Property Type

Population Growth Will Continue to Fuel Austin Industrial Market in Coming Years

by Taylor Williams February 14, 2020

When real estate professionals contemplate the nation’s top industrial markets, Austin is not the first market to come to mind. Bigger and more established markets like Dallas, California’s Inland Empire, Chicago and Houston are often the newsmakers with tens of millions of square feet of industrial product under construction and tenants routinely signing deals for million square foot-plus deals. Austin has been mostly known and admired for its office market and tech-forward economy, gaining notoriety circa 2000 with the tech boom and exploding in growth over the last five years with expansions and commitments from Apple, Google, Facebook, Indeed, Amazon, Oracle, Charles Schwab and Expedia. However, Austin’s emergence as one of the nation’s best cities to live in with ample opportunities for high-paying employment has resulted in astounding population growth — one of the biggest drivers for industrial real estate. As the population expands so does demand for goods and materials that are stored in warehouse buildings, and the Austin industrial market will certainly benefit from this trend for the foreseeable future. Per the Texas Demographic Center, the Austin metro population stood at roughly 1.25 million people in 2000. It is anticipated that the metro area will be home to …

February 14, 2020

Development New York Northeast Office Top Stories

Moinian Group to Develop Hudson Arts Office Building in Manhattan’s West Chelsea District

by Alex Patton February 14, 2020

NEW YORK CITY — The Moinian Group will develop The Hudson Arts Building, a ground-up office construction project in the West Chelsea neighborhood of Manhattan. The 200,000-square-foot office tower is expected to rise up to 145 feet and will occupy an entire city block between West 25th and 26th streets at 220 11th Ave. The building is being developed on a speculative basis, with occupancy expected in the third quarter of 2022. JLL’s Peter Riguardi, Frank Doyle, Cynthia Wasserberger and Georgiana Cook are leading the leasing effort. “Office tenants, institutional investors, residents and commuters are recognizing the broader West Side’s vibrancy, distinguished by its industrialized roots and now marked by its unparalleled amenities and new projects across property types,” says Doyle, vice chairman, international director at JLL’s New York City office. “As a result, West Chelsea has emerged as a target destination for progressive companies and talent alike.” Designed by Studios Architecture, Hudson Arts Building will feature a 12,400-square-foot outdoor terrace and a multi-level level retail space totaling approximately 25,000 square feet. It will also include one of the larger newly built rooftop spaces in Manhattan. The site offers convenient access to several transit options, including the Highline, 23rd Street …

February 14, 2020

Colorado Market Reports Multifamily Western Western Market Reports

Colorado Is Experiencing Residential Growth, But Uncertainty Could Temper That

by Taylor Williams February 14, 2020

The past 10 years has brought population growth to Colorado, which many associate with Amendment 64, or the legalization of marijuana, along with an overall flat interest rate. The new issue is whether Colorado can sustain this growth, despite the heavy focus on affordability. So far, however, the state has experienced continued growth in population, income and multifamily sales volume, according to CoStar. Tapestry Segmentation also reports a median household income in the Greater Denver area of $76,094, which is 28 percent higher than the national figure reported by the U.S. Census. The Denver multifamily market is enticing to tenants as many view the option to lease as an easier path than purchasing a home. This, in turn, has enticed investors and developers to build due to demand. Investors also see opportunity in converting apartments to condos when the market shifts. At the same time, there are concerns that the Federal Reserve’s Interest on Excess Reserves (IOER) policy could present uncertainty to the overarching environment. The intention of the IOER policy is to allow banks to have a lower reserve, which is intended to remove the volatility of interest rates. However, many experts are questioning if …

February 14, 2020

Acquisitions Maryland Office Southeast

CIM Group Purchases Office Building Near Baltimore for $39.1M

by Alex Tostado February 13, 2020

COCKEYSVILLE, MD. — Los Angeles-based CIM Group has purchased a 132,207-square-foot office building in Cockeysville for $39.1 million. The five-story building is situated at 40 Wight Ave., 18 miles north of downtown Baltimore. Engineering firm JMT occupies the building. The office building was built in 2017 and is LEED Gold-certified. Cris Abramson, Nicholas Signor and Ben McCarty of Newmark Knight Frank (NKF) represented the buyer in the transaction. The seller was not disclosed.

