Property Type

Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

by John Nelson November 18, 2021

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

November 18, 2021

Florida Hospitality Loans Southeast

JLL Secures $180M Refinancing for Miami Beach Edition Hotel

by Julia Sanders November 17, 2021

MIAMI BEACH, FLA. — JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites, including 28 private bungalows and a rooftop penthouse, and has direct access to 380 linear feet of beachfront. Hotel amenities include two outdoor pools, a fitness facility, spa and a basement, which includes an underground nightclub with a bowling alley and ice skating rink. The property also offers three food and beverage outlets, including Matador Room/Bar, Market at Edition and Tropicale and Lobby Bar. The resort offers a private oceanfront beach club with approximately 300 active members. Located on a 3.5-acre site, the hotel is situated 8.7 miles from downtown Miami, one mile from Miami Beach Convention Center and 11.8 miles from Miami International Airport.

November 17, 2021

Acquisitions Louisiana Multifamily Southeast

Passco Purchases Two Multifamily Properties in Baton Rouge Totaling 552 Units

by Julia Sanders November 17, 2021

BATON ROUGE AND ADDIS, LA. — Passco Cos., an Irvine, Calif.-based commercial real estate company, has purchased two multifamily communities in Baton Rouge totaling 552 units. The properties include Tapestry Long Farm and Sweetwater Apartments. The sales price was not disclosed. Arlington Properties will manage both properties moving forward. Passco acquired 276-unit Tapestry Long Farm from the property’s developer, Birmingham, Ala.-based Arlington Properties. Mike Kemether and Larry Schedler of Cushman & Wakefield represented Passco and the seller in the transaction. Tapestry Long Farm features a mix of one-, two- and three-bedroom floorplans. Community amenities include a fitness center, business center, auto car center, pet park and grooming station, sports pub, swimming pool and a yoga and spin studio. Located at 16333 Columns Way, Tapestry Long Farm is situated within Long Farm Village, a 235-acre master planned development with residential, retail and office space. Built in 2017, the property is situated 12.8 miles from Louisiana State University (LSU). Hammond, La.-based Stoa Group sold the 276-unit Sweetwater Apartment Homes. Jeffery Glassover and Matthew Raitz of Glassover & Raitz LLC represented the buyer and seller in the transaction. Sweetwater offers one-, two- and three-bedroom floorplans with interior features including stainless steel appliances, faux-wood …

November 17, 2021

Acquisitions Alabama Office Southeast

Fairway, Pope & Land Acquire Brookwood Office Center in Birmingham for $55M

by Julia Sanders November 17, 2021

BIRMINGHAM, ALA. — A partnership between Birmingham-based Fairway Investments LLC and Atlanta-based Pope & Land Enterprises Inc. has acquired Brookwood Office Center, an office building located in Birmingham spanning nearly 170,000 square feet. Atlanta-based Preferred Apartment Communities Inc. sold the property to the partnership for $55 million. Built in 2007, Brookwood Office Center is fully-occupied and is anchored by Kinder Morgan, a Houston-based energy infrastructure company. Other tenants include Surgical Care Affiliates, an outpatient surgery provider; Merrill Lynch, a financial services firm; and PricewaterhouseCooper (PwC), a financial consulting firm. The property also houses two storefronts including O’Henry’s Coffees and JoS.A.Bank. The property has 896 total parking spots. Colliers will retain property management and leasing under the new ownership. Located at 569 Brookwood Village, the office building is situated adjacent to the Brookwood Village Mall and Macy’s. The property is also located near retailers such as The Fresh Market grocery store, Verizon Wireless, Target, Dunkin’ and Five Guys. Fairway Investments and Pope & Land have worked together for more than 20 years on projects to develop and enhance commercial real estate throughout the Southeast.

November 17, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges $17.1M Sale of Retail Center in Fort Lauderdale

by Julia Sanders November 17, 2021

FORT LAUDERDALE, FLA. — CBRE has arranged the $17.1 million sale of Galleria Plaza, a 24,807-square-foot, multi-tenant retail center in Fort Lauderdale. David Donnellan and Patricia Friend of CBRE represented the seller, Sunrise Investment Properties LLC, a Florida-based entity managed by Stiles Corp., in the transaction. The property sold for close to $700 per square foot. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets secured acquisition financing on behalf of the buyer, Shawnick Galleria LLC, an entity affiliated with a California-based private investor. The long-term, fixed-rate loan was placed through an undisclosed life insurance company. Galleria Plaza is home to tenants including GEICO, Primo Fine Wines and Downtown Bicycles. The property is shadow-anchored by a separately owned Publix that was not included in the sale. Located at 2414 E Sunrise Blvd., Galleria Plaza is situated about 2.6 miles from downtown Fort Lauderdale, 7 miles from Fort Lauderdale International Airport and 12.5 miles from Hollywood Beach.

