Property Type

Realterm Acquires 307,290 SF Warehouse in Easton, Pennsylvania

by Taylor Williams December 13, 2021

EASTON, PA. — Global logistics operator Realterm has acquired a 307,290-square-foot warehouse that is located at 3747 Hecktown Road in the Lehigh Valley city of Easton. Built on 28.5 acres in 1986 and expanded in 2017, the single-tenant property features 32 loading positions, 56 trailer parking stalls, 370 car parking spaces and 4,800 square feet of freezer space. The property was fully leased at the time of sale. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL brokered the deal on behalf of Realterm. The seller was not disclosed.

December 13, 2021

Acquisitions Industrial Massachusetts Northeast

Avison Young Brokers $37.2M Sale of Metro Boston Industrial Portfolio

by Taylor Williams December 13, 2021

FRANKLIN AND DANVERS, MASS. — Avison Young has brokered the $37.2 million sale of a portfolio of two industrial buildings totaling 205,324 square feet in metro Boston. The properties, which were fully leased at the time of sale to tenants such as Panera Bread, JNJ Industries, Lansing Building Products and McCue Corp., are located in the southwestern suburb of Franklin and the northern suburb of Danvers. Scott Jamieson and Brandon Dickason of Avison Young represented the seller, Arris Partners LLC, in the transaction and procured the buyer, Denver-based Black Creek Group.

December 13, 2021

Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $36M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams December 13, 2021

NEW YORK CITY — Walker & Dunlop has arranged a $36 million loan for the refinancing of a 64-unit multifamily property in the Bushwick neighborhood of Brooklyn. Built in 2018, the property consists of 23 studios and 41 two-bedroom apartments with 30 percent of units designated as affordable housing, as well as 14,080 square feet of retail space that is fully leased. Aaron Appel, Michael Diaz, Michael Ianno and Jackson Irwin of Walker & Dunlop arranged the five-year, floating-rate loan through Amherst Capital Management on behalf of the borrower, Cayuga Capital Management.

December 13, 2021

Acquisitions Affordable Housing Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $28.5M in Financing for Affordable Seniors Housing Property in Boston

by Taylor Williams December 13, 2021

BOSTON — MassHousing has provided $28.5 million in financing for Council Tower, a 145-unit affordable seniors housing property in the Roxbury neighborhood of Boston. Excluding the property manager’s unit, all of Council Tower’s 28 studios and 117 one-bedroom units are subsidized by a Section 8 Housing Assistance Payment contract. The borrower, the Council of Elders Housing Corp., will use proceeds to refinance existing debt, fund capital improvements and preserve the affordability of the 17-story building.

December 13, 2021

Idaho Market Reports Office Western Western Market Reports

Employers Take Notice of Boise

by Jeff Shaw December 13, 2021

By Patrick Shalz, Partner, TOK Commercial Net absorption in Boise’s office market through August is nearly 806,000 square feet. This has already outpaced the amount seen in 2020 by more than 40 percent. Meridian and Downtown Boise have had the most net absorption, with 232,000 square feet and 191,000 square feet, respectively. Overall vacancy has declined a full percentage point in 2021, from 7.3 percent to 6.2 percent. Multi-tenant vacancy has also declined from 11.2 percent to 10.7 percent. Many of the largest transactions of 2021 involved companies that are new to the Boise MSA. Kiln, a co-working company with offices in Utah and Colorado, leased nearly 50,000 square feet of newly constructed space in the Eagle View Landing project near Eagle Road and I-84. U.S. Investment Corp. and AMS Sensors, both of which are new to the market, leased 13,100 and 10,900 square feet, respectively, at the 11th & Idaho Building in downtown Boise. Overall asking rates have increased in the past year, rising $0.50 per square foot to $18.50 per square foot (full-service lease/FLSV, annually). Class A space in newly constructed office buildings have asking rates ranging between $26 and $30 per square foot. Landlords have been offering $60 to $65 …

December 13, 2021

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Booming Employment Continues to Drive Louisville’s Impressive Multifamily Market

by John Nelson December 13, 2021

Louisville’s multifamily market has long benefited from the city’s highly diversified employment base. With strongholds in distribution (boosted by the recent surge of e-commerce sales), manufacturing, healthcare and professional services, Louisville has rebounded from the pandemic-induced recession more quickly than much of the rest of the country. As of July 2021, the local unemployment rate was 4.5 percent, while the national rate was 5.4 percent. In addition to increased job growth, local employers are raising wages to attract top talent needed for expansion requirements. This wage growth, coupled with employment demand, has created a considerable advantage for multifamily property owners that have been able to push rental rates on an annual basis. Integra Realty Resources (IRR) reports that overall market vacancy is hovering at a low 4 percent. The combination of low vacancy rates and wage growth has allowed multifamily owners to increase rent structures. Landlords have seen high single-digit annual rent increases for the last four years in the Louisville MSA. Class A properties have been achieving rents approaching $2 per square foot for some unit types in luxury developments. IRR also reports that there are currently over 4,000 multifamily units planned or under construction in the Louisville MSA. …

