Property Type

Taylor Street Advisors Sells North Central Apartments in Uptown Phoenix for $1.2M

by Amy Works October 28, 2020

PHOENIX — Taylor Street Advisors has arranged the sale of a multifamily property located in Uptown Phoenix. A Phoenix-based investment group acquired the asset from a private capital investor for $1.2 million, or $150,000 per unit. Located at 7265 N. 12th St., North Central Apartments features eight units in a mix of one- and two-bedroom layouts, averaging 841 square feet. Amenities include a private pool and picnic area. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street negotiated the transaction on behalf of the seller in the deal.

October 28, 2020

Development Life Sciences New York Northeast Office Top Stories

Taconic, Nuveen to Transform ABC’s Longtime New York City Headquarters into Life Sciences Space

by Kristin Harlow October 28, 2020

NEW YORK CITY — Taconic Partners and Nuveen Real Estate have unveiled plans to redevelop 125 West End Avenue into a life sciences and research building. Broadcaster ABC has occupied the property as part of its New York City headquarters since 1985 but plans to vacate in January 2021. Chrysler originally constructed the eight-story, 400,000-square-foot property in 1929 as an automotive facility. The New York Times is also a former owner and tenant. The building features floorplates of more than 50,000 square feet, ceiling heights ranging from 13 to 16 feet, multiple access points and views of the Hudson River. Taconic and Nuveen purchased the property in late 2019 for $230 million. Plans call for a mechanical plant, purpose-built lab infrastructure, a new façade, roof terrace and conference center. The developers are still evaluating options for the remainder of the site, which includes a six-story, 131,000-square-foot television studio building and a 1.2-acre development parcel. Construction is slated for completion in 2023. The project team includes architect Perkins+Will and engineer JB&B. The development will feature several environmental sustainability features and is on track to achieve LEED Gold certification. Estimated development costs were not disclosed, though LoanCore Capital did provide a $181 …

October 28, 2020

Features Multifamily Student Housing

Despite High Materials Costs, Student Housing Builders Don’t See Slowdown, Says NMHC/InterFace Panel

by Kristin Harlow October 27, 2020

One of the most pressing issues for general contractors today is the high cost of lumber. In the past five months, the cost of lumber has increased nearly 100 percent on projects, according to Justin Walker, president of Construction Enterprises Inc. Luckily, his firm had locked in the cost of materials prior to the pandemic on all but one of its current projects. Walker’s comments came during the Construction Market Update at the 2020 NMHC/InterFace Student Housing Conference. Joining Walker on the panel were David Mellema, director of preconstruction for The Weitz Co.; and Mark Knott, vice president with Project Management Advisors Inc. Brent Little, president of Fountain Residential Partners, moderated the discussion. The National Multifamily Council (NMHC) and InterFace Conference Group co-hosted the virtual conference, which took place Oct. 19 to 22. When the COVID-19 pandemic hit, the lumber mills had to take a step back with their production and close some plants, said Walker. “The construction industry, housing market and multifamily market never slowed down, but the actual production of the mills did.” The producer price index (PPI) for inputs to construction — a measure of both goods and services used in every type of construction — increased …

October 27, 2020

Acquisitions Industrial Southeast Tennessee

Plymouth Industrial, Madison to Acquire Industrial Portfolio in Metro Memphis for $86M as Part of New Joint Venture

by Alex Tostado October 27, 2020

MEMPHIS, TENN. — A new joint venture between Plymouth Industrial REIT Inc. and Madison International Realty has agreed to purchase a 28-property, 2.3 million-square-foot industrial portfolio in metro Memphis for $86 million. The buyers expect the sale to close by the end of the year. The acquisition will be funded through equity from the developers and debt financed at approximately 60 to 65 percent loan-to-value. Further details of the sale were not disclosed. This is the first acquisition for the $150 million Plymouth and Madison joint venture. Under the agreement, Plymouth will own a 20 percent interest and Madison will own an 80 percent interest. Plymouth will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1 percent of the total equity contributed to the joint venture by the partners. Additionally, Plymouth has options to purchase properties out of the joint venture over time.

October 27, 2020

Acquisitions Maryland Office Southeast

NKF Arranges Sale of Six-Building Office Portfolio in Columbia, Maryland

by Alex Tostado October 27, 2020

COLUMBIA, MD. — Newmark Knight Frank (NKF) has arranged the sale of a six-building, 253,079-square-foot office portfolio in Columbia. At the time of the sale, the properties were leased to more than 20 tenants, including Liberty Mutual Insurance, AXA, Howard Chamber of Commerce and State Farm. The portfolio is located at 6200-6250 Old Dobbin Lane, 16 miles southwest of downtown Baltimore. Richmond, Va.-based real estate investment bank John B. Levy & Co. and an affiliate of Fernau LeBlanc Investment Partners acquired the portfolio for an undisclosed price. Cris Abramson, Nicholas Signor and Ben McCarty of NKF represented the undisclosed seller in the transaction.

