Property Type

Sares Regis Divests of 250-Unit Sedona Ridge Multifamily Community in Phoenix

by Amy Works September 14, 2021

PHOENIX — Sares Regis Multifamily Funds has completed the sale of Sedona Ridge, a garden-style apartment property located at 5010 E. Cheyenne Drive in Phoenix. Terms of the transaction were not released. Sedona Ridge features 250 apartments in a mix of one-, two- and three-bedroom units, averaging 941 square feet, with full-size washers/dryers and private patios or balconies. The community offers two swimming pools and spas, a renovated fitness center, sand volleyball court, detached garages, dog park, package locker system, outdoor picnic area and clubhouse. Mike Higgins, John Cunningham and Charles Steele of JLL Capital Markets represented the seller in the transaction.

September 14, 2021

Acquisitions Arizona Office Western

Stafford Holdings Buys 88,696 SF Office Building in Phoenix for $22.1M

by Amy Works September 14, 2021

PHOENIX — Idaho-based Stafford Holdings has purchased North Loop 101 Building D, an office building located at 19820 N. 7th Ave. in Phoenix. Los Angeles-based Regent Properties sold the property for $22.1 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, while Blake Hupfer of Premiere Property Group represented the buyer in the deal. The two-story building features 88,696 square feet of Class A office space. At the time of sale, the property was fully leased to two tenants. Centuri Construction Group, a subsidiary of Southwest Gas, occupies 95 percent of the building, with Pacific Western Bank occupying the remaining space.

September 14, 2021

Features Student Housing

Contractors Face Uncertain Materials Costs, Lull in Student Housing Activity Due to COVID-19

by Katie Sloan September 14, 2021

Rising construction materials costs have been one of the biggest stories of the pandemic era. When COVID hit, many factories ramped down production. In addition, some raw materials industries had challenges like tariffs, natural disasters and COVID-related slowdowns. When construction continued during the pandemic, supply suffered and pricing rose dramatically. This has been especially true for lumber and steel, but natural disasters in areas like Texas have even hampered the manufacturing of other goods, like appliances. Student Housing Business, sister publication to REBusinessOnline, spoke to six general contractors to get their take on the student housing sector at present, and to get their advice on what they are telling clients who are pricing projects for 2022 groundbreakings and beyond. SHB spoke with Arne Goldman, director of business development at Marous Brothers Construction; Marty Hoffey, business development manager at MW Builders; Emily Kessinger, business development manager, and Chris Harrison, executive vice president at The Weitz Company; Sean Studzinski, president of strategic initiatives at Modular Design+; and Sky Sanborn, executive vice president and chief operating officer of Broeren Russo Builders. SHB: How busy is your student housing pipeline? What projects have you recently built/completed? Goldman: We have some projects that are lined …

September 14, 2021

Sky-Landing-Apartments-White-Settlement-Texas

Market Reports Multifamily Texas Texas Market Reports

Dallas Multifamily Market Sets Pace for National Recovery

by Taylor Williams September 14, 2021

By Jon Krebbs, managing director, The Multifamily Group The COVID-19 crisis has certainly had a heavy impact on many sectors of the economy; however, the multifamily sector still has had a triumphant year. The Dallas apartment sector has maintained healthy occupancy in 2021, and the investment side of the market is picking up due to buyers having constrained capital during the height of the public health crisis in 2020. Dallas-Fort Worth (DFW) has benefited from major corporate relocations since the 1980s. Over the last decade, corporate interest has expanded and that brought multiple Fortune 500 companies’ headquarters to the region due to its pro-business conditions. It is no wonder why the market is on the radar of C-suite leaders and governing boards — its favorable workforce, affordable cost of housing, lack of state income tax and steady supply of new apartment buildings are all factors. Simply put, apartment investors regard DFW as an opportunity for growth. Between 2019 to 2020, approximately 120,000 people from outside the metroplex have been added to the local population. This number has substantially increased over the last two years due to COVID-19. Market Overview The Dallas multifamily market has been hot for the last seven …

