Property Type

Blackstone Acquires Minority Stake in One Manhattan West Office Tower in New York for $1.4B

by John Nelson March 15, 2022

NEW YORK CITY — Blackstone (NYSE: BX) has purchased a 49 percent stake in One Manhattan West, a 67-story office tower in Manhattan totaling 2.1 million square feet. Brookfield (NYSE: BAM) and Qatar Investment Authority sold the minority interest to Blackstone and will retain a 51 percent ownership stake in the skyscraper. The purchase price wasn’t disclosed, but Brookfield says that the deal “values the office building at $2.85 billion,” which translates to Blackstone’s stake totaling just below $1.4 billion. Ben Brown, managing partner of Brookfield, says the competition for the acquisition was intense despite the uneven recovery of New York City’s office market due to COVID-19. “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” says Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.” Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased …

March 15, 2022

Market Reports Multifamily Texas Texas Market Reports

San Antonio’s Multifamily Market Is Finally Getting the Attention It Deserves

by Taylor Williams March 15, 2022

By Tim Harris, vice president of multifamily development, Rosewood Property Co. San Antonio’s multifamily market is realizing its own potential. New nodes of development are emerging, and new projects are meeting pent-up demand for higher-quality renter experiences. Today, developers are building multifamily projects that they wouldn’t have considered five or 10 years ago. They’re no longer stuck in their comfort zones, afraid to venture into new submarkets. And they’re no longer worried that they won’t be rewarded with the rents necessary to provide differentiated properties with unit diversification, higher-end finishes and increased amenities. History, Affordability Historically, many institutional investors and national developers have overlooked San Antonio. Bigger and trendier Texas cities — Austin, Dallas-Fort Worth and Houston — have always overshadowed the Alamo City. That wasn’t always the case, though. In 1860, San Antonio was the largest city in the Lone Star State. It thrived as a center for the cattle industry until the 1930s, when its population fell behind that of Houston and Dallas, mostly because of the booming oil industry. Today, San Antonio’s metro area is the 25th-largest in the country with 2.6 million residents, according to Oxford Economics. Hispanics represent 55.1 percent of the population — the …

March 15, 2022

Development Industrial Texas

Hunt Southwest to Develop 1 MSF Spec Industrial Project in West Houston

by Taylor Williams March 14, 2022

HOUSTON — Dallas-based Hunt Southwest will develop I-10 West Trade Center, a 1 million-square-foot speculative industrial project in West Houston. The cross-dock facility will be situated on a 68-acre site near the junction of Interstate 10 and Woods Road. Building features will include 40-foot clear heights, 206 dock-high doors, 190-foot truck court depths, an ESFR sprinkler system and parking for 330 trucks and 354 cars. Construction is scheduled to begin by the end of the month and to be complete by early 2023. CBRE will handle leasing of the property. The announcement follows Hunt Southwest’s execution of a full-building industrial lease with Walmart at the 1 million-square-foot Cedar Port Trade Center near Port Houston.

March 14, 2022

Acquisitions Multifamily Texas

ClearWorth Capital Buys 220-Unit Park at Woodmoor Apartments in Metro Houston

by Taylor Williams March 14, 2022

HOUSTON — Metro Dallas-based investment firm ClearWorth Capital has purchased Park at Woodmoor, a 220-unit apartment community in The Woodlands, located about 30 miles north of Houston. Built in 1999, Park at Woodmoor offers one- and two-bedroom units and amenities such as a pool and a clubhouse. The new ownership plans to implement a value-add program and to turn management of the property over to its affiliate, ClearWorth Residential. Chip Nash and Bob Heard of Colliers represented the undisclosed seller in the transaction.

March 14, 2022

Data Centers Development Industrial Texas

Skybox, Prologis to Develop 141,240 SF Data Center in Metro Austin

by Taylor Williams March 14, 2022

PFLUGERVILLE, TEXAS — Developer and operator Skybox Datacenters, in partnership with San Francisco-based industrial giant Prologis, will construct a 141,240-square-foot data center in the northern Austin suburb of Pflugerville. The facility, known as Skybox Austin I, will have the capacity to produce up to 30 megawatts of power. Construction is scheduled to begin in May, with delivery of the first data hall slated for March 2023.

