Property Type

Inland Empire Retail Market Poised for Resiliency in 2021

by Jeff Shaw February 2, 2021

While the Inland Empire economy was hit hard in 2020, we remain optimistic on the retail sector’s recovery over the coming 12 to 24 months. This market is a benefactor of COVID-19 in that more people than ever before are able to work remotely. This has triggered a migration from urban cores to more spacious and affordable housing in the newer residential communities of Riverside and San Bernardino counties. As the population is anticipated to expand here, retail will directly benefit as residents are more likely to have additional discretionary income to allocate to retail and restaurant venues. In particular, there are many high-growth submarkets to watch within the region. Some of our top areas include Eastvale, Jurupa Valley and Rialto, which have all experienced expansion despite the restrictions and challenges that COVID has created. They are seeing a significant amount of residential growth as they offer strong school districts, expansive parks, affordable housing, proximity to large employment bases and newer retail amenities. A young family demographic is moving to towns like these, and retail users have taken notice. This has resulted in large retail projects like Renaissance Marketplace in Rialto and the Station in Eastvale taking shape. Turning to …

February 2, 2021

Acquisitions Features Multifamily Seniors Housing

Seniors Housing Sellers Are Highly Motivated Coming Out of COVID-19, Webinar Panel Concludes

by Jeff Shaw February 1, 2021

Seniors housing investors may be switching from development to acquisitions in the near term, as highly motivated sellers seek to unload existing properties at a lower price than the cost of building a new community. The prospect of highly motivated sellers has largely come as a result of the stresses of operating seniors housing during a global pandemic. “We’re starting to see valuations that are well below what we can develop for,” said Bill Pettit of R.D. Merrill Co. “If it’s the right business model and the right locations, we’ll be much more active on the acquisitions side moving forward.” Pettit’s comments came during a webinar entitled “Seniors Housing Valuation Outlook: What’s Ahead for 2021?” The event, held Thursday, Jan. 28, also included Rich Lerner of Housing & Healthcare Finance, Adam Heavenrich of Heavenrich & Co., Michelle Kelly of National Health Investors (NHI), Chris Kronenberger of Blue Moon Capital Partners and moderator JP LoMonaco of Valuation & Information Group. “Value by nature is a long-term concept,” said LoMonaco. “Value is created by the anticipated benefits of ownership over the long term. But short-term issues can cause short-term impacts on value.” LoMonaco noted that the acquisitions market for seniors housing was …

February 1, 2021

Development Industrial Maryland Southeast

Cabot Properties, MRP Industrial to Develop 86,840 SF Industrial Building in Metro D.C.

by John Nelson February 1, 2021

UPPER MARLBORO, MD. — Cabot Properties Inc. and MRP Industrial are co-developing a speculative 86,840-square-foot warehouse/industrial building in Upper Marlboro, a Washington, D.C., suburb in Maryland’s Prince George’s County. The site is located on an approximate seven-acre parcel within Collington Park, with delivery expected to occur in the fall. Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price. The property will be a single-story concrete tilt-wall building with 32-foot clear heights, 23 dock and two drive-in doors, LED lighting, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open-space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile operations and can accommodate both a single- and multi-tenant use. Located 20 miles from Washington, D.C., and 40 miles from the Port of Baltimore, Collington Park is situated close to Interstate 495 and MD Route 301 and has more than 4 million square feet of industrial/warehouse space, with a current vacancy rate under 3.7 percent. Target and Amazon combined occupy more than 1 million square feet within the park. Other tenants include FedEx, …

February 1, 2021

Development Leasing Activity Office Southeast Virginia

Hana Opens 39,000 SF Flexible Office Space in Arlington, Virginia

by John Nelson February 1, 2021

ARLINGTON, VA. — Hana, a flexible office space provider and subsidiary of CBRE Group, has opened a 39,000-square-foot location in Arlington known as Hana at National Landing. JBG Smith is the owner and developer of the larger 11-story office building, which is located at 2451 Crystal Drive. The property includes private office suites dubbed “Hana Team,” a conference and events space called “Hana Meet” and a portion of the unit dedicated to traditional coworking known as “Hana Share.” Hana at National Landing is located in the center of the National Landing submarket, home to Amazon’s second headquarters. The area has dining options, cultural attractions, fitness studios, outdoor parks and bike trails. The property is situated 1.2 miles from Ronald Reagan Washington National Airport. Hana at National Landing sits within Arlington’s Crystal City, part of Pentagon City and Potomac Yard. The property looks out over the Potomac River and Washington, D.C., skyline. A planned pedestrian bridge will connect Hana to Reagan National Airport. Some nearby bars and restaurants include Zen Bistro & Wine Bar, Legal Sea Foods and Highline RxR. Hana’s property at National Landing marks the company’s first East Coast location.

