Property Type

New Mexico is Primed for Industrial Growth

by Jeff Shaw June 16, 2021

By Tim With, Senior Vice President, Colliers The amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the brink of new construction for some time, with the need for new Class A space far outweighing the current availability. The nationwide industrial supply posted record deliveries in 2020 that totaled more than 300 million square feet. This represents about a 2 percent year-over-year increase in total inventory. In comparison, Albuquerque’s inventory grew by less than 1 percent over the past five years, while vacancy rates decreased by almost 550 basis points. Most new construction has been build-to-suit activity. Tenants, meanwhile, are challenged with a lack of choice as a considerable amount of the existing vacant space is functionally obsolete. The average overall asking lease rates for existing warehouse/distribution space was $6.58 per square foot, triple net, at the end of …

June 16, 2021

Acquisitions District of Columbia Office Southeast Top Stories

WashREIT Agrees to Sell Office Portfolio for $766M, Shifts Focus to Multifamily Sector

by Kristin Harlow June 16, 2021

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell substantially all of its office portfolio to a Brookfield Asset Management private real estate fund for $766 million. The portfolio consists of 12 office assets spanning nearly 2.4 million square feet in metro Washington, D.C. The transaction is expected to close in the third quarter. As of May 31, the office portfolio was approximately 83 percent occupied. Six of the properties are located in Northern Virginia — 515 King Street, Courthouse Square, 1600 Wilson Boulevard, Fairgate at Ballston, Arlington Tower and Silverline Center. The other six assets are located in Washington, D.C. They include 1901 Pennsylvania Avenue, 1220 19th Street, 2000 M Street, 1140 Connecticut Avenue, the Army Navy Building and 1775 Eye Street. The sale coincides with WashREIT’s multi-year strategy of transforming into a multifamily REIT. The company has also signed a letter of intent to sell its remaining eight retail assets, and expects to complete that sale in the third quarter. WashREIT says it plans to use the net proceeds from the sales to fund the expansion of its multifamily platform through acquisitions in Southeast markets and to reduce its leverage by repaying outstanding debt. After the transaction …

June 16, 2021

Acquisitions Arizona Multifamily Western

GoodLife Housing Partners Sells Two Multifamily Properties in Tempe for $30.5M

by Amy Works June 16, 2021

TEMPE, ARIZ. — Los Angeles-based GoodLife Housing Partners has completed the disposition of two apartment communities located in Tempe. Capital Allocation Partners acquired the properties for $30.5 million, or $178,363 per unit. Both built in 1968, the properties are the 134-unit Sakara Tempe and the 36-unit Sakara Villas at Tempe. Units at the properties consist of a mix of one-, two- and three-bedroom layouts, with select units having new laminate kitchen countertops, wood-style vinyl flooring and two-tone paint with accent walls. Additionally, some units are furnished for the convenience of student tenants, as the properties are within walking distance of Arizona State University. Community amenities at Sakara Tempe include a resort-style swimming pool with cascading water features and poolside cabanas, a fitness facility, bocce ball court and an outdoor TV lounge. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 16, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 738,701 SF Industrial Portfolio Near Port Houston

by Taylor Williams June 15, 2021

PASADENA AND DEER PARK, TEXAS — JLL has negotiated the sale of a three-building, 738,701-square-foot industrial portfolio near Port Houston. The properties were built in 2019 on a combined 44.6 acres and are located in Pasadena and Deer Park. Collectively, the buildings feature 30- to 36-foot clear heights, 175 dock-high doors, 10 drive-in-ramps, 262 trailer parking spaces and 399 car parking spaces. Trucking and logistics companies occupy the single-tenant buildings. Trent Agnew, Rusty Tamlyn, Charles Strauss and Katherine Miller of JLL represented the seller, Triten Real Estate Partners, in the transaction. Affiliates of Lexington Realty Trust purchased the portfolio for an undisclosed price.

