Property Type

Amid Increased Demand, Many Multifamily Owners Turn to Third-Party Operators

by Jeff Shaw April 26, 2022

In 2020, the multifamily marketplace took an unprecedented hit thanks to the global pandemic. Unemployment and layoffs were rife, rent moratoriums were put in place to safeguard against mass evictions, and multifamily investment and new builds took a nosedive. However, as the country has started to emerge from the throes of COVID-19, the marketplace has entered a banner period of growth with forecasts indicating that the number of apartments nationwide will grow by an additional 4.5 million by 2030. This period of unprecedented growth shows no signs of slowing, either. According to Richardson, Texas-based RealPage, a provider of data analytics and property management software, during the first quarter of 2022 there was a total of 18.59 million apartment units in the U.S., a nearly 75,000 unit increase from the fourth quarter of 2021. But that modest growth in supply is being greatly eclipsed by robust demand, says Carl Whitaker, director of research and analysis at RealPage. “In fact, the only thing holding absorption rates back is the fact that occupancy is approaching 98 percent, so there’s just not much available inventory to even be absorbed.” As the rental market continues to rapidly grow, developers and owners are faced with …

April 26, 2022

Beacon Partners Begins Construction on 375,874 SF Industrial Park in Charlotte

by Julia Sanders April 25, 2022

CHARLOTTE, N.C. — Beacon Partners has begun construction on two speculative buildings totaling 375,874 square feet within Carolina Logistics Park, a master-planned industrial park in Charlotte. Building 2 will span 202,403 square feet and Building 3 will be 173,471 square feet. Buildings 2 and 3 are situated at one of the park’s two entrances at the intersection of Carolina Logistics Drive and Downs Road. Both buildings will offer 32-foot clear heights, 180-feet concrete truck courts with ample trailer parking and six-inch floor slabs. The buildings are scheduled for delivery in the third quarter. Additionally, Building 4, a 525,624-square-foot property located at 11925 Carolina Logistics Drive, is already underway and scheduled for completion in June. Tim Robertson of Beacon Partners is handling leasing for Carolina Logistics Park. The project team includes general contractor Conlan Co., Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo is providing construction financing for the two speculative buildings. Carolina Logistics Park is a 288-acre park that will eventually accommodate up to 3.6 million square feet of Class A space. The site sits within proximity to Interstates 77 and 485, Charlotte Douglas International Airport and Uptown Charlotte. The park’s existing tenants include Amazon (1 million …

April 25, 2022

Acquisitions Georgia Retail Southeast

First National Realty Acquires 170,000 SF Grocery-Anchored Shopping Center in Savannah

by Julia Sanders April 25, 2022

SAVANNAH, GA. — Red Bank, N.J.-based First National Realty Partners LLC has acquired McAlpin Square, a 170,000-square-foot shopping center in Savannah. David Rivers of Palomar Group represented the undisclosed seller in the transaction. The sales price was not disclosed. Opened in 1980, McAlpin Square is anchored by a 43,600-square-foot Kroger, one of the original tenants at the center. Kroger operates a branded onsite fuel center as well. McAlpin Square’s other retailers include Big Lots, Goodwill, the US Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s Pizza and GameStop. Located at 1900 E. Victory Drive, McAlpin Square sits at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah.

April 25, 2022

Development Multifamily Southeast Virginia

Jefferson Apartment Group, STARS REI Break Ground on 98-Unit Multifamily Project in Arlington, Virginia

by Julia Sanders April 25, 2022

ARLINGTON, VA. — Jefferson Apartment Group, with its Chilean-based partner STARS REI, has broken ground on a 98-unit apartment community at 1031 N. Vermont St. in Arlington. Construction is expected to be completed by early 2024. The new development will offer one-, two- and three-bedroom floorplans in a seven-story building. Unit features will include quartz countertops, tile backsplashes, stainless steel appliances and plank flooring. Many units will also include private terraces and balconies. Community amenities will include a resident lounge, rooftop terrace, below-grade parking totaling 120 spaces, 40 bicycle spaces and resident storage. KGD Architecture is the designer for the project and Donohoe Construction Co. is the general contractor. United Bank provided an undisclosed amount of financing.

