Property Type

Progressive Real Estate Partners Negotiates $2.8M Sale of Shops at Fontana Square in Southern California

by Amy Works January 29, 2021

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale of Shops at Fontana Square, an un-anchored, multi-tenant retail center in Fontana. An Arizona-based private investor sold the asset to a Southern California-based private investor for $2.8 million. Located at 17218 Foothill Blvd., the 7,194-square-foot shopping center was built in 2008. At the time of sale, the property was fully occupied with a stable mix of seven internet-resistant services. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller, while Dolly Yau of Dolly Realty represented the buyer in the deal.

January 29, 2021

Company News New Jersey Northeast Retail Top Stories

U.S. Division of L’Occitane Files for Chapter 11 Bankruptcy Protection, Plans Store Closures

by Katie Sloan January 29, 2021

NEWARK, N.J. — The U.S. arm of beauty retailer L’Occitane en Provence has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the District of New Jersey and announced plans to close several stores in an effort to optimize the company’s U.S. footprint. L’Occitane currently operates 166 stores nationally. At least 23 stores are being targeted for closure in the U.S. and the company is taking a closer look at its other leases in hopes of better positioning L’Occitane for success over the next few years, according to reports by the New York Business Journal. Stores are set to remain open through the restructuring process. L’Occitane is the latest regional mall mainstay to struggle under strain caused by the COVID-19 pandemic. The company was recently sued by Simon Property Group — one of the largest shopping mall operators in the U.S. — for more than $3.7 million in back rent, according to reports by Crain’s New York Business. While L’Occitane has seen year-over-year growth in online sales, the business continues to feel the impact of high rent obligations, which the company deems no longer tenable. “Today’s action is a pivotal step forward in achieving the full potential of …

January 29, 2021

Features Hospitality Industrial Multifamily Office Retail Southeast Southeast Feature Archive

COVID-19 Takes Heavy Toll on Commercial Property Values

by John Nelson January 29, 2021

By Brian Morrissey, Esq. and Lisa Stuckey, Esq. of Ragsdale Beals Seigler Patterson & Gray LLP Few commercial properties emerged with unscathed values from the harsh economic climate of 2020. Yet Georgia and many jurisdictions like it valued commercial real estate for property taxation that year with a valuation date of Jan. 1, 2020 — nearly three months before COVID-19 thrust the U.S. economy into turmoil. This means governments taxed commercial properties for all of 2020 on values that ignored the severe economic consequences those properties endured for more than 75 percent of the calendar year. When property owners begin to receive notices of 2021 assessments, which Georgia assessors typically mail out in April through June each year, property owners can at last seek to lighten their tax burden by arguing for reduced assessments. The pandemic hurt some real estate types more than others, however, and with both short-term effects and some that may continue to depress asset values for years. For taxpayers contesting their assessments, the challenge will be to show the combination of COVID-19 consequences affecting their property, and the extent of resulting value losses. The experiences of 2020 can serve as a roadmap for valuations in the …

January 29, 2021

Acquisitions North Carolina Office Southeast

CBRE Facilitates $201M Sale of Wells Fargo-Anchored Office Building in Uptown Charlotte

by John Nelson January 28, 2021

CHARLOTTE, N.C. — CBRE has facilitated the sale of a 358,414-square-foot office building in Uptown Charlotte on behalf of the seller, Stream Realty Partners. Stream sold the property to Hana Alternative Asset Management for a purchase price of $201 million. Wells Fargo anchors the office building, which was fully leased at the time of sale. The 15-story property is located at 300 South Brevard St, within a half-mile from the Charlotte Convention Center. Middle C Jazz Club and the Public House restaurant take up retail space in the building facing Brevard Street. In 2020, Stream completed a full-scale renovation, including a full elevator modernization, roof replacement, electrical upgrade, common area renovations, and facade improvements. CBRE’s Patrick Gildea, Matt Smith, Brandon McMenomy, Grayson Hawkins, and Will Pike brokered the sale. Greg Greene and Harris Ralston of CBRE’s Debt & Structured Finance team secured financing on behalf of the buyer. Stream is a commercial real estate services and ownership firm based in Dallas. Hana Alternative Asset Management is an alternative investment asset company based in South Korea. The company is a subsidiary of Hana Financial Group.