February 1, 2021

Acquisitions Florida Hospitality Southeast

Coldwell Banker Arranges $23.5M Sale of Gulf Beach Resort Motel in Sarasota, Florida

by John Nelson February 1, 2021

SARASOTA, FLA. — Coldwell Banker Commercial and Coldwell Banker Realty in Florida have represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key, Fla., office co-listed the property. The undisclosed buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. The Gulf Beach Resort Motel is located at located at 930 Benjamin Franklin Drive in the Lido Key area of Sarasota. It was built in 1950 and was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.

February 1, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers Sale of 18,550 SF Retail Center in Norcross, Georgia

by John Nelson February 1, 2021

NORCROSS, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of an 18,550-square-foot retail strip center in Norcross. The seller, an entity doing business as OMI 5770 IB LLC, sold the property to Shallya Wholesale Distributing LLC for $4.3 million. The property, known as Peachtree Corners Pavilion, is located at 5770 Peachtree Industrial Blvd. The center is situated on the border of Norcross and Peachtree Corners, and sits on roughly 1.9 acres. It was fully leased at the time of sale to retailers including TapOut Fitness, Avis, Shane’s Rib Shack and CBD Plus USA. The retail center was built in 2006. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. Chase Murphy of Skyline Seven Real Estate represented the buyer.

February 1, 2021

Acquisitions Healthcare Nevada Office Western

White Oak Healthcare Buys Medical Office Building in Henderson, Nevada for $18.8M

by Amy Works February 1, 2021

HENDERSON, NEV. — White Oak Healthcare MOB REIT has purchased a medical office building located at 2779 W. Horizon Ridge in Henderson. Stable Development sold the asset for $18.8 million. The property features 38,129 square feet of medical office space within close proximity of Dignity Health’s hospital campus. Mark Schuessler and Mike Tabeek of Newmark represented the buyer and seller in the transaction.

February 1, 2021

Arizona Development Multifamily Western

LIV Development, McShane Construction to Build 242-Unit Multifamily Project in Phoenix

by Amy Works February 1, 2021

PHOENIX — Birmingham, Ala.-based LIV Development and McShane Construction Co. are developing an apartment community on 10.8 acres in Phoenix. The three-story, multi-building community will feature 242 apartments in a mix of studio, one- and two-bedroom layouts. Units will offer vinyl plank and carpet flooring, granite countertops, full-height kitchen backsplash tile, stainless steel appliances and lots of natural light. Additionally, the property will feature 1.5 acres of shared amenity space, including a 4,000-square-foot clubhouse, swimming pool, dog park and courtyards offering outdoor seating, barbeque areas and cabanas. Humphreys & Partners Architects is the architect of record for the project, which is slated for completion in August 2022.

February 1, 2021

Acquisitions Arizona Industrial Western

Kanasardas Investment Acquires Single-Tenant Industrial Facility in Chandler, Arizona for $10M

by Amy Works February 1, 2021

CHANDLER, ARIZ. — Orange County, Calif.-based Kanasardas Investment has purchased a Class A industrial property located at 3167 W. Armstrong Place in Chandler. An undisclosed seller sold the property for $10 million. Will Strong, Phil Haenel, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Built in 2010, the 62,415-square-foot property is fully leased on a long-time basis to a regional credit tenant, one of the nation’s largest integrated designers, manufacturers and installers of products for the commercial building envelope.

February 1, 2021

Acquisitions California Multifamily Western

Colliers Brokers $3.4M Sale of Apartment Building in Escondido, California

by Amy Works February 1, 2021

ESCONDIDO, CALIF. — Colliers International has arranged the sale of an apartment building located at 1015 E. Ohio Ave. in Escondido. Hama Investments acquired the property from Cunningham Family Trust for $3.4 million. The recently renovated, 9,472-square-foot property features 15 one-bedroom/one-bath units. Recent renovations included new windows, fencing, paint, landscaping and light fixtures. Unit interiors feature upgraded plank flooring, recessed lighting, upgraded kitchens, luxury gas ranges, new bathrooms, mirrored closet doors and designer two-tone interior paint. Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory team represented the buyer, while Ray Adams of Cushman & Wakefield represented the seller in the deal.

February 1, 2021

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