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InterFace Panelists Tout Kansas City Market’s Strengths, Highlight Ways to Contain Costs

by Kristin Harlow

For industrial developers and owners, Kansas City is an easy sales pitch right now.  “Two years ago, we had to scrounge around [for capital partners] trying to get phone calls returned. Now, they’re calling us saying they’re ready to see what we’ve got,” said Nick Cook, a development manager with Panattoni Development Co. “You’re always trying to sell a story to these folks. And Kansas City is a pretty easy one to sell right now. When it comes to speculative development, we’re feeling bullish.”  Cook’s remarks came during the developers, owners and investors panel at the InterFace Kansas City Industrial conference, which took place Tuesday, Aug. 18 at the Intercontinental Kansas City at the Plaza. Robert Ciston, a senior principal with BRR Architecture, moderated the discussion.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Fellow panelist Grant Harrison, executive vice president of development with VanTrust Real Estate, also expressed a bullish mindset on Kansas City and said he wants to get in front of the next wave of development. In contrast, there are some markets where Harrison does not …

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InterFace-Houston-Industrial-Design-Construction-Panel
Conference CoverageIndustrialMarket ReportsTexasTexas Market Reports

InterFace Panel: Houston Industrial Market Battles Labor, Timing Issues as Data Center, Advanced Manufacturing Projects Grow

by Taylor Williams

By Taylor Williams New development within the Houston industrial market is increasingly skewing toward data centers and advanced manufacturing projects, creating new hurdles for architectural, engineering and contracting (AEC) teams to overcome in terms of labor and timing. At the annual InterFace Houston Industrial conference that took place in late August at The Briar Club and was attended by more than 200 industry professionals, Jason Cooper, president at Houston-based general contractor Arch-Con Corp., immediately cited both of these issues when asked about the biggest challenges the industry faces today. Braylie Manson, business development associate in the Houston office of Texas-based engineering firm Dunaway, moderated the conference’s design and construction panel. “The most difficult thing of the past year, excluding the past month or so, has been getting highly qualified subcontractors on board that can keep the schedules that are expected,” said Cooper. “Schedules keep accelerating; we have to turn these projects over faster and faster, so [as general contractors], we have to be very selective about which subcontractors we use to avoid delays.” Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about …

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CaliforniaFeaturesRestaurantRetailWesternWestern Feature Archive

The Great Cap Rate Puzzle: Rethinking How Net Lease Real Estate Responds to Interest Rates

by John Nelson

By Jeff Lefko of Hanley Investment Group Real Estate Advisors For much of the last few decades, commercial real estate investors have operated under a simple assumption: interest rates rise, and cap rates rise with them. It is a straightforward relationship: intuitive, widely accepted and deeply embedded in underwriting models and investment committee discussions across the industry. Yet in the net lease sector, the connection between interest rates and cap rates has been far less direct than many believe. Since early 2022, the Federal Reserve has increased short‑term rates by more than 500 basis points, the fastest tightening cycle in four decades. Longer‑term borrowing costs remain elevated compared to the ultra-low-rate era of 2020 and 2021, even after the Fed’s rate cuts through 2025. Conventional thinking suggests net lease cap rates should have expanded sharply. Instead, cap rates across much of the single-tenant and multi-tenant net lease market have risen only modestly relative to the scale of the rate increases. There has been movement in certain segments, particularly in secondary markets, shorter lease terms and lower credit tenants, but the broader market has moved far less than the headline rate increases alone would suggest. This raises an important question for …

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $238M Refinancing for Landmark South Apartments in Doral, Florida

by John Nelson

DORAL, FLA. — Walker & Dunlop has arranged a $238 million loan for the refinancing of The Landmark South, a 631-unit apartment community located at 6055 N.W. 105th Court in Doral, a western suburb of Miami. Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian and Stanley Cayre of Walker & Dunlop arranged the floating-rate, interest-only bridge loan from Torchlight Investors on behalf of the borrower, JSB Capital. Completed in two phases in 2017 and 2021, The Landmark South comprises one-, two- and three-bedroom residences averaging 1,017 square feet in size. Amenities include two resort-style pools, two 24-hour fitness centers, outdoor courtyards, a business center, pet spa, resident lounges and structured parking.

