Property Type

Blackstone Group to Acquire 66 Multifamily Communities in San Diego for $1B

by Katie Sloan May 13, 2021

SAN DIEGO — Blackstone Group (NYSE: BX), in partnership with TruAmerica, plans to acquire 66 multifamily communities in San Diego County for more than $1 billion. The sale is one of the largest real estate transactions in county history, according to reports by The San Diego Union-Tribune. The seller, Conrad Prebys Foundation — a philanthropic organization created by local real estate owner Conrad Prebys — began shopping its multifamily portfolio in February, according to KPBS, a public broadcasting service in San Diego. The assets largely feature below-market-rate rents for low-income renters. The report by KPBS lists that the portfolio includes Conrad Villas apartments in Spring Valley, alongside communities located in San Ysidro, Imperial Beach, Chula Vista, National City, Lemon Grove, Lakeside, Spring Valley, Pacific Beach, Ocean Beach, El Cajon, Escondido, Ramona and Santee. The 5,800-unit, market-rate portfolio is set to undergo $100 million in renovations under the new ownership, according to the Union-Tribune. Blackstone also plans to partner with the nonprofit organization Pacific Housing to provide services for residents, including after-school tutoring, financial literacy classes, and health and wellness initiatives at no cost. The deal will add to Blackstone’s existing portfolio of $4.5 billion worth of assets in San Diego …

May 13, 2021

Industrial Market Reports Midwest Midwest Market Reports Nebraska

Omaha Industrial Activity Remains Strong, Particularly in Western Sarpy County

by Kristin Harlow May 13, 2021

By John Dickerson, OMNE Partners Our Omaha-area industrial sector has come through the pandemic very well, compared with other commercial sectors. We have not had to work out many rent payment plans with tenants, and industrial users going out of business have been minimal. Omaha has survived and come out of 2020 well economically. Our unemployment rate is the second lowest in the country. Our cost of living has also been lower than most other major cities in the Midwest. This low cost of living carries over to real estate rental rates and operating costs. Leasing activity Industrial leasing has been quite good in Omaha for years. Our vacancy rates have been below 5 percent for a number of years and currently have been about 3.5 percent. By reviewing spaces for lease on Crexi, an internet marketing service, there are about 120 properties that I identified with space available with a total of over 3 million square feet for lease. Rental rates for industrial vary, of course, for typical reasons — age and condition of the property, location and how much a space/building might be finished in office or other special improvements. In Omaha, many flex buildings have users that …

May 13, 2021

Development Industrial Maryland Southeast

Matan to Open U.S. Manufacturing Facility for Ellume in Frederick, Maryland

by Julia Sanders May 12, 2021

FREDERICK, MD. — Matan will open a U.S. manufacturing facility in Frederick for the digital diagnostics company, Ellume. Once fully operational, the facility will have the capacity to produce 19 million Ellume COVID-19 Home Tests per month. The facility is on track to begin limited operation in the second half of 2021, and will be Ellume’s first U.S. located facility. The Ellume COVID-19 Home Test was the first rapid COVID-19 self-test to be granted Emergency Use Authorization by the U.S. Food and Drug Administration (FDA) for both asymptomatic and symptomatic use without a prescription. In February, Ellume announced a $231.8 million investment from the U.S. Department of Defense (DOD) and Department of Health and Human Services (HHS) to accelerate production of its COVID-19 home tests. The agreement provided funding to support the establishment of Ellume’s first U.S. manufacturing facility. As part of this agreement, Ellume will provide 8.5 million COVID-19 home tests to the U.S. government by end of the year. Ellume’s U.S. operation will include two manufacturing facilities totaling more than 180,000 square feet that Matan Progress Labs is developing. Matan, a Washington, D.C.-based commercial real estate development firm, says the company will deliver the first two buildings in …

May 12, 2021

Acquisitions Multifamily Southeast Virginia

JLL Arranges $113M Sale of Ravens Crest Apartments in Manassas, Virginia

by Julia Sanders May 12, 2021

MANASSAS, VA. — JLL Capital Markets has arranged the $113 million sale of Ravens Crest, a garden-style multifamily community located in Manassas, which is about 30 miles from Washington D.C. JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corp., to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners LLC and Blackfin Real Estate Investors. Additionally, Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL arranged acquisition financing on behalf of Clarion and Blackfin. Ravens Crest has a total of 444 one- and two-bedroom units that have been recently updated to feature stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. Community amenities include a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool, outdoor kitchen and recreation areas. The property also has a jogging trail located right behind it. Ravens Crest is located at 8098 Ravens Crest Court. In the past, the property has had a 95 percent occupancy rate with an average rent growth of 3.7 percent annually.

