struggles to keep pace with market demand. In 2021, Northern Nevada had a positive net absorption of just over 7 million square feet, which …
SANTA BARBARA, CALIF. — The national average for in-place industrial rents across the top 30 U.S. markets reached $6.45 per square foot in February, a 4.4 percent year-over-year increase according to research from CommercialEdge, a product of Yardi Systems. The Santa Barbara-based firm found that the average effective rental rates signed over the same interval was $7.35 per square foot, 90 cents higher than the national average for in-place leases, a nearly 14 percent swing. Southern California markets led the nation in rent expansion, largely due to intense activity in the Ports of Los Angeles and Long Beach. Orange County recorded the most significant 12-month change with a 7 percent hike, reaching $11.65 per square foot. Los Angeles (6.7 percent) and the Inland Empire (6.5 percent) rounded out the top three markets nationally. On the other end of the spectrum, markets that have higher availability of developable land recorded weaker rent growth in the last 12 months. Newly delivered stock in these markets is helping developers meet demand, while also elevating vacancy levels. Across the top 30 U.S. markets, rent growth was slowest in Charlotte (1.1 percent), Houston (1.7 percent) and Indianapolis (2.3. percent). The spread between the average lease …
CARY, N.C. — JLL Capital Markets has arranged the sale of Twin Lakes Center, a multi-tenant shopping center in Cary anchored by Wegmans. Thomas Kolarczyk and Ryan Eklund of JLL represented the seller, Leyland Alliance. Dallas-based L&B Realty Advisors acquired the property on behalf of an institutional client. The sales price was not disclosed. Built in 2020, Twin Lakes Center was fully leased at the time of sale to tenants including Hollywood Feed, Great Clips, Mezeh Mediterranean Grill, Premier Martial Arts, PM Pediatrics, Paris Nail Bar, Bul Box and Gulli Boys. Situated on 1.7 acres at 1125 Hatches Pond Lane, Twin Lakes Center is situated 16.1 miles from Raleigh and 14.1 miles from Durham.
AUSTIN, TEXAS — Newmark has brokered the sale of a four-property portfolio of mid-rise student housing properties totaling 1,441 beds. The properties are situated adjacent to public universities in the Southeast and Illinois. Ryan Lang, Jack Brett, Ben Harkrider, Tim McKay, Debra Corson, Blake Pera and Dean Smith of Newmark represented the seller, Rael Corp., in the transaction. The sales price and the buyer were not disclosed. The properties include: Gather Illinois, which is located near the University of Illinois at 410 North Lincoln Ave. in Urbana, Ill.; Gather Uptown located near East Carolina University at 400 South Greene St. in Greenville, N.C.; Gather Dickson located near the University of Arkansas at 333 St. Charles Ave. in Fayetteville, Ark.; and Gather Southern located near the University of Memphis at 3655/3695 Southern Ave. in Memphis.
MIAMI — Berkadia has secured $20 million in construction financing for HRP Medley, an upcoming warehouse project in Miami’s Medley submarket totaling 174,348 square feet. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the owners, Chicago-based Hilco Redevelopment Partners and New York-based Edge Principal Advisors. CIBC provided the three-year, interest-only non-recourse loan with two 12-month extension options and a 65 percent loan-to-cost ratio. HRP Medley will be a front-load, Class A warehouse with features including 32-foot clear heights, bay sizes of 54 feet by 43 feet, 42 exterior doors, four drive-in doors, emergency egress lighting, supervisor fire alarm, ESFR fire sprinkler system, warehouse air ventilation and 157 parking spaces. Construction is slated to begin this summer. Located at 11002 NW South River Drive on 8.5 acres, HRP Medley will offer access to Palmetto Expressway, Florida Turnpike and Interstate 75. The property will also be 17.3 miles from downtown Miami.
HUNTSVILLE, ALA. — MH Hospitality has acquired the Holiday Inn Express Hotel, a 98-room, four-story hotel in Huntsville. Wealth Hospitality Group sold the property for $13.9 million. The Holiday Inn Express Hotel is a newly constructed, 56,963-square-foot hotel that features two elevators, 1,200 square feet of meeting space, an outdoor pool and a fitness center. Situated on 2.7 acres, the property is located about one mile from the U.S. Space & Rocket Center, Huntsville Botanical Garden and the Huntsville campus for the University of Alabama.
JACKSONVILLE, FLA. — Inman Equities has sold Kabana Cove Apartments, an 80-unit multifamily property in Jacksonville, for $8.6 million. Luke McCann and John Rutherford of NAI Hallmark brokered the transaction on behalf of Inman Equities and the buyer, Investor Boardroom. Built in 1974, the property offers 64 two-bedroom, one-bath units and 16 one-bedroom, one-bath units. Community amenities include a clubhouse, laundry facilities and package services. Inman Equities recently renovated the exterior of the property, including new paint, landscaping and pool upgrades. Located at 6595 San Juan Ave. on 3.1 acres, Kabana Cove is situated 8.4 miles from Florida State College at Jacksonville and 20.4 miles from Jacksonville International Airport.
LUBBOCK, TEXAS — Houston-based developer Treemont Partners is nearing completion of construction on The Carlton House, a 446-bed student housing project that will serve students at Texas Tech University in Lubbock. The Carlton House will feature a mix of one- and two-bedroom units and amenities such as two pools, a community kitchen and living room, fitness center, private and group study lounges, outdoor grilling and dining areas and a dog park. University Partners will lease and manage the project upon completion, which is slated for June.