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Affordable HousingDevelopmentFloridaLoansMultifamilySoutheast

Greystone Provides $167M Financing for Affordable Housing Tower Development in Miami

by John Nelson

MIAMI — Greystone has provided a loan package totaling $167 million for the construction of Gallery at Lummus Parc, an affordable housing high-rise development located at 395 N.W. 1st St. in Miami. The borrower is locally based Related Urban Development Group, an affordable housing subsidiary of Related Group. Greg Voyentzie and Jay Reed of Greystone Real Estate Capital (GREC) and Jason Kaye of Greystone Housing Impact Investors LP (GHI), along with Jeff Englund and Pharrah Jackson of Greystone, facilitated the financing. GHI is providing $80 million in construction financing through a joint venture with BlackRock Impact Opportunities Fund; GREC is providing $27.1 million in 4 percent low-income housing tax credit (LIHTC) equity; and Greystone provided a $60.1 million fixed-rate Freddie Mac loan that is expected to repay the construction financing upon conversion in conjunction with the LIHTC equity. Approximately 83 percent of the residences at Gallery at Lummus Park will be subject to income and/or rent restrictions, with affordability levels ranging from 20 to 100 percent of the area median income (AMI). The financing structure also incorporates project-based rental assistance, including 51 project-based voucher units and six RAD-assisted units. Gallery at Lummus Parc will comprise 257 studio, one- and two-bedroom …

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AcquisitionsIndustrialMarylandSoutheast

Cushman & Wakefield Negotiates $56.6M Sale of Industrial Facility in Upper Marlboro, Maryland

by John Nelson

UPPER MARLBORO, MD. — Cushman & Wakefield has negotiated the $56.6 million sale of a 202,976-square-foot industrial facility located at 8511 Pepco Place in Upper Marlboro, a suburb of Washington, D.C., in Prince George’s County. Stockbridge acquired the property from TA Realty. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented TA Realty in the transaction. The facility features a 190-foot truck court, 26 dock doors, two drive-in doors, 218 parking spaces and approximately 75 trailer positions. The property is fully leased to Harris Co., a mechanical contractor for the data center industry. The tenant also occupies 75,000 square feet at the neighboring 8520 Pepco Place.

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AcquisitionsNorth CarolinaRetailSoutheast

Orion Buys Food Lion-Anchored Shopping Center in Boone, North Carolina for $26.1M

by John Nelson

BOONE, N.C. — Miami-based Orion Real Estate Group has acquired Watauga Village, an 88,800-square-foot neighborhood shopping center located in Boone, a city in western North Carolina and home of Appalachian State University. Adam Russ, Erin Varol and Will Register of CBRE represented the undisclosed seller in the $26.1 million transaction. Food Lion anchors the property, which was fully leased at the time of sale to tenants including Michaels, Mercy Urgent Care, Spectrum, Tropical Smoothie Café and Wingstop. Orion currently owns or manages an additional 23 properties totaling 101,583 square feet throughout North Carolina, which are all single-tenant, triple-net properties. Watauga Village is the firm’s first shopping center acquisition in the state.

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Kyle-Technology-Park
DevelopmentIndustrialTexas

Cadence McShane Completes 75,000 SF Industrial Project in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — General contractor Cadence McShane has completed a 75,000-square-foot industrial project in Kyle, a southern suburb of Austin. Designed by Studio 8 Architects and developed by TIG Real Estate Services, the project represents Phase I of a41-acre development known as Kyle Technology Park and consists of three 25,000-square-foot buildings. The buildings feature 35-foot clear heights and were designed to accommodate multiple users. Kyle Technology Park is ultimately planned to encompass 11 buildings totaling approximately 300,000 square feet.

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HospitalityLoansTexas

Avatar Financial Provides $3.9M Bridge Loan for Metro Houston Hotel

by Taylor Williams

RICHMOND, TEXAS — Seattle-based lender Avatar Financial Group has provided a $3.9 million bridge loan for the 80-room Fairfield Inn & Suites byMarriott hotel in Richmond, a southwestern suburb of Houston. The three-story, limited-service hotel was built on 2.5 acres in 2020 and offers amenities such as an outdoor pool, fitness center, business center and a sundries shop. The borrower, an entity doing business as Epic Hotel Investors LLC, recently acquired the hotel from its original developer and will use a portion of the loan proceeds to fund capital improvements.

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IndustrialLeasing ActivityTexas

Neveon USA Signs 59,000 SF Industrial Lease Renewal, Expansion in Northeast Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Neveon USA, a provider of upholstery, foam and insulation products, has signed a 59,000-square-foot industrial lease renewal and expansion in northeast Fort Worth. The space is located within Riverbend Business Park, a 32-building, 1.4 million-square-foot development. Grayson Fleitz and Matt Carthey of Holt Lunsford Commercial represented the landlord, Riverbend Properties, in the lease negotiations. The tenant representative was not disclosed, but Newmark represented Neveon in its previous lease for 50,000 square feet at the property in 2023.

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