Property Type

Fourth-Street-Distribution-Center-Rancho-Cucamonga-CA

Inland Empire Continues to Be an Industrial Market Leader

by Jeff Shaw May 26, 2020

By David Burback, Senior Vice President and Managing Director, Kidder Mathews A 1.4-million-square-foot distribution center in Rancho Cucamonga that was formerly owned by Big Lots, recently sold for $48 per square foot on the land value. The new owner plans to replace the existing building with a new state-of-the-art distribution center. By every metric, the Inland Empire continues to be the national leader in the industrial real estate sector. The area enjoys the advantage of being just 40 minutes from the two largest and most active ports in the country. Driven by the strategic expansion of supply chains and the rapid emergence of ecommerce, the Inland Empire remains the most robust industrial market in the country. Annual new construction is approaching 25 million square feet, and the absorption of space is in equal proportion. Rents have increased by 65 percent, sales prices have increased by 80 percent and land prices have more than doubled over the past five years, according to our research. There seems to be some moderation from these double-digit, year-over-year increases as we move into 2020. Yet, the market remains active on all fronts – user, developer and investor alike. The most active sector of the industrial …

May 26, 2020

Acquisitions Development Mixed-Use Multifamily Texas Top Stories

Rastegar Property Co. Buys Two Sites in South Austin, Plans Mixed-Use Development

by John Nelson May 26, 2020

AUSTIN, TEXAS — Rastegar Property Co., a private real estate owner and developer, has purchased two parcels in South Austin for the development of a new mixed-use project. The sites are located at 505 and 507 W. Live Oak St. and are the final leg of a 2.5-acre land assemblage that began with Rastegar’s purchase of a site last September. In January, the company bought two sites at 508 and 511 W. Live Oak St. that totaled a little more than a half-acre for an undisclosed price. The new development will sit at the corner of South 1st Avenue and West Live Oak Street near Barton Springs Road. The site is a few blocks from South Congress Avenue, as well as Austin’s central business district. Michael McKinley of St. Croix Capital represented Rastegar in the latest land transaction. “Once we secured the hard corner, things began to fall into place,” says McKinley. “All parties worked diligently to overcome obstacles related to COVID-19 in order to complete this 2.5-acre assemblage, due to the high demand for development sites in Austin’s urban core.” While still in the planning stages, Rastegar has disclosed that the property will include residences, entertainment uses and a …

May 26, 2020

Alabama Features Loans Multifamily Seniors Housing Southeast Southeast Feature Archive Student Housing

Three Months of Forbearance? Better Think Twice

by John Nelson May 26, 2020

By Chad Thomas Hagwood, Hunt Real Estate Capital Thanks to the Federal Housing Finance Agency (FHFA), forbearance is now one of the biggest buzzwords in multifamily finance. When the FHFA announced at the end of March that Fannie Mae and Freddie Mac would offer mortgage forbearance to multifamily properties facing hardship as a result of COVID-19, many multifamily owners adopted a wait-and-see attitude. That was the right decision. As April went on, the NMHC Rent Payment Tracker steadily trended higher. By May 13, full or partial rent for the month of May was 87.7 percent collected. But with unemployment spiking to record levels, rent collections through the spring and into the summer will most certainly decline at many properties, causing owners to give those forbearance offers a second look. My advice: if there is anything owners can do to avoid forbearance, they should. While tempting, mortgage forbearance should be considered a last resort. Forbearance could take a reputational toll It’s generally implied that entering into a forbearance agreement will not impact a borrower’s ability to secure financing in the future. In an age that obsessively collects and retrieves data of all sorts, experience — and common sense — suggests that …

May 26, 2020

Development Georgia Mixed-Use Multifamily Office Retail Southeast Top Stories

Ackerman, MDH Partners to Develop $85M Mixed-Use Expansion at Lee + White Project in Atlanta

by Alex Patton May 22, 2020

ATLANTA — A partnership of local developer Ackerman & Co. and MDH Partners will soon begin construction of an $85 million multifamily, office and retail expansion to the Lee + White retail property in Atlanta’s West End neighborhood. The partnership acquired the 11-building, 433,204-square-foot property from Stream Realty Partners in September 2019 and began redeveloping the former industrial property as a mixed-use dining and beverage destination. Atlanta-based Smith Dalia Architects is the master designer of the project. Development plans include the ground-up construction of a two-story glass structure featuring a 17,000-square-foot food and retail “collective” on the first floor and 18,000 square feet of loft offices on the second floor. The team will convert multiple warehouses on the property into 127,000 square feet of modern office space, as well as 250 multifamily units. Monday Night Brewing currently anchors the property with its 22,000-square-foot Monday Night Garage brewery and event space. Other tenants include Wild Heaven Beer, ASW Distillery, Cultured South Fermentation Co. and Hop City Craft Beer & Wine. All current tenants have been implemented into the master plan and will remain in their current spaces. The property is located directly along the Atlanta BeltLine’s Westside Trail, a 22-mile walking trail …

