Property Type

Stan Johnson Co. Negotiates $10.8M Sale of Philadelphia Retail Condo Leased to CVS

by Taylor Williams December 15, 2021

PHILADELPHIA — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased retail assets, has negotiated the $10.8 million sale of a 12,485-square-foot retail condo in Philadelphia that is leased to CVS. The store is housed within a 62-unit multifamily building known as Shirt Corner that is located in the Old City District. Brandon Duff, Austin Duff, Matt Spangenberg and Mack Wolfgram of Stan Johnson Co. represented the seller, a Chicago-based private investor, in the transaction. The buyer was a 1031 exchange investor from Indiana.

December 15, 2021

Acquisitions Multifamily New York Northeast

Conway Capital Acquires Brooklyn Multifamily Building for $8M

by Taylor Williams December 15, 2021

NEW YORK CITY — Locally based investment firm Conway Capital, in partnership with a private family investment group, has acquired a 16-unit multifamily building in the Park Slope area of Brooklyn for $8 million. The new ownership plans to renovate the four-story property at 423 16th St., which was originally built in 1920. Derek Bestreich and Luke Sproviero of Bestreich Realty Group represented the seller, a private investor, in the transaction.

December 15, 2021

Leasing Activity New York Northeast Office

Ergatta Signs 11,185 SF Office Lease in Manhattan’s Flatiron District

by Taylor Williams December 15, 2021

NEW YORK CITY — Ergatta, a health and wellness company known for indoor rowing products and fitness regimens, has signed a 11,185-square-foot office lease at 40 West 25th Street, a 136,226-square-foot building in Manhattan’s Flatiron District. The 12-story building was originally constructed in 1913 and most recently renovated in 2018. Michael Mathias and Sean Hoffman of Savills represented the tenant in the lease negotiations. A joint venture between Kaufman Organization and AXA Insurance owns the property.

December 15, 2021

Acquisitions Hospitality Nevada Top Stories Western

Hard Rock Agrees to Acquire The Mirage in Las Vegas for $1B, Plans Guitar-Shaped Hotel

by Kristin Harlow December 15, 2021

LAS VEGAS — Hard Rock International has agreed to acquire the operations of The Mirage Hotel and Casino in Las Vegas for more than $1 billion. The transaction is expected to close in the second half of 2022. Hard Rock also revealed that it plans to build a guitar-shaped hotel, which will be located on the Las Vegas Strip. When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests across its nearly 80-acre location, according to Jim Allen, chairman of Hard Rock. The seller, MGM Resorts International (NYSE: MGM), acquired The Mirage in 2000. The property originally opened in 1989 and is known for its 90-foot volcano. MGM is selling to focus on other opportunities, such as sports betting and expansion in Asia. “This announcement marks the culmination of a series of transformational transactions for MGM during the last several years,” says Paul Salem, chairman of the board of directors for MGM. “The monetization of our entire real estate property portfolio, together with the addition of CityCenter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the company with a fortress balance sheet, premier portfolio and significant financial …

December 15, 2021

Georgia Industrial Market Reports Southeast Southeast Market Reports

Just Like the Rest of the Country, Atlanta is Also Shattering Industrial Records

by John Nelson December 15, 2021

The Atlanta industrial market has been hot and setting records for quite some time now, and the third-quarter numbers for 2021 show that this trend is continuing as we are once again setting all-time record highs for activity, positive net absorption and new construction. Activity for the Atlanta industrial market for the third quarter alone was over 24.6 million square feet, which beat the previous record for a single quarter by over 4.1 million square feet. Adding the third-quarter numbers for activity to the previous three quarters, Atlanta has posted a new record high for a four-quarter period with over 82.2 million square feet of activity. This breaks the previous four-quarter record for activity by over 6.4 million square feet. It would certainly be logical to conclude that the net absorption numbers would be robust and positive as well for the same time periods, and you would be right. Atlanta set another record for positive net absorption with over 12.1 million square feet, which was over 2.8 million square feet higher than the previous record. When you add the third quarter numbers to the previous three quarters, you will see again a new record high for a four-quarter period with …

