LAS VEGAS — Colliers International has arranged the sale of an industrial property located at 6280 Annie Oakley Drive in Las Vegas. 1201 American Pacific LLC acquired the asset from JPFH II LLC for $4.7 million. The property features 23,604 square feet of industrial space. Suzette LaGrange and Kara Walker of Colliers represented the seller, while Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the buyer in the deal.
As more renters consciously choose not to become homebuyers, the build-for-rent (BFR) industry is quietly emerging as a new force in commercial real estate. In fact, both the burgeoning BFR and single-family rental (SFR) sectors are generating considerable interest from institutional investors in the wake of the pandemic. Industry experts outlined some of the causes and effects taking place within the BFR and SFR business segments during a webinar hosted by France Media on Wednesday, April 7. The event was titled “Everything You Need to Know About the Single-Family Rental and Build-For-Rent Market.” Moderated by David Howard, executive director of the National Rental Home Council, panelists included Keaton Merrell, managing director, Walker & Dunlop; Jonathan Ellenzweig, chief investment officer, Tricon Residential; Don Walker, managing principal and chief financial officer, John Burns Consulting; and Mark Peterson, director of the Build-for-Rent (BFR) division at SVN | SFRhub Advisors. Strong Real Estate Vital Signs Single-family rentals have hit a 25-year high in occupancy, according to John Burns Consulting. Occupancy rates for the product type are at 95 percent as of the fourth quarter of 2020. The BFR and SFR sectors have grown as more of the population yearns for a home, but finds …
By Allen Rogoway, Cresa Chicago Over the past seven years, the Fulton Market office submarket has changed the landscape, and boundaries, of Chicago’s central business district (CBD) and what a “live-work” ecosystem can look like. Whereas the River North office submarket evolved over 30 years to become a low-cost alternative to the Loop for creative, boot-strapped companies requiring mostly small footprints, Fulton Market was developed for tech-centric, multinationals willing to pay “Trophy Tower” prices to attract and retain the very best talent. Employees didn’t mind adding a Chicago Transit Authority (CTA) transfer or 20 extra minutes to commute times each way in order to be in a neighborhood that was developed by big money yet felt authentic. Much of the architecture was preserved, and new construction was held to standards whereby the new mostly blended in with the area’s former produce, cold storage and century-old warehouses that had been converted for office use. Then old-guard companies and industries from accounting, consumer products and even law, started to set up shop in buildings that provided people with a very different workplace experience than what they were used to. Ownerships thoughtfully invested in tenant amenity spaces and retail pairings that matched with …
MAGNOLIA, TEXAS — Gulf Coast Commercial is finalizing plans for Magnolia Village, a 60-acre mixed-use project that will feature residential, office, retail and restaurant uses in Magnolia, located northwest of Houston. Magnolia Village will be located directly across Spur 149 from Stratus Properties’ proposed 120-acre Magnolia Place mixed-use development, where construction of a new H-E-B grocery store is scheduled to begin in June. Phase I of Magnolia Village will span 36 acres and include both retail and office elements, as well as 300 multifamily units. Completion of Phase I is slated for fall 2022. Ironbridge Realty will market the retail and restaurant space for lease. Gulf Coast is purchasing the site from Parkside Capital, a Houston-based land fund that has expedited development of the intersection by designing a regional detention facility for the surrounding 150 acres and obtaining a planned development ordinance from the City of Magnolia.
COLORADO SPRINGS, COLO. — Trion Properties, along with its equity partner PCCP, has purchased a two-property apartment portfolio in Colorado Springs for a combined total of $80 million. Trion acquired both properties from one seller that held legacy ownership over each. Totaling 406 units, the portfolio includes the 200-unit Quail Cove at 3308 Quail Lake Road and the 206-unit Highland Park at 4815 Garden Ranch Drive. Built in 1983, Quail Cove features a mix of one- and two-bedroom units with washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies or patios. Additionally, the property underwent $5 million in capital improvements within the past five years, including new roofs, landscaping and clubhouse upgrades. Highland Park features a mix of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies and patios. The property underwent nearly $2 million in improvements within the last five years. Winston Black and Frank Farrell of Berkadia represented both parties in the transaction. Continental Partners arranged financing for both deals from Freddie Mac, through Andrew Kwok of Capital One.
