Property Type

ZOM Living, AEW Capital to Develop 248-Unit Apartment Community in Downtown Durham

by John Nelson June 9, 2022

DURHAM, N.C. — ZOM Living and AEW Capital Management have purchased a site at 500 E. Main St. in downtown Durham for the development of Maizon Durham, a 248-unit apartment community. The co-developers also secured $49 million in construction financing from Santander Bank. The project team includes architect Hord Coplan Macht, interior designer One Line Design Studio and general contractor LeChase Construction. Set to break ground this summer, Maizon Durham will feature studio, one-, two- and three-bedroom units ranging in size from 555 to 1,450 square feet, as well as coworking and conference spaces, a fitness center, dog spa, clubroom, 13,000 square feet of retail space and a swimming pool and sundeck.

June 9, 2022

Loans Multifamily North Carolina Southeast

Northmarq Secures $29M Refinancing of Arlington West Apartments in Jacksonville, North Carolina

by John Nelson June 9, 2022

JACKSONVILLE, N.C. — Northmarq has arranged the approximately $29 million refinancing of Arlington West Apartments, a 324-unit multifamily community located at 5049 Western Blvd. in Jacksonville, a city near North Carolina’s coast. Built in 2009, Arlington West spans 14 apartment buildings and features a resort-style saltwater swimming pool, playground, two dog parks, fitness center, game room and a business center. Bob Harrington and Paul Whalen of Northmarq arranged the 10-year, Freddie Mac loan on behalf of the undisclosed borrower. The interest-only loan was underwritten with a fixed interest rate in the mid-3 percent range.

June 9, 2022

Acquisitions District of Columbia Hospitality Southeast

Berkadia Negotiates $21M Sale of Normandy Hotel in D.C.

by John Nelson June 9, 2022

WASHINGTON, D.C. — Berkadia has negotiated the $21 million sale of The Normandy Hotel, a boutique hotel located at 2118 Wyoming Ave. NW in Washington, D.C.’s Kalorama neighborhood. The hotel features 75 guest rooms and 900 square feet of meeting space, as well as immediate access to several upscale restaurants, stores and museums. Dan Hawkins and Kyle Stevenson of Berkadia represented the seller, California-based Blu Hotel Investors, in the transaction. The buyer was an entity doing business as SONO International Co. Ltd.

June 9, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers $16.7M Sale of Best Buy-Anchored Shopping Center in Chattanooga

by John Nelson June 9, 2022

CHATTANOOGA, TENN. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Towne Center North, an 89,327-square-foot shopping center located on 12.2 acres along Tenn. Highway 153 in Chattanooga. An entity doing business as Credi Bakersfield LP purchased the shopping center from an entity doing business as Towne Center North LLC for $16.7 million. Built in 2006, Towne Center North’s tenant roster includes Best Buy, Bed Bath & Beyond and PetSmart. Target shadow-anchors the property. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. Matt Berres, Samer Khalil, Karick Brown and Eric Tomchik of Newmark represented the buyer.

June 9, 2022

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

GI Partners Acquires 479,000 SF Life Sciences Property in Boston’s Seaport District

by Katie Sloan June 9, 2022

BOSTON — GI Partners has acquired 451 D Street, a state-of-the-art life sciences, data center and creative office building in Boston’s Seaport District. The price was not disclosed, but the seller, Related Fund Management, bought the asset for $276 million in 2018, according to reports by the Boston Business Journal. The nine-story, 479,000-square-foot building recently underwent two phases of lab conversion that total over half of the building’s rentable area. The property offers 536 parking spaces; a conference center; amenity center with a lounge, kitchen and games; an onsite cafe; bicycle storage; and a 3,000-square-foot fitness center. Current tenants include AT&T, J.P.Morgan, Silicon Therapeutics, Elektrofi, BT, Inozyme Pharma, Cellink, Stevanato Group Pharmaceutical Systems, Joyn Bio, Sensei Biotherapeutics, DermBoint and Dewpoint Therapeutics. Related will maintain a minority interest in the property and Related Beal will continue to serve as property manager. Eastdil Secured represented the seller in the transaction and placed debt financing for the new ownership group. “The Seaport has become a bona fide life sciences innovation hub and 451 D exemplifies our focus on serving the needs of small and medium-sized lab tenants through Class A reusable buildouts,” says John Sheputis, managing director at GI Partners and head of acquisitions for …

