Property Type

Marketplace Real Estate, Presidium Unveil Plans for 7 MSF Mixed-Use Project in Southeast Austin

by Kristin Harlow June 17, 2020

AUSTIN, TEXAS — Marketplace Real Estate Group and joint venture partner Presidium Group have unveiled the full plans for Velocity, a 314-acre, 7 million-square-foot, mixed-use project in southeast Austin. The co-developers expect to break ground in early 2021. Velocity will be built in phases over 10 to 15 years. Ultimately it will feature an H-E-B grocery store; a total of 2,683 multifamily units; 2.9 million square feet of office space comprising two corporate campuses, along with traditional office properties; 585,000 square feet of flex industrial and creative office space; 310,000 square feet of retail, restaurants and a movie theater; and three hotels. The various assets will surround a seven-acre central park. Financing is in place to move forward with the project’s roads and the first apartment complex, Presidium Velocity, which will take approximately 18 months to build. Formerly branded Velocity Crossing, the property will be situated at the southwest corner of State Highways 71 and 130 within an opportunity zone. The site is also within the city of Austin’s Desired Development Zone and a Triple Freeport Zone, meaning businesses operating within the site can be exempt from paying taxes on inventory that leaves the state of Texas within 175 days. …

June 17, 2020

Features Office Retail

U.S. Economy Slowly Recovering from COVID-19 Impact, Says AEW Researcher

by Alex Patton June 17, 2020

As pandemic-driven restrictions steadily ease across the country, all 50 states have now entered some form of gradual economic reopening. Customers are returning to retailers and office workers returning to their cubicles, but businesses are still struggling to recover from the impacts of COVID-19. In a webinar titled “The Future of Real Estate,” Michael Acton, head of research at AEW Capital Management, addressed key reopening data, demographic trends and his real estate outlook for the remainder of 2020 on into 2021. Natixis Investment Managers, a French-based global asset management company, hosted the event on Thursday, June 11. AEW is one of the largest real estate investment managers of all property types in the world, and both companies are headquartered in Boston. One piece of surprisingly good news came early this month when the Department of Labor reported that the U.S. economy added 2.5 million jobs in May. On the downside, slightly over 1.5 million Americans filed for unemployment for the week ending June 6. Approximately 44 million Americans — about one-quarter of the nation’s workforce — have filed for unemployment benefits since mid-March when huge swaths of the American economy went into a lockdown mode to prevent the spread of …

June 17, 2020

Loans Seniors Housing Southeast Tennessee

Ziegler Arranges $45.2M Refinancing for Seniors Housing Community Near Memphis

by John Nelson June 17, 2020

GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.

June 17, 2020

Development Multifamily New Jersey Northeast

Woodmont Begins Development of 433-Unit Multifamily Community in Princeton, New Jersey

by Alex Patton June 16, 2020

PRINCETON, N.J. — Woodmont Properties has begun development of Woodmont Way, a 433-unit multifamily community in Princeton, a northeastern suburb of Trenton. Located at 200 Emmons Drive, the property will offer a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse, fitness center, swimming pool and a barbecue and fire pit area. The property offers convenient access to Interstate 1, the Princeton Junction train station and multiple retail destinations. Construction is underway and slated to be complete in fall 2020.

June 16, 2020

Development Multifamily Northeast Pennsylvania

GMH Capital, AEW Capital Plan to Develop 225-Unit Multifamily Property in Malvern, Pennsylvania

by Alex Patton June 16, 2020

MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.

June 16, 2020

Loans New York Northeast Office

Houlihan-Parnes Arranges $29M Loan for Refinancing of Office Condominium in The Bronx

by Alex Patton June 16, 2020

NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.

June 16, 2020

District of Columbia Restaurant Retail Southeast

US Retail Sales Surge 17.7 Percent in May, Says Commerce Department

by Alex Tostado June 16, 2020

WASHINGTON, D.C. — The advance estimate for U.S. retail and food services sales, including e-commerce, in May is 17.7 percent higher than in April, the U.S. Commerce Department reported this morning. May is the first month since the COVID-19 outbreak halted the U.S. economy that has shown positive month-over-month growth. April was down 14.7 percent from March, and March decreased nearly 10 percent from February. Spending in May was at $485.5 billion, still lower than pre-pandemic levels. February’s total spending came in at $527.3 billion. “These sales numbers do not reflect the same strength we had going into the pandemic, but they certainly reflect the trajectory we need coming out of it,” National Retail Federation (NRF) president and CEO Matthew Shay said in an interview on CNBC’s “Squawk Box.” “The most important thing now is to keep these retail stores open for business and not penalize them by closing their doors in the event of a coronavirus surge. “As those stores that remained open have shown, retailers have developed solutions that protect the safety of their customers and associates, and they are sharing those lessons to the benefit of store owners large and small in communities across the country.”

June 16, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 250-Unit Multifamily Community in Raleigh

by Alex Tostado June 16, 2020

RALEIGH, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the Trace, a 250-unit multifamily community in Raleigh. The property was built in 1995 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, playground, dog park, valet trash pickup, picnic area, grilling area, fitness center and a clubhouse. The asset is located at 8224 Green Lantern St., 10 miles northwest of downtown Raleigh. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Hawthorne Residential Partners, in the transaction. NKF’s Debt & Structured Finance team arranged financing on behalf of the buyer, KnightVest, which bought the community for an undisclosed price. The terms of the loan were also not disclosed.

June 16, 2020

Acquisitions Florida Retail Southeast

Current Capital Acquires Retail Property in South Florida for $12.6M

by Alex Tostado June 16, 2020

LAUDERHILL, FLA. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided the buyer with an $8.5 million acquisition loan.

June 16, 2020

Acquisitions Florida Industrial Self-Storage Southeast

Skyview Advisors Arranges Sale of 530-Unit Self-Storage Facility in Florida’s Space Coast

by Alex Tostado June 16, 2020

TITUSVILLE, FLA. — Skyview Advisors has arranged the sale of Prestige Self Storage, a 530-unit, 57,600-square-foot facility in Titusville. The self-storage property is situated on five acres at 4706 S. Washington Ave., four miles south of downtown Titusville and 37 miles east of downtown Orlando. Zack Urow and Ryan Clark of Skyview Advisors represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.

June 16, 2020

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