Property Type

JLL Arranges $468.7M Construction Loan for Amazon-Leased Office Tower in Metro Seattle

by Taylor Williams September 20, 2021

BELLEVUE, WASH. — JLL has arranged a $468.7 million construction loan for The Artise, a 25-story office tower that will be located in the Seattle suburb of Bellevue. The 609,000-square-foot building is 100 percent preleased to a global e-commerce tenant, which Bloomberg reports is Amazon. New York City-based global investment firm KKR provided the loan to the borrower, a joint venture between developer Schnitzer West and Boston-based The Baupost Group. Specific loan terms were not disclosed. Slated for a fourth-quarter 2023 completion, The Artise will house 4,783 square feet of retail space and 1,158 parking spaces. The building’s location at 788 106th Ave. in the downtown area puts it one block north of Bellevue’s main pedestrian corridor and the site of the future East Link Light Rail extension. Additionally, The Artise will be located two blocks from Bellevue Transit Center and three blocks from the Interstate 405. Global architecture firm NBBJ designed the building, which will seek LEED Gold certification. Mike Tepedino, Geoff Goldstein and Tom Wilson of JLL arranged the debt. “The Artise will cultivate Bellevue’s position as a critical business hub in the Puget Sound area and deliver in-demand, Class A office space with features that allow the …

September 20, 2021

Industrial Market Reports Mississippi Office Southeast Southeast Market Reports Tennessee

Memphis is Well-Established for Industrial Owners and Users to Win

by John Nelson September 20, 2021

Momentum in the local industrial market has been maintained because of Memphis’ world-class infrastructure offering the “four Rs” of transportation: river, road, rail and runway. Thanks to Memphis’ central location, truck freight can reach 65 percent of the nation’s population in 24 hours. The Port of Memphis is the fifth-largest inland port in the United States and an east-west highway spans the width of the country. As home to FedEx Global Headquarters and a UPS hub, Memphis International Airport surpassed Hong Kong International Airport this year as the busiest cargo airport in the world. The direct vacancy rate of the metro industrial market went from 6.5 percent in 2020 to 4.8 percent by mid-2021. Currently, there is 13.7 million square feet of inventory under construction with over 75 percent of it being speculative. The demand and recent growth continue to improve in 2021. Net absorption is above 5.3 million square feet with tenants like Yeti, Walgreens, Hamilton Beach and Amazon moving into new facilities mid-year. Rents have also continued to rise faster than the national average in many years. The average rent growth over the past 12 months is 6.9 percent, or $4 per square foot. Large preleased facilities are …

September 20, 2021

Acquisitions Florida Multifamily Southeast

29th Street Capital Acquires Two Apartment Properties in Tampa Bay Area for $112M

by Julia Sanders September 17, 2021

TAMPA AND CLEARWATER, FLA. — 29th Street Capital (29SC) has acquired two apartment communities in the Tampa Bay area for $112 million. The properties, Henley Tampa Palms in Tampa and Enclave at Northwood in Clearwater, have a total of 503 units. Luis Elorza and Justin Hofford of NorthMarq represented the seller, Preston Giuliano Capital Partners, in the transaction. Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul of Berkadia arranged $91 million in acquisition financing through PGIM Real Estate on behalf of 29SC. Trevor Arnholt of PGIM orginated the three-year, floating-rate loan with extension options. The loan includes $85.4 million in initial funding, with $6.1 million in future funding for capital improvements. Built in 1997, Henley Tampa Palms is located at 15350 Amberly Drive, and is about 20 miles from Tampa International Airport. The 315-unit property offers one-, two- and three-bedroom units with nine-foot ceilings, attached garages, oversized closets, stainless steel appliances, plank flooring, fireplaces and patios. Community amenities include a pool, fitness center, clubhouse, dog park and climate-controlled racquetball courts. Built in 1985, Enclave at Northwood is a 188-unit property with one-, two- and three-bedroom units. The units include a fireplace, hardwood floors, granite countertops, vaulted ceilings, walk-in closets, …

September 17, 2021

Acquisitions Development Industrial North Carolina Southeast

NorthPoint Development Purchases Land in Metro Charlotte for 676,000 SF Industrial Development

by Julia Sanders September 17, 2021

SALISBURY, N.C. — NorthPoint Development has purchased around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint bought the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed. I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is slated for completion by summer 2022. Avison Young will be in charge of leasing once the property is finished.

September 17, 2021

Georgia Leasing Activity Office Southeast

KBS Signs Lease Extension for Law Firm at Atlantic Station Office Property in Atlanta

by Julia Sanders September 17, 2021

ATLANTA — KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with business law firm Arnall Golden Gregory LLP for headquarters office space in Atlanta. The 510,268-square-foot, Class A office building is situated at 171 17th St. within Atlantic Station, a mixed-use village in Atlanta’s West Midtown district. Built in 2004, the office property is a 21-story building that includes an onsite café, EV car-charging stations, onsite carwash/detail, conference center and shuttle service, valet and outdoor tenant patio amenity space. KBS recently completed several improvements to 171 17th Street, including transforming the café, changing the patio into an outdoor tenant lounge and completing an upgrade to the conference room. The property is also the first LEED Silver Core & Shell-certified building constructed in the world, according to KBS. The property is part of Singapore-based PRIME US REIT’s portfolio. Newport Beach, Calif.-based KBS serves as the U.S.-based asset manager for the portfolio. Glenn Kolker and Sonia Winfield of Cushman & Wakefield represented KBS in the lease transaction. Greg Katz and Taylor Senter of Newmark represented the tenant.

