Property Type

Monument Capital Management Sells Park West Apartments in Greenville for $39M

by John Nelson September 12, 2022

GREENVILLE, S.C. — Monument Capital Management, an A-Rod Corp. company, has sold Park West Apartments in Greenville. Tai Cohen of Cushman & Wakefield represented the seller in the $39 million transaction. The buyer was not disclosed. Located on 20 acres at 357 Hillandale Road, the 359-unit Park West Apartments comprises 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Monument Capital Management originally purchased the community in 2016 and immediately upgraded unit interiors, amenities and common areas.

September 12, 2022

Acquisitions Georgia Industrial Southeast

Denholtz Acquires Three-Property Industrial Portfolio in Savannah for $33M

by John Nelson September 12, 2022

SAVANNAH, GA. — Denholtz Properties has purchased a three-property, 358,884-square-foot industrial portfolio in Savannah. The undisclosed seller sold the properties for $33 million. Colliers brokered the transaction, and JLL arranged an undisclosed amount of acquisition financing on behalf of Denholtz. Located at 101 and 111 Coleman Blvd. and 10 Artley Road, the portfolio is situated near the Port of Savannah, Norfolk Southern and CSX’s robust regional rail networks, I-16 and I-95 and Savannah-Hilton Head International Airport. The portfolio is currently fully leased to a variety of tenants, including Collins Aerospace, Johnson Matthey and East Coast Logistics.

September 12, 2022

Acquisitions Florida Retail Southeast

TSCG Brokers $17M Sale of Palm Trails Plaza Shopping Center in Deerfield Beach, Florida

by John Nelson September 12, 2022

DEERFIELD BEACH, FLA. — TSCG has brokered the sale of Palm Trails Plaza, a 76,067-square-foot shopping center located at Military Trail and SW 10th Street in Deerfield Beach. An affiliate of Savitar Realty Advisors sold the retail center to an affiliate of Boca Raton, Fla.-based Investments Limited for $17 million. Anthony Blanco, Mallory Silva and Nick Ureta of TSCG represented the seller in the all-cash transaction. Completed in 1998 and 2012, Palm Trails Plaza was fully leased at the time of sale to tenants including anchor Walmart Neighborhood Market. The site includes outparcels occupied by Regions Bank and Pollo Tropical that were not part of the sale.

September 12, 2022

Features Multifamily Student Housing

Here’s How Student Housing Owners Can Obtain Fair Property Tax Assessments

by Kristin Harlow September 12, 2022

By John Stark, Popp Hutcheson Student housing valuation is often saddled by two common units of comparison that multiply the opportunities for confusion and disagreement in appraising value for property taxation. For a more convincing property tax appeal, it is important for the taxpayer to ensure their property’s valuations line up on both a per-square-foot and a per-bed basis. This article will discuss the importance of a proper unit mix and rent roll analysis to reconcile values between these units of comparison. We will also discuss current trends in student housing, including free services and concessions designed to boost occupancy, that should be accounted for in an income analysis to make sure appraisal districts do not overvalue the real estate. Price Per Square Foot vs. Price Per Bed Although student housing owners typically lease their properties by the bed and calculate investment value by that metric, many appraisal districts value student housing on a price per-square-foot basis. This can lead to errors in an assessor’s potential gross income assumptions. Further exacerbating overvaluations, many appraisal districts do not distinguish lease-per-bed student housing from traditional, lease-per-unit multifamily apartments. This failure to differentiate leads to erroneous assumptions of market rents and cap rates. …

September 12, 2022

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Shopping Centers Present Opportunities to Revamp, Unlock Value

by Taylor Williams September 12, 2022

By Kari Glinski, vice president of asset management, Federal Realty Investment Trust Philadelphia is known for many things, from being the City of Brotherly Love to a city rich in history, art, culture and food. As a result, the region is desirable for many residents and visitors and has been recognized in real estate circles for its housing and retail development opportunities. Throughout the pandemic, greater Philadelphia has lent itself to commuters, residents, tourists and hybrid employers by providing convenient access to other East Coast cities, vast amenities and outdoor recreation spaces, as well as unique dining, entertainment and shopping experiences. Recognizing the need to continue catering to the remote employees, shopping center owners and developers see ample opportunity across the region, specifically within the inner suburbs. In these locations, there is a great mix of diversity, mature employment bases and irreplaceable real estate where developers can continually create long-term value through blended opportunities. Federal Realty has been reinvesting in the greater Philadelphia and Southern New Jersey region for the past decade, strategically transforming our portfolio. Our company focuses on the ownership, operation and redevelopment of high-quality, retail-focused properties, with a mission to deliver long-term, sustainable growth through investing in …

