Property Type

JLL Income Property Trust Acquires Louisville Airport Distribution Center for $32.1M

by Julia Sanders July 6, 2021

LOUISVILLE, KY. — JLL Income Property Trust has acquired Louisville Airport Distribution Center, a newly constructed industrial property located in the Southside/Airport industrial submarket in Louisville. The facility totals approximately 284,000 square feet. The property is within five miles from distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The Chicago-based REIT purchased the property for $32.1 million from an undisclosed buyer. This acquisition is JLL Income Property Trust’s second in Louisville after purchasing Louisville Distribution Center earlier this year. Louisville Airport Distribution Center is located close to several interstates, including Interstates 24, 64, 65, 71 and 75. The center is 2.5 miles from GE Appliance Park. Built in 2020, the center is fully leased to Haier US Appliance Solutions, which is an affiliate of local heavyweight GE Appliances, and Derby Industries. The leases carry a weighted average term of 5.1 years. The property includes modern features such as 36-foot clear heights, LED lighting and HVAC throughout.

July 6, 2021

Georgia Multifamily Southeast

Preferred Apartment Communities Purchases Ellison Apartments in Metro Atlanta

by Julia Sanders July 6, 2021

KENNESAW, GA. — Preferred Apartment Communities Inc. (PAC) has purchased The Ellison, a 250-unit, newly built multifamily community in the northern Atlanta suburb of Kennesaw. The sales price and seller were not disclosed. Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2021, The Ellison is located at 1650 N Roberts Road, about 3.5 miles from Kennesaw State University and 7.3 miles from Chattahoochee Technical College. Community amenities include a saltwater pool with sun decks, fire pit, fitness center, resident lounge with gaming tables and a coffee bar, bark park and paw spa, electric car charging stations and bike storage. The Ellison is currently 100 percent occupied. PAC is an Atlanta-based real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties.

July 6, 2021

District of Columbia Retail Southeast

NRF Revises US Retail Sales Forecast for 2021 Upward Based on Encouraging Economic Factors

by Julia Sanders July 6, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) predicts U.S. retail sales in 2021 will increase between 10.5 to 13.5 percent over last year to a range of $4.44 trillion and $4.56 trillion. These predictions are higher than the initial 2021 forecast the organization made in February that was between 6.5 percent and 8.2 percent growth and a total between $4.33 trillion and $4.4 trillion. In the beginning of 2021, the economy was looking more positive for the retail industry, but there were still pandemic restrictions and limitations on businesses. However, states across the country have lifted these pandemic restrictions, allowing for business for retailers to flourish. Jack Kleinhenz, NRF’s chief economist, says the economy is growing at an accelerating rate due to months of pent-up demand from people being stuck inside their homes for a year. The NRF does not revise retail sales’ forecasts often, but the numbers had improved so much since February that they needed to, according to Kleinhenz. The first five months of 2021 showed retail sales were 17.6 percent higher than the same time period the year before, which meant the numbers already surpassed the original forecast of retail sales. Additionally, retail sales in May …

July 6, 2021

Acquisitions Multifamily Texas

LYND Acquires Two Apartment Communities in Metro Houston for $84M

by Taylor Williams July 6, 2021

KINGWOOD AND PORTER, TEXAS — LYND, a San Antonio-based multifamily developer and operator, has acquired two apartment communities totaling 684 units in the Houston area for $84 million, or roughly $123,000 per unit. The two properties — the 372-unit Paramount at Kingwood and the 312-unit Villas of Valley Ranch — are located in Houston’s northeastern suburbs of Kingwood and Porter, respectively. Paramount at Kingwood features one-, two- and three-bedroom units and a clubhouse, pool and fitness center. Villas of Valley Ranch offers one- and two-bedroom units and a pool, dog park and walking trails. LYND assumed management of the properties in September 2020 and oversaw a value-add program. The seller was Sy Li, a private investor based in Texas.

