BERKELEY HEIGHTS, N.J. — Round Table Studios, a provider of flexible and coworking solutions, has opened a 40,000-square-foot space in the Northern New Jersey city of Berkeley Heights. The space is located within The Park, a 185-acre mixed-use redevelopment. The space features configurable office suite studios, on-demand meeting rooms, a traditional coworking gallery and an upscale coworking library. Members also have access to The Park’s onsite amenities, including a 12,000-square-foot fitness center, biking and walking trails and a health clinic.
CHICAGO — According to Origin Investments, a Chicago-based private equity real estate firm, the seven multifamily markets in the United States best poised to capitalize on post-pandemic trends are: Phoenix; Atlanta; Charlotte, North Carolina; Austin, Texas; Raleigh, North Carolina; Nashville, Tennessee; and Tampa, Florida. Origin’s analyzed 150 markets to identify the cities with the highest chance of success as pandemic restrictions loosen. Origin has been refining this model for the past three years to inform its investment strategy and acquisitions. All these cities are undergoing economic development that will spur rent growth and attract institutional real estate investment. The following is a breakdown of what industries each state grew in: 1. Phoenix: Phoenix’s economy grew during the pandemic with an increase of jobs in trade, transportation and utility. Arizona State University’s industry-leading cybersecurity, artificial intelligence and analytics programs continue to produce a strong labor pool for tech employers. Intel and Taiwan Semiconductor will break ground soon on facilities that are already drawing related investments. Additionally, robust hiring and affordable housing put Phoenix at the intersection of rent growth and capital demand. 2. Atlanta, Charlotte and Austin (three-way tie for second place): Atlanta is evolving into the tech capital of the …
By Ben Reinberg, CEO, Alliance Consolidated Group of Cos. Healthcare real estate has proven to be one of the most resilient asset classes, able to bend but not break in the midst of global economic upheaval. Investors have become keenly aware of this fact, perhaps even more so during the latest downturn brought on by COVID-19. According to the 2021 U.S. Medical Office Trends report by CBRE, year-over-year investment volume for medical office properties fell 12.7 percent between the fourth quarters of 2019 and 2020. However, that’s far better than the 27.6 percent, 40.2 percent and 42.8 percent declines in investment sales volume that were respectively felt by the multifamily, office and retail sectors. Medical office buildings (MOBs) even beat out the white-hot industrial sector, which saw a 15.9 percent fall in annual investment volume last year. For developers eager to satiate this investor appetite for medical real estate, what is it that experienced buyers and newcomers to the space actually want in a healthcare asset? Ultimately it comes down to three things: location, size and use of space. Go Where the People Go “If you build it, they will come” may have worked for Kevin Costner’s cornfield baseball diamond, …
ORLANDO, FLA. — Colliers International has brokered the sale of Park Center, a 200,400-square-foot industrial complex in Orlando. The Geneva Group, a real estate investment and property services firm based in Deerfield Beach, Fla., has purchased the property for $19 million. A private investor group doing business as Park Center Properties LLC was the seller. Park Center, which was fully leased at the time of sale, is located west of North John Young Parkway and north of Lake Breeze Drive, in Orlando’s Northwest Orange submarket. The transaction included eight parcels with a total of 16.7 acres. In addition to one vacant lot, the property includes six single-story small bay warehouses and one dock-high warehouse and assembly building. Geneva Group has begun on renovations of Park Center, including new paint and roofs, enhanced lighting, a parking lot overlay and new signage. Park Center was leased to 44 tenants at the time of the sale to predominantly local and regional businesses. Joe Rossi and Nick Hanson of Colliers brokered the transaction. With the acquisition of Park Center, Geneva Group now owns 631,352 square feet of industrial space in Central Florida.