AUSTIN, TEXAS — StreetLights Residential has broken ground on a 377-unit multifamily community in the Lakeline neighborhood of northwest Austin. The project represents the Dallas-based firm’s third phase of its larger Presidio project. Units will come in one-, two- and three-bedroom formats and range in size from 676 to 1,763 square feet. Residences will be furnished with custom cabinetry, granite countertops and tile backsplashes. Amenities will include a pool, yoga lawn, coworking spaces, coffee bar, fitness center, pet wash and spa and lounge with space for personal projects or art classes. The first two phases of the Presidio development, The Elizabeth and The Michael, opened in 2019 and 2016, respectively. StreetLights Creative Studio is the architect of record for the project and is handling all interior design in-house. SLR Construction LLC is the general contractor. A tentative completion date for the third phase was not released.
PLACERVILLE, CALIF. — The Neenan Company has broken ground for El Dorado Community Health Center (EDCHC), a medical clinic at 4212 Missouri Flat Road in Placerville that will serve residents throughout El Dorado County. Designed by Neenan, the 30,600-square-foot facility will feature 40 primary care exam rooms, 10 behavioral health exam and substance abuse treatment rooms, seven dental exam rooms and four optical exam rooms, as well as space to provide telehealth treatment. Slated for completion in spring 2022, the new facility will replace EDCHC’s current Placerville and Diamond Springs clinics. EDCHC will own and operate the completed facility and the organization received financing for the project, as well as a Health Resources and Services Administration grant to mitigate future weather-related issues.
GLENDALE, ARIZ. — Cavan Cos. has received a $62 million construction loan for the development of Bungalows on Cotton Lane, a built-to-rent community in Glendale. Jeremy Korer and Kristian Brown of Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix arranged the financing for the borrower, while ACRES Capital originated the financing. Situated on 35 acres, the gated community will feature 336 single-story one-, two- and three-bedroom residences and more than 850 parking spaces.
HOUSTON — An entity managed by CDC Houston, which is an affiliate of New York-based Coventry Development Corp., has acquired Mark at CityPlace Springwoods Village, a 268-unit apartment community in Houston. Designed by WGW Architects, the property features one-, two- and three-bedroom units ranging in size from 572 to 1,599 square feet. Residences are furnished with stone countertops, tile backsplashes, stainless steel appliances and full-sized washers and dryers. Amenities include a pool, outdoor kitchen, fitness center, demonstration kitchen, library, conference rooms and a club area. The seller, a subsidiary of Houston-based Martin Fein Interests Ltd., will continue to manage the property, which it originally opened in 2017.
SAN FRANCISCO — CBRE Capital Markets has secured construction financing for The Maclac Building, a five-story, 108,161-square-foot property located at 192-198 Utah St. and 151-191 Potrero Ave. in San Francisco. The borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners, plans to redevelop the asset, which is zoned as a production, distribution and repair (PDR). PDR refers to a variety of businesses encompassing dent and repair shops, marketing and advertising companies, traditional brick-and-mortar retailers and others, and according to the San Francisco Planning Department is used “instead of industrial to avoid conjuring images of heavy, ‘smoke-stack’ industry, such as large manufacturing plants, smelting operations and refineries.” Mike Walker and Brad Zampa of CBRE’s San Francisco office arranged the five-year, floating-rate, full-term interest-only financing for the borrower. The property spans five interconnected buildings over two parcels and half a city block in San Francisco’s SOMA Potrero District. Redevelopment started in May 2020 and is being completed in phases, with delivery expected for third-quarter 2022. The joint venture plans to reconfigure, upgrade and expand the current structures with 4,000 amps of power, updated building systems, green roof terraces and a multi-story glass atrium lobby tying the …
