Property Type

Idaho Industrial Takes Center Stage

by Jeff Shaw December 10, 2021

By Devin Ogden, Partner, Colliers Idaho has been overlooked by investors and developers in the past due to its smaller size and geographic isolation. This is not the narrative anymore. Tenants and users are currently looking to expand their operations into Idaho to serve the surging population and take advantage of a business-friendly environment with minimal regulation. Expensive land costs and significant cap rate compression in primary markets are causing developers and investors to shift their focus to secondary and tertiary markets to chase yield and opportunity. With the positive trend of people and businesses moving or expanding to Idaho, Boise is now near the top of the list for many national and regional investors and developers. The Boise industrial market has been underdeveloped in the past with only a handful of local developers that never got out ahead of themselves. The population of the Boise MSA is more than 750,000. Total industrial inventory is more than 42 million square feet with an additional 5 million-plus square feet being flex product. The market has had nearly 3 million square feet of positive absorption over the past two years and, as such, the current vacancy rate is 1.9 percent. Most new warehouse being constructed …

December 10, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers Sales of Two Multifamily Properties in Metro Atlanta Totaling $108.5M

by Julia Sanders December 9, 2021

RIVERDALE AND LITHONIA, GA. — Berkadia has arranged the $108.5 million in combined sales of Legacy at Riverdale and The Quarry, two garden-style multifamily properties located in Riverdale and Lithonia, respectively. Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia completed the sale of Legacy at Riverdale on behalf of the West Coast-based seller. The buyer was based in the Midwest. The same Berkadia team also completed the sale of The Quarry on behalf of the Midwest-based seller. The buyer was based on the West Coast. Located at 6603 Church St. in Riverdale, Legacy at Riverdale offers studio, one-, two- and three-bedroom floorplans. The property is situated 2.1 miles from Southern Regional Medical Center and 14.3 miles from downtown Atlanta. Located at 421 Meadowood Drive in Lithonia, The Quarry offers two- and three-bedroom floor plans that average nearly 1,250 square feet in size. Community amenities include a swimming pool, fitness center, business center, clubhouse, laundry facilities and a playground. The property is situated 2.1 miles from Emory Hillandale Hospital and nearby retailers such as The Home Depot and Publix.

December 9, 2021

Acquisitions Georgia Industrial Southeast

JLL Income Property Trust Acquires Four-Building Industrial Portfolio in Metro Atlanta for $95M

by Julia Sanders December 9, 2021

BUFORD, GA. — JLL Income Property Trust has acquired Friendship Distribution Center, a newly constructed, four-building industrial portfolio in Buford totaling nearly 650,000 square feet. The sales price was $95 million. The seller was not disclosed. The four buildings at Friendship Distribution Center are located at 4651, 4627, 4630 and 4646 Distribution Parkway, and are situated about 1.7 miles from Interstate 985. The portfolio is located about 40.7 miles north of downtown Atlanta in Gwinnett County. Friendship Distribution Center was 96 percent leased at the time of sale to five tenants, with a weighted average lease term of approximately six years. The five tenants were not disclosed.

December 9, 2021

Acquisitions Retail Texas

Stan Johnson Co. Arranges Three National Retail Portfolio Sales Totaling $75.5M

by Taylor Williams December 9, 2021

TULSA, OKLA. — Stan Johnson Co., a retail net-leased brokerage firm based in Tulsa, has arranged the sale of a trio of national single-tenant portfolios for $75.5 million. The portfolios consist of 40 properties across seven states that are leased to tenants such as Tractor Supply Co., Dollar General and Advance Auto Parts, among others. Ryan Butler of Stan Johnson Co. represented the undisclosed seller in the off-market transactions. The buyers were also not disclosed.

December 9, 2021

Affordable Housing Development Georgia Loans Multifamily Southeast

Atlanta Housing Secures Financing for $43.6M Affordable Development in Reynoldstown Neighborhood

by Julia Sanders December 9, 2021

ATLANTA — The Housing Authority of the City of Atlanta (Atlanta Housing) has secured financing for Madison Reynoldstown, a $43.6 million multifamily development with 116 rental units that are 100 percent affordable — meaning that rental rates will be equal to or less than 30 percent of tenants’ monthly income compared to the area median income (AMI). Atlanta BeltLine Inc., the governing authority overseeing the planning and development of the Atlanta BeltLine, sold the 1.2-acre site to Atlanta Housing and Rea Ventures, an Atlanta-based multifamily development firm, for the development. Construction is expected to start soon, with the project slated for completion within 18 months. Madison Reynoldstown will include a mixture of 71 one-bed/one-bath, 36 two-bed/two-bath and nine three-bed/two-bath units in two midrise elevator buildings atop 162 structured parking spaces. The development will also include approximately 2,700 square feet of commercial space. Community amenities will include a roof deck overlooking the Atlanta BeltLine’s Eastside Trail, business center, common community rooms, fitness center, central laundry facility and public transportation access. The affordable housing development will house working families earning up to 80 percent of AMI. Located at the northeast corner of Memorial Drive and Chester Avenue, Madison Reynoldstown is situated near …