February 13, 2020

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $29.7M Sale of Multifamily Community in North Charleston

by Alex Tostado February 13, 2020

NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $29.7 million sale of Greenwood at Ashley River, a 280-unit multifamily community in North Charleston. The property offers two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, playground and a sundeck. The community is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The Atlanta-based seller, The RADCO Cos., invested $4.3 million in curb appeal and upgrading amenities. Jordan McCarley, Marc Robinson and Tai Cohen of Cushman & Wakefield represented the seller in the transaction. Brick Lane, a multifamily investment firm based in Washington, D.C., was the buyer.

February 13, 2020

Acquisitions Georgia Hospitality Southeast

TGC Group Buys 95-Room TownePlace Suites Hotel in Macon, Georgia

by Alex Tostado February 13, 2020

MACON, GA. — TGC Group has acquired TownePlace Suites by Marriott Macon Mercer University, a 95-room hotel near Mercer University in Macon. The four-story hotel offers studio and one-bedroom suites with fully equipped kitchens. The property is located at 1550 Mercer University Drive, three miles from downtown Macon and adjacent to Mercer’s campus. This is the third TownePlace by Marriott in TGC Group’s portfolio, according to Nick Esterline, founder and president of Wichita, Kan.-based TGC Group. TGC Hospitality Management will manage the property. The seller and sales price were not disclosed.

February 13, 2020

Loans Multifamily Southeast Virginia

Ready Capital Closes $10.5M Acquisition Loan for Apartment Property in Norfolk

by Alex Tostado February 13, 2020

NORFOLK, VA. — Ready Capital has closed a $10.5 million acquisition loan for a 250-unit, Class B apartment property in Norfolk. The borrower will use a portion of the loan to address deferred maintenance and upgrade unit interiors. The non-recourse, three-year loan comes with two extension options and flexible prepayment. Further details of the property were not disclosed.

February 13, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 219,379 SF Shops at Vineyard Village Near DFW Airport

by Taylor Williams February 13, 2020

EULESS, TEXAS — JLL has negotiated the sale of the Shops at Vineyard Village, a 219,379-square-foot retail power center in Euless, located just south of Dallas-Fort Worth International Airport. The property was 98.2 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond, Marshalls, Staples, PetSmart, Party City, Dollar Tree and Rally House. Chris Gerard, Barry Brown, Ryan Shore, Aaron Johnson, Austin Ross and Ben Siegel of JLL represented the seller, BIG Shopping Centers USA Inc. in the transaction. The buyer was an undisclosed private investor.

February 13, 2020

Acquisitions Industrial Texas

Dalfen Industrial Buys 187,288 SF Schertz Distribution Center in Central Texas

by Taylor Williams February 13, 2020

SCHERTZ, TEXAS — Dallas-based Dalfen Industrial has purchased Schertz Distribution Center, a 187,288-square-foot asset located in the Central Texas city of Schertz. The Class A property offers proximity to Interstate 35 and San Antonio International Airport. Schertz Distribution Center was more than 70 percent leased at the time of sale, with TJ Maxx occupying roughly 90,000 square feet and Forward Air occupying approximately 50,000 square feet. The seller was not disclosed.

February 13, 2020

Leasing Activity Retail Texas

Alamo Drafthouse to Open 10-Screen Movie Theater in League City, Texas

by Taylor Williams February 13, 2020

LEAGUE CITY, TEXAS — Austin-based Alamo Drafthouse Cinema will open a 10-screen movie theater within the Victory Lakes shopping center in League City, a southeastern suburb of Houston, in late 2020. The theater will feature oversized recliners, made-from-scratch food and a standalone lobby with more than 40 local and regional craft beers. The new Alamo Drafthouse will be the company’s first venue in the Houston area since Alamo Drafthouse LaCenterra opened in Katy in 2018.

February 13, 2020

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