September 12, 2022

Acquisitions Delaware New Hampshire New Jersey Northeast Property Type Retail Top Stories

Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2M

by John Nelson September 12, 2022

JERSEY CITY, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana Mall in Newark, Del.; The Mall in Columbia in Columbia, Md.; Westfield Annapolis in Annapolis, Md.; Fair Oaks Mall in Fairfax, Va.; Springfield Town Center in Springfield, Va.; Pheasant Lane Mall in Nashua, N.H.; and Dulles Town Centre in Sterling, Va. The assets traded at a blended implied cap rate of 7.28 percent across three all-cash deals. Hilco JCP LLC, an affiliate of Hilco Real Estate LLC and manager of the trust, and an affiliate of Newmark represented the seller in these transactions. “We believe these sales reflect current market conditions and the market’s recognition of the solid performance of JCPenney post-reorganization,” says Neil Aaronson, principal executive officer of the …

September 12, 2022

Acquisitions Illinois Industrial Midwest

Lightstone Purchases Two Chicago-Area Industrial Properties Totaling 558,000 SF

by Kristin Harlow September 9, 2022

BROADVIEW AND BUFFALO GROVE, ILL. — Lightstone has purchased two Chicago-area industrial properties totaling 558,000 square feet for an undisclosed price. The first property is a 332,000-square-foot warehouse and office building located at 2600 S. 25th Ave. in Broadview. The facility is 96 percent leased to 19 tenants. In Buffalo Grove, Lightstone purchased 990 and 1000 Deerfield Parkway, a 226,000-square-foot lab and warehouse property. The building is fully leased to Siemens. With these acquisitions, Lightstone’s industrial portfolio has grown to more than 6.5 million square feet across 15 markets. The seller was not provided.

September 9, 2022

Illinois Leasing Activity Midwest Retail

The Back Room Music Venue Signs 6,000 SF Retail Lease in Chicago’s Fulton Market

by Kristin Harlow September 9, 2022

CHICAGO — The Back Room, an entertainment destination and live music venue, has signed a 6,000-square-foot retail lease at 318 N. Carpenter St. in Chicago’s Fulton Market district. The Back Room, which has been a part of Chicago’s music scene for 50 years, is relocating from 1007 N. Rush St. The new property is an eight-story, 95,445-square-foot office building with ground-level retail space that is situated directly across the street from Google’s Chicago headquarters. James Schutter, Larry Kling and Nick Garlick of Newmark represented the building owner, a joint venture between Murphy Real Estate Services and Creek Lane Capital.

September 9, 2022

Development Kansas Midwest Office

Occidental Management Launches Coworking Concept at Aspiria Campus in Overland Park, Kansas

by Kristin Harlow September 9, 2022

OVERLAND PARK, KAN. — Occidental Management has launched a 45,000-square-foot coworking space at its Aspiria office campus in Overland Park. Named Aspiria NOW, the coworking concept provides members with multiple membership options and workspace configurations. Amenities included in the membership packages include onsite Wi-Fi, free covered parking, printing allowances, fully equipped conference rooms, 24/7 security, dining options and free membership to the fitness center. Occidental hired coworking expert Robert Curland to help launch and run Aspiria NOW.

September 9, 2022

Acquisitions Kansas Midwest Retail

Blue West Capital Negotiates Sale of 22,800 SF Retail Property in Wichita, Kansas

by Kristin Harlow September 9, 2022

WICHITA, KAN. — Blue West Capital has negotiated the sale of Killarney Center, a 22,800-square-foot retail property in Wichita. Located at 3101 N. Rock Road, the center is home to Golftec, T-Mobile, Oh Yeah China Bistro, Oreck Clean Home and The Health Connection. The sale also included a Scooters Coffee ground lease. Shawn Dickmann and Carly Kelly of Blue West Capital represented the buyer, an out-of-state, private real estate investment company. The seller and sales price were not released.

September 9, 2022

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