Property Type

Tolleson-107-Logistics-Center-Tolleson-AZ

Trammell Crow, Clarion Partners Acquire 25-Acre Site for Tolleson 107 Logistics Center in Arizona

by Amy Works March 4, 2021

TOLLESON, ARIZ. — The Phoenix business unit of Trammel Crow, in partnership with Clarion Partners, has purchased a 25-acre site for the development of Tolleson 107 Logistics Center. Terms of the acquisition were not disclosed. Located in Tolleson, the 332,075-square-foot logistics facility will include 4.6 acres dedicated to retail space. Butler Design Group designed the asset, which will feature 36-foot clear heights, concrete truck courts, four point of access, 52-foot by 52-foot column spacing with 60-foot speed bays, 266 car parking stalls, 54 trailer parking stalls and an ESFR sprinkler system. Groundbreaking is slated for April, with tenancy ready by year-end. Phil Haenel, Andy Markham and Mike Haenel of Cushman & Wakefield are handling leasing of the project.

March 4, 2021

Acquisitions Montana Multifamily Western

Brinkman Enters Montana Market, Acquires 128-Unit King West One Apartments in Billings

by Amy Works March 4, 2021

BILLINGS, MONT. — Brinkman Real Estate, in partnership with Blue Field Capital, has purchased King West One, an apartment property in Billings. The acquisition is Brinkman’s first in Montana. Built in 2009, King West One features 128 two-story, townhome-style apartments ranging from 680 square feet to 1,100 square feet with individual detached garages. The complex is spread across 13 buildings. At the time of sale, the property was nearly 100 percent occupied. Terms of the transaction were not released.

March 4, 2021

Acquisitions California Office Western

Crusader Insurance Sells 46,889 SF Office Building in Calabasas, California

by Amy Works March 4, 2021

CALABASAS, CALIF. — Crusader Insurance Co. has completed the sale of a two-story office building located at 26050 Mureau Road in Calabasas. An undisclosed buyer acquired the asset for $12.7 million, or $271 per square foot. Built in 1997, the 46,899-square-foot building features a training center, boardrooms, fitness center, server rooms, employee lounge, outdoor patio, elevator and 157 parking spaces. Jay Rubin and Eugene Kim of Lee & Associates represented the seller, while Craig Miller and Todd Cobin of Stone Miller represented the seller in the deal.

March 4, 2021

LogistiCenter-Park-Meridian-Riverside-CA

California Industrial Leasing Activity Western

Global One Logistics to Occupy 262,260 SF LogistiCenter at Park Meridian in Riverside, California

by Amy Works March 4, 2021

RIVERSIDE, CALIF. — Global One Logistics has inked a deal to lease LogistiCenter at Park Meridian in Riverside. The third-party warehousing and distribution specialist serving the home fashion and apparel industry will occupy the Class A building located at 21822 Opportunity Way in the Inland Empire East submarket. The property totals 262,260 square feet. Phil Lombardo, Chuck Belden, Andrew Starnes and Cruise Adams of Cushman & Wakefield represented the landlord, Dermody Partners, in the lease.

March 4, 2021

California Company News Industrial Western

CapRock Partners Transacts 10 MSF of Industrial Real Estate, Opens Two Offices During 2020

by Amy Works March 4, 2021

NEWPORT BEACH, CALIF. — CapRock Partners has acquired, leased or sold nearly 10 million square feet of industrial space across the Western United States and opened two offices in Phoenix and Northern California, welcoming 26 new employees, according to the Newport Beach-based firm. CapRock Partners signed 10 leases totaling more than 5.3 million square feet; acquired eight properties and land sites totaling 4.2 million square feet; and sold 196,534 square feet across two properties. Additionally, an institutional investor retained the company to manage a six-asset, 1.9 million-square-foot industrial real estate portfolio that spans four markets. These transactions bring CapRock’s total investment, development and asset management pipeline to more than 25 million total square feet since inception in 2009. On the development side, the company completed more than 4.1 million square feet of Class A industrial product across the Las Vegas basin and Inland Empire, including the 3 million-square-foot Commerce Center in Ontario, California, which CapRock developed on behalf of Ivanhoé Cambridge. Since March 2020, the company started construction of an additional 2.8 million square feet and successfully received entitlements for over 3 million square feet in multiple projects across the Inland Empire. This brings CapRock’s total either recently constructed or …

