GLENDALE, ARIZ. — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Royal Palms, a multifamily property in Glendale. An undisclosed buyer acquired the community from 5902 Royal Palms LP for $14.3 million. Brett Polacheck, Chris Canter and Brad Goff of NKF Multifamily represented the seller in the transaction. Located at 5902 W. Royal Palm Road, the 1970s-vintage property features 138 apartments.
ENGLEWOOD, COLO. — Englewood-based Gordon Development has sold an industrial asset located at 8644 S. Peoria St. in Englewood. Chicago-based Columbia Industrial Acquisition Co. purchased the property for $10 million. Built in 2017, the multi-tenant building features 63,550 square feet of Class A industrial space. At the time of sale, the property was fully occupied by a manufacturing tenant and Ninja Nation, a provider of obstacle course arenas and mobile course experiences. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE’s Denver office represented the seller in the transaction.
LOS ANGELES — As the impact of the COVID-19 pandemic continues to develop, CBRE Hotels Research has released a revised Viewpoint Hotel 2020 Outlook. The firm now expects gross domestic product (GDP) growth for the United States to slow to 0.4 percent in 2020, down from its previous estimate of 1.9 percent. CBRE expects a sharp drop in economic activity in the second quarter, stabilization as early as third-quarter 2020 and a recovery underway by the fourth quarter. “Governments throughout the world are implementing monetary and fiscal stimulus to try to prevent a more long-term global recession,” says Jamie Lane, senior managing economist with CBRE. “Our current expectations are that this stimulus, as well as pent-up demand, will lead to a substantial rebound in economic activity in 2021.” Decline in lodging demand The lodging sector’s two main challenges are a contraction in overall economic activity and the need for social distancing that encourages staying at home in small groups and not traveling. As seen in other countries, these monetary and social restrictions will cause a severe decline in the lodging demand in the United States. CBRE’s updated forecast shows a 37 percent decline in revenue per available room (RevPAR) for the …
SUGAR LAND, TEXAS — A joint venture between Transwestern Development Corp. (TDC) and Diamond Realty Investments have acquired 20.8 acres in the southwestern Houston suburb of Sugar Land for the development of a 326,792-square-foot warehouse/distribution project. Branded Sugar Land Crossroads, the project will consist of two buildings designed for tenants ranging from 28,000 square feet to the full capacity of 326,792 square feet. The buildings will offer 32-foot clear heights and share trailer parking spaces and a 255-foot truck court. Completion is slated for spring 2021.
DALLAS — JLL has arranged the sale of One Glen Lakes, a 168,953-square-foot office building in North Dallas. The 10-story, Class A building is located within walking distance of the Walnut Hill DART station and features a deli, convenience store and onsite banking services. Jack Crews of JLL represented the seller, a joint venture between Stockbridge and Cawley Partners, in the transaction. Jason Piering of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer, ICM Asset Management.
GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Jupiter Plaza, a 133,924-square-foot industrial property located in the northeastern Dallas suburb of Garland. The property was built on 10.5 acres in 1974. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
LEWISVILLE, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 16,610-square-foot industrial lease renewal at 405 State Highway 121 Bypass in the northern Dallas suburb of Lewisville. Andrew Gilbert of Holt Lunsford represented the landlord in the lease negotiations. Jeff Boykin of Boykin Partners represented the tenant, healthcare solutions provider Careview Communications.
CHICAGO — Essex Realty Group Inc. has arranged the sale of 933 W. Belle Plaine Avenue, a 17-unit apartment building in Chicago’s Buena Park neighborhood, for $6.7 million. Constructed in 2017, the building features luxury units with secured keyless entry, private balconies, gourmet kitchens and in-unit washers and dryers. The property also includes a pet washing station, bike storage, 13-car garage and seven outdoor parking spaces. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. A local investor purchased the building from an undisclosed seller as part of 1031 tax-deferred exchange.
CHICAGO — Colliers International has negotiated the sale of 3101, a four-tenant retail property in Chicago’s Lakeview neighborhood, for $6.6 million. Anchored by CVS Pharmacy, the 23,000-square-foot property also features two restaurants, including Domino’s Pizza. Peter Block of Colliers represented the seller, Zimmerman Family Trust. Newcastle Properties purchased the asset.
OVERLAND PARK, KAN. — Storage Mart has opened a new self-storage facility at 12020 Glenwood St. in Overland Park. The property includes 873 climate-controlled units and 69 non-climate-controlled units as well as covered loading areas and multiple freight elevators. As with all StorageMart facilities, customers have access to 24/7 customer service and an online tenant portal. StorageMart is based in Columbia, Mo.