June 15, 2021

Acquisitions Multifamily Texas

CBRE Global Investors Buys 596-Unit Preston Peak Apartments in San Antonio

by Taylor Williams June 15, 2021

SAN ANTONIO — A fund sponsored by CBRE Global Investors has purchased Preston Peak, a 596-unit apartment community in northwest San Antonio. Preston Peak offers a mix of one- and two-bedroom units that are furnished with stainless steel appliances, walk-in closets and private patios. Amenities include two pools, a fitness center, tennis and sand volleyball courts, outdoor grilling and picnic areas, a jogging trail, putting green and package lockers. The garden-style property was 93 percent occupied at the time of sale. Patton Jones and Matt Michelson of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. The new ownership plans to implement a value-add program.

June 15, 2021

Loans Multifamily Texas

Avant Capital Provides $47.1M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams June 15, 2021

DALLAS — Avant Capital, a Connecticut-based direct lender, has provided a $47.1 million bridge loan for the acquisition of a 500-unit apartment complex in Dallas. The property, the name of which was not disclosed, was originally built in the 1970s. The borrower, a partnership between The Willowood Group, Arch Investment Group and Stormlight Holdings, will use a portion of the proceeds to fund capital improvements. NorthMarq arranged the loan.

June 15, 2021

Acquisitions Hospitality Oklahoma Texas

Marcus & Millichap Arranges Sale of 89-Room Hotel in Woodward, Oklahoma

by Taylor Williams June 15, 2021

WOODWARD, OKLA. — Marcus & Millichap has arranged the sale of the Holiday Inn Express & Suites Woodward, an 89-room hotel located in the northwestern part of the state. The property was built in 2006 and offers amenities such as a pool, fitness center and a business center. Matt Omansky, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, Miami-based Rialto Capital, in the transaction. The trio also secured an undisclosed private investor as the buyer.

June 15, 2021

Acquisitions Healthcare Texas

Montecito Medical Acquires 23,731 SF Healthcare Building in Metro Houston

by Taylor Williams June 15, 2021

THE WOODLANDS, TEXAS — Nashville-based Montecito Medical Real Estate has acquired a 23,731-square-foot healthcare building in The Woodlands, about 30 miles north of Houston. The property was built in 2006 and was fully leased to Northwoods Urology (13,431 square feet) and Aspire Hospital (10,300 square feet) at the time of sale. The seller and sales price were not disclosed.

June 15, 2021

Loans New York Northeast Office

Newmark Arranges $500M Acquisition, Construction Loan for Manhattan Office Redevelopment

by Taylor Williams June 15, 2021

NEW YORK CITY — Newmark has arranged a $500 million acquisition and construction loan for the redevelopment of 111 Wall Street, a 1.2 million-square-foot office building in downtown Manhattan. The 25-story building spans a full city block. The borrower, a joint venture between Nightingale Partners and Wafra Capital Partners, will reposition the property to feature touchless and smart-building technology and add new amenities. The new suite of amenities will include a 125-seat conference center, café and barista bar, upscale food and beverage options, an event room and a fitness center. The new ownership will also install new windows and HVAC systems. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing through an undisclosed direct lender. The redevelopment is expected to take about two years to complete.

June 15, 2021

Acquisitions New Jersey Northeast Office

Mack-Cali Sells Office Complex in Red Bank, New Jersey for $84M

by Taylor Williams June 15, 2021

RED BANK, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold River Centre, a six-building, 639,490-square-foot office complex in the Northern New Jersey community of Red Bank, for $84 million. First Mile Properties, an affiliate of New York-based Crown Acquisitions, acquired the Class A complex, which was 66 percent leased at the time of sale. The property offers amenities such as a fitness center, tenant lounge and a café with outdoor seating. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Kevin Carton and Todd Elfand of Cushman & Wakefield represented Mack-Cali in the transaction. John Alascio, Alex Hernandez, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged acquisition financing on behalf of First Mile Properties. The deal follows Mack-Cali’s divestiture of other office assets in Northern New Jersey, including its holdings in Short Hills (sold for $255 million) and in Edison and Iselin (sold for $254 million).

June 15, 2021

Newer Posts

Older Posts