March 4, 2021

Retail Top Stories Western

Disney to Close 60 Stores in North America, Shift Focus to E-Commerce

by Katie Sloan March 4, 2021

BURBANK, CALIF. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were not disclosed. Changing consumer behavior was cited as a catalyst for the announced closures, according to CNBC. The Walt Disney Co. owns and operates 200 Disney Stores in North America, 60 in Europe, 45 in Japan and two in China, according to the company’s annual report for fiscal year 2020. These closures mark the company’s latest effort in revamping the Disney Store shopping experience. The Walt Disney Co. redesigned a number of stores in 2017 in an attempt to boost business, according to The New York Times, incorporating live video feeds from the company’s theme parks and skewing merchandise away from toys and towards fashion for young adults. Disney also expanded its merchandising relationship with Target during 2019, announcing …

March 4, 2021

Matt Pipitone Fannie Freddie Seniors Housing

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

by Sarah Daniels March 4, 2021

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …

March 4, 2021

Market Reports Michigan Midwest Midwest Market Reports Retail

Hardships Met With Innovation for Detroit’s Retail Market

by Kristin Harlow March 4, 2021

By Evan Lyons, Encore Real Estate Investment Services Call it what you will — Motown, the Motor City, the Comeback City — by any name, the city of Detroit has long been a place of possibilities. A smart student in the school of hard knocks, Detroit has teetered on failure, yet still managed to graduate with high marks. Best known as the birthplace of the automobile and home to Motown music’s Hitsville USA, Detroit went from being the driver of American capitalism to a city in ruin. It endured population decline in the ’50s, rioting in the ’60s, the collapse of the auto industry in the late ’70s and ’80s, and in 2013, the largest municipal bankruptcy in U.S. history, yet somehow emerged as a hot spot for high rollers and hipsters alike. As 2019 winded down, Detroit and the surrounding Southeast Michigan area boasted a healthy economy. The automotive industry, a key driver of the region, posted better than expected sales of cars and trucks in the fourth quarter of 2019, beating projections. Employment was on the uptick both in the city and across the state. Southeast Michigan appeared positioned for growth in 2020. The same held true for …

March 4, 2021

Features Hospitality Multifamily

Lenders See Opportunity Amid Adversity, Forecast Survey Reveals

by Sarah Daniels March 3, 2021

By Matt Valley Despite a tumultuous 2020, a year in which the country was turned upside down by a deadly pandemic that led to economic upheaval, the commercial real estate lending community overwhelmingly believes brighter days are ahead on the business front. France Media’s 2021 forecast survey of direct lenders and financial intermediaries nationally reveals that 84 percent of respondents expect the total dollar amount of commercial and multifamily loans closed by their firm this year to increase when compared with 2020 deal volume. Only 6 percent of survey respondents anticipate business volume will decrease at their firm on a year-over-year basis, and 10 percent project business volume will remain the same. “I expect our loan volume to increase by 50 percent in 2021 versus 2020, as many lenders were unable to make decisions or even set loan policies during COVID,” says Ben Kadish, president of Maverick Commercial Mortgage, a Chicago-based mortgage banking firm. “As the vaccine process expands, and the world opens up, lending for more property types will expand. Some lenders will start looking at retail, office and hospitality now.” As of late February the death toll in the United States from COVID-19 had surpassed 500,000, according to …

March 3, 2021

Development Mixed-Use Texas

De La Vega Provides Updates on The Central Mixed-Use Project in Dallas

by Taylor Williams March 3, 2021

DALLAS — Dallas-based De La Vega Development has provided updates on Phase I of The Central, a 27-acre mixed-use project located at the former site of the Leaning Tower of Dallas. In February 2020, the building at the site, an 11-story office tower that was constructed in 1971 for Southland Corp., was demolished but did not entirely collapse, earning it the name Leaning Tower of Dallas. Phase I of The Central currently includes 350,000 square feet of office space, a 350-unit apartment community by local developer StreetLights Residential, 29,000 square feet of retail and restaurant space and a four-acre centerpiece park. Complementing this first phase, JPI is currently constructing a multifamily community, bringing an additional 430 residences to the development that are expected to be complete in the fourth quarter of 2022. The other components of Phase I are expected to be complete in early 2024. Falcon Realty Advisors has been tapped to lease the retail and restaurant space.

March 3, 2021

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