Property Type

Marcus & Millichap Negotiates $2.3M Sale of CVS-Anchored Retail Property in Metro Atlanta

by Alex Tostado September 11, 2020

LILBURN, GA. — Marcus & Millichap has negotiated the $2.3 million sale of a 13,375-square-foot retail property in Lilburn. CVS/pharmacy anchors the three-tenant asset, which was also leased to Lee Nails and Domino’s Pizza at the time of sale. The property is situated at 5575 Lawrenceville Highway, 18 miles northeast of downtown Atlanta. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, the Schwaighoffer Brothers, in the transaction. The buyer was Atlanta-based M&P Shopping Centers. “We generated seven offers in the first few days on the market,” says Taylor. “This activity was a clear illustration of the renewed desirability that essential tenants like drug stores currently demand.”

September 11, 2020

Arizona Development Multifamily Western

Continental Properties, McShane Construction Begin Development of Springs at Cooley Station Multifamily Property in Gilbert

by Amy Works September 11, 2020

GILBERT, ARIZ. — Continental Properties, as owner, and McShane Construction Co., as general contractor, have started construction of Springs at Cooley Station, an apartment community in Gilbert. Located on 14 acres, the garden-style community will feature 276 units spread across 10 two- and three-story buildings. Units will feature granite countertops and stainless steel appliances. Community amenities will include a clubhouse with a fitness center and outdoor swimming pool, as well as 490 parking spaces. Completion is slated for early 2022. Phillips Partnership is architect of record for the project. This is McShane’s 20th Springs-branded property for Continental, including two additional projects currently underway in the Phoenix area.

September 11, 2020

Rocky-Mountain-Rail-Park-Adams-County-CO

Colorado Development Industrial Western

Rocky Mountain Industrials Receives Final Approval for 620-Acre, Rail-Served Industrial Park in Colorado

by Amy Works September 11, 2020

ADAMS COUNTY, COLO. — The Adams County Board of Commissioners has unanimously approved the final development plan for Rocky Mountain Industrials’ Rocky Mountain Rail Park. Situated in unincorporated Adams County, Rocky Mountain Rail Park is planned as a 620-acre, rail-served industrial park at Manila Road and Interstate 70, adjacent to the Colorado Air and Space Port. Construction is slated to start in fourth-quarter 2020 with the ability for buyers to start building in spring 2021.

September 11, 2020

Acquisitions Industrial Self-Storage Utah Western

Towne Storage Sells 379-Unit Towne Storage Sandy Near Salt Lake City

by Amy Works September 11, 2020

SANDY, UTAH — Towne Storage has completed the disposition of Towne Storage Sandy, a self-storage facility located off Interstate 15 in Sandy, approximately 20 minutes south of downtown Salt Lake City. Terms of the transaction were not released. Storage…Etc. will rebrand and manage the 60,700-square-foot facility. Built in 1993 and 1997, the property features 379 rentable spaces ranging from 25 square feet to 400 square feet, a leasing office, gated access, digital video surveillance and an on-site manager. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the deal.

September 11, 2020

Acquisitions California Industrial Western

Colliers Negotiates Sale of 40,136 SF Industrial Property in Newark, California

by Amy Works September 11, 2020

NEWARK, CALIF. — Colliers International has arranged the sale of an industrial building located at 8484 Central Ave. in Newark. QQE Properties sold the asset to Atum Biotechnology for $8.8 million. Atum Biotechnology plans to convert the 40,136-square-foot building into lab and office space. The buyer is a provider of tools and solutions to life sciences researchers including gene design; optimization and synthesis; expression vectors; and platforms for protein and cellular engineering and production. Todd Severson of Colliers International represented the seller, while Brian Mason of Avison Young and Jeff Powers of Cushman & Wakefield represented the buyer in the transaction.

September 11, 2020

Development Georgia Leasing Activity Retail Southeast

MAB American Management Signs Planet Fitness, Petsense at $80M Shopping Center in Monroe, Georgia

by John Nelson September 11, 2020

MONROE, GA. — MAB American Management has signed retailers Planet Fitness and Petsense to leases at Monroe Pavilion, a 350,000-square-foot shopping center underway in Monroe. Retail Specialists is handling the leasing assignment of the $80 million development. Located in Walton County about 45 miles east of Atlanta, Monroe Pavilion’s tenant roster will include Publix, Ross Dress for Less, Ulta Beauty, Marshalls, Rack Room Shoes and Five Below. Planet Fitness is set to lease 16,120 square feet, and Petsense will occupy 6,000 square feet. MAB plans to deliver the shopping center in summer 2021.

