Property Type

Colliers Arranges 150,000 SF Industrial Lease in West Columbia, South Carolina

by Alex Tostado September 29, 2020

WEST COLUMBIA, S.C. — Colliers International has arranged a 150,000-square-foot lease within Midway Logistics IV, bringing the 200,000-square-foot speculative development in West Columbia to full occupancy. The tenant, TreeHouse Foods, will move into the space located at 828 Bistline Drive, eight miles south of downtown Columbia and two miles south of the Interstate 26-77 interchange. TreeHouse will use the space to support its current pasta plant located at 2000 American Italian Way, 11 miles east of Midway Logistics IV. TreeHouse is a manufacturer and distributor of foods and beverages. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the landlord and developer, Magnus Development Partners, in the lease transaction. With the property now being fully leased, Magnus will begin development on Midway Logistics VI, a planned 192,780-square-foot spec industrial building on the West Columbia campus.

September 29, 2020

Industrial Market Reports Western Market Reports

Seattle’s Industrial Market Pauses During COVID-19

by Jeff Shaw September 29, 2020

By Jeff Forsberg, Principal, NAI Puget Sound Properties It has been interesting, to say the least, since our governor issued the stay-at-home order on March 23 and we all started contemplating a future where we’d never have to get out of our pajamas. Though our market’s industrial sector isn’t immune to disruptions, the immediate fallout from the COVID-19 pandemic is not quite as dire as some might have projected. The Seattle industrial market comprises about 223 million square feet. This essentially covers the area between the two major ports (Seattle and Tacoma) in our region. Bolstered by large lease transactions with PCC Logistics (400,000 square feet), Darigold (284,067 square feet), Scotts (245,185 square feet), Ikea (200,000 square feet), Infinity Global Express (203,505 square feet) and Filson (126,028 square feet), our market posted respectable second-quarter lease stats. The current vacancy rate hovers at 5.05 percent, which is great for any market but slightly above average on what we have seen here over the past 10 years. The average monthly shell rate has remained flat at $0.659 per square foot, but apart from a few subleases, we haven’t seen a dramatic reduction in rent. Driving most of these trends is the rising …

September 29, 2020

Acquisitions Florida Office Southeast

Gatsby Enterprises Acquires Newly Built Office Campus in South Florida for $80M

by Alex Tostado September 28, 2020

PALM BEACH GARDENS, FLA. — Gatsby Enterprises has acquired DiVosta Towers, a two-building office campus in Palm Beach Gardens, for $80 million. The buildings comprise 220,000 square feet and offer 889 parking spaces. The buildings also feature 10-foot ceilings, floor-to-ceiling windows, car charging stations and a full-time concierge. The seller, Gardens Corporate Center LLC, which is an affiliate of DiVosta Investments, delivered the campus in 2019. The asset was 70 percent leased at the time of sale to tenants including JP Morgan and Comiter, Singer, Baseman & Braun LLP. The New York City-based buyer has hired Jon Blunk of Tower Commercial Real Estate to oversee leasing for both buildings. DiVosta Towers is located at 3874 Kyoto Gardens Drive, 12 miles north of downtown West Palm Beach.

September 28, 2020

Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 117-Unit Apartment Development in Jacksonville

by Alex Tostado September 28, 2020

JACKSONVILLE, FLA. — Summit Contracting Group has broken ground on Lofts at Murray Hill, a 117-unit apartment complex in Jacksonville’s Murray Hill neighborhood. Communal amenities will include a fitness center, club room, resident lounge and a dog walk area. The four-story community will also offer 11,000 square feet of ground-level retail space. Designed by Group 4 Design Inc., Lofts at Murray Hill is located at 840 Edgewood Ave. S., five miles southwest of downtown Jacksonville. The developer, The Vestcor Cos., expects to deliver the property in fall 2021. The mixed-income property will offer units at market rate, and for workforce and affordable housing.

September 28, 2020

Acquisitions Healthcare Office Southeast

Montecito Medical Purchases Four-Building Healthcare Portfolio in West Little Rock

by Alex Tostado September 28, 2020

LITTLE ROCK, ARK. — Montecito Medical Real Estate has acquired a four-building healthcare property portfolio in Little Rock’s west side. The buildings comprise 72,566 square feet and were fully leased to Arkansas Urology at the time of sale. The portfolio includes three medical office buildings and an ambulatory surgery center. The medical office buildings are situated adjacently to each other at 1300 Centerview Drive, seven miles west of downtown Little Rock. The buildings include a 37,718-square-foot clinic, a 6,723-square-foot cancer treatment center and a 12,475-square-foot outpatient clinic. The 15,650-square-foot ambulatory surgery center is located at 1310 Centerview Drive, less than one mile from the medical office buildings and two miles from Baptist Health-Little Rock Hospital. The seller(s) and sales price were not disclosed.