March 14, 2022

Development Industrial Texas

Hopewell Development Acquires 33 Acres in Irving for Industrial Project

by Taylor Williams March 14, 2022

IRVING, TEXAS — Canadian firm Hopewell Development LP has acquired 33 acres at 2451 S. Belt Line Road in Irving for the development of an industrial project. The square footage and prospective construction timeline for the project were not disclosed. Alex Wilson, Nathan Denton and Reid Bassinger of Lee & Associates represented Hopewell Development in its acquisition of the land.

March 14, 2022

Acquisitions Industrial NAI Texas

NAI Partners Arranges Sale of 39,445 SF Warehouse in Houston

by Taylor Williams March 14, 2022

HOUSTON — NAI Partners has arranged the sale of a 39,445-square-foot warehouse located at 5606 Harvey Wilson Drive in Houston’s Second Ward. According to LoopNet Inc., the property was originally built in 1955 and features 10- to 14-foot clear heights. Chris Kugle of NAI Partners represented the seller in the deal, and Steven O’Connor of PrinGroup Commercial represented the buyer. Both parties were limited liability companies.

March 14, 2022

Acquisitions New York Northeast Office

CBRE Brokers Sale of 373,000 SF WestPark Office Campus in White Plains, New York

by Taylor Williams March 14, 2022

WHITE PLAINS, N.Y. — CBRE has brokered the sale of WestPark, a 373,000-square-foot office campus in White Plains, a northern suburb of New York City. The campus consists of two four-story buildings on a 25-acre site. Jacqueline Novotny, Brian Carcaterra and Michael McCall of CBRE represented the seller, Onyx Equities, in the transaction. William Cuddy Jr. and Mary Ann Tighe, also with CBRE, represented the buyer, New York-Presbyterian Hospital. The sales price was not disclosed.

March 14, 2022

Acquisitions Georgia Multifamily Southeast

Spyglass Capital Sells Multifamily Community in Northern Atlanta for $105.6M

by Julia Sanders March 14, 2022

SANDY SPRINGS, GA. — Spyglass Capital Partners has sold The Carlyle of Sandy Springs, a 389-unit multifamily community in the northern Atlanta suburb of Sandy Springs. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller in the transaction. WashREIT acquired the property for $105.6 million. The Carlyle of Sandy Springs offers one-, two-, three- and four-bedroom floorplans. Unit features include granite countertops and stainless steel appliances. Community amenities include a pool, clubhouse, pet play area, business center, fitness center, trash door-to-door pickup, playground and a grill. Located at 501 N. River Parkway, the property is situated 13.5 miles from Atlanta’s Buckhead neighborhood, 34.8 miles from Hartsfield-Jackson Atlanta International Airport and 6.9 miles from the Dunwoody Campus of Georgia State University.

March 14, 2022

Acquisitions Florida Industrial North Carolina Southeast Tennessee

Atlanta Property Group Acquires Three Industrial Facilities Totaling 545,000 SF Across Southeast

by Julia Sanders March 14, 2022

ATLANTA — Atlanta Property Group has acquired three distribution facilities in the metro areas of Atlanta, Nashville and Charlotte totaling 545,000 square feet. The sellers and sales price were not disclosed. The three properties include Oates Crossing in Mooresville, N.C.; 5470 Oakbrook Parkway in Norcross, Ga.; and 109 Kirby Drive in Portland, Tenn. Oates Crossing is a 240,000-square-foot industrial park that is fully leased to a diverse tenant base. The site also includes a fully zoned, 8.3-acre parcel that can support an additional 60,000-square-foot industrial building, which Atlanta Property Group plans to build soon. The property is situated along Interstate 77, about 29.7 miles north of Charlotte. The next property, 5470 Oakbrook Parkway, is an 85,000-square-foot shallow-bay industrial building. The facility is situated close to Interstate 85 and is about 21 miles north of downtown Atlanta. The property was 88 percent leased at the time of sale. Built in 1990, 109 Kirby Drive is a 220,000-square-foot, single-tenant warehouse that features 17 dock doors. The fully leased property is situated about 39.7 miles from Nashville and has immediate access to Interstate 65.

March 14, 2022

Newer Posts

Older Posts