Property Type

Cortland Acquires Four Apartment Communities in Arlington, Virginia for $1B

by John Nelson May 20, 2022

ARLINGTON, VA. — Cortland, an Atlanta-based multifamily investment firm, has purchased four apartment communities in Arlington totaling more than 1,500 units. The $1 billion investment marks the firm’s re-entry into the Washington, D.C., metro area, and the firm says it plans to “double its investment in the area” in the near future. “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.” The portfolio includes Aubrey, a 331-unit apartment community that will be rebranded as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City. The other two Arlington communities are undisclosed as those sales have yet to close, though the firm says they will be announced soon. “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends,” says Altman. Cortland Rosslyn is a LEED Gold-certified community that was developed in 2021 by Penzance. The 23-story community offers studios to three-bedroom homes, as well as …

May 20, 2022

Development Industrial Self-Storage Texas

Bakke, Batson-Cook Underway on Two South Texas Self-Storage Facilities Totaling 1,562 Units

by Taylor Williams May 19, 2022

BROWNSVILLE AND MCALLEN, TEXAS — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. is underway on construction of two self-storage facilities totaling 1,562 units in South Texas. Both the Brownsville and McAllen facilities will comprise 781 units across approximately 87,000 net rentable square feet of climate-controlled space. Alamo Architects Inc. is the architect for both facilities, and Independent Contractors Inc. is the general contractor. Both facilities are expected to be complete by the middle of next year.

May 19, 2022

Development Healthcare Texas

McCarthy Tops Out 365,000 SF Texas Children’s Hospital in Austin

by Taylor Williams May 19, 2022

AUSTIN, TEXAS — General contractor McCarthy Building Cos. has topped out the new 365,000-square-foot Texas Children’s Hospital in Austin, construction of which began last summer. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Full completion is slated for 2024.

May 19, 2022

Leasing Activity Office Texas

J.C. Penney Signs 318,067 SF Office Headquarters Lease at Legacy West in Plano

by Taylor Williams May 19, 2022

PLANO, TEXAS — J.C. Penney has signed a 318,067-square-foot office headquarters lease at CalWest, a 1.8 million-square-foot office building located within Legacy West in Plano. The 86-acre campus offers a full-service fitness club, conference center, daycare facility and a food court/dining hall. According to The Dallas Morning News, the campus served as J.C. Penney’s headquarters from 1992 until 2020, at which point the company vacated the premises while dealing with bankruptcy proceedings. The retailer expects to take occupancy of its new space this fall. Michael Brigance and Teddy Childers represented the landlord, Capital Commercial Investments, in the lease negotiations on an internal basis.

May 19, 2022

Healthcare Loans Texas

MMCC Arranges $18.4M in Financing for Healthcare Facility in Temple, Texas

by Taylor Williams May 19, 2022

TEMPLE, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.4 million in joint venture equity and acquisition financing for a 53-bed healthcare facility located in the Central Texas city of Temple. Kevan McCormack of MMCC arranged the debt portion of the financing through an undisclosed community bank on behalf of the undisclosed borrower, which intends to use a portion of the proceeds to convert the building into a long-term acute care hospital. California-based KPC Health will operate the facility upon completion of this project.

May 19, 2022

Development Restaurant Retail Texas

Woodmont Co. Breaks Ground on 1,400 SF Retail Building for Starbucks in Longview, Texas

by Taylor Williams May 19, 2022

LONGVIEW, TEXAS — Fort Worth-based developer The Woodmont Co. has broken ground on a 1,400-square-foot retail project for Starbucks in Longview, located about 120 miles east of Dallas. The new coffee shop will be situated at the site of a former gas station and will be devoid of any indoor dining space. Shell construction of the building is scheduled to be complete in June.

May 19, 2022

Affordable Housing Bohler Build-to-Rent Content Partner Development Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

by Sarah Daniels May 19, 2022

The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities. The pandemic fueled tenants’ desires for more privacy and space without the long-term commitment of homeownership, which ignited growth in the sector. As costs for single-family homes continue to rise, the BTR niche also increasingly attracts would-be homeowners who are priced out of the homebuying market — and the growing demand for BTR properties draws the attention of more and more investors and developers. But not all stakeholders are immediately on board with development of BTR properties. The concept is rather new in some markets and local communities have questions about the zoning and operation of these hybrid communities, which are an intriguing mix of single-family concept and multifamily operations. Developers often need to educate municipalities about the BTR concept — and they need to plan BTR properties that work for the local community. This is where Bohler — a land …

May 19, 2022

Development Loans Mixed-Use Northeast Pennsylvania

JLL Arranges $43M Loan for Office, Retail Redevelopment Project in Metro Philadelphia

by Taylor Williams May 19, 2022

DREXEL HILL, PA. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between Baltimore-based MCB Real Estate and New Jersey-based Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call for a 172-unit apartment complex, a 120,000-square-foot self-storage facility, a 72,000-square-foot ShopRite grocery store, a PNC bank branch, a Wawa convenience store and fuel station and 20,440 square feet of pad and inline retail space. Jon Mikula, Michael Klein and Michael Lachs of JLL placed the loan through Investors Bank, a division of Citizens Bank.

May 19, 2022

Development Industrial Leasing Activity New York Northeast

E-Commerce Firm Signs 216,892 SF Industrial Lease in Piscataway, New Jersey

by Taylor Williams May 19, 2022

PISCATAWAY, N.J. — JD.com, a global e-commerce firm based in Beijing, has signed a 216,892-square-foot industrial lease in the Northern New Jersey community of Piscataway. Indianapolis-based REIT Duke Realty (NYSE: DRE) is developing the facility, which will feature a clear height of 40 feet and 38 trailer parking spaces, with a target completion date of this fall. Noah Balanoff and Jacquelyn Severino of Colliers, along with internal agents Ben Rosen and Gregg Bazzani, represented Duke Realty in the lease negotiations. Chuck Fern, Jason Barton and Thomas Tucci of Cushman & Wakefield, along with Andy Ho of Kander Pacific Inc., represented the tenant.

May 19, 2022

Industrial Loans New York Northeast

Columbia Pacific Provides $36M Loan for Refinancing of Bronx Industrial Property

by Taylor Williams May 19, 2022

NEW YORK CITY — Seattle-based lender Columbia Pacific Advisors has provided a $36 million loan for the refinancing of an industrial property located along the Hudson River in The Bronx. The property is a 480,000-square-foot outdoor storage yard that is situated on a 14-acre site. The borrower is locally based developer Dynamic Star. Will Nelson led the transaction for Columbia Pacific Advisors.

May 19, 2022

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