Property Type

GenCap Partners Sells 274-Unit Park at Rialto Apartment Community in San Antonio

by Taylor Williams August 5, 2020

SAN ANTONIO — Dallas-based GenCap Partners Inc. has sold Park at Rialto, a 274-unit apartment community that is situated on 9.3 acres in northwest San Antonio. GenCap Partners completed the property in 2018. Units feature one-, two- and three-bedroom floor plans with an average size of 882 square feet. Amenities include a pool, fitness center, business center and a resident clubhouse. Sean Sorrell of JLL represented GenCap Partners as the seller in transaction. C.W. Sheehan, Alastair Barnes and Scott Dickey of JLL originated an undisclosed amount of Freddie Mac fixed-rate acquisition financing for the buyer, Covenant Capital Group.

August 5, 2020

Acquisitions Multifamily Seniors Housing Texas

SLP Operations Acquires 118-Bed Skilled Nursing Facility in Orange, Texas

by Taylor Williams August 5, 2020

ORANGE, TEXAS — Skilled nursing owner-operator SLP Operations has acquired Pinehurst Nursing & Rehabilitation Center, a 118-bed facility in Orange, about 110 miles east of Houston. The facility also offers post-acute care, long-term care, respite care and memory care services. The seller and sales price were not disclosed.

August 5, 2020

Industrial Leasing Activity Texas

Freedom Forever Texas Signs 16,364 SF Industrial Lease in San Antonio

by Taylor Williams August 5, 2020

SAN ANTONIO — Solar energy company Freedom Forever Texas has signed a 16,364-square-foot industrial lease at 4940 Eisenhauer Road in San Antonio. John Grady of CBRE’s Phoenix office represented the tenant in the lease negotiations. Josh Aguilar of CBRE’s San Antonio office represented the landlord, Prologis.

August 5, 2020

Company News Florida Hospitality Southeast

Chatham Lodging Trust Reports 77 Percent Decrease in RevPAR in Second Quarter

by Alex Tostado August 5, 2020

WEST PALM BEACH, FLA. — Chatham Lodging Trust (NYSE: CLD) has reported its revenue per available room (RevPAR) declined 77 percent to $33 on a year-over-year basis in the second quarter due to the COVID-19 lockdown. The West Palm Beach-based hotelier also reported that its net income for the quarter dropped by $36.7 million to a net loss of $27.2 million. The company experienced month-over-month increases to occupancy and RevPAR within the second quarter. Portfolio-wide occupancy was 23.7 percent in April, 33.8 percent in May and stood at 43.8 percent in June. Additionally, RevPAR in April was $23.80, $30.90 in May and $44.80 in June. Chatham Lodging owns interest in 134 and wholly owns 40 hotels in 15 states and Washington, D.C. Chatham Lodging has the highest concentration of extended-stay rooms of any public lodging REIT.

August 5, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $41.2M Sale of Industrial Property in Central Florida

by Alex Tostado August 5, 2020

LAKELAND, FLA. — Cushman & Wakefield has arranged the $41.2 million sale of CenterState West, a 440,000-square-foot distribution center in Lakeland. The property is situated on 44 acres at 8054 State Road 33 N., 40 miles east of downtown Tampa and 45 miles west of downtown Orlando. The building features 115 dock doors, 36-foot clear heights, 120- to 130-foot truck court depths, 172 trailer parking spaces and ESFR sprinklers. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Brooke Tulley of Cushman & Wakefield represented the seller, a joint venture between Chicago-based Brennan Investment Group and Grandview Partners, in the transaction. Nuveen Real Estate acquired the property.

August 5, 2020

Company News Multifamily Southeast Tennessee

Envolve Communities, Ross Management Merge Multifamily Operations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. AND DENVER — Envolve Communities LLC and Ross Management have merged their multifamily operations. Memphis-based Envolve Communities owns more than 33,000 multifamily units in 17 states. Denver-based Ross Management owns 53 properties in Colorado and Oklahoma. Envolve Communities says the day-today-operations at Ross Management will see little change, and executive vice president Brooke Akins will stay on and serve in the same role. Ross Management will rebrand as Ross — A Division of Envolve Communities. Terms of the merger were not disclosed.

August 5, 2020

Acquisitions Development Multifamily Southeast Tennessee

Welker Properties-Led Partnership Acquires Multifamily Community in Memphis for $25M, Begins $13.5M in Renovations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. — A partnership between Welker Properties, Think Multifamily, Bullseye Investments and Tactical Asset Management has acquired The Woods at Ridgeway, a 568-unit multifamily community in southeast Memphis. The partnership has begun a $13.5 million renovation plan, which includes installing new roofs, painting the building exteriors and adding gate-controlled access. Communal amenities such as the screening room, fitness center, business center and multisport court will also be upgraded. Unit interiors will receive new kitchens, flooring, bathrooms and paint jobs. A timeline for completion was not disclosed. ROCO Real Estate sold the property, which is situated at 6277 Lake Arbor Drive, 15 miles southeast of downtown Memphis.

August 5, 2020

New York Northeast Retail

Manhattan Retail Rents Hit Lowest Mark Since 2011 in Second Quarter, Says CBRE

by Taylor Williams August 5, 2020

NEW YORK CITY — The average asking rent for retail spaces throughout Manhattan fell to $688 per square foot during the second quarter, the first time that figure has fallen below $700 per square foot since 2011, according to a new report from CBRE. The average asking rent represents a decline of 11.3 percent from that period in 2019 and a 3.6 percent decrease from the first quarter of this year. New York City is a month into Phase III of the state’s reopening plan, which allows outdoor dining, office and retail and personal care services to operate with social distancing and other sanitation guidelines in place. The state legislature also recently passed a bill to provide $100 million in rent relief and aid to commercial users impacted by the pandemic. The report noted that despite these initiatives, travel restrictions and lack of tourism caused quarterly retail sales to fall 15 percent to $33.4 billion, maintaining pressure on some retail users to make rent even as average rates are falling.

August 5, 2020

Acquisitions Massachusetts Northeast Office Retail

NKF Negotiates $42.4M Sale of Office, Retail Building in Boston’s Back Bay Area

by Taylor Williams August 5, 2020

BOSTON — Newmark Knight Frank (NKF) has negotiated the $42.4 million sale of 8 Newbury Street, a 17,023-square-foot office and retail building located in Boston’s Back Bay area. A Rolex flagship store occupies the ground- and second-floor retail spaces of the property, which was originally built in the 1920s. Robert Griffin, Geoffrey Millerd and Paul Penman of NKF represented the seller, a joint venture between UrbanMeritage and L&B Realty Advisors, in the transaction. The trio also procured the buyer, a partnership between Chile-based family office Corso and GLL Real Estate Partners, an international real estate fund manager based in Germany.

August 5, 2020

Development Multifamily New Jersey Northeast

Skyline Development Tops Out 14-Story Multifamily Project in North Bergen, New Jersey

by Taylor Williams August 5, 2020

NORTH BERGEN, N.J. — Skyline Development Group, in partnership with Vasco Ventures and Mosaic Real Estate, has topped out Solaia, its 14-story multifamily project in North Bergen, located just across the Hudson River from Upper Manhattan. The property will offer one-, two- and three-bedroom condominiums ranging in size from 864 to 1,900 square feet. Amenities will include a fitness center, a spa, outdoor grilling areas, coworking spaces and resident lounges. Completion is scheduled for the first quarter of 2021.

August 5, 2020

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