September 14, 2021

Acquisitions California Industrial Life Sciences Mixed-Use Top Stories Western

Oxford Properties Group Acquires Industrial Park in Metro LA for $133.5M

by John Nelson September 14, 2021

SANTA CLARITA, CALIF. — Oxford Properties Group, a real estate investment and management firm based in Toronto, has purchased Santa Clarita Innovation Park, a 14-building campus situated on 118.5 acres in the Los Angeles suburb of Santa Clarita. Funds managed by Oaktree Capital Management and Intertex Cos. sold the property, which was formerly known as Mann Biomedical Park, for $133.5 million. The acquisition of Santa Clarita Innovation Park falls in line with Oxford’s investment strategy as it is leased to various distribution users and life sciences firms such as Boston Scientific and Bioness. Oxford aims to have 45 to 60 percent of its assets-under-management portfolio to be in life sciences, industrial and residential real estate by 2025. In addition to distribution and life sciences, Santa Clarita Innovation Park includes some offices, a childcare facility and Wolf Creek Brewery. Additionally, the acquisition includes development rights for approximately 40 acres within the park. “Substantially growing our life sciences and industrial businesses represents our highest conviction investment strategies and top priorities at Oxford,” says Chad Remis, executive vice president of North America at Oxford. “The acquisition of Santa Clarita Innovation Park, and its additional development capacity, uniquely provides us with flexibility to build …

September 14, 2021

Acquisitions Indiana Industrial Midwest

JLL Brokers $114M Sale of 1.5 MSF Distribution Center in Metro Indianapolis

by Kristin Harlow September 13, 2021

FRANKFORT, IND. — JLL Capital Markets has brokered the sale of a 1.5 million-square-foot distribution center in the Indianapolis-area community of Frankfort for $114 million. The facility was completed in 2015 as a build-to-suit for food and beverage maker ConAgra Brands, which fully occupies the property. Building features include a clear height of 34 feet, 125 dock-high doors, four drive-in doors, 853 trailer parking stalls and 10 rail docks serviced by CXS and Norfolk Southern. John Huguenard and Kurt Sarbaugh of JLL represented the seller, Founders Properties LLC. W. P. Carey purchased the 180-acre property.

September 13, 2021

Illinois Leasing Activity Midwest Office

Ally Financial Signs 55,000 SF Office Lease at Schaumburg Towers in Suburban Chicago

by Kristin Harlow September 13, 2021

SCHAUMBURG, ILL. — Ally Financial has signed a 55,000-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. Ally, a digital financial services company, will relocate from Itasca, where it currently occupies 44,000 square feet. Ally expects to take occupancy of its new space in the third quarter of 2022. Located on American Lane, Schaumburg Towers is a two-building, 882,000-square-foot office complex. Owner America Landmark Properties has invested more than $20 million to renovate the property in the past few years. Steve Kling and David Florent of Colliers International represented ownership in the lease transaction, which brings the property’s occupancy up to 70 percent. Scott Ohlander of JLL represented Ally.

September 13, 2021

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Breaks Ground on $14.3M Affordable Housing Project in Traverse City, Michigan

by Kristin Harlow September 13, 2021

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has broken ground on Ruth Park, a $14.3 million affordable housing project in downtown Traverse City. The property will provide 58 units for singles, families and seniors who earn 30 to 80 percent of the area median income. Amenities include two community rooms, a fourth-floor outdoor terrace, fitness room, playground and laundry. There are six units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the new development. Affordable housing investor Marble Cliff Capital is providing equity financing and Bellwether Enterprise is providing the first mortgage. Traverse City-based Independent Bank contributed a construction loan. The project team includes architect PCI Design Group, civil engineer Mansfield Land Use Consultants and sustainability consultant Sol Consulting + Design. Woda Cooper’s construction division is the general contractor and the company’s management division will oversee leasing and day-to-day operations. A timeline for completion was not disclosed.

September 13, 2021

Acquisitions Industrial Kansas Midwest

NAI Martens Arranges $8.6M Sale of Four Airport Hangars in Wichita

by Kristin Harlow September 13, 2021

WICHITA, KAN. — NAI Martens has arranged the sale of four airport hangars at Wichita’s Dwight D. Eisenhower National Airport for $8.6 million. The transaction involved 96,536 square feet across the four hangars, which all include private office space. Steven Martens and Grant Glasgow of NAI Martens represented the undisclosed seller and procured two separate buyers.

September 13, 2021

Acquisitions Industrial Midwest Ohio

Simi Capital Sells Industrial Property in Columbus for $6.1M

by Kristin Harlow September 13, 2021

COLUMBUS, OHIO — Simi Capital has sold a 15-acre industrial property located on Stelzer Road in Columbus for $6.1 million. The institutional buyer plans to continue utilizing the property for industrial parking. Shortly after acquisition of the site, Simi secured the property’s entitlement for industrial use and arranged a long-term lease with CMH Parking and Repair. Simi paid $4.2 million for the site. Ryan Crossley of Kooperman Mentel Ferguson Yaross served as legal representation for Simi. Alex Marsh of The Robert Weiler Co. brokered the sale.

September 13, 2021

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