Property Type

Provident Realty Advisors Acquires 16.6-Acre Site in Glendale, Arizona for Spec Industrial Development

by Amy Works September 23, 2022

GLENDALE, ARIZ. — Dallas-based Provident Realty Advisors has purchased a 16.6-acre land site at 6550 W. Orangewood Ave. in Glendale for an undisclosed price. The company plans to develop a 302,400-square-foot speculative warehouse and distribution facility on the site. Construction is slated to begin in the first half of 2023 with completion scheduled for early 2024. The building will feature 36-foot clear heights, 61 dock doors, a 185-foot truck court and 86 trailer parking spaces. Case Van Lare, Chris Martin and Cavanaugh Adams of Provident Realty Advisors provided in-house representation for the acquisition. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE will handle leasing of the development.

September 23, 2022

Build-to-Rent Features Multifamily

Rent Growth Stalls in Multifamily and Build-to-Rent Sectors, Yardi Matrix Reports

by Jeff Shaw September 23, 2022

SANTA BARBARA, CALIF. — After a long period of growth, U.S. multifamily asking rents seem to have finally hit a wall, according to Santa Barbara-based Yardi Matrix’s monthly National Multifamily Report. U.S. multifamily asking rents declined $1 to $1,718 in August — the first month-over-month period since June 2020 without significant growth. “The economy is starting to feel the effects of higher interest rates, while migration is slowing, and the increasing lack of affordability is affecting high-growth metros,” states the report. Asking rents increased in only 10 of Yardi Matrix’s top 30 markets in August, with Philadelphia, San Francisco and Nashville all showing a 0.5 percent growth rate. Metros with the largest decreases in asking rents included Raleigh (-1.3 percent), Seattle (-1.1 percent) and the Inland Empire and Las Vegas (both -0.8 percent). Yardi Matrix attributes this deceleration to multiple factors, including seasonality, cooling in markets that saw rents increase at extraordinarily high rates over the past two years and, most importantly, slowing migration and population figures. With a decreasing population growth rate and legal immigration dropping to its lowest level in decades, the report emphasizes that rent growth in the future is likely to be increasingly defined by migration …

September 23, 2022

Affordable Housing Development Georgia Industrial Mixed-Use Multifamily Retail Southeast

Atlanta BeltLine Inc. Selects Culdesac to Develop 20-Acre Murphy Crossing Mixed-Use Project in Southwest Atlanta

by John Nelson September 23, 2022

ATLANTA — Atlanta BeltLine Inc. (ABI) has selected development firm Culdesac for the 20-acre Murphy Crossing project located at 1050 Murphy Ave. in southwest Atlanta’s Oakland City neighborhood. Culdesac, which recently delivered a “car-free” mixed-use development in Tempe, Ariz., will be working with Urban Oasis Development, Kronberg Urbanists + Architects, LDG Consulting and T. Dallas Smith and Co. on the Murphy Crossing project, which will be branded Murphy Crossing by Culdesac. Plans for the development are subject to change pending community feedback, but preliminarily the project will comprise new and existing buildings that will house market-rate and affordable housing apartments, a grocery store, retail and dining options, light industrial space, coworking spaces, arts and culture programming and a farmer’s market, honoring the site’s history as the location for the Georgia Farmers Market in the 1940s and 1950s. Murphy Crossing by Culdesac will give residents proximity to the Oakland City and West End MARTA stations. Additionally, 25 percent of the residential units will be designated permanently affordable with an additional 5 percent of units deemed affordable for at least the next 30 years. The target rent restriction for the affordable units is between 60 and 80 percent of the area median …

September 23, 2022

Development Florida Office Southeast

Kaufman Lynn Completes $144M Overhaul of JM Family Headquarters in South Florida

by John Nelson September 23, 2022

DEERFIELD BEACH, FLA. — Kaufman Lynn Construction has completed a major overhaul of JM Family Enterprises’ corporate headquarters in Deerfield Beach. The $144 million project was finished in 41 months and comprises three new 88,061-square-foot office buildings; a 29,500-square-foot dining facility; 309,573-square-foot parking garage; 6,500-square-foot energy plant; a welcome center; and a hardscape package valued at $12 million. The renovations also included installing rooftop solar farms, heat-reducing electrochromic glass and an irrigation system using rainwater-collecting cisterns. About 1,200 staffers at JM Family, a privately held automotive distributor, were able to continue working during the replacement, which Kaufman Lynn managed with design partner PGAL Architects.

