Property Type

Trammell Crow Breaks Ground on 676,860 SF Industrial Project in Metro Houston

by Taylor Williams December 11, 2020

MISSOURI CITY, TEXAS — Trammell Crow Co. has broken ground on Phase V of Park 8Ninety, a project that will add 676,860 square feet of Class A industrial space across three buildings in Missouri City, a southwestern suburb of Houston. Trammell Crow is co-developing the fifth and final phase of the 129-acre project with Canada-based Artis REIT. Designed by Powers Brown Architecture, the Phase V buildings will offer 28- to 36-foot clear heights, ESFR sprinkler systems and ample car and trailer parking. Burton Construction is the general contractor for the project, and Boyd Commercial is the leasing agent. Completion is slated for the third quarter of 2021.

December 11, 2020

Acquisitions Multifamily Texas

Alex. Brown, Continental Acquire 250-Unit Apartment Community in San Antonio

by Taylor Williams December 11, 2020

SAN ANTONIO — A joint venture between Baltimore-based investment firm Alex. Brown Realty and Continental Realty Group has acquired The Club at Stone Oak, a 250-unit apartment community in northern San Antonio. Built in 2005, the property features a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, outdoor kitchen and a game room. The new ownership will implement a value-add program that will enhance unit interiors, common areas and amenity spaces. The seller was not disclosed.

December 11, 2020

Acquisitions Multifamily Texas

FourPoint Brokers Sale of Newly Built Fitzroy San Marcos Apartments

by Taylor Williams December 11, 2020

SAN MARCOS, TEXAS — FourPoint Investment Sales Partners has brokered the sale of The Fitzroy San Marcos, a 176-unit multifamily community in Central Texas that was built in 2020. Units are furnished with stainless steel appliances, granite countertops and designer finishes. Amenities include a pool with cabanas, a 24-hour fitness center and a business center. Kevin Dufour and Kyle Peco of FourPoint represented the seller in the off-market transaction. The Texas-based buyer plans to own and operate the property on a long-term basis. Rents start at approximately $1,080 per month for a one-bedroom unit, according to Apartments.com.

December 11, 2020

Loans Multifamily Texas

Greystone Provides $22.9M HUD-Insured Loan for Refinancing of Multifamily Asset in Metro Dallas

by Taylor Williams December 11, 2020

GARLAND, TEXAS — Greystone has provided a $22.9 million HUD loan for the refinancing of Carriage Homes on the Lake, a 147-unit multifamily asset located in the northeastern Dallas suburb of Garland. Built in 2015, the property consists of 15 three-story buildings housing one- and two-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor picnic areas. Eric Rosenstock, Paul Smyth and Cary Williams of Greystone originated the loan, which carries a fixed interest rate and a 39-year term and amortization schedule, through HUD’s 223(a)(7) program. The borrower was Bridgeview Multifamily.

December 11, 2020

Industrial Leasing Activity Texas

KBR Wyle Services Signs 13,000 SF Industrial Lease at TexAmericas Center

by Taylor Williams December 11, 2020

NEW BOSTON, TEXAS — California-based KBR Wyle Services LLC has signed a 13,000-square-foot industrial lease in New Boston, located near the Texas-Arkansas border. The space is located at 133 Miller St. within TexAmericas Center, an industrial park that houses about 12,000 development-ready acres and 3 million square feet of commercial and industrial space at the site of a former military complex. KBR’s lease term is 24 months. The tenant expects to create five jobs and invest $4.5 million in the local economy.

December 11, 2020

California Company News Hospitality Western

Market Cap of Airbnb Skyrockets to $86.5B in First Day of Trading on Nasdaq Exchange

by Amy Works December 11, 2020

SAN FRANCISCO — Yesterday, Airbnb (NASDAQ: ABNB) soared in valuation during its first day of trading with initial shares priced at $68 for the San Francisco-based home-rental platform. The company’s shares skyrocketed to 113 percent above the initial offering, closing at $144.47. The company’s market capitalization reached $86.5 billion, with its offering raising $3.5 billion — making it the biggest IPO year-to-date. “Airbnb’s strong debut come as little surprise in view of the enormous valuations accorded to anything ‘tech,’” says professor John Colley, associate dean at Warwick Business School and an expert on IPOs. “After all, the company is nearer to profit than many recent and current IPOs.” Prior to its IPO, Airbnb filed multiple updated S-1s with the U.S. Securities and Exchange Commission, in which the company announced plans to offer 51.9 million shares at $44 to $50 per share then increased its offering to $56 to $60 per share. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018.

