Property Type

Turnbridge Equities, Fundamental Advisors Sell Five-Property Office Portfolio in Northern Virginia for $220M

by Katie Sloan August 11, 2022

NEW YORK CITY — A joint venture between two New York City-based investors, Turnbridge Equities and Fundamental Advisors LP, has sold its five-building Northern Virginia Cybersecurity and Defense Infrastructure office portfolio for $220 million. The buyer was undisclosed. The joint venture began assembling the 860,000-square-foot portfolio in 2018 with the goal of mitigating rollover risk related to single-tenant occupancy by creating a multi-tenant portfolio with staggered lease terms. The properties were 96 percent occupied at the time of sale by tenants that include Lockheed Martin Corp., General Dynamics Corp., Boeing and Northrop Grumman Corp. The portfolio includes a 205,074-square-foot property at 460 Herndon Parkway in Herndon; a 84,652-square-foot property at 14700 Lee Road in Chantilly; a 112,623-square-foot building at 21700 Atlantic Blvd. in Sterling; a 184,414-square-foot property at 12450 Fair Lakes Circle in Fairfax; and a 273,713-square-foot complex located at 10302 and 10304 Eaton Place in Fairfax. Eric Berkman, Shaun Weinberg and Kevin Sidney of Cushman & Wakefield represented the seller in the transaction. “Cybersecurity is among the fastest growing areas of government contracting, and the portfolio was assembled to take advantage of these trends with a strong roster of leading tenants that are immune to work-from-home trends …

August 11, 2022

Industrial Market Reports Midwest Midwest Market Reports Ohio

Low Vacancy, Increasing Rents Boost Cleveland Industrial Market

by Kristin Harlow August 11, 2022

By Alec Pacella, NAI Pleasant Valley The Cleveland industrial market enjoyed a strong first half of 2022, characterized by record-low vacancy rates, brisk new construction and increased rental rates and sales prices. Although the market has made several headlines over the first six months, many of these trends began several years ago and the pandemic only accelerated the activity level amongst several key sectors. Market wide, the average vacancy rate was just over 4 percent at the mid-year mark, which is a slight decrease from the 4.5 percent rate at the end of last year. By most accounts, this is a record-low level and represents a decrease of two full percentage points over the last five years. The most popular submarket, the Southeast, which encompasses favored industrial locations such as Solon, Twinsburg, Streetsboro and Aurora, finished the first half with a slightly higher rate of 4.4 percent. However, this market has also seen significant new construction, including a predominance of speculative projects. The submarket with the lowest vacancy rate is the Southwest, which stretches from Middleburg Heights through Medina, checking in at 3.7 percent. At the other end was the downtown submarket. Characterized by a significant amount of older properties, …

August 11, 2022

Alabama Development Industrial Southeast

Fairway, Triad Properties to Develop 2 MSF Industrial Park in Huntsville

by John Nelson August 10, 2022

HUNTSVILLE, ALA. — Fairway Investments and Triad Properties have formed a joint venture for the development of Huntsville West Industrial Park, a 2 million-square-foot industrial park located on Greenbrier Parkway in Huntsville. The 135-acre distribution and warehouse project will be situated near I-65/I-565, as well at the $2.3 billion Mazda-Toyota plant and distribution centers leased to Amazon, Vuteq and Target. The Fairway-Triad joint venture has closed on the land purchase and is implementing its pre-development plan for the industrial park. Building sizes will range from 250,000 to 400,000 square feet, with the site plan offering the capability to develop a 650,000-square-foot bulk distribution facility. Early this fall, Fairway and Triad plan to begin infrastructure work along with the construction of a 385,000-square-foot facility that will feature 32-foot minimum clear heights, 60-foot speed bays, ESFR sprinklers, a 185-foot minimum truck court depth and auto and trailer parking.

August 10, 2022

Hospitality Loans Southeast Tennessee

Northmarq Arranges $55M Refinancing of Drury Plaza Hotel in Downtown Nashville

by John Nelson August 10, 2022

NASHVILLE, TENN. — Northmarq has arranged the $55 million refinancing of the Drury Plaza Hotel Nashville Downtown, a 22-story hotel situated at the corner of Korean Veterans Boulevard and Third Avenue South in downtown Nashville. An unnamed life insurance company provided the 10-year, fixed-rate, non-recourse loan, which was underwritten with a 25-year amortization schedule. Jeff Chaney and Dan Baker of Northmarq arranged the loan on behalf of the borrower, Drury Development Corp. Delivered in 2019, the Drury Plaza features 389 guest rooms and more than 8,000 square feet of meeting and event space, as well as a full bar and restaurant called The Kitchen + Bar @ SOBRO. The hotel is located near Bridgestone Arena, Nashville Music City Center and the Country Music Hall of Fame.