December 15, 2021

Industrial Market Reports Texas Texas Market Reports

Houston Industrial Market Puts a Bow on a Record Year

by Taylor Williams December 15, 2021

By Zack Taylor, senior vice president, Colliers Houston’s industrial market continued to see strong leasing activity in the third quarter. Overall net absorption for 2021 should easily pass 20 million square feet, making it the best year on record by a long shot. For context, Houston’s industrial market has, on average, absorbed between 8 million and 11 million square feet of space per year since 2014. Houston’s North and Southwest submarkets absorbed the most space in the third quarter of this year, led by Lowe’s Home Improvement taking down 1.5 million square feet and Amazon taking 1.9 million square feet in each of those respective submarkets. Total marketwide leasing volume for the year is well over 30 million square feet and does not show any signs of stopping as we hit the midpoint of the fourth quarter. Direct vacancy is continuing its downward trend, but rental rates have largely remained the same on new product. Second-generation infill warehouses are experiencing the greatest increase in rents, especially for tenants with requirements between 20,000 and 50,000 square feet. Many of these tenants are faced with a dilemma: They can either accept higher rents for their infill locations or relocate to more expensive …

December 15, 2021

Development Industrial Texas

Seefried, USAA to Develop 1.3 MSF East Gate Logistics Center in Forney, Texas

by Taylor Williams December 14, 2021

FORNEY, TEXAS — A partnership between Atlanta-based Seefried Industrial Properties and San Antonio-based USAA Real Estate will develop East Gate Logistics Center, an approximately 1.3 million-square-foot industrial project that will be located in the eastern Dallas suburb of Forney. Building features will include 40-foot clear heights, abundant car and trailer parking and an ESFR sprinkler system. Construction is slated to begin in the first quarter of next year and to be complete in mid-2023. The new facility will be the largest of its kind in the history of the Dallas-Fort Worth metroplex, according to the development team. KBC Advisors is marketing the property for lease.

December 14, 2021

Acquisitions Retail Texas

JLL Brokers Sale of 227,041 SF South Frisco Village Retail Power Center

by Taylor Williams December 14, 2021

FRISCO, TEXAS — JLL has brokered the sale of South Frisco Village, a 227,041-square-foot retail power center located on the northern outskirts of Dallas. Built in 2001, the property was 92 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Jo-Ann Fabrics, buybuy Baby and Painted Tree Marketplace. Ryan Shore, Chris Gerard, Barry Brown and Jack Copher of JLL represented the seller, Illinois-based InvenTrust Properties, in the transaction. Vista Property Co. purchased the asset for an undisclosed price.

December 14, 2021

Acquisitions California Multifamily Western

Standard Communities, Faring Acquire Monterey Station Apartments in California for $130M

by Amy Works December 14, 2021

POMONA, CALIF. — Standard Communities and Faring, a national investor and developer of affordable and workforce housing, have purchased Monterey Station, a multifamily community in Pomona. Clear Capital sold the property for $130 million. Located at 120-180 E. Monterey Ave., Monterey Station features 349 apartments with 14 different floor plans. Unit amenities include stainless steel GE appliances, Nest thermostats, walk-in closets, stackable washers/dryers, nine-foot ceilings and central air and heating. Community amenities include a resort-style pool and spa; fitness center with outdoor workout area; water and fire features; courtyards with cabanas; a dog run; and a resident clubhouse. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.

December 14, 2021

Acquisitions Arizona Multifamily Western

Baron Properties Sells Arrowhead Ranch Apartments in Glendale to Decron Properties for $101.5M

by Amy Works December 14, 2021

GLENDALE, ARIZ. — Baron Properties has completed the disposition of Arrowhead Ranch by Baron, a multifamily asset in Glendale. Decron Properties acquired the community for $101.5 million, or $396,484 per unit. Built in 1996 on 16 acres, Arrowhead Ranch at Baron features 256 apartments with large windows, white Shaker-style cabinetry, breakfast bars, full-size washers/dryers and garden-style soaking tubs. Select units offer gas fireplaces and lake views. Community amenities include two resort-style swimming pools, spas with expansive sundecks and lake views. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

December 14, 2021

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