November 17, 2021

Arkansas Company News Retail Southeast

Walmart Posts Growth in Fiscal Third-Quarter Earnings, Raises Future Revenue Projections

by Julia Sanders November 17, 2021

BENTONVILLE, ARK. — Bentonville-based Walmart Inc. (NYSE:WMT) posted growth in earnings during its fiscal third quarter of 2021, which ended Oct. 31. Walmart’s total revenue was $140.5 billion, an increase of 4.3 percent from a year earlier when it was $134.7 billion. These numbers were also higher than Wall Street’s predictions of $135.6 billion, according to CNBC. According to Refinitiv, the discount retailer’s earnings per share were $1.45 adjusted versus $1.40 expected. Additionally, Walmart’s e-commerce sales increased 8 percent during the fiscal third quarter and 87 percent over a two-year period. Walmart raised its forecast for the rest of the year, believing it will continue to see growth. Based on full-year guidance, now the retailer expects its adjusted earnings per share will be approximately $6.40 versus its previous projection of between $6.20 and $6.35. To prepare for the upcoming holiday shopping season, Walmart boosted its inventory by 11.5 percent. More customers shopped at Walmart during the third quarter due to the retailer’s low prices and amid an inflationary period that is causing household items to rise in price, according to CNBC. Despite the growth in revenue, Walmart’s net income decreased to $3.11 billion, or $1.11 per share. A year prior, …

November 17, 2021

Development Illinois Industrial Midwest

Conor Commercial Real Estate Completes Development of 436,500 SF Spec Industrial Building in Bartlett, Illinois

by Kristin Harlow November 17, 2021

BARTLETT, ILL. — Conor Commercial Real Estate has completed the development of Brewster Creek Commerce Center, a 436,500-square-foot speculative industrial building in the Chicago suburb of Bartlett. The developer has leased the entire building to Chicago-based Colony Display, which will use the facility for light manufacturing and warehousing space. The project is situated within a 670-acre business park that is home to tenants such as McKesson, Grego & Sons and Cheese Merchants of America. The building features a clear height of 36 feet, 54 truck docks, four drive-in doors, 125 trailer stalls and 340 automobile spaces. Brad Simousek, Ryan Kehoe and Mike Plumb of Lee & Associates represented Conor in the lease transaction. Luke Molloy, Jack Brennan and Mike Sedjo of CBRE represented Colony Display. The project team included McShane Construction Co., V3 Cos. and Harris Architects Inc.

November 17, 2021

Industrial Leasing Activity Midwest Missouri

Sensient Signs 300,481 SF Industrial Lease in St. Louis

by Kristin Harlow November 17, 2021

ST. LOUIS — Sensient Technologies Corp. has signed a 300,481-square-foot industrial lease at 255 Logistics Center in St. Louis. The company manufactures colors, flavors and fragrances. Sensient is leasing space currently occupied by Medline Industries, which is terminating its lease early and moving to a self-developed facility elsewhere in the market. The buildout for Sensient will include reconfiguring office space, the addition of locker rooms, dock upgrades and the installation of additional electric service and new lighting fixtures. SparrowHawk LLC owns the building, which was constructed in 2008. Patrick Reilly and Dave Branding of JLL represented SparrowHawk in the lease transaction. Matt Eastin of Cushman & Wakefield represented Sensient.

November 17, 2021

Acquisitions Industrial Kansas Midwest

Stan Johnson Co. Brokers $16.4M Sale of FedEx-Occupied Facility in Topeka, Kansas

by Kristin Harlow November 17, 2021

TOPEKA, KAN. — Stan Johnson Co. has brokered the sale of a FedEx-occupied distribution center spanning 26,892 square feet in Topeka for $16.4 million. The property is located at 5116 SW Wenger St. Built in 2015, the facility features 36 docks and ample trailer parking. Erik Lundberg of Stan Johnson represented the seller, a New Jersey-based investor group that acquired the property less than a year ago. A Wisconsin-based investor completing a 1031 tax-deferred exchange was the buyer. The sales price represents a cap rate of 5 percent.

November 17, 2021

Acquisitions California Multifamily Western

CGI+ Buys Alturas Multifamily Community in Oxnard, California for $50.7M

by Amy Works November 17, 2021

OXNARD, CALIF. — CGI+ Real Estate Strategies has acquired Alturas, a multifamily property located in Oxnard, for $50.7 million in an off-market transaction. The company plans to rebrand the 170-unit community as Via Oxnard. Built in 1965, the property features one-, two- and three-bedroom units with 76 percent being two-story townhomes. CGI+ plans to upgrade and renovated the non-renovated units and common areas. Greg Harris, Joe Grabiec and Kevin Green of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller and buyer in the deal.

November 17, 2021

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