Property Type

90 North Purchases Ensemble Health Headquarters Property in Suburban Cincinnati

by Kristin Harlow June 10, 2020

BLUE ASH, OHIO — The Chicago office of United Kingdom-based 90 North Real Estate Partners, acting as the investment advisor to Kuwait-based Rasameel Investment Co., has purchased a 400,296-square-foot office property in Blue Ash. The campus serves as the new headquarters of Ensemble Health Partners. 90 North acquired the property from a local developer for an undisclosed price. The campus, situated at 11311 Reed Hartman Highway in suburban Cincinnati, formerly served as the Procter & Gamble Sharon Woods Technical Center. Over the last year, the campus has been redeveloped for Ensemble, which is a medical billing management company. The property consists of a 390,096-square-foot main building, a newly constructed 75,554-square-foot addition and a separate 10,200-square-foot building that is being converted into a conference center. The campus also includes 2,262 car parking spots and sits on 51.3 acres. Ensemble expects to be operational in the facility by September. The company is expected to bring approximately 2,000 employees to the property.

June 10, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Completes Construction of 146-Unit Senior Living Community in Naperville, Illinois

by Kristin Harlow June 10, 2020

NAPERVILLE, ILL. — McShane Construction Co. has completed the construction of Avenida Naperville, a 146-unit senior living community in Naperville. Reserved for adults age 62 and older, the six-building property is geared toward residents who want to maintain an active lifestyle. Residents have access to 13,000 square feet of amenity space, including a clubhouse with a bistro, fitness and yoga studios, a theater, library, private dining room and arts studio. Outdoor amenities include a pool, game lawn and barbecue areas. Meeks + Partners designed the community. Avenida Partners is the developer and owner.

June 10, 2020

Telge-290-Logistics-Center-Cypress-Texas

Development Industrial Texas

Archway, Ridgeline Complete 207,635 SF Telge 290 Logistics Center in Metro Houston

by Taylor Williams June 10, 2020

CYPRESS, TEXAS — A partnership between Texas-based developer Archway Properties and Atlanta-based Ridgeline Property Group has completed Telge 290 Logistics Center, a 207,635-square-foot industrial project in the northwestern Houston suburb of Cypress. The Class A property offers proximity to U.S. Highway 290, Beltway 8 and Grand Parkway. Building features include 32-foot clear heights, 47 dock-high doors, a 180-foot truck court and an ESFR sprinkler system. Colliers International is marketing the property for lease. Telge 290 Logistics Center is the second collaboration in Texas between the two firms.

June 10, 2020

Acquisitions Industrial Texas

CBRE Arranges Sale of Newly Built Southeast Distribution Center Near Port Houston

by Taylor Williams June 10, 2020

HOUSTON — CBRE has arranged the sale of Southeast Distribution Center, a 170,476-square-foot, newly built industrial facility located at 730 Genoa Red Bluff Road near Port Houston. Nathan Wynne and Cape Bell of CBRE represented the seller and developer, Houston-based Vigavi, in the transaction. David Buescher and Louis Tomaselli of JLL represented the buyer and new occupant, Hallmark Floors. Burton Construction acted as the general contractor on the development, and Powers Brown served as the architect. Amegy Bank provided construction financing. The sales price was not disclosed.

June 10, 2020

Acquisitions Multifamily Student Housing Texas

One Real Estate Investment Buys 312-Bed Student Housing Property in Bryan, Texas

by Taylor Williams June 10, 2020

BRYAN, TEXAS — Miami-based One Real Estate Investment has purchased The Element at University Park, a 312-bed student housing property in Bryan. The community is located about three miles from Texas A&M University and was 97 percent occupied at the time of sale. Built in phases in 2000 and 2008, Element at University Park features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tennis courts and a dog park. Ryan Lang, Brandon Buell, Jack Brett, Brad Shaffer and Brandon Miller of Newmark Knight Frank (NKF) represented the seller, Massachusetts-based Aspen Square Management, and procured One Real Estate as the buyer.