ALPHARETTA, GA. — KB Venture Partners will redevelop the former Bailey-Johnson School in Alpharetta into an adaptive reuse project comprising 156,048 square feet of creative Class A office space. The Bailey-Johnson School was built in 1950. The Bailey-Johnson School project will include the adaptive reuse of the 21,321-square-foot school building and the 19,234-square-foot gymnasium. The project marks the only adaptive reuse development in North Fulton, according to Cushman & Wakefield. The development also includes construction of a new 115,493-square-foot timber-frame building and a two-level parking structure. Property amenities will include outdoor gathering and green space, private patios for tenants, a lounge, shower/locker rooms and bike storage. Located at 154 Kimball Bridge Road, the property sits three blocks from Avalon, an 86-acre mixed-use development with anchors such as Whole Foods and Regal, as well as a 330-room hotel called The Hotel at Avalon. The Avalon has more than 20 dining options, retail and residential offerings. KB Venture Partners has hired Porter Henritze and John Zintak of Cushman & Wakefield to overseeing leasing at the project. ASD|SKY is the architect for the redevelopment.
ATLANTA — Lee & Associates arranged the sale of SkyHouse South, a 23-story high-rise apartment tower located at 100 6th St. in Atlanta. Allen Eager of Lee & Associates’ Atlanta office represented the buyer, Equity Residential, in the off-market transaction. Equity Residential purchased the property from a partnership between the developers, Novare Group and Batson-Cook Development Co. The sales price was not disclosed. Skyhouse South features 320 studio, one-, two- and three-bedroom units. Community amenities include a lounge on the 23rd floor, a rooftop pool and a 24-hour gym. The Midtown Atlanta property is located 0.5 miles away from the MARTA Midtown Transit Station and 13 miles away from Hartsfield-Jackson Atlanta International Airport.
DEBARY, FLA. — CBRE has secured the refinancing for Integra 289 Exchange, a 289-unit multifamily property in DeBary. The borrower, Integra Land Co., completed the project in 2020 after closing a HUD 221(d)(4) construction loan in 2018. The $39 million refinancing will allow Integra Land to save over $285,000 in annual debt-service payments with the interest rate reducing from 4.80 percent loan to 3.80 percent. Ann Cone and David Borge of CBRE originated the new HUD loan. Located at 115 Integra Reserve Lane, Integra 289 Exchange includes one-, two- and three-bedroom apartments. Rents ranges from $1,235 to $1,795 per month and units range in size from 639 to 1,300 square feet. The property is 97 percent occupied. Community amenities include a clubhouse, saltwater pool, fitness center and pet park. Interior finishes on the apartments include granite countertops, standalone islands and breakfast bars and a full appliance package, including microwaves and washers/dryers in each unit.
DALLAS — Locally based developer Palladium USA has broken ground on Palladium Simpson Stuart, a 270-unit mixed-income project in South Dallas that is valued at $55 million. About 90 percent (243) of the units will be reserved for households earning between 40 and 80 percent of the area median income, while the remainder will be rented at market rates. Amenities will include a resort-style pool, dog park, trails, conference room, computer lab, kids’ playroom and a fitness center. HEDK is the project architect, and BBL Construction is the general contractor. PNC Bank provided construction financing for the project, and the Texas Department of Housing and Community Affairs issued 4 percent Low-Income Housing Tax Credit equity. The first units are scheduled to be delivered in October 2022.
GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $45 million HUD-insured loan for the refinancing of Prairie Gate Community, a 264-unit multifamily property in Grand Prairie, located roughly midway between Dallas and Fort Worth. The property was built on 14.5 acres in 2019 and consists of eight three-story residential buildings, a clubhouse/leasing office and 15 garage buildings. Amenities include a pool, fitness center, media center, game room, dog park, playground and walking trails. Josh Sasouness of Dwight Capital originated the financing. The borrower was undisclosed.
HUNTSVILLE, ALA. — Steadfast Apartment REIT has acquired The Station at Town Madison, a 274-unit apartment community located in Huntsville. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Tynes Development, in the transaction. The sales price was not disclosed. Built in 2020, Station at Town Madison is located off Interstate 565 and within the 563-acre Town Madison development, which features Toyota Field, home ballpark of the Huntsville’s Minor League Baseball team called the Rocket City Trash Pandas. Community amenities include a saltwater pool, outdoor lounge with a fire pit and grilling area, electric car charging stations, 24/7 Amazon Hub lockers, cybercafe, 24/7 fitness center and wellness studio, private garages and a bark park with a pet spa.