June 9, 2022

Acquisitions North Carolina Retail Southeast

Newmark Arranges Sale of Metro Raleigh Retail Property Net Leased to KinderCare

by John Nelson June 9, 2022

GARNER, N.C. — Newmark has arranged the sale of an 11,400-square-foot retail property located at 932 Heather Park Drive in Garner, approximately seven miles south of Raleigh. The property is triple-net-leased to KinderCare, an early childhood education and childcare provider with 1,500 learning centers nationwide. KinderCare has 12 years remaining on its lease term, which features four five-year extension options. Matt Berres, Samer Khalil, Karick Brown and Bert Sanders of Newmark represented the seller, an undisclosed public REIT, in the transaction. Clark Everitt of Investment Real Estate Associates (IREA) represented the private buyer, which purchased the facility for an undisclosed price.

June 9, 2022

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Downtown Chicago Multifamily Market Roars Back

by Kristin Harlow June 9, 2022

By Mike Drew, Structured Development As a longtime developer of multifamily, commercial and mixed-use properties in Chicago, I can tell you we’ve never seen anything like the last few years. From the highs of the pre-pandemic multifamily construction boom to the lows of the first year of COVID-19 lockdowns — when downtown emptied out — to today, it’s been a rollercoaster ride. But the multifamily sector has ultimately proved resilient and is roaring back stronger than ever. Here’s a look back at the past three years and a glimpse of three projects we broke ground on during the pandemic: Schiller Place, Big Deahl and Harrison Row. Early pandemic exodus For the years 2019-2021, developers were expected to build 9,000 apartment units in downtown Chicago, according to Integra Realty Resources. This figure was lower than the expected 10,700 units because of rising construction costs and uncertainty around property taxes, but still strong. Average rents for downtown Class A rental communities were $3.31 per square foot, per Integra, and occupancy was a robust 94.9 percent. When the pandemic hit nine months later, it greatly slowed that activity. Gov. J.B. Pritzker issued the first stay-at-home order on March 20, 2020, followed by other …

June 9, 2022

Jeff Erxleben interest rates built to rent quote

Build-to-Rent Content Partner Features Leasing Activity Midwest Multifamily Northeast Northmarq Single-Family Rental Southeast Texas Western

Build-to-Rent (BTR) Property Type Offers Positive Demand Outlook

by Sarah Daniels June 9, 2022

By Jeff Erxleben, president, debt & equity at Northmarq Liquidity and an incredibly positive outlook for single-family build-to-rent (BTR) properties is helping to offset some of the turbulence developers are experiencing from rising interest rates. Developers have been ramping up the pace of single-family BTR construction over the past five years with forecasts that call for a record high 60,000 new units to be completed in 2022. That volume shows a steady increase over the 53,000 units completed in 2021 and 49,000 in 2020, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report. Although financing across all property types has been impacted by upward movement in both short- and long-term borrowing rates, the BTR sector is in a good position to shake off those challenges and maintain its growth momentum. Higher construction and financing costs are being offset by rising rents with year-over-year rent increases, that in many areas of the country, are quite substantial. Developers also are finding good access to both debt and equity. The number of lenders that are active in the space is expanding as developers move into new markets and continue to prove out business models and performance with successful lease-up and dispositions. For …

June 9, 2022

Development Retail Texas

Hill Country Studios to Open $267M Film, TV Production Center in San Marcos, Texas

by Taylor Williams June 8, 2022

SAN MARCOS, TEXAS — Hill Country Studios will open a $267 million film and TV production center in San Marcos, located roughly midway between Austin and San Antonio. The site spans 209 acres and is located at the entrance of the La Cima master-planned community. Hill Country Studios will include 12 sound stages totaling 310,000 square feet, two back lots totaling 15 acres of outdoor production space and 310,000 square feet of modular offices and four workshops. The facility will also feature post-production facilities, a 50-seat screening theater and a full-service restaurant and coffee shop. In addition, 25 acres will be reserved for vendor and commercial space built to serve both the studio and surrounding community. Foley Design is the project architect. Construction is slated to begin early next year.

June 8, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 418-Unit Apartment Community in Fort Worth

by Taylor Williams June 8, 2022

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The Crossings 820, a 418-unit apartment community in Fort Worth. Built in phases between 1967 and 1971, the property features one-, two- and three-bedroom units and amenities such as multiple pools, courtyards and gardens and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, Applesway Investments, in the transaction. Silva also procured the buyer, a private Dallas-based investment group. The previous ownership invested roughly $3.5 million in capital improvements to the property between 2015 and the present day.

June 8, 2022

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