Property Type

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

by Alex Tostado December 17, 2020

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …

December 17, 2020

Affordable Housing Conference Coverage Features Multifamily

Supply, Demand of Affordable Housing in Texas Should Grow in Coming Months, Says Exclusive Webinar Panel

by Taylor Williams December 17, 2020

Strong job and population growth over the last decade have steadily elevated demand for affordable housing throughout Texas, and the incoming Biden administration is likely to enact policies that will help developers expand the supply needed to meet that demand, according to a panel of industry experts. The combination of no state income tax and a pro-business climate has driven scads of major companies to relocate to Texas, in many cases from California. At least before the COVID-19 pandemic, the arrival of these high-paying jobs — and the housing to support them — tended to fuel demand for retail, restaurant and hospitality development. It’s within the operations of these properties that many renters who qualify for affordable or workforce housing make their living. Immigrants from Mexico and Central America further add to demand in Texas. But from an economic standpoint, development of affordable housing is rarely feasible without some sort of aid from the state or federal government (or both). In terms of the latter, some professionals in Texas believe that the incoming Biden administration intends to prioritize affordable housing growth through a variety of mechanisms. Announcing: Texas Affordable Housing Business magazine. Click here for complimentary subscription. A panel of …

December 17, 2020

Market Reports Midwest Market Reports Office

Office Space After Coronavirus: the New Norm with Remote Workers

by Kristin Harlow December 17, 2020

By Steve Kimball, emersion Design The impact of COVID-19 on workplaces will continue long after the virus has subsided. A majority of large corporations have embraced remote working, with many in the technology space such as Google, Twitter and Microsoft announcing they’ll keep a majority of employees permanently working from home. But it’s not just big technology companies that are taking this approach. New research from Harvard Business School cites at least 16 percent of the U.S. workforce will be remote moving forward. Additionally, a study by 451 Research shows that number could go as high as 67 percent being remote. Jobs in technology, healthcare, customer service, education, accounting and sales are considered the most likely to shift permanently to remote work. What does that mean for traditional office space? There will still be robust office environments, although changes are coming. These vary from what is in the office to where it will now be located. Downsize, upgrade Cost savings achieved by less square footage needs will enable companies to relocate to a more desirable location, offer additional amenities onsite and upgrade the office environment. While less space is required, companies can use the savings to upgrade the office with …

December 17, 2020

Alabama Development Loans Multifamily Southeast

Knighthead Funding Provides $27.3M Construction Loan for Multifamily Community in Metro Huntsville

by Alex Tostado December 16, 2020

MADISON, ALA. — Knighthead Funding LLC has provided a $27.3 million construction loan to Chase Creek Holdings for the development of The Views at Chase Creek in Madison . The non-recourse loan has a 24-month term. Upon completion, The Views at Chase Creek will offer 228 one-, two- and three-bedroom floor plans. The borrower/developer expects to deliver the property, which will comprise 10 two-story buildings, in the second quarter of 2022. Unit interiors will feature stainless steel appliances, stone finishes, walk-in closets and a washer and dryer. The Views at Chase Creek will be situated at 248 Old Glory Road, 13 miles west of downtown Huntsville.

December 16, 2020

District of Columbia Retail Southeast

Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year

by Alex Tostado December 16, 2020

WASHINGTON, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, clothing and accessories stores and sporting goods stores all reported decreased sales. The home improvement and food and beverage sectors grew 1.1 and 1.6 percent, respectively. Matthew Shay, president and CEO of the National Retail Federation (NRF), says the monthly decline is due to consumers holding steady amid rising COVID-19 cases and congressional gridlock. “Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions and congressional stimulus discussions were gridlocked,” says Shay. “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional fiscal stimulus from Congress is needed and we are hopeful it will be passed soon as we enter the final …

December 16, 2020

Acquisitions Development Georgia Retail Southeast

Gwinnett County Acquires Gwinnett Place Mall for $23M, Not Including Three Anchors

by Alex Tostado December 16, 2020

DULUTH, GA. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including the portion of the mall that houses most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, which are tenant-owned. Additionally, the former Sears building, which Northwood Ravin acquired in 2018, was not part of the sale. Gwinnett Place Mall was originally completed in 1984. The mall has been used in the film industry in recent years as the setting for movies and TV shows including “Stranger Things,” “Holidate,” “Ozark,” “I, Tonya” and “Greenleaf.” Gwinnett County Board of Commissioners chairwoman Charlotte Nash says the county has been attempting to acquire the land for several years and will redevelop the parcel that has “incredible opportunity.” Gwinnett County will engage the County Department of Planning and Development, the Gwinnett Place Community Improvement …