April 25, 2022

Leasing Activity Maryland Office Southeast

Cushman & Wakefield Secures 26,000 SF Office Lease for Design Firm in Baltimore

by Julia Sanders April 25, 2022

BALTIMORE — Cushman & Wakefield has secured a new 26,000-square-foot office lease in Baltimore for Design Collective, a locally based architecture and design firm. The firm will relocate from its current location in The Power Plant at 601 East P. St. to 100 E. Pratt St. The new office location offers a David & Dad’s Café Express, Starbucks, fitness center, concierge service and outdoor seating. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington of Cushman & Wakefield represented the landlord, Vision Properties.

April 25, 2022

Acquisitions Florida Industrial Southeast

Stan Johnson Co. Arranges $7.1M Sale of Infill Industrial Facility in West Palm Beach

by Julia Sanders April 25, 2022

WEST PALM BEACH, FLA. — Stan Johnson Co. has arranged the $7.1 million sale of an infill industrial outdoor storage facility located at 3945 Fiscal Court in West Palm Beach. Brandon Duff and Mack Wolfgram of Stan Johnson Co. brokered the transaction between the seller, an individual investor based in Fort Lauderdale, and the buyer, a private investment and development company based in Philadelphia. Built in 1990, the property features a 14,000-square-foot concrete building situated on a 3.6-acre site. The asset includes an improved industrial yard that is fully paved with lighting and perimeter fencing. The property is fully leased to United Site Services on a triple-net basis. Additionally, with direct frontage on Interstate 95, the property is positioned in an industrial corridor that includes other national tenants such as ABC Supply Co., Herc Rentals, SiteOne Landscape Supply, Builders FirstSource, Allied Trailers and Enterprise Truck Rental.

April 25, 2022

Acquisitions Arizona Multifamily New Mexico Western

IPA Brokers $201.7M Sale of Multifamily Portfolio in Phoenix, Albuquerque

by Amy Works April 25, 2022

PHOENIX AND ALBUQUERQUE, N.M. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a three-property apartment portfolio in Arizona and New Mexico. JB Partners sold the assets to Bridge Investment Group for $201.7 million. The portfolio includes the 296-unit Villages at Metro Center, which was built in 1979 on 11 acres in Phoenix; the 273-unit Crystal Creek, which was constructed in 1985 on eight acres in Phoenix; and the 216-unit Indigo Park, which was built in 1974 on 7.5 acres in Albuquerque. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Ryan Sarbinoff of Marcus & Millichap served as broker of record in New Mexico.

April 25, 2022

Development Mixed-Use Nevada Office Western

UnCommons Breaks Ground on Phase II of Mixed-Use Community in Southwest Las Vegas

by Amy Works April 25, 2022

LAS VEGAS — UnCommons Matter Real Estate Group has broken ground on Phase II of its $400 million, 40-acre mixed-use community in southwest Las Vegas. The second phase will feature a conference center, two office buildings and an additional parking garage with nearly 750 stalls. Construction is slated for completion by summer 2023. Components of Phase II include The Assembly, a 5,000-square-foot conference center offering indoor and outdoor space accommodating meetings for 10 to 250 people; and two four-story office buildings totaling 180,000 square feet with 20,000-square-foot to 25,000-square-foot floor plates available for lease. The buildings will have connected patio balconies enabling tenants to enhance their spaces with floors that are up to 45,000 square feet. Phase II will bring UnCommons to more than 335,000 square feet of office space. Upon full build-out, the property will offer five office buildings and four parking garages.

April 25, 2022

Acquisitions California Industrial Western

BentallGreenOak Buys 614,020 SF Industrial Portfolio in Metro San Diego

by Amy Works April 25, 2022

CARLSBAD, VISTA AND SAN MARCOS, CALIF. — BentallGreenOak has acquired a 614,020-square-foot industrial portfolio consisting of seven manufacturing and distribution buildings in the northern suburbs of San Diego. The name of the seller and acquisition price were not released. The portfolio includes: Vista Distribution Center, a three-building property at 1205, 1211-1215 and 1225 Park Center Drive in Vista 2710 Progress St. in Vista 1880 Diamond St. and 120 Mata Way in San Marcos 2281 Las Palmas Drive in Carlsbad At the time of sale, the portfolio was 100 percent leased. Jeffrey Cole, Aric Starck, Jeff Chiate, Mike Adey, Ed Hernandez and Drew Dodds of Cushman & Wakefield’s Southern California Capital Markets team represented the seller in the deal.

April 25, 2022

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 94-Unit Rancho Belago Seniors Housing Community in Moreno Valley, California

by Amy Works April 25, 2022

MORENO VALLEY, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand its presence within California. The buyer plans to optimize operations, with a renewed focus on optimizing staffing and increasing occupancy. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.

April 25, 2022

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