September 28, 2020

Acquisitions Georgia Multifamily Southeast

Olive Tree Sells Multifamily Community in Metro Atlanta for $13.1M

by Alex Tostado September 28, 2020

DECATUR, GA. — Olive Tree Property Holdings LLC has sold The Life at Peppertree Circle, a 167-unit multifamily community in Decatur, for $13.1 million. The property offers one- and two-bedroom floor plans and a pool. The asset is located at 3321 Peppertree Circle, 11 miles east of downtown Atlanta. Olive Tree acquired the complex in 2017 for $4.8 million. The New York City-based company implemented a value-add program, which included restoring 32 units that were damaged due to fire. The buyer was not disclosed.

September 28, 2020

Acquisitions California Hospitality Western

Colony Capital Agrees to Sell 197 Hotels to Highgate

by Amy Works September 28, 2020

LOS ANGELES — Los Angeles-based Colony Capital has entered into a definitive agreement to sell six of its hospitality portfolios to Highgate, a hospitality investment and management firm, for $67.5 million. The six portfolios consist of 22,676 rooms across 197 individual hotels. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and third-party approvals. The portfolio, valued at $2.8 billion, includes the assumption of approximately $2.7 billion in consolidated investment-level debt. Moelis & Co. served as financial advisor to Colony Capital in connection with the transaction, and Willkie Farr & Gallagher LLP served as legal counsel for the seller. Latham & Watkins LLP served as legal counsel for the New York City-based buyer.

September 28, 2020

California Development Loans Multifamily Seniors Housing Western

Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California

by Amy Works September 28, 2020

LA VERNE, CALIF. — Truist Financial Corp. has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The borrower was not disclosed. The funding will be used to refinance existing debt and support the construction of a new independent living component named Hawthorne Homes. The 24,000 square-foot addition will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, clerestory windows and energy-efficient appliances. Construction is scheduled to begin this week, and completion is set for summer 2021. Upon completion of the new units, the Hillcrest campus will consist of 240 independent living units, 48 assisted living units, 24 memory care beds and 59 licensed skilled nursing beds.

September 28, 2020

Sora on Rose in Phoenix features 92 apartments.

Acquisitions Arizona Multifamily Western

Marcus & Millichap Facilitates $14.5M Sale of Sora on Rose Apartments in Uptown Phoenix

by Amy Works September 28, 2020

PHOENIX — Marcus & Millichap has arranged the sale of Sora on Rose, a multifamily property located at 6201 N. 16th St. in Phoenix’s Uptown neighborhood. The property traded for $14.5 million, or $157,609 per unit. Paul Bay of Marcus & Millichap represented the undisclosed seller, while Darrell Moffitt, also of Marcus & Millichap, represented the undisclosed buyer in the deal. Built in 1971 on 2.7 acres, Sora on Rose features 92 apartments with an average unit size of 815 square feet. Amenities include a clubhouse, laundry services, covered parking, swimming pool and a fitness center.

September 28, 2020

Acquisitions Colorado Industrial Western

Woodward Sells Loveland, Colorado Campus, Acquires New Facility in Nearby Windsor

by Amy Works September 28, 2020

LOVELAND AND WINDSOR, COLO. — Woodward Inc. has completed the disposition of its research and development campus located at 3800 Wilson Ave. in Loveland. Concurrently, the company purchased a facility located at 753 Champion Drive in Windsor. The new campus is adjacent to Woodward’s existing Rocky Mountain Technology and Innovation Center (RMTIC). Southgate One sold the Windsor property to Woodward and acquired the Loveland facility. Terms of the transactions were not released. Peter Kast of CBRE’s Fort Collins, Colo., office represented Woodward in the trade. Woodward originally purchased the Loveland campus in 1991. Situated on 39.7 acres, the campus features 209,000 square feet of space. The campus was home to Woodward’s Air Valves Engineering & Testing department, which will relocate to the Windsor facility. Woodward is an independent designer, manufacturer and service provider of equipment for the aerospace and industrial sectors.

September 28, 2020

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