September 11, 2020

Acquisitions Multifamily Utah Western

Orchard Apartments Acquires 20-Unit Parkwood Apartments in Metro Salt Lake City

by Amy Works September 11, 2020

OGDEN, UTAH — Chicago-based Orchard Apartments has purchased Parkwood Apartments, a multifamily property located at 120 Dan St. in Ogden. Crapse Building One sold the property for close to the $3.3 million list price. Vicente Cantua of Cushman & Wakefield represented the seller in the deal. Parkwood Apartments features 20 two-bedroom units, 15 of which are two-bedroom/two-bath layouts and five are two-bedroom/one-bath floor plans. The property is 100 percent Section 8 housing with a 20-year Housing Assistance Payments contract that renewed in June.

September 11, 2020

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Three Key Trends to Monitor in Philadelphia’s Multifamily Market

by Taylor Williams September 11, 2020

By Christine Beechan, area vice president, Morgan Properties If there’s one certainty about the unusual year that is 2020, it’s that COVID-19 has significantly impacted every industry across the globe. For apartment owners and operators, we’ve entered uncharted territory in terms of changing renter demands, unconventional leasing methods and new operational procedures. Consequently, it’s especially important right now for apartment professionals to understand the complexities of the current state of the market and where it’s heading. As 2021 is fast approaching, here are three key trends we can expect to see in the Philadelphia multifamily market for the remainder of 2020 and into the new year. Demand Remains Stable When the pandemic initially hit, we noticed a decrease in leasing because Pennsylvania was under strict orders to shelter-in-place. Because of this uncertainty, people wanted to see how the pandemic would shake out and ultimately decided to stay put, affecting markets across the nation. However, as those restrictions were lifted and the economy started to stabilize, we noticed people felt more comfortable moving into new units, which is typical during the summer season prior to school commencing. Unlike most cities, both urban and suburban parts of Philadelphia have seen accelerated growth …

September 11, 2020

Acquisitions Multifamily South Carolina Southeast Top Stories

Passco Acquires 330-Unit Multifamily Community in Coastal South Carolina for $78M

by Katie Sloan September 11, 2020

BLUFFTON, S.C. — Passco Cos. has acquired One Hampton Lake, a 330-unit multifamily community located seven miles outside Hilton Head Island in Bluffton, for $78 million. Southeastern Co. sold the property in an off-market transaction. One Hampton Lake was developed in two phases, with the first phase of construction completed in 2018 and the second phase completed earlier this year. The garden-style property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, in-unit washers and dryers, patios and balconies. Shared amenities at the community include a resort-style infinity pool and deck; kayak launch site and storage on Hampton Lake, located adjacent to the property; pet park and wash station; state-of-the-art fitness center; screened-in outdoor lounge with a fireplace; an outdoor kitchen; and grilling areas. Greystar will continue to manage the property under the new ownership. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. Headquartered in Augusta, Georgia, Southeastern Co. offers development, property management, construction management and brokerage services for commercial real estate properties across the Southeast. Irvine, California-based Passco Cos. acquires, develops and manages multifamily and commercial real estate throughout the United States. The company currently has a …

September 11, 2020

Multifamily Video

Video: Alliant Q&A: Lending & Multifamily Opportunities in the Midst of Change

by Sarah Daniels September 10, 2020

Tim Madigan, Commercial Real Estate Loan Originator at Alliant Credit Union, spoke to REBusinessOnline about the multifamily market landscape his company is currently navigating. From financing to future opportunities, this brief, to-the-point interview covers what balance sheet lenders have to offer and what influences the Alliant’s lending. Listen as Madigan explains what Alliant is seeing with activity volume as well as their outlook for the rest of the year: “Activity has been high. Ever since April we’ve seen a lot of multifamily requests coming in. We’ve surmised that there’s a number of reasons for that: What we’ve seen is that borrowers are starting to look for flexibility. We’ve particularly seen this with newer Class A asset types. Our outlook for the rest of the year is that we think that this volume is going to continue. Multifamily as a top performing asset class. And given the transaction volume, the majority of that volume is in the multifamily sector, particularly with Class A and Class B, so we expect that to continue.” Q&A sponsor: Alliant’s members-first philosophy has always served them well. With over 80 years of history and more than $12 billion in assets, Alliant Credit Union is …

September 10, 2020

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