Property Type

San Diego Padres Team Up with Tishman Speyer, Ascendant Capital to Develop $1.4B Mixed-Use Project Near Stadium

by Alex Tostado September 24, 2020

SAN DIEGO — The San Diego Padres will partner with Tishman Speyer and Ascendant Capital Partners to develop East Village Quarter, a four-block area near the team’s home stadium of Petco Park. Plans call for the area between 12th and Imperial avenues and K and 14th streets to be transformed into a mixed-use development featuring nearly 1.4 million square feet of office space, 50,000 square feet of retail space, 236,000 square feet of open space and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. The space is currently a parking lot, referred to as Tailgate Park, with 1,000 spaces. A timeline for construction was not disclosed, although the San Diego Union-Tribune reports the Padres hope to break ground in 2023. San Diego Mayor Kevin Faulconer, with the help of a committee including JLL and Civic San Diego, awarded the development team with the bid, which, according to the Union-Tribune, beat out competitor Brookfield Properties. City-owned Petco Park opened in 2004, and the Padres have a lease in place through 2042. “What the Padres have done over the years to create an atmosphere of fun, excitement and energy at Petco Park is incredible, and now, with …

September 24, 2020

California Content Partner Lument Multifamily RED Capital Group Western Western Feature Archive Western Market Reports

In Search of Relative Value in Orange County’s Apartment Sector

by Sarah Daniels September 24, 2020

Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz. Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. Class A trophy properties trade to going-in yields in the 4.00 percent to 4.10 percent area, and Class B and C garden complexes are typically priced to yields in the mid-4s, all only 25 basis points or so behind Los Angeles and the San Francisco Bay Area comparisons. But judging from transaction velocity, one might draw a different conclusion. Only six Orange County multifamily properties of 50 units or more have changed hands since mid-year 2019, and not a single sale has closed since February. Even by the cautious norms of the moment, this stands out as a market in search of price discovery. Slow transaction velocity can be ascribed, in part, to the prevailing buy and …

September 24, 2020

Acquisitions Multifamily Texas

FourPoint Brokers Sale of 372-Unit Ethos Apartments in South Austin

by Taylor Williams September 23, 2020

AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Ethos Apartments, a 372-unit multifamily community in Austin. Built in 2014, the property offers one-, two- and three-bedroom units. Amenities include a pool, business center, fitness center, walking trails, a clubhouse, pet play area and outdoor picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the undisclosed seller in the transaction. Bluestone Properties, a Los Angeles-based investment firm, purchased the asset for an undisclosed price.

September 23, 2020

Development Loans Multifamily Texas

Pearlstone Partners to Develop 113-Unit Multifamily Project in Austin

by Taylor Williams September 23, 2020

AUSTIN, TEXAS — Pearlstone Partners will develop Cascade Condominiums, a 113-unit multifamily project that will be located in the heart of historic Old West Austin. Designed by Mark Hart Architecture, the property will house two commercial units and offer amenities such as a pool, fitness center, coworking space and a resident clubhouse. Bartlett Cocke served as the general contractor for the project, and Austin-based Prospect Real Estate is the listing agent. Presales are expected to begin in October, with prices ranging from $280,000 to 635,000 per unit. Connecticut-based Knighthead Funding provided a $26.5 million construction loan for the project.

September 23, 2020

Development Florida Industrial Southeast

Seefried, Clarion Partners Deliver 1.1 MSF Industrial Facility in Central Florida

by Alex Tostado September 23, 2020

DELTONA, FLA. — Seefried Industrial Properties and Clarion Partners LLC have delivered a 1.1 million-square-foot industrial facility in Deltona. The building features 34,275 square feet of office space, 1,034 auto parking spaces and 350 trailer parking spaces. The property is situated on North Normandy Boulevard along Interstate 4, about 30 miles north of downtown Orlando. The tenant, an undisclosed e-commerce company, expects to house 500 employees at the facility. The joint venture began construction nine months ago with the design team, which includes general contractor The Conlan Co., architect Ford & Associates and civil engineer Kimley-Horn.

