Property Type

Las Vegas Gaming: The Ugly, the Bad and the Good

by Jeff Shaw January 26, 2021

By Mike Mixer, Colliers International – Las Vegas At the beginning of 2020, Las Vegas was anything but ugly. Nevada’s economy was one of the fastest growing in the country. Unemployment was the lowest ever at 3.6 percent, while casinos reported three straight months of $1 billion in winnings. Then COVID came along and things got real ugly, real quick. The entire Las Vegas Strip was shut down, closed…on less than a day’s notice. The Las Vegas unemployment rate hit a staggering 34.2 percent. One out of three people in Las Vegas became unemployed in April 2020. Meanwhile, the last time the Strip was shut down was after the JFK assassination in 1963. The bad doesn’t look so bad compared to the ugly. As the year comes to a close, the Las Vegas Strip has reopened, but with fewer visitors. Low visitor demand hits hard in a city with more than 150,000 rooms. Las Vegas hotel occupancy has dropped from 90 percent down to 44 percent. Room rates have seen a milder drop this year, down only 6.77 percent (from $133 a night to $124 a night). The Las Vegas Gaming Market was also unlucky, especially without a robust convention …

January 26, 2021

Development Mixed-Use Texas

Reger Holdings to Develop 425-Acre EastVillage Mixed-Use Project in Austin

by Taylor Williams January 25, 2021

AUSTIN, TEXAS — Buffalo-based Reger Holdings will develop EastVillage, a 425-acre mixed-use project that will be located along the Parmer Lane tech corridor in northeast Austin. Both the Austin American-Statesman and Community Impact Newspaper put the value of the project at approximately $1 billion. Current plans call for approximately 800,000 square feet of office space, 300,000 square feet of retail and restaurant space, three hotels totaling 390 rooms, 2,000 multifamily units, an active adult community and a 150-acre nature preserve. The centerpiece of the development will be a 1.5-acre village green for outdoor events and gatherings, while a network of trails will also connect the various uses. Nearby employers include Samsung, Dell, Amazon and The Home Depot Technology Center. A construction timeline was not released.

January 25, 2021

Development Industrial Texas

Developers Break Ground on 643,760 SF Spec Industrial Project in Sunnyvale, Texas

by Taylor Williams January 25, 2021

SUNNYVALE, TEXAS — Developers Brian Flaherty and Eric Langford, the duo behind the redevelopment of the former Raytheon industrial campus in the northeastern Dallas suburb of Garland, have broken ground on a 643,760-square-foot industrial project in nearby Sunnyvale. The development will consist of two cross-dock buildings with divisibility to 100,000 square feet and 36-foot clear heights that will be built on a speculative basis. Paladin Partners is leasing the project, which is expected to be complete this fall.

January 25, 2021

Acquisitions Office Texas

Cawley Partners, Balfour Pacific Acquire 150,000 SF Office Building in Irving

by Taylor Williams January 25, 2021

IRVING, TEXAS — A partnership between locally based investment firm Cawley Partners and private equity firm Balfour Pacific Capital has acquired Westpoint I, a 150,000-square-foot office building in Irving’s Las Colinas district. Located at 1255 Corporate Drive, the six-story building sits on 5.3 acres and was 91 percent leased at the time of sale. The new ownership plans to upgrade the building’s common areas and add a grab-and-go food service. Parker McCormack and Andrew Levy of JLL represented the seller, New York City-based Highbrook Investors, in the transaction.

January 25, 2021

Acquisitions Industrial Texas

Boyd Commercial Brokers Sale of 84,200 SF Industrial Building in North Houston

by Taylor Williams January 25, 2021

HOUSTON — Locally based firm Boyd Commercial has brokered the sale of an 84,200-square-foot industrial building located at 5708 N. Shepherd Drive in North Houston. David Munson and David Boyd of Boyd Commercial represented the seller, the Estate of Frank D. Adams, in the transaction. John Ferruzzo and Nick Peterson of Transwestern represented the buyer, Geirin North Shepherd LLC.

January 25, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 72-Unit Property in Nacogdoches, Texas

by Taylor Williams January 25, 2021

NACOGDOCHES, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Woodland Trails, a 72-unit apartment complex located about 150 miles north of Houston in Nacogdoches. The property was built in 1985. Gold Star Capital purchased the asset from an entity doing business as Hermosa Land Investment III LLC for an undisclosed price. Evan Burke of TMG brokered the deal.

January 25, 2021

Development Healthcare Loans New York Northeast

Knighthead Funding Provides $42M Construction Loan for Medical Office Building in Queens

by Taylor Williams January 25, 2021

NEW YORK CITY — Knighthead Funding, a direct lender with offices in Connecticut and South Florida, has provided a $42 million construction loan for an 84,746-square-foot medical office building that will be located in the Astoria neighborhood of Queens. The borrower was a local partnership doing business as Astoria Crescent Owner LLC. Mount Sinai Health System, which has a hospital across the street, has signed a 30-year lease as the building’s anchor tenant, which brings its preleased occupancy rate to 65 percent. An expected completion date was not disclosed.

January 25, 2021

Acquisitions Industrial New Jersey Northeast

Cohen Asset Management Buys 725,000 SF Industrial Portfolio in Northern New Jersey

by Taylor Williams January 25, 2021

MORRISTOWN, N.J. — Cohen Asset Management has purchased an 18-building, 725,000-square-foot industrial portfolio in the Meadowlands and surrounding submarkets of Northern New Jersey. The portfolio, which was fully leased at the time of sale, is primarily comprised of shallow-bay warehouses ranging in size from 16,000 to 78,000 square feet. Jon Mikula and Michael Lachs of JLL arranged acquisition financing for the deal through Principal Real Estate Advisors.

January 25, 2021

Loans New Jersey Northeast Office

Rubenstein Mortgage Arranges $57M Acquisition Loan for Northern New Jersey Office Building

by Taylor Williams January 25, 2021

MORRIS PLAINS, N.J. — Rubenstein Mortgage Capital has arranged a $57 million acquisition loan for a 465,000-square-foot office building located at 115 Tabor Road in the Northern New Jersey community of Morris Plains. The property was originally developed as a build-to-suit in 2007 as a headquarters facility for Pfizer. Following Pfizer’s acquisition by Johnson & Johnson, the building was vacant until Honeywell purchased it in 2015 and implemented a full interior renovation. Amenities now include a cafeteria, auditorium, basketball court and a fitness center. Andrew Murray of Rubenstein Mortgage originated the loan through an undisclosed lender on behalf of the borrower, Argent Ventures.

January 25, 2021

Acquisitions New Jersey Northeast Office

Savills Negotiates Sale of 127,000 SF Office Property in Montvale, New Jersey

by Taylor Williams January 25, 2021

MONTVALE, N.J. — Savills Inc. has negotiated the sale of a 127,000-square-foot office property in Montvale, located in the northernmost part of the state. Private equity firm Tryko Partners purchased the asset from Western Union, which was also the building’s former occupant, for $5.5 million. Gregg Najarian, Slava Vaynberg, Nate Brzozowski and Brendan Fisher of Savills brokered the deal on behalf of Western Union. Tryko plans to convert the building into a nursing home facility.

January 25, 2021

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