September 17, 2021

District of Columbia Retail Southeast

Uptick in August Retail Sales Bodes Well for Consumer Spending in Fourth Quarter, Says NRF Economist

by Julia Sanders September 17, 2021

WASHINGTON, D.C. — U.S. retail sales increased in August as consumer demand outweighed the effects of the COVID-19 pandemic, supply chain disruptions and other factors that affected spending. Even though there was a decrease in car sales due to shipping problems and product shortages, the U.S. Commerce Department reported that the sales for retailers and restaurants increased by 0.7 percent in August. The chief economist for the National Retail Federation (NRF), Jack Kleinhenz, says consumers continued to heavily shop last month despite a “trifecta of macroeconomic headwinds,” including the ending of federal government stimulus, a rise of COVID-19 cases due to the Delta variant and supply chain problems. “Higher sales came even with a disjointed back-to-school season that also affected the timing of sales as many school districts returned to in-person learning but some delayed classes until after Labor Day. These results pave the way for sturdy consumer spending and a strong economy in the fourth quarter,” says Kleinhenz. According to the U.S. Census Bureau, overall retail sales in August were up 15.1 percent year-over-year. Even though some months, such as July 2021, have decreased or slowed its retail sales, the Census data shows that sales have overall grown year-over-year …

September 17, 2021

Acquisitions Hospitality Texas

Joint Venture Acquires Three Hotels in The Woodlands from Howard Hughes Corp. for $252M

by Taylor Williams September 17, 2021

THE WOODLANDS, TEXAS — A joint venture led by Los Angeles-based investment firm Lowe has acquired three hotels in The Woodlands, located about 30 miles north of Houston, from The Howard Hughes Corp. (NYSE: HHC) for $252 million. The properties include The Woodlands Resort, a 402-room hotel that was built in 1972; Embassy Suites by Hilton, The Woodlands at Hughes Landing, a 205-room asset that was constructed in 2015; and The Westin at The Woodlands, a 302-room property that was completed in 2016. CoralTree Hospitality, a subsidiary of Lowe, will manage the hotels. In addition, the new ownership will invest approximately $25 million in capital improvements across all three properties.

September 17, 2021

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 780-Unit CubeSmart-Branded Self-Storage Facility in Hutto, Texas

by Taylor Williams September 17, 2021

HUTTO, TEXAS — JLL has negotiated the sale of Park 79 Self Storage, a 780-unit facility that is operated under the CubeSmart brand in Hutto, a northeastern suburb of Austin. The property was built on 3.2 acres in 2019. Brian Somoza and Steve Mellon of JLL represented the seller, a locally based entity doing business as Park 79 Storage LLC, in the transaction. The buyer was Wasatch Storage Partners.

September 17, 2021

Development Retail Southeast Virginia

Wegmans to Open 81,300 SF Grocery Store in Alexandria, Virginia

by Julia Sanders September 17, 2021

ALEXANDRIA, VA. — Wegmans Food Markets Inc., a 106-store supermarket chain based in Rochester, N.Y., plans to open a new grocery store within Carlyle Crossing, a 1.7 million-square-foot mixed-use development underway in Alexandria. Located just off Eisenhower Ave. at 150 Stovall St., the store is scheduled to open in spring 2022. The store will employ approximately 450 people, with 150 full-time positions offered. The 81,300-square-foot Wegmans will include a Market Café, a bar and coffee shop, and The Burger Bar, a casual restaurant counter that serves burgers, sandwiches and fries. The site will have two levels of parking below, residential units above and is also located close to the Eisenhower Avenue Metro Station. Wegmans entered Virginia with its Dulles location in 2004. The new Carlyle-Alexandria location will be the company’s 14th store in the Commonwealth. Wegmans also plans to build a $175 million distribution facility on 221 acres in Hanover County, Va., in order to support Wegmans’ Mid-Atlantic stores.

September 17, 2021

Acquisitions Industrial Texas

MAG Capital Partners Acquires 402,046 SF Manufacturing, Distribution Property in Waco

by Taylor Williams September 17, 2021

WACO, TEXAS — MAG Capital Partners has acquired a 402,046-square-foot manufacturing and distribution property in Waco that has served as the headquarters of Hobbs Manufacturing since 1993. Hobbs Manufacturing, founded in 1953, employs about 200 people at the Waco plant, where it produces synthetic fiber batting and other fiberfill products for the apparel, home furnishings and industrial markets. Dax T. S. Mitchell and Andrew Gi of MAG Capital Partners negotiated the transaction directly with the seller. The sales price was not disclosed.

September 17, 2021

Newer Posts

Older Posts