May 22, 2020

Development Office South Carolina Southeast

M Peters to Develop Mass Timber Office Building Within Plush Mills Campus in Downtown Greenville

by Alex Tostado May 22, 2020

GREENVILLE, S.C. — M Peters Group will develop a five-story, 73,177-square-foot office building in downtown Greenville. The property will offer 18,823 square feet of ground-level retail space, as well as a rooftop terrace. The developer is using mass timber construction, which marks the first project in South Carolina to do so. M Peters Group expects to deliver the property in 2021. The building will be situated next to the former Plush Mills building, which was originally built in 1925. M Peters Group bought the then-vacant property in 2016 and renovated it before leasing to Venture X, a coworking operator. The architect is Perkins + Will. Shelby Dodson of CBRE is handling leasing efforts on behalf of the owner.

May 22, 2020

Development Industrial North Carolina Southeast

Merritt Properties Acquires 51 Acres in Durham to Build Four-Building Industrial Park

by Alex Tostado May 22, 2020

DURHAM, N.C. — Merritt Properties has acquired 51 acres in Durham for Merritt TW Crossing, a planned four-building, 282,400-square-foot industrial park near Research Triangle Park. Merritt expects to deliver the asset in the fourth quarter of this year. The four buildings will range in size from 36,120 to 106,100 square feet. The land is situated at 3100 S. Miami Blvd., seven miles south of downtown Durham. The buildings will offer 18- to 24-foot ceiling heights, 110- to 180-foot truck courts, dock-high and drive-in doors and free surface parking. Merritt Construction Services is the general contractor. Ann-Stewart Patterson and Austin Nagy of CBRE | Raleigh will handle leasing efforts on behalf of the owner.

May 22, 2020

Development Georgia Multifamily Seniors Housing Southeast

Watercrest Senior Living Breaks Ground on Seniors Housing Community in Macon, Georgia

by Alex Tostado May 22, 2020

MACON, GA. — Watercrest Senior Living Group and its equity partners, Peninsula Alternative Real Estate and Corecam Capital Partners, have broken ground on Watercrest Macon Assisted Living and Memory Care in Macon. The community will feature 76 assisted living and 22 memory care units. Renasant Bank provided construction financing, and EMJ Corp. is serving as the general contractor. Watercrest Macon will be located within the Providence at Bass development, which offers residential, retail and dining establishments, as well as entertainment venues. Watercrest Macon is scheduled to welcome residents in summer 2021.

May 22, 2020

Development Industrial Maryland Southeast

Hill Management Begins Construction on 66,600 SF Industrial Building in Metro Baltimore

by Alex Tostado May 22, 2020

GLEN BURNIE, MD. — Hill Management has broken ground on a 66,600-square-foot industrial building within Bay Meadow Industrial Park in Glen Burnie. The property is situated on 6.5 acres and will offer 23-foot clear heights, an ESFR sprinkler system and dock and drive-in capabilities. The asset will be located at 6730 Dover Road, nine miles south of the Port of Baltimore and seven miles east of Baltimore/Washington International Thurgood Marshall Airport. The developer expects to deliver the building this fall. Kate Jordan and Marley Welsh of Lee & Associates | Maryland will handle the leasing on behalf of the owner.

May 22, 2020

Florida Industrial Leasing Activity Southeast

Commercial Fitness Concepts Signs 43,474 SF Industrial Lease in Tampa

by Alex Tostado May 22, 2020

TAMPA, FLA. — Commercial Fitness Concepts has signed a 43,474-square-foot industrial lease at Building 200 within 301 Business Center in Tampa. Building 200 offers 32-foot minimum clear heights, 180-foot truck court and an ESFR sprinkler system. With Commercial Fitness Concepts’ new lease, the building is now fully occupied, with US Venture leasing the other 127,720 square feet. Located on East Columbus Drive, 301 Business Center spans 68 acres and is situated in Tampa’s East Industrial submarket, nine miles east of downtown Tampa. John Jackson, Jessica Mizrahi and JT Faircloth of Cushman & Wakefield represented the landlord, McDonald Development, in the lease negotiations. Commercial Fitness Concepts sells new and used gym equipment for commercial use.

May 22, 2020

Development Massachusetts Multifamily Northeast

NRP Group, World Premier Investments Begin Construction of 184-Unit Apartment Project Near Boston

by Alex Patton May 22, 2020

WAKEFIELD, MASS. — A partnership between NRP Group and World Premier Investments has begun construction of Grayson Lofts at Wakefield Station, a 184-unit apartment community in Wakefield, a northern suburb of Boston. Located at 178 Albion St., the project is a redevelopment of a three-story mill building that was previously used as office space. The west side of the U-shaped building will retain its office space while the east side will be redeveloped for a residential project featuring one- and two-bedroom floor plans. The development team will also construct an additional three stories on top of the existing building that will also feature residential space. Canadian Imperial Bank of Commerce provided construction financing for the project. Construction is slated to be complete in 2021.

May 22, 2020

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