December 11, 2020

California Company News Restaurant Retail Western

DoorDash Stock Soars 86 Percent on Market Debut, Closes at $60.2B

by Amy Works December 11, 2020

SAN FRANCISCO — DoorDash, a technology-based food delivery company, debuted on the New York Stock Exchange on Wednesday, Dec. 9 offering its initial public offering at $102 per share, which was above its previous range of $90 to $95. The company closed its first day of trading with an 86 percent increase in pricing to $189.51, for a total valuation of $60.2 billion, or 17 times revenue. The San Francisco-based door-to-door delivery service focuses primarily on restaurant deliveries, which resulted in a 268 percent revenue growth in the third quarter, up to $879 million, from the previous year. Additionally, during the first nine months of 2020, DoorDash’s order volume soared to $16.5 billion, from $5.5 billion last year. According to the company’s prospectus, it has 390,000 merchants on its platform, ranging from fast-food chains like Chick-fil-A, Chipotle and McDonald’s to upscale restaurants that have been forced to rely on delivery services during the COVID-19 pandemic. The company has rapidly expanded its business and services to meet the needs of customers during the pandemic and has implemented practices and strategies that reduced its losses, resulting in profits on every order.

December 11, 2020

Company News Restaurant Retail Washington Western

Starbucks Predicts 20 Percent Growth by 2022, Market Cap Climbs to $122B

by Amy Works December 11, 2020

SEATTLE — Starbucks (NASDAQ: SBUX) has predicted a resurgence in its cafes and customer demand for its coffee by 2022, forecasting a growth of more than 20 percent by fiscal 2022. With this news, shares of the Seattle-based coffee roaster and retailer jumped more than 4 percent in extended trading. The stock, which has a market value of $122 billion, has increased 18 percent so far this year. Pat Grismer, CFO, reaffirmed the company’s fiscal 2021 forecast with adjusted earnings per share of $2.70 to $2.90 at the company biennial investor day. In 2023 and 2024, Starbucks expects to hit long-term growth targets with adjusted earnings per share growth of 10 percent to 12 percent. Starbucks also is adjusting its forecast for ongoing long-term revenue growth by increasing it to a range of 8 percent to 10 percent, upgrading its 2018 prediction of 7 percent to 9 percent. The company is projecting a net new unit growth of 6 percent worldwide as it aims for 55,000 cafes globally by 2030, with a 3 percent growth in the United States and a low-teens net unit growth rate for China. Currently, the company has nearly 33,000 stores worldwide.

December 11, 2020

Acquisitions California Retail Western

Hanley Investment Group Arranges $17M Sale of Shopping Center in Huntington Beach, California

by Amy Works December 11, 2020

HUNTINGTON BEACH, CALIF. — Hanley Investment Group has arranged the sale of Village Plaza at Huntington Harbor, a 20,328-square-foot shopping center. According to industry sources, the sales price was $17 million. The property was 91 percent leased at the time of sale to tenants including Harbor Barber, Secret Spot Restaurant, La Bodega Bottle Shop, Super Mex, Stoney’s Pizza, Sunset Vapor, Riip Beer Co. and Tsunami Sushi. The center is situated at 17196-17236 Pacific Coast Highway, two blocks from the beach and 31 miles south of downtown Los Angeles. Jeff Lefko, Bill Asher and Beau Velten of Hanley Investment Group represented the seller, a private partnership based in Palm Springs, California. Mel Zelenak of Maly Realty represented the buyer, an undisclosed private partnership based in Los Angeles.

December 11, 2020

Arizona Development Loans Multifamily Western

ACRES Capital Originates $28M Construction Loan for Apartment Community Near Phoenix

by Amy Works December 11, 2020

MARICOPA, ARIZ. — ACRES Capital has originated a $28 million loan for the construction and stabilization of Bungalows on Bowlin, a single-story multifamily property located at Bowlin Road and John Wayne Parkway in Maricopa. Cavan Cos., a Scottsdale, Arizona-based real estate developer, is the borrower and has developed multiple Bungalow-branded projects across the Phoenix area. Bungalows on Bowlin will feature 196 apartments, a resort-style swimming pool and spa, a farmhouse-style clubhouse and 426 on-site parking spaces. Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket. Jeremy Korer of Cushman & Wakefield arranged the loan.

December 11, 2020

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