December 13, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Cardone Capital Acquires South Florida Multifamily Portfolio for $740M

by Taylor Williams December 13, 2021

AVENTURA, FLA. — Cardone Capital, the Aventura-based institutional investment firm owned by entrepreneur and real estate mogul Grant Cardone, has acquired a portfolio of multifamily properties in South Florida for $740 million. The per-unit price equates to about $438,000. The sellers were not disclosed. The portfolio comprises four communities totaling 1,688 units. Two of the properties, totaling 716 units, are located in Fort Lauderdale. The other two properties, totaling 972 units, are in Sunrise and Weston, both located in West Broward County. Cardone Capital is rebranding each of the communities under its signature 10X banner. The two Fort Lauderdale properties are newly built and feature studio, one- two- and three-bedroom units. Amenities include pools and fitness centers. Both communities are located in the city’s downtown area. The other two communities were constructed in the 1990s and have value-add potential, according to the buyer. “Acquiring these four properties, essentially simultaneously, is the largest deal I’ve done in my 30-plus years as a real estate investor,” says Cardone, who serves as CEO of his namesake company. “Each property has its own personality, but what they all share is the first thing I look for in property investments — super-convenient locations in high-growth …

December 13, 2021

Acquisitions District of Columbia Office Southeast

KBS Sells Three-Building Office Park in Metro D.C. for $106M

by Julia Sanders December 10, 2021

FAIRFAX, VA. — KBS has sold Willow Oaks Corporate Center, a 584,147-square-foot, Class A office park in Fairfax, which is about 18.7 miles west from Washington, D.C. Bridge Investment Group purchased the property for $106 million. KBS owned the property via KBS Real Estate Investment Trust II. Built in three phases in 1986, 1989 and 2003, Willow Oaks Corporate Center is a three-building office park located near the intersection of Route 50 and the Capital Beltway. The office center has obtained WiredScore Gold and Silver certifications, which has to do with the property’s wired infrastructure, internet connectivity and resilience. The property also features EV car-charging stations and an energy-management system. Building amenities include bike storage, an outdoor picnic area, carwash and detail service, private tenant balconies, concierge service and multiple bus shuttles. Located at 8281-8399 Willow Oaks Corporate Drive, the property is 7.4 miles from George Mason University, less than one mile from Inova Fairfax Hospital and 1.1 miles from the Mosaic District Town Center, a 31-acre mixed-use development with retail and dining options. The property is also situated near several retailers and restaurants such as Great Wall Supermarket, McDonald’s, Starbucks, Sweetwater Tavern and CVS/pharmacy. Under KBS’ previous ownership, the …

December 10, 2021

Acquisitions North Carolina Office Southeast

CBRE Brokers $65.5M Sale of Office Building in Charlotte’s South End

by Julia Sanders December 10, 2021

CHARLOTTE, N.C. — CBRE has arranged the sale of Morehead Square, a 133,107-square-foot office building in Charlotte’s South End submarket. Charlotte-based Spectrum Cos. and Invesco Real Estate purchased the property from Charlotte-based Ferncroft Capital for $65.5 million, according to the Charlotte Business Journal. Patrick Gildea, Matt Smith, Grayson Hawkins, Joe Franco, Kris Westmoreland and Emily Barth of CBRE represented the seller in the transaction. Built in 2000, Morehead Square is a six-story property that features a 412-space surface and deck parking lot. The property is currently 71 percent occupied to tenants such as Charter Communications, U.S. Export Assistance Center, Bank OZK, WSP Engineering and West End Advisors. The office building has recently undergone several renovations, including improvements to the lobby and modernization of the first, second and sixth floors. Located at 1001 Morehead Square Drive, the property is situated at the intersection of East Morehead Street and Morehead Square Drive. Morehead Square is adjacent to the Lynx Light Rail Carson Street Station and is close to the AC Marriott Hotel, Westin Hotel, Dowd YMCA, Morehead Tavern, Midnight Diner and Bank of America Stadium, home arena of the Carolina Panthers NFL team.

December 10, 2021

Loans Maryland Multifamily Southeast

JLL Secures $50.1M Acquisition Financing for Multifamily Property in Metro D.C.

by Julia Sanders December 10, 2021

HYATTSVILLE, MD. — JLL has secured $50.1 million in acquisition financing for Plaza Towers, a 288-unit, high-rise apartment community located in Hyattsville, about 6.9 miles from Washington, D.C. Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski of JLL arranged the three-year, floating-rate loan on behalf of the borrower, Jair Lynch Real Estate Partners. Jair Lynch purchased the asset for $65.8 million, or $228,929 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the sellers, The Donaldson Group and New York-based Angelo Gordon & Co., in the transaction. Partially renovated in 2019 and 2020, Plaza Towers offers studio, one-, two- and three-bedroom units averaging 826 square feet. Select units feature abundant closet space, dishwashers, built-in microwaves, plank vinyl flooring, private balconies or patios, granite countertops and stainless steel appliances. Community amenities include an outdoor pool, laundry facility with resident lounge and clubroom, fitness center, business center, playground, grilling and picnic areas and a bike storage room. Located at 6700 Belcrest Road, the property is situated within a half-mile from The Mall at Prince George’s, a shopping mall with retailers such as Five Below, Ulta Beauty, Foot Locker and T.J. Maxx. The property …

December 10, 2021

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