December 9, 2021

Acquisitions Multifamily Texas

Bellevue Living Sells Five North Texas Multifamily Assets Totaling 1,319 Units

by Taylor Williams December 9, 2021

DALLAS — Bellevue Living, a division of Dallas-based Nicholas Residential, has sold a quintet of multifamily properties located throughout North Texas that total 1,319 units. The 242-unit Bellevue Terrace is located in Dallas, and the 286-unit Bellevue Heights is located in the eastern Dallas suburb of Mesquite. The other three properties — the 263-unit Reserve at Bellevue, the 264-unit Bellevue Chase and the 264-unit Park at Bellevue — are all located in Fort Worth. The garden-style communities were all built between 1982 and 1986. Locally based investment firm WindMass Capital purchased the properties for an undisclosed price.

December 9, 2021

Acquisitions Multifamily Student Housing Texas

Vesper Holdings Buys 405-Bed Student Housing Property Near University of Houston

by Taylor Williams December 9, 2021

HOUSTON — New York City-based investment firm Vesper Holdings has purchased Tower 5040, a 405-bed student housing property located near the University of Houston. Built in 2020, the midrise building features 147 units in a mix of studio, one-, two- and four-bedroom floor plans, all with bed-to-bath parity. Units are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies. Communal amenities include a pool with a hot tub and sundeck, computer lab, TV lounge, outdoor kitchen and grilling area and study rooms. The seller and sales price were not disclosed.

December 9, 2021

Florida Leasing Activity Office Southeast

Avison Young Arranges 47,851 SF Office Lease in Tamarac, Florida

by Julia Sanders December 9, 2021

TAMARAC, FLA. — Avison Young has arranged a 47,851-square-foot long-term office lease at Westpoint Business Center in Tamarac. Tom Viscount of Avison Young represented the tenant, Sonny’s Enterprises, in the lease transaction. Sonny’s Enterprises, a Tamarac-based international manufacturer and marketer of conveyorized car wash equipment, parts and supplies, is relocating its corporate offices to Westpoint Business Center. The company already occupies 350,000 square feet within Westpoint Distribution Center, a warehouse park next to Westpoint Business Center. Westpoint Business Center is a freestanding, two-story building. Located at 5870 Hiatus Road, the Westpoint Business Center is located off the Sawgrass Expressway and Commercial Boulevard, and the property has access to the Florida Turnpike. The property is also about 20.6 miles from the Fort Lauderdale-Hollywood International Airport and 21.7 miles from Port Everglades.

December 9, 2021

Acquisitions California Industrial Western

Covington Group Purchases 1 MSF Saugus Station Industrial Center in Santa Clarita, California

by Amy Works December 9, 2021

SANTA CLARITA, CALIF. — Affiliates of Covington Group, along with an institutional capital partner, have acquired Saugus Station Industrial Center, a portfolio of buildings totaling 1 million square feet of industrial space in Santa Clarita. Situated on 69.5 acres, the 24-building complex offers varying clear heights up to 39 feet and units ranging in size from 8,000 square feet to 133,000 square feet. At the time of purchase, the property was 100 percent occupied. The acquisition also includes a separate, 24-acre, fully horizontally improved land site. Covington plans to implement a property and asset management strategy that will focus on tenant retention and aesthetic improvements to the property to increase curb appeal. Craig Peters and Doug Sonderegger of CBRE represented the buyer and seller in the deal. Terms of the transaction were disclosed.

December 9, 2021

Acquisitions California Retail Western

Paragon Commercial, Canyon Partners Buy 215,761 SF Washington Square Retail Center in Sonoma County

by Amy Works December 9, 2021

PETALUMA, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Washington Square, a multi-tenant, grocery-anchored shopping center in Petaluma. This acquisition is the ninth investment completed by Paragon and its joint venture with Canyon Catalyst Fund, and Paragon’s fifth retail acquisition in 2021. Terms of the transaction were not released. Situated on the corner of South McDowell Boulevard and East Washington Street, Washington Square features 215,761 square feet of retail space. Current tenants include Bank of America, Wells Fargo, WestAmerica Bank, Planet Fitness, Party City and Pet Food Express. The center was developed in 1971 and owned by the same company for 35 years.

December 9, 2021

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