December 16, 2020

Development Industrial North Carolina Southeast

Nance, MPV to Develop 30,250 SF Industrial Facility in Metro Charlotte

by Alex Tostado December 16, 2020

PINEVILLE, N.C. — Nance Cos. and MPV Properties will develop Berkshire Business Centers No. 26, a 30,250-square-foot industrial facility within Pineville Distribution Park in Pineville. The developers are building the asset to accommodate a single tenant. The property will feature 24-foot clear heights, multiple drive-in and dock-high doors and office space. The building will be situated at 10121 Pineville Distribution St., 13 miles south of downtown Charlotte and 15 miles southeast of Charlotte Douglas International Airport. Timmons Group is the engineer and Merriman Schmitt designed the building, which is being developed on a speculative basis. Bailey Patrick Jr. and Billy Thomas of MPV are handling the leasing efforts. The developers expect to deliver the asset in fall 2021. This will mark the third building to be delivered within the distribution park, following Beacon Development’s 525,000-square-foot facility for Campbell Snacks in 2019, and Nance and MPV’s 67,000-square-foot center earlier this summer.

December 16, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Negotiates $3.7M Sale of Strip Retail Center in Central Georgia

by Alex Tostado December 16, 2020

WARNER ROBINS, GA. — Marcus & Millichap has negotiated the $3.7 million sale of a 13,076-square-foot retail strip center within Merganser Commons in Warner Robins. Zach Taylor of Marcus and Millichap’s Taylor McMinn Retail Group implemented a parcelization strategy to sell Merganser Commons for a total of $14.7 million on behalf of the seller, EA Columbia Properties. A 45,600-square-foot Publix anchors Merganser Commons. The strip center was the last piece of Merganser Commons to be sold. “By taking a parcelization approach we were able to maximize the seller proceeds,” says Taylor. Tomahawk Properties LLC acquired the asset.

December 16, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $122.5M Sale of Maxwell on 66th Apartments in Phoenix

by Amy Works December 16, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Maxwell on 66th, a multifamily property located at 6611 E. Mayo Blvd. in Phoenix’s North Scottsdale corridor. The property traded hands for $122.5 million, or $351,003 per unit. The names of the buyer and seller were not released. Built in 2020 on 15 acres, Maxwell on 66th features 349 apartments, averaging 940 square feet per unit, spread across 11 buildings. Units offer at least nine-foot ceilings, ultra-modern gourmet kitchens and hand-scraped oak hardwood floors. Select units feature integrated decks and bookshelves, built-in wine racks, oversize soaking tubs and mountain views. Community amenities include a central courtyard, swimming pool, tanning pool, yoga lawn, putting green and electric car charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

December 16, 2020

Arizona California Industrial Loans Nevada Western

CBRE Arranges $69M in Financing for 1 MSF Industrial Portfolio in Southwest

by Amy Works December 16, 2020

LOS ANGELES — CBRE Capital Markets’ Debt & Structured Finance team has arranged $69 million for the recapitalization of a four-property industrial portfolio totaling 991,634 square feet across the southwestern United States. Shaun Moothart, Bruce Francis, Jennifer Ansari, Dana Summers, Bob Ybarra and Doug Birrell of CBRE secured the 20-year, 2.13 percent loan on behalf of the borrower, Moulton Co., a family-owned and operated private equity asset management firm based in Southern California. The portfolio consists of four core industrial assets: Harbor Gateway, located at 20100 S. Western Ave. in Torrance, Calif. Longley Commerce Center at 6550 Longley Lane in Reno, Nev. The Landing at PMG, located at 7613-7753 E. Ray Road in Mesa, Ariz. Northgate Distribution Center at 4800 E. Tropical Parkway in Las Vegas At the time of sale, all four facilities were fully leased.

December 16, 2020

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