Property Type

Multifamily Sector Sees Positive Indicators from Healthy Midwest Economy

by Sarah Daniels June 1, 2021

Focus on the Midwest Amid a global pandemic and its economic repercussions, the American Midwest has remained a place of comparative stability — and opportunity. Wide-open spaces and lower costs of living attract businesses and workers alike. Warehouses, distribution centers and transportation corridors bustle thanks to shifting supply chains and surges in deliveries. Educated workforces and leading universities and research centers nourish hubs in tech and life sciences. In short, there’s a lot in “flyover country” for the multifamily industry to like in 2021. An overview follows of the region stretching from Minnesota to Ohio and from Michigan to Kentucky. Why is the Midwest a good value for multifamily investors today and why is it well positioned for the post-COVID-19 recovery? Read on to learn more. Beneath-the-Radar Metropolitan Areas Blossom Even before COVID-19, Midwestern cities have been attracting people and businesses. Across industries, the Midwest hosts some of America’s largest employers: Kroger (Cincinnati), Salesforce (Indianapolis), Cardinal Health, Nationwide Insurance, Honda of America (Columbus), as well as Target, U.S. Bancorp, General Mills, 3M and Medtronic (all in Minneapolis-St. Paul). Thirteen companies in the Fortune 1000 have set up shop in Milwaukee, and 15 have operations in Columbus. The region has much …

June 1, 2021

Acquisitions Office Top Stories

Franklin Street Properties Corp. Sells Three Office Buildings Near Atlanta for $219.5M

by Julia Sanders May 28, 2021

CUMBERLAND AND DUNWOODY, GA. — Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of three office buildings in metro Atlanta, known as One Overton Park, One Ravinia Drive and Two Ravinia Drive, for $219.5 million. Built in 2002 by Hines, One Overton Park is a 387,267-square-foot office building with 15 floors. The office building is located within Overton Park, a 34-acre mixed-use community in Cumberland, just northwest of Atlanta. Tenants include CBIZ, Gas South and Randstad. One Overton Park’s amenities include a fitness center, dry cleaners, full-service auto salon, café and sundry shop, men’s and women’s locker rooms, conference center, H. Stockton’s clothing store, shoe care salon and a full-service financial center. The architects for the building were Pickard-Chilton Architects and Roy Ashley & Associates. One Ravinia Drive, totaling 386,603 square feet, and Two Ravinia Drive, totaling 442,130 square feet, both rise 17 floors in Dunwoody, a city just north of Atlanta. The two buildings are part of the 42-acre Ravinia development that features three office buildings with 1.6 million square feet of space, a 500-room hotel, conference center and 5,000 parking spots. Hines developed the two buildings in 1985 and 1987, respectively, with architects Kevin Roche …

May 28, 2021

Acquisitions Industrial Oregon Western

Exeter Property Group Buys 329,474 SF Industrial Campus Near Portland

by Amy Works May 28, 2021

TUALATIN, ORE. — Pennsylvania-based Exeter Property Group has purchased an industrial property located at 19855 SW 124th Ave. in Tualatin. Meriwether Tualatin LLC sold the asset for an undisclosed price. Nortek Air Handling Solutions fully occupies the 329,474-square-foot campus, which includes three warehouse/manufacturing buildings on 25.1 acres. Paige Morgan of CBRE represented the seller in transaction. The seller is a private partnership that includes principals of Meriwether Partners and private investors.

May 28, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $28M in Acquisition Financing for Multifamily Property in Glendale, Arizona

by Amy Works May 28, 2021

GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.

May 28, 2021

California Company News Retail Western

Gap’s First-Quarter Sales Increase 28 Percent, Net Sales Hit $4B

by Amy Works May 28, 2021

SAN FRANCISCO — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent over first-quarter 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). Old Navy’s comparable sale were up 35 percent year-over-year and 25 percent versus 2019. Additionally, Athleta reported 113 percent digital growth compared to the first quarter of 2019, with comparable sales up 27 percent year-over-year and 46 percent versus 2019. Overall, first-quarter online sales for Gap Inc. grew 82 percent versus first-quarter 2019 and represented 40 percent of the total business. Store sales declined 16 percent compared to first-quarter 2019, primarily due to store closures and COVID lockdowns outside of the United States. Currently, Gap has 3,571 store locations in more than 40 countries, with the company operating 2,997 of them.

May 28, 2021

Development Multifamily Nevada Seniors Housing Western

Oakmont Finishes 31-Unit Memory Care Expansion at Seniors Housing Community in Las Vegas

by Amy Works May 28, 2021

LAS VEGAS — Oakmont Senior Living has completed an expansion and renovation project at Oakmont of Las Vegas, which included the new construction of 31 memory care units. “Memory care is an essential part of continuity of care and important to families who don’t want to uproot their loved ones should they need to transition to this type of care,” says Melon Rivera, executive director at Oakmont of Las Vegas. The community already offered independent living and assisted living. In addition to the new memory care neighborhood, the multi-million-dollar renovation project at Oakmont of Las Vegas included the addition of a movie theater, bistro and wellness center. The on-site beauty salon received its own makeover with upgraded and new equipment. Other community-wide enhancements included new carpeting, tile flooring, fresh paint, a refinished roof and new fire-alarm system.

May 28, 2021

Acquisitions Office Oregon Western

Norris & Stevens Brokers $2.4M Sale of Griffith Park Office Building in Beaverton, Oregon

by Amy Works May 28, 2021

BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.

May 28, 2021

Development Multifamily Seniors Housing Texas

Watermark, Hines to Develop 222-Unit Seniors Housing Community in Houston

by Taylor Williams May 28, 2021

HOUSTON — Watermark Retirement Communities and Hines have unveiled plans for The Watermark at Houston Heights, a 222-unit independent living, assisted living and memory care community in Houston’s Greater Heights neighborhood. The seven-story property will be the tallest building in the neighborhood and will feature views of the downtown Houston skyline. Two of the floors will be fully dedicated to amenity space. The development is scheduled for completion in January 2022. Project partners include Munoz + Albin Architecture & Planning as the design architect; Looney & Associates as the interior designer of common spaces; TBG Landscape Architects as the landscape architect; and Harvey Builders as the general contractor.

May 28, 2021

Loans Multifamily Texas

NorthMarq Provides $10.6M Agency Loan for Houston Multifamily Acquisition

by Taylor Williams May 28, 2021

HOUSTON — NorthMarq has provided a $10.6 million Fannie Mae acquisition loan for Coral Island Apartments, a 316-unit multifamily property located on the city’s southwest side. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, playground and walking trails. Travis Fite of NorthMarq originated the loan, which was structured with a 10-year term and a 30-year amortization schedule. The buyer was an undisclosed 1031 exchange investor. The seller was not disclosed.

May 28, 2021

Industrial Leasing Activity Texas

Tailift Material Handling Signs 37,502 SF Industrial Lease in Houston

by Taylor Williams May 28, 2021

HOUSTON — Tailift Material Handling, a subsidiary of Toyota specializing in small industrial vehicles such as forklifts and pallet trucks, has signed a 37,502-square-foot industrial lease at Interwood Distribution Center, a 341,692-square-foot development in Houston. The two-building property was completed in 2020. A joint venture between Holt Lunsford Commercial Investments and GID Real Estate Investments owns the property.

May 28, 2021

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