NEWINGTON, N.H. — Torrington Properties, an investment firm with offices in Boston and Durham, New Hampshire, has acquired the 102,000-square-foot Newington Park Shopping Center. The property is located in the southern coastal part of the Granite State and sold for $13.3 million. The seller, Urstadt Biddle Properties Inc., had owned the 15-acre center since 1979. Torrington Properties purchased the asset in partnership with regional development and investment firm The Mount Vernon Co.
NEW YORK CITY — Chicago-based investment firm CenterPoint Properties has acquired an 81,000-square-foot warehouse located at 511 Barry St in The Bronx. Earlier this year, CenterPoint purchased an adjacent property at 1080 Leggett Ave; both buildings are occupied by an e-commerce tenant that the New York Business Journal reports is Amazon. The building covers about 32 percent of a 4.6-acre site, providing ample space for employee and trailer parking. Brian Fiumara, Doug Middleton and Ryan Silber of CBRE, along with Rob Kossar, Tyler Peck, Leslie Lanne and Andrew Scandalios of JLL, brokered the deal.
PITTSBURGH — Regional lender TriState Capital Bank Inc. (NASDAQ: TSC) has signed a 22,000-square-foot lease to occupy the entire 16th floor at 11 Stanwix Street, an office building in downtown Pittsburgh. Jason Stewart and Jeff Adams of JLL represented the landlord, a partnership between M&J Wilkow and DRA Advisors, in the lease negotiations. Brendan McManus and Michael Connor of Hanna Langholz Wilson Ellis represented the tenant. The deal increases TriState’s total footprint in downtown Pittsburgh to roughly 68,000 square feet.
By Hank Wolfer, First Vice President of Investments, and Derek Peterson, Associate, Marcus & Millichap National retail chains favor Seattle’s surrounding neighborhoods. Prior to the pandemic, retailers were taking notice of strong demographic trends in the submarkets surrounding Seattle. Between 2009 and 2019, the number of households across the metropolitan area grew by 13 percent, nearly double the national rate. High homeownership costs directed many of those new households to the suburbs where living expenses are lower. Following rooftops, multiple developers have pursued expansion opportunities in these areas, with recently opened projects in locations like Renton, Frederickson and Shelton. These new floor plans are drawing prominent retailers, including 7-Eleven and medical provider DaVita Dialysis, as well as fast food operators like Popeyes. Although initially challenged by lockdowns, these facilities are poised to benefit from the ongoing economic recovery. Suburban properties are outperforming urban counterparts. While no tenant was free of pandemic-induced challenges, operations outside the urban core proved more resistant on average. Vacancy in downtown Seattle rose 80 basis points over the 12-month period that ended in March. This is compared with a 60 basis point climb in Tacoma and a 20 basis point increase in the Southend. Moving through the rest of 2021, metro-wide vacancy is …
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Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates
BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million. Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) in the United States and has participated in the development of over 100,000 affordable units serving over 400,000 families. ADC Communities is the affordable housing development arm of Alliant, which has financed 29 developments and over 5,400 units in eight states since 2014. Alliant Strategic Investments focuses on non-LIHTC affordable housing preservation, workforce housing and opportunity zone investments. The acquisition will bring Walker & Dunlop’s total affordable housing assets under management to $16 billion, with $14 billion of those assets under management belonging to Alliant. The move is expected to be accretive to Walker & Dunlop’s existing $112 billion servicing portfolio. “Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, …
By Jordan Cooper, director of verticals, Xero It’s difficult to guess anything about the housing and rental property markets of tomorrow given the conditions of today. Month after month of fluctuating prices, demand and availability have made renting a delicate dance for landlords and tenants alike. A recent IBISWorld report also pointed to an expected decrease in revenue for the larger apartment rental industry through 2021, but it’s not time to hit the panic button just yet. There are, in fact, a multitude of ways by which landlords and property managers can make their businesses steadier, more profitable and more beneficial to tenants — as well as to themselves. The first option — hiring outside help — creates the least work for owners, though it may not be the right addition to every landlord’s toolkit. In an industry with occasionally fickle financial situations, landlords can lean on the assistance of accountant or bookkeepers or seek counsel from financial advisors. Unless an owner already has the bookkeeping know-how, he or she is probably missing out on tax savings and seeing suboptimal returns on real estate investments. A qualified accountant can step in to keep the owner abreast of any and all …
ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Brookside Apartment Homes, a 288-unit multifamily property in Arlington that was originally built in 1983. According to Apartments.com, Brookside Apartment Homes features one- and two-bedroom units ranging in size from 650 to 990 square feet. Communal amenities include a pool, fitness center, resident clubhouse, business center, pet play area and outdoor picnic and grilling areas. The seller was not disclosed. Following this acquisition, Western Wealth Capital now owns 12 multifamily properties in the Dallas-Fort Worth area and 26 in Texas.
SAN ANTONIO — Newmark has brokered the sale of Southtown Flats, a 229-unit apartment community located near San Antonio’s RiverWalk area. Units feature studio, one- and two-bedroom floor plans and are furnished with nickel hardware fixtures, stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, indoor and outdoor game areas, a business center, cybercafé and package lockers. Patton Jones and Matt Michelson of Newmark represented the seller, Denver-based Ascentris, which developed the property in 2016. Matt Greer, Hank Glasgow and Braden Harmon of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, SPI Advisory.
SAN ANTONIO — GFI Realty Services Inc. has arranged the $11.3 million sale of a 151,793-square-foot warehouse located at 7042 Industrial Way in southeast San Antonio. Building features include 24-foot clear heights, 74 dock-high doors and 84 trailer parking spaces. Joshua Peck and Susan Annis of GFI Realty represented the buyer, Atlanta-based investment firm MDH Partners, in the transaction. The seller and sales price were not disclosed. The property was 60 percent leased at the time of sale to tenants such as CEVA Logistics and Glazer’s Beer & Beverage.
ARLINGTON, TEXAS — M2G Ventures, a North Texas-based investment and development firm, has acquired a 141,658-square-foot industrial building located at 3500 Avenue E in Arlington’s Great Southwest submarket. The property sits on 8.6 acres and offers 18-foot clear heights, 148-foot truck court depths and 4,000 square feet of office space. M2G Ventures plans to implement a value-add program that will deliver storefront upgrades, roof repairs, enhanced power, lighting, landscaping and paving, as well as modern paint and exterior updates. The seller was not disclosed.