September 23, 2020

Development Florida Multifamily Southeast Student Housing

BCDC, 908 Group Break Ground on 294-Bed Student Housing Community Near University of Florida

by Alex Tostado September 23, 2020

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC) and 908 Group has broken ground on Gator Walk, a 294-bed student housing development located near the University of Florida campus in Gainesville. The community will comprise a six-story residential tower offering one-, two-, three-, four- and five-bedroom units; and three three-story townhomes offering six-bedroom units. All units will be fully furnished and will feature bed-to-bath parity. Communal amenities will include a rooftop deck with a pool, fitness center, private study spaces, computer room and a social lounge with a kitchen, TVs and gaming areas. Cadence Bank provided construction financing. The project’s development team includes general contractor ARCO/Murray and architect Design Styles Architecture. The community is scheduled for completion in fall 2022.

September 23, 2020

Industrial Leasing Activity Texas

Navistar Signs 360,000 SF Industrial Lease Renewal in West Dallas

by Taylor Williams September 23, 2020

DALLAS — Navistar (NYSE: NAV), an Illinois-based truck and bus manufacturer, has signed a 360,000-square-foot industrial lease renewal at 4038 Rock Quarry Road in Dallas. According to LoopNet Inc., the property spans 27.2 acres and is located on the city’s west side. John Gorman and Jim Brice of Holt Lunsford Commercial represented the landlord, Gateway Clark, in the lease negotiations. Dan McGillicuddy, Tom McCarthy and Elizabeth Jones of JLL represented the tenant.

September 23, 2020

Acquisitions Industrial Self-Storage Southeast Tennessee

JLL Arranges Sale of 1,200-Unit Self-Storage Portfolio Near Nashville

by Alex Tostado September 23, 2020

MURFREESBORO, TENN. — JLL has arranged the sale of a 1,200-unit self-storage portfolio in Murfreesboro. The portfolio comprises the 662-unit Salem Glen Self Storage facility at 3450 Glenside Court and the 538-unit CubeSmart facility at 1932 Cason Lane. Glen Self Storage was delivered in 2005 and expanded in 2017. The property has 177 climate-controlled units and 485 drive-up, non-climate-controlled units. The CubeSmart facility was completed in 2017 and expanded this past spring to add 57 RV parking units. The unit mix includes 244 climate-controlled units and 237 drive-up, non-climate-controlled units. The properties are located one mile from each other and 35 miles southeast of downtown Nashville. Steve Mellon, Brian Somoza and Bo Fulk of JLL represented the seller, Utah-based Wasatch Storage Partners, in the transaction. Reliant Real Estate Management purchased the facilities for an undisclosed price.

September 23, 2020

Loans Multifamily Southeast Virginia

NKF Provides $57.6M Refinancing Loan for Multifamily Complex in Virginia Beach

by Alex Tostado September 23, 2020

VIRGINIA BEACH, VA. — Newmark Knight Frank (NKF) has provided a $57.6 million Freddie Mac refinancing loan for Coastline Apartments, a 600-unit multifamily complex in Virginia Beach. George Wisecarver and Steven Leitch of NKF originated the loan on behalf of the borrower, a partnership between Blackfin Real Estate Investors and GMF Capital. Terms of the loan were not disclosed. The property comprises 34 two-story buildings, which were originally developed in 1970 and renovated in 2016 and earlier this year. Coastline Apartments offers one-, two- and three-bedroom floorplans featuring remodeled kitchens, washers and dryers, walk-in closets, crown molding and private balconies or screened-in patios. Communal amenities include a clubhouse, pool, sundeck, multiple playgrounds, a dog park and 24-hour emergency maintenance. The community is located at 631 Lake Edward Drive, 13 miles west of downtown Virginia Beach.

September 23, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 42-Site Manufactured Housing Property in South Houston

by Taylor Williams September 23, 2020

HOUSTON — Marcus & Millichap has arranged the sale of Coachlite Mobile Home Park, a 42-site manufactured housing community located at 7114 Dixie Drive on the south side of Houston. The property spans 113,692 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

September 23, 2020

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