June 10, 2020

Industrial Leasing Activity Texas

Logistics Firm Signs 131,718 SF Industrial Lease at New Facility in Laredo, Texas

by Taylor Williams June 10, 2020

LAREDO, TEXAS — Freight Dispatch Service Agency Ltd. has signed a 131,718-square-foot industrial lease to occupy the entirety of I-35 Logistics Center, a speculative development located in the Rio Grande Valley city of Laredo. Construction of the property, which features 32-foot clear heights, 73 trailer parking spaces and an ESFR sprinkler system, began in August 2019 and was completed in April. Josh Aguilar of CBRE represented the owner and developer, a partnership between Fort Worth-based Tailwind Real Estate Equities and Gulf Corp., in the lease negotiations. Joey Ferguson of NAI Swisher & Martin Realty represented the tenant.

June 10, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 326-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 10, 2020

SAN ANTONIO — Marcus & Millichap has brokered the sale of Angel’s Attic, a self-storage facility located at 5601 NW Loop 410 in San Antonio that consists of 326 non-climate-controlled units. The property was built in 1973 and spans 38,685 net rentable square feet. Casey Kral and Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a California-based limited liability company.

June 10, 2020

Content Partner Features Lument Multifamily RED Capital Group Texas

Recession Pays an Unwelcome Visit to Dallas Multifamily Sector

by Sarah Daniels June 10, 2020

Some places in America are painfully accustomed to economic setbacks. Dallas isn’t among them. This growth market prototype has elevated expansion to an art form and won’t suffer recession gladly. But happily or not, Dallas must share with the rest of the nation the unanticipated discomfort of our pandemic disaster. How is it likely to respond, and what are the ramifications for multifamily investors? It is said that everything is bigger in Texas, and Dallas job losses in the first months of the COVID-19 lockdown definitely were “on brand.” Payroll employment declined nearly 300,000 jobs in March and April, and the unemployment rate, which never before surpassed 9 percent, soared to 12.8 percent in April. The night is darkest before the dawn, however, and the latest national job numbers suggest the sun is near the eastern horizon. If recent history is any guide Dallas will be one of the first to recover and among the quickest to return to pre-coronavirus strength. Indeed, the metro labor market recovered about six months before the nation following both the 1992 and 2009 recessions, and job growth returned to pre-recession levels about 12 months later, a process that took the nation nearly two years …

June 10, 2020

Indiana Midwest Retail Top Stories

Simon Property Group Terminates $3.6B Taubman Centers Merger Agreement

by Kristin Harlow June 10, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” according to a statement from Simon. “Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.” Taubman failed to take steps to mitigate the impact of the pandemic as others in the industry have, such as not making essential cuts in operating expenses and capital expenditures, according to Simon. The merger agreement specifically gave Simon the right to terminate the transaction in the event that a pandemic disproportionately hurt Taubman. Simon says that Taubman’s significant proportion of enclosed retail properties in densely populated metropolitan areas — …

June 10, 2020

Development Multifamily New Jersey Northeast

Russo Development, Hampshire Cos., Fourth Edition to Develop 271-Unit Apartment Building in Hackensack, New Jersey

by Alex Patton June 9, 2020

HACKENSACK, N.J. — A joint venture between Russo Development, Hampshire Cos. and Fourth Edition will develop Print House by Vermella, a 271-unit apartment building in Hackensack, a northwestern suburb of New York City. Located at 150 River St., Print House by Vermella will feature a mix of studio, one- and two-bedroom floor plans. The property will be located near downtown Hackensack and the Bergen County Courthouse, offering quick access to the New Jersey Transit Hackensack Bus terminal, Interstate 80 and two other public transit stations. Amenities will include a resident lounge, fitness center and access to a riverwalk along the Hackensack River. Future construction phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space. An undisclosed national bank provided a $48.7 million construction loan that carried a 60-month term and a floating interest rate to the joint venture. Thomas Didio, Jon Mikula and Michael Klein of JLL arranged the loan. The construction schedule was undisclosed.

June 9, 2020

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