July 6, 2021

Loans Northmarq Office Texas

NorthMarq Arranges Acquisition Loan for 250,000 SF Office Building in Houston

by Taylor Williams July 6, 2021

HOUSTON — NorthMarq has arranged an acquisition loan of an undisclosed amount for Westchase Royal Oaks, a 250,000-square-foot office building in Houston. Warren Hitchcock of NorthMarq placed the five-year loan, which was structured with two years of interest-only payments followed by a 25-year amortization schedule. In addition, the financing featured a 70 percent loan-to-value ratio and a fixed interest rate of 3.75 percent. The borrower and the direct lender were not disclosed.

July 6, 2021

Industrial Leasing Activity Texas

FedEx Ground Package Service Signs 186,577 SF Industrial Lease in Fort Worth

by Taylor Williams July 6, 2021

FORT WORTH, TEXAS — FedEx Ground Package Service has signed a 186,577-square-foot industrial lease within Carter Distribution Center in Fort Worth. Built in 2018 on the city’s south side, Carter Distribution Center offers proximity to Interstates 20 and 35, as well as 32-foot clear heights and an ESFR sprinkler system. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, PGIM, in the lease negotiations. Curt Star with Fischer & Co. represented the tenant.

July 6, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 114-Unit Self-Storage Facility in Longview, Texas

by Taylor Williams July 6, 2021

LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of Longview Climate Storage, a 114-unit self-storage facility located about 100 miles east of Dallas. Dave Knobler, Brandon Karr, Danny Cunningham and Mixson Staffel of Marcus & Millichap represented the seller, a Houston-based private investor, in the disposition of the facility, which spans 11,108 net rentable square feet. The quartet also procured the buyer, a limited liability company.

July 6, 2021

Acquisitions Industrial Office Texas

Bradford Negotiates Sale of 68,043 SF Shady Trail Business Center in Dallas

by Taylor Williams July 6, 2021

DALLAS — Bradford Commercial Real Estate Services has negotiated the sale of Shady Trail Business Center, a 68,043-square-foot flex property in Dallas. Shane Benner and Josh Meraz of Bradford represented the seller, an entity doing business as WC Shady Trail Business Center LLC, in the transaction. Rich Young Jr. of Rich Young Cos. represented the buyer, a Los Angeles-based limited liability company, in the deal. Shady Trail Business Center was 92 percent leased at the time of sale.

July 6, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Acquires 390-Unit Multifamily Portfolio in Las Vegas

by Amy Works July 6, 2021

LAS VEGAS — The Bascom Group has purchased a three-property apartment portfolio located in Las Vegas for $72 million, or $184,806 per unit. Totaling 390 units, the portfolio includes Spectra at 4000, Spectra East and Spectrum at Katie. Bridge Investment Group provided debt financing, which Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged. Bascom selected Cushman & Wakefield for property management services and Renu Multifamily Services for construction management. Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, and Spectrum at Katie is located near University of Nevada – Las Vegas and the Las Vegas Strip. The name of the seller was not released.

July 6, 2021

Development Michigan Midwest Multifamily

City Club Apartments Completes 18-Story Redevelopment Project in Detroit

by Kristin Harlow July 6, 2021

DETROIT — City Club Apartments LLC has opened City Club Apartments Lafayette Park, an 18-story redevelopment project in Detroit. Formerly named Elmwood Park Plaza, the apartment property was built in the early 1970s and included a Detroit Public Library branch. The library remains a tenant today. The original building was developed by the father and uncle of current City Club Apartments CEO Jonathan Holtzman. Located at 750 Chene St. in the newly renamed Rivertown District, the property features 202 apartment and penthouse units, 20 percent of which are designated as affordable. Amenities include a lobby lounge, club room, fitness center, outdoor terrace, heated pool, business center, sky lounge and dog park. Monthly rents start at $1,065.

July 6, 2021

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