August 10, 2022

Development Kentucky Loans Multifamily Southeast

Thorofare Capital Provides $28M Construction Loan for NuLu Yards Apartments in Louisville

by John Nelson August 10, 2022

LOUISVILLE, KY. — Thorofare Capital Inc., a Los Angeles-based affiliate of investment manager Callodine Group, has provided $28 million in construction financing for NuLu Yards, a 189-unit multifamily project in Louisville. The Class A property will anchor a larger mixed-use development in the NuLu neighborhood of Louisville. The borrower, Weyland Ventures, is also developing the first Tempo by Hilton adjacent to NuLu Yards, as well as a structured parking deck. David Perlman, Jacob Yi and Paul Kim of Thorofare Capital originated the financing. Wave Capital Partners arranged the loan on behalf of the borrower. The construction timeline was not released.

August 10, 2022

Acquisitions Alabama Healthcare Southeast

Matthews Brokers $27.2M Sale of Healthcare Property in Vestavia Hills, Alabama

by John Nelson August 10, 2022

VESTAVIA HILLS, ALA. — Matthews Real Estate Investment Services has brokered the $27.2 million sale of Swaid Vestavia Medical Center, a multi-tenant medical facility located at 1021 Montgomery Highway in Vestavia Hills, a southern suburb of Birmingham. The newly built property spans 40,000 square feet and features an ambulatory surgery center and medical office space leased to tenants such as the Surgical Institute of Alabama, Vestavia Diagnostics, Swaid Clinic, Bramlett Orthopedics, Birmingham Vascular Associates, Pain Management Services, Lab First and Champion Physical Therapy. Matthews’ healthcare division sourced the buyer, an institutional healthcare real estate fund based in Dallas. The seller was not disclosed.

August 10, 2022

Acquisitions Arkansas Southeast Student Housing

Rittenhouse Realty, Triad Negotiate $15M Sale of Student Housing Community Near University of Arkansas

by John Nelson August 10, 2022

FAYETTEVILLE, ARK. — Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners have negotiated the $15 million sale of Champions Club. The newly constructed student housing community comprises 232 beds near the University of Arkansas campus. The property offers 76 two-, three- and four-bedroom units at 1629 S. Razorback Road in Fayetteville. Units are fully furnished and feature bed-to-bath parity. Community amenities include a swimming pool, fitness center, barbecue and picnic area, fire pit, dog park, game lounge and a computer lab. The property was acquired by an undisclosed family office buyer in an off-market transaction.

August 10, 2022

Colorado Development Industrial Western

Dollar General to Build $172M Distribution Facility at HighPoint Elevated Park in Aurora, Colorado

by Amy Works August 10, 2022

AURORA, COLO. — Dollar General has acquired a 75-acre land parcel within HighPoint Elevated, an industrial and logistics park located at the southeast corner of East 64th Ave. and E-470 in Aurora, for the development of a Class A distribution facility. The Goodlettsville, Tenn.-based discount retailer plans to invest $172 million into the Aurora facility, which will create around 400 new jobs at full capacity. Dollar General announced the project as part of a three-distribution center expansions in Arkansas, Colorado and Oregon. Hyde Development and Mortenson, the park’s development team, will build the 919,000-square-foot facility. Daniel Close, Todd Witty, Tyler Carner, Jeremy Ballenger and Jessica Osternick of CBRE represented Hyde Development in the land sale. The Dollar General project is the first build-to-suit commissioned at the park, which broke ground last year. Construction for the Dollar General facility is slated to being this summer, with completion scheduled for late 2023. At buildout, Highland Elevated will include up to 5.5 million square feet of industrial and logistics space, as well as retail space. The new Dollar General facility will anchor the east side of the park.

August 10, 2022

Development Industrial Texas

CLX Ventures, Principal Real Estate Break Ground on 1.2 MSF Industrial Project in Denton, Texas

by Taylor Williams August 10, 2022

DENTON, TEXAS — A partnership between Dallas-based developer CLX Ventures and Principal Real Estate Investors has broken ground on a 1.2 million-square-foot industrial project in the North Texas city of Denton. The development, which has been branded ICC-35, will consist of three buildings ranging in size from 123,584 to 702,766 square feet that will be situated on a 73-acre site along I-35. Buildings will feature clear heights of 32 to 36 feet, truck court depths of 135 to 185 feet and a total of 233 dock doors and 10 drive-in ramps, as well as combined parking for 640 cars and 257 trailers. Construction is slated for an August 2023 completion. Holt Lunsford Commercial has been appointed as the leasing agency.

August 10, 2022

Acquisitions Multifamily Texas

Sunsail Capital, ZaneCRE Acquire 350-Unit Multifamily Property in Metro Houston

by Taylor Williams August 10, 2022

HUMBLE, TEXAS — A partnership between New York-based Sunsail Capital and Dallas-based ZaneCRE has acquired Sarah at Lake Houston, a 350-unit multifamily property located in the northern Houston suburb of Humble. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multi-sport simulator, business and conference center, dog park and a biergarten. Zack Springer of Newmark brokered the transaction. Purvesh Gosalia, also with Newmark, arranged acquisition financing on behalf of the joint venture.

August 10, 2022

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