October 27, 2020

Acquisitions Alabama Multifamily Southeast

Wicker Park Capital Sells 336-Unit Apartment Complex Near Huntsville

by Alex Tostado October 27, 2020

MADISON, ALA. — Wicker Park Capital Management has sold Elements of Madison, a 336-unit apartment complex in Madison. The property offers one-, two- and three-bedroom floor plans averaging 999 square feet. Communal amenities include two pools, a business center, playground, fitness center and a clubhouse. Elements of Madison was built in two phases between 1986 and 1999. The asset was 95 percent occupied at the time of sale. The community is located at 101 Royal Drive, 12 miles west of downtown Huntsville. Justin Uffinger and Bo Flurry of Newmark Knight Frank (NKF) represented the Savannah, Ga.-based seller in the transaction. Mishawaka, Ind.-based The Sterling Group acquired the complex for an undisclosed price.

October 27, 2020

Industrial Leasing Activity South Carolina Southeast

Robinson Weeks Signs Power Equipment Manufacturer to 310,128 SF Industrial Lease in Metro Charleston

by Alex Tostado October 27, 2020

LADSON, S.C. — Robinson Weeks Partners has signed Daye North America to a 310,128-square-foot industrial lease within Ladson Industrial Park in Ladson. Daye North America, which specializes in outdoor power equipment, is a subsidiary of Ningbo Daye Garden Machinery Co. Daye North America will occupy roughly 75 percent of Building 1, which was recently delivered. At full buildout, Ladson Industrial Park will span 102 acres and total 1.2 million square feet. The park is situated less than two miles from Interstate 26 and 20 miles northwest of the Port of Charleston. Peter Finley and Simons Johnson of Bridge Corporate Solutions represented the tenant in the lease negotiations. Lee Allen and Kevin Coats of JLL represented the Atlanta-based landlord.

October 27, 2020

Acquisitions Georgia Multifamily Southeast

Joint Venture Acquires 260-Unit Multifamily Community in Southwest Atlanta

by Alex Tostado October 27, 2020

ATLANTA — A joint venture between Crown Bay Group LLC, Acorn Property Group LLC and Iron Street Capital LLC has acquired FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, dog park, playground and a MARTA bus stop. The buyers plan to renovate unit interiors as they become available. The asset is situated at 4375 Cascade Road, 12 miles west of downtown Atlanta. The seller and sales price were not disclosed.

October 27, 2020

Development Industrial Midwest Ohio

Ashley Furniture to Invest $70M for Distribution Center in Suburban Columbus

by Kristin Harlow October 27, 2020

ETNA, OHIO — Ashley Furniture Industries Inc. has unveiled plans to build a new facility in Etna near Columbus. The furniture manufacturer says it will invest $70 million and create 300 new jobs. Hiring will begin in late 2021, once the building is completed. TPA Group is the developer and FCL Builders is the general contractor for the project. The new 1 million-square-foot facility, located at 70 Global Parkway, will serve as a regional distribution hub for e-commerce fulfillment and store shipments. “Providing access to nearly 50 percent of the U.S. population within a day’s drive, Etna’s location in central Ohio is a strategic choice for Ashley,” says Todd Wanek, president and CEO of the Arcadia, Wis.-based retailer. Ashley sells furniture in more than 20,000 storefronts in 155 countries.

October 27, 2020

Development Midwest Missouri Multifamily

City Club Apartments Opens 283-Unit Community in Kansas City’s Crossroads

by Kristin Harlow October 27, 2020

KANSAS CITY, MO. — City Club Apartments (CCA) has opened its newest community in Kansas City within the Crossroads neighborhood. The 283-unit, seven-story development also includes duplexes, townhouses and penthouses. There are 50 different floor plans. Amenities include a rooftop sky park, pool, outdoor theater, terrace club, concierge service and nearly 300 underground parking spaces. The first floor features DGX, a small retail store with grab-and-go salads, sandwiches, fresh produce and a selection of home and beauty products. Local restaurateur Howard Hanna plans to open two new concepts at the community in 2021. The combined 6,000-square-foot space will include a 2,000-square-foot wine bar and a 4,000-square-foot diner. Monthly rents start at $1,005 for studios. Residents can now receive up to three months of free rent on select units.

October 27, 2020

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