January 28, 2021

Acquisitions Development Industrial Maryland Southeast

JLL Arranges Sale of 70-Acre Industrial Development Site in Hagerstown, Maryland

by John Nelson January 28, 2021

HAGERSTOWN, MD. — JLL has arranged the sale of a 70-acre industrial development site that is located at the intersection of Interstates 81 and 70 in Hagerstown, near the Pennsylvania and West Virginia borders. JLL worked on behalf of the seller, Washco Management. Penzance, a real estate investment firm in the greater Washington, D.C., metropolitan area, purchased the fully entitled site. Additionally, JLL has been engaged to source construction financing and lease the property on behalf of the developer, which will begin construction of an 825,000-square-foot Class A distribution building on the site this spring. The property is part of the I-81 Corridor Industrial market, which encompasses Berkeley County, W.Va.; Frederick and Winchester Counties in Virginia; and Washington County, Md. The site is close to four major seaports on the East Coast and will have auto and trailer parking upon completion. The JLL Capital Markets Investment Advisory team representing the seller included Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge. Dave Dannenfelser and Tyler Boykin of JLL provided local market expertise, and Michael Moorehead of JLL provided guidance on site and development costs. Rob Carey, Susan Carras and Paul Spellman of JLL’s debt placement team is arranging financing on …

January 28, 2021

Acquisitions Kentucky Multifamily Southeast

Lauth Communities Acquires Three Multifamily Properties in Bowling Green and Lexington, Kentucky

by John Nelson January 28, 2021

BOWLING GREEN AND LEXINGTON, K.Y. — Lauth Communities, a subsidiary of Carmel, Ind.-based Lauth Group Inc., has acquired three multifamily properties located in Bowling Green and Lexington. The three properties, known as The Drake, The Stables at Waveland Farm and The Woods at 1850, will add 360 additional units to Lauth’s portfolio. The sales price was not disclosed. The Drake, located at 726 Cumberland Trace Road in Bowling Green, is a 288-unit complex completed in 2019. The property resides on 30 acres and consists of one-, two- and three- bedroom units. The community’s amenities include a clubhouse, pool, onsite dog parks, fire pits, game center and 30 freestanding garages. The Drake features 22 three-story buildings. The Stables at Waveland Farm is located at 3765 Winthrop Drive and The Woods at 1850 is located at 1850 Old Higbee Mill Road, both in Lexington. The Stables at Waveland Farm was built in 2019. The Woods at 1850 feature one-, two-, and three-bedroom floorplan options. The communities will be rebranded as the Stables at Palomar and Stables at the Woods, respectively. The properties are located within 3.5 miles of each other. Together, they will add 72 units to Lauth’s portfolio. The Lexington-based Silvestri …

January 28, 2021

Acquisitions Affordable Housing Development Loans Multifamily North Carolina Southeast

Colliers Mortgage Provides $14.9M HUD Loan for Affordable Housing Property in Durham

by John Nelson January 28, 2021

DURHAM, N.C. — Colliers Mortgage has provided a $14.9 million HUD 221(d)(4) loan for Oakley Square, a 100-unit affordable housing property located in Durham. The borrower, Oakley Square Housing Partners LP, will use the loan for the acquisition and substantial rehabilitation financing of Oakley Square. The loan features a 40-year term and a 40-year amortization schedule. Colliers Securities LLC provided tax exempt bonds to the borrower, which will also receive equity from the sale of Low-Income Housing Tax Credits (LIHTC). Colliers Mortgage, formerly known as Dougherty Mortgage, is part of Colliers International and is a nationwide mortgage banking firm.

January 28, 2021

Acquisitions Industrial Texas

Exan Capital Acquires 1 MSF Amazon Fulfillment Center in Metro Houston

by Taylor Williams January 28, 2021

BROOKSHIRE, TEXAS — Miami-based Exan Capital has acquired a 1 million-square-foot fulfillment center in the western Houston suburb of Brookshire that is fully leased to an investment-grade e-commerce user. Multiple news outlets, including the Houston Business Journal, report that the tenant is Amazon. The property was built on 84 acres in 2018 and features 36-foot clear heights, 100 dock-high doors, an ESFR sprinkler system and ample parking for trailers and the facility’s 1,600 employees. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, a publicly traded REIT, in the transaction. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL arranged a five-year, fixed-rate acquisition loan through New York Life on behalf of the new owner.

January 28, 2021

Development Industrial Self-Storage Texas

Public Storage Opens 1,101-Unit Self-Storage Facility in West Houston

by Taylor Williams January 28, 2021

HOUSTON — Public Storage (NYSE: PSA) has opened a 1,101-unit self-storage facility at 2055 Hayes Road in West Houston. The site previously housed a self-storage property that was demolished to make way for the new 125,000-square-foot facility. Triad Construction Inc. served as the general contractor for the three-story project, which was completed in less than 10 months.

January 28, 2021

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 291-Unit Northshore Meadows Apartments in Houston

by Taylor Williams January 28, 2021

HOUSTON — Berkadia has brokered the sale of Northshore Meadows, a 291-unit apartment community located at 333 Uvalde Road on the eastern side of Houston. Built in 1971, the property offers one-, two- and three-bedroom units that range in size from 414 to 1,199 square feet. Each apartment features stainless steel appliances and walk-in closets. Communal amenities include a fitness center, business center, clubhouse and a playground. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the undisclosed seller and procured the buyer, Claridge Properties, in the transaction.

January 28, 2021

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