Property Type

Dunleer Buys Two Outdoor Storage Yards in Southern California for $13M

by Amy Works June 22, 2022

SANTA ANA AND BELLFLOWER, CALIF. — Los Angeles-based Dunleer has acquired two industrial outdoor storage properties for a total consideration of $13 million. The properties are located at 4404 W. First St. in Santa Ana and 10027 Artesia Blvd. in Bellflower. The Santa Ana property features a 2.7-acre outdoor storage yard that includes one 3,826-square-foot office/industrial building. Dunleer purchased the property for $8.6 million. Chad Solomon of JLL represented the buyer in the deal. The name of the seller was not released. The Bellflower property is a 1.1-acre outdoor storage yard that includes improvements totaling 3,792 square feet. Dunleer acquired the asset for $4.1 million. The seller was the current tenant, a pipe and steel fabrication user, which will leaseback the site for six months. John Rendon of INCO Commercial represented the buyer and seller in the deal.

June 22, 2022

Acquisitions Hospitality Southeast Virginia

Hunter Brokers Sale of 295-Room Delta Hotel in Virginia Beach

by John Nelson June 22, 2022

VIRGINIA BEACH, VA. — Hunter Hotel Advisors has brokered the sale of Delta Hotel by Marriott Virginia Beach Bayfront Suite, a 295-room hotel located on the north shore of Virginia Beach. The beachfront hotel was renovated in 2020 and features three food and beverage options, including Tin Cup Kitchen + Oyster Bar, as well as a fitness center and outdoor pool. Lingerfelt CommonWealth Partners sold Delta Hotel to a joint venture between BlackPearl Capital and an affiliate of Paceline Equity Partners for an undisclosed price. Trey Scott and Spencer Davidson of Hunter Hotel Advisors represented the seller in the transaction.

June 22, 2022

Acquisitions Multifamily Texas Top Stories

SWBC Real Estate Sells Five-Property Multifamily Portfolio in Texas for $350M

by Kristin Harlow June 22, 2022

TEXAS — SWBC Real Estate LLC has sold a five-property multifamily portfolio totaling 1,437 units in Texas for $350 million. The communities include: The Royalton at Grand Prairie in Grand Prairie; Central Park at Craig Ranch and The Royalton at Craig Ranch in McKinney; The Royalton at Rockwall Downes in Rockwall; and The Royalton at Sunfield in Buda. Lightbulb Capital Group, the family office of developer and investor Jay Schuminsky, acquired the properties in the Dallas-Fort Worth metroplex, including those in Grand Prairie, McKinney and Rockwall. Brixton Capital purchased the community in Buda, which is a southern suburb of Austin. Both buyers are based in California. “It’s apparent that there is still a very aggressive appetite for new multifamily properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties,” says Stuart Smith, COO of SWBC. “The recent uptick in interest rates is causing some concern with the future values of commercial real estate properties. However, the continued interest in the multifamily sector in well-located areas throughout Texas has remained strong at this time.” Joey Tumminello, Will Balthrope and Drew Kile of Marcus & Millichap’s Institutional Property Advisors led the …

June 22, 2022

California Market Reports Retail Western Western Market Reports

L.A. Retail: A Tale of Two Pandemics

by Jeff Shaw June 22, 2022

By Nellie Day All of Los Angeles County might have been under the same restrictions throughout the pandemic, but their emergence from this period reveals a lot about the localized retail environments. “Los Angeles’ retail market has weathered COVID better than many other markets around the country,” says Matthew May, founder of May Realty Advisors in the Los Angeles submarket of Sherman Oaks, Calif. “However, the recovery has favored a diverse group of suburban markets.” Certain Suburbs Stand Out Markets like East Hollywood/Silver Lake, Inglewood/South LA and Santa Clarita boasted the highest 12-month rolling net absorptions in the county, according to CoStar — something May doesn’t believe was expected. “LA is known as a melting pot and this is reflected in the geographic and ethnic makeup of the top submarkets based on net absorption,” he says. “Vacancies in many of the suburbs were substantially less than in the Central Business Districts and tony retail areas from Beverly Hills to Abbott Kinney. These emerging markets were quite a surprise.” On the other hand, metro markets like Santa Monica, Downtown LA and Koreatown each had more than 100,000 square feet of negative absorption. Santa Monica’s Third Street Promenade has been one of …

June 22, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities Acquires Litchford 315 Apartments in Raleigh for $83M

by John Nelson June 21, 2022

RALEIGH, N.C. — Magma Equities has purchased Litchford 315 Apartments, a 240-unit multifamily community in Raleigh that was delivered in January. The Southern California-based investor purchased the property in an off-market transaction for $83 million, which represents the company’s fourth investment in North Carolina this year and its largest single-property acquisition in the state. Litchford 315 features one-, two- and three-bedroom apartments across 10 buildings. Community amenities include a clubhouse, resort-style swimming pool, fitness center, billiards and gaming lounge and a dog park. Litchford 315 was 96 percent occupied at the time of sale. The seller/developer was not disclosed.