May 12, 2021

Georgia Industrial Leasing Activity Southeast

CBRE Secures 499,200 SF Industrial Lease for East Coast Warehouse in Savannah

by Julia Sanders May 12, 2021

SAVANNAH, GA. — CBRE has secured a 499,200-square-foot industrial lease with East Coast Warehouse at 521 Morgan Lakes Blvd. in Savannah. Bill Waxman, Chris Dempsey and Blaine Kelley of CBRE represented the tenant in the lease transaction. CBRE’s Bill Sparks represented the landlord, Principal Financial. There are currently no other tenants in the building. New Jersey-based East Coast Warehouse provides temperature-controlled logistics services to the food and beverage industry. East Coast Warehouse has also expanded in other port markets along the East Coast, such as the Ports of New York/New Jersey, Philadelphia and Baltimore. The industrial facility totals nearly 1 million square feet and features 36-foot clear heights, LED lighting and 220 dock doors. It is located close to Interstates 95 and 16 and the Port of Savannah.

May 12, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers $11.4M Sale of Cherokee Commons Shopping Center in Suburban Atlanta

by Julia Sanders May 12, 2021

ACWORTH, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $11.4 million sale of Cherokee Commons Shopping Center, a 103,719-square-foot, Kroger-anchored retail property located 33 miles north of Atlanta in Acworth. Built in 1986, the center was 91 percent leased to tenants including Pet Supplies Plus and CosmoProf at the time of sale. Kyle Stonis and Pierce Mayson of SRS represented the seller, Collett Capital, in the disposition of the property to Bandera Ventures. The buyer was self-represented in the transaction.

May 12, 2021

Affordable Housing Development Florida Multifamily Southeast

Redwood, Winston Capital Nearing Completion of Workforce Housing Community in Miami-Dade County

by Julia Sanders May 12, 2021

OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.

May 12, 2021

Development Industrial Texas

Stonelake Capital to Develop 1.1 MSF Spec Industrial Project in El Paso

by Taylor Williams May 12, 2021

EL PASO, TEXAS — Stonelake Capital Partners, a Texas-based real estate private equity firm, has acquired a 69-acre site in El Paso for the development of Eastlake Logistics Park, a 1.1 million-square-foot speculative industrial project. The site is located at the corner of Eastlake Boulevard and Interstate 10, adjacent to Amazon’s future fulfillment center. Construction is scheduled to begin in the fourth quarter and to be complete in the third quarter of 2022. CBRE is leasing the development.

May 12, 2021

Acquisitions Industrial Texas

KKR Acquires 198,000 SF Skyline Commerce Center in Metro Dallas

by Taylor Williams May 12, 2021

MESQUITE, TEXAS — Global investment firm KKR has acquired Skyline Commerce Center, a 198,000-square-foot, newly built industrial property located in the eastern Dallas suburb of Mesquite. The seller, Conor Commercial, began construction on the two-building development in April 2020. Building 1 features 32-foot clear heights, 23 truck docks, 12 trailer parking stalls and 133 car parking spots. Building 2 offers 28-foot clear heights, 18 truck docks and 122 car parking spaces.

May 12, 2021

Loans Multifamily Texas

KeyBank Provides $30M Agency Acquisition Loan for El Paso Multifamily Property

by Taylor Williams May 12, 2021

EL PASO, TEXAS — KeyBank Real Estate Capital has provided $30 million in Freddie Mac acquisition financing for Bungalows at North Hills, a 342-unit multifamily property in El Paso. Built on 18 acres in 2009, the property features studio, one-, two-, three- and four-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. Caleb Marten and Chris Neil of KeyBank originated the financing. The borrower was a real estate private equity firm based in New England. The property has since been rebranded as Forty649 North Hills Apartments.

May 12, 2021

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