September 23, 2022

Acquisitions Affordable Housing Florida Mixed-Use Multifamily Restaurant Retail Southeast

Avanath Capital Purchases City View Mixed-Use Development in Orlando for $62.5M

by John Nelson September 23, 2022

ORLANDO, FLA. — Avanath Capital Management has purchased City View, a mixed-use development located at 595 Church St. in Orlando, for $62.5 million. The buyer purchased the asset using a combination of its commingled fund equity and debt financing from JPMorgan Chase and Fannie Mae. Marcus & Millichap’s Affordable Housing Advisors division brokered the sale. Nearly half of City View’s 266 apartments are designated affordable, with the property’s rent restrictions continuing until 2050. Avanath Capital has taken steps to preserve the current designations of 28 units at 50 percent of area median income (AMI), 79 units at 60 percent of AMI and 24 units at 120 percent of AMI. The property was 96.9 percent occupied at the time of sale. In addition to the apartments and resident amenities, City View houses 13 commercial tenants occupying nearly 25,000 square feet, including boutique retail, restaurant, deli and financial education/literacy users, as well as the Orlando Police Department. Avanath Capital plans to complete interior renovations of the market-rate units to bring finishes and rents in-line with those of market competitors. Additionally, the firm will upgrade City View’s common areas and retails spaces and replace the roof, HVAC and boiler.

September 23, 2022

Acquisitions Alabama Multifamily Southeast

Marcus & Millichap Brokers $44M Sale of Hills at Hoover Apartments in Metro Birmingham

by John Nelson September 23, 2022

HOOVER, ALA. — Marcus & Millichap has brokered the $44 million sale of The Hills at Hoover, a 320-unit apartment community in Hoover, a suburb of Birmingham. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller, a family office based in New Jersey, and procured the buyer, a Florida-based multifamily owner/operator. Built in the early 1970s, The Hills at Hoover has recently undergone a significant remodel across several interior units, according to Jacobs. According to Apartments.com, the property features one-, two- and three-bedroom apartments, as well as a business center, clubhouse, fitness center, pool, playground, tennis court and a grilling/picnic areas.

September 23, 2022

Development Industrial North Carolina South Carolina Southeast

GCP, Phelan-Bennett to Develop Two Metro Charlotte Industrial Projects Totaling 442,896 SF

by John Nelson September 23, 2022

GASTONIA, N.C. AND FORT MILL, S.C. — Birmingham, Ala.-based Growth Capital Partners (GCP) is partnering with Houston-based Phelan-Bennett Development to develop two speculative industrial projects in metro Charlotte totaling 442,896 square feet. GCP acquired a 17.3-acre site at 1215 Jenkins Road in Gastonia in April. Set in Northwest Gateway Logistics Park off I-85, Phelan-Bennett will break ground in late September to build a 132,395-square-foot facility and a 166,370-square-foot warehouse with an expected delivery of third-quarter 2023. The buildings will feature 32-foot clear heights, 57 total dock-high doors and a shared 200-foot truck court. The 15.5-acre site that GCP acquired mid-August in Fort Mill at Lakemont Business Center will break ground in December, with an expected delivery in fourth-quarter 2023. The 144,131-square-foot project will feature 32-foot clear heights, dock-high doors and a 122-foot truck court. GCP will manage and lease the properties upon completion. Henry Lobb and Abby Smith of Avison Young are marketing all three buildings for lease. GCP and Phelan-Bennett have also partnered this year on three development projects in Texas and one in Tennessee. The six projects, which will deliver nine buildings spanning nearly 1.7 million square feet, are part of GCP’s Fund II, an investment vehicle targeting …

September 23, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 411-Unit Self-Storage Facility in Odessa, Texas

by Taylor Williams September 23, 2022

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Advance A-1 Self Storage, a 411-unit facility in the West Texas city of Odessa. The property sits on 3.2 acres at 3151 E. Business Loop 20. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a REIT, in the transaction. Both parties requested anonymity.

September 23, 2022

Loans Multifamily Texas

Three Pillars Receives $46M Loan for Refinancing of Two Houston Apartment Communities

by Taylor Williams September 23, 2022

HOUSTON — Locally based investment firm Three Pillars Capital Group has received a $46 million loan for the cash-out refinancing of Mainridge Point and Westridge Gardens, two apartment communities totaling 520 units in Houston. Three Pillars purchased the properties, which offer one- and two-bedroom units, in October 2020 then implemented a series of capital improvements. Upgrades included new countertops, cabinetry, flooring and kitchen and bath fixtures. An undisclosed, California-based bank provided the loan.

September 23, 2022

Acquisitions Retail Texas

Centergy Retail Sells 114,120 SF Left Bank Shopping Center in Fort Worth

by Taylor Williams September 23, 2022

FORT WORTH, TEXAS — Dallas-based developer Centergy Retail has sold Left Bank, a 114,120-square-foot shopping center in Fort Worth. Grocer Tom Thumb anchors the center, which was 98 percent leased at the time of sale. Other tenants include Hopdaddy Burger Bar, Crumbl Cookies, Nékter Juice Bar and Buffalo Wild Wings. Jim Batjer, Chris Cozby, Mark Witcher, Blaine Dozier and Harrison Tye of CBRE represented Centergy in the transaction. The buyer and sales price were not disclosed.

September 23, 2022

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