June 21, 2022

Development Florida Industrial Southeast

Miller Begins Construction on 400,000 SF Industrial Project in Tampa

by John Nelson June 21, 2022

TAMPA, FLA. — Miller Construction has broken ground on Tampa Commerce Center, an industrial park in Tampa whose first phase will comprise two speculative warehouses spanning approximately 400,000 square feet. Building 100 will have 32-foot clear heights and 52-foot column spacing with 146,188 square feet of storage and office space. The 252,250-square-foot Building 400 will have 36-foot clear heights with 52-foot columns. The developer, Houston-based Hines, plans to deliver the two single-story, tilt-wall buildings by the end of the year. The company also plans to develop two more logistics facilities in Phase II. Tampa Commerce Center is situated on 46 acres at 7918 Harney Road, near the intersection of I-4 and I-75. The project team includes Randall-Paulson Architects, Hibbard Engineering, Clear Engineering, Pinnacle Structural Engineers and civil engineer Genesis Halff.

June 21, 2022

Development North Carolina Office Southeast

Charlotte Metro Credit Union to Build 48,000 SF Headquarters Office Building

by John Nelson June 21, 2022

CHARLOTTE, N.C. — Charlotte Metro Federal Credit Union (CMCU) plans to develop a new primary office building on the corner of Central Avenue and Piedmont Street in Charlotte’s Elizabeth neighborhood for its new headquarters. The two-story, 48,000 square-foot property will house the credit union’s operations and administration staff who currently deliver financial services for over 92,000 members. Designed by Liquid Design & Architecture, the building will have a large terrace on the second floor facing Uptown Charlotte, as well as a two-story atrium space and two underground levels of parking. The building will be directly adjacent to the new CMCU Central Avenue branch that broke ground in March and is expected to be open later this fall. Construction for the new headquarters will begin in the first quarter of 2023 with an expected completion date in the second quarter of 2024. Upon completion of the new headquarters facility, CMCU plans to sell its existing headquarters building at 718 Central Ave. in Charlotte but retain its operations offices in Matthews and Greensboro.

June 21, 2022

Industrial Kentucky Southeast

Augusta Distillery Breaks Ground on $23M Bourbon Production Facility in Northeast Kentucky

by John Nelson June 21, 2022

AUGUSTA, KY. — Augusta Distillery, a bourbon maker founded in 2018, has broken ground on a $23 million distillery in its hometown of Augusta in northeast Kentucky. Situated along the Ohio River in Bracken County, the new 40,000-square-foot facility is an adaptive reuse of a metal stamping facility that was in use from 1883 to 2007. The project will house Augusta Distillery’s first full-scale operation that will produce its signature drink, Buckner’s 13-year single barrel cask strength bourbon, which is distributed nationally and is available retail in Kentucky and Ohio. The company’s next bourbon product is expected to arrive later this year. Augusta Distillery expects to reach full production capacity by summer 2024 and employ 14 full-time staff. According to Kentucky Gov. Andy Beshear’s website, Kentucky’s bourbon sector is a nearly $9 billion industry, generating more than 22,500 jobs with an annual payroll exceeding $1.23 billion.

June 21, 2022

Development Multifamily Texas

OHT Partners Breaks Ground on 750-Unit Multifamily Development in South Austin

by Taylor Williams June 21, 2022

AUSTIN, TEXAS — Locally based developer OHT Partners has broken ground on Phase I of a 750-unit multifamily development in South Austin. The first phase of the development, which will be branded Lenox Woods, will total 402 units and is scheduled for a late 2023 completion. The second phase, which will comprise 348 units in a yet-to-be-named community, is slated to be delivered in 2024. The site spans 37 acres and includes a 7.5-acre parcel that will function as parkland. Lenox Woods will feature one- and two-bedroom units and amenities such as two pools, a fitness center, dog park, pickleball courts and a business center. Meeks + Partners is designing the community.

June 21, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 408-Unit Apartment Community in Northeast San Antonio

by Taylor Williams June 21, 2022

SAN ANTONIO — Newmark has brokered the sale of ReNew at TPC, a 408-unit apartment community in northeast San Antonio. The property features a mix of studio, one-, two-, three- and four-bedroom units with an average size of 905 square feet. Units are furnished with hardwood-style flooring, stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, grilling areas, a resident lounge, business center, fitness center and a dog park. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, San Francisco-based FPA Multifamily, in the transaction. California-based DB Capital Management purchased the property for an undisclosed price with plans to implement a value-add program.

June 21, 2022

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