Property Type

Four Mile Capital Acquires Multifamily Community in Waukee, Iowa for $25M

by Kristin Harlow December 13, 2019

WAUKEE, IOWA — Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in suburban Des Moines, for $25 million in an off-market transaction. Completed in 2017, the property sits on 9.2 acres and features one- and two-bedroom units. Amenities include a pool and fitness center. BH Management will manage the property. The buyer received a nonrecourse, fixed-rate mortgage loan from Luana Savings Bank. Four Mile Capital now owns about 450 units in the Des Moines metro area. The seller was undisclosed.

December 13, 2019

Acquisitions Midwest Missouri Retail

Quantum Brokers $5.4M Sale of Hobby Lobby-Occupied Property in Belton, Missouri

by Kristin Harlow December 13, 2019

BELTON, MO. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 55,000-square-foot property occupied by Hobby Lobby in Belton, about 20 miles south of Kansas City. The single-tenant building is located at 520 E. Markey Parkway. Hobby Lobby has approximately 12 years remaining on its lease. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. A California-based investment fund purchased the asset.

December 13, 2019

Illinois Leasing Activity Midwest Retail

Mattress Liquidators Opens at Former Bergner’s Department Store in Pekin, Illinois

by Kristin Harlow December 13, 2019

PEKIN, ILL. — Mattress Liquidators has relocated to a former Bergner’s department store at East Court Village in Pekin within central Illinois. The mattress store, previously located at 3518 Court St. within the shopping center, has moved to the former Bergner’s space at 3536 Court St. Mattress Liquidators now occupies the entire 82,100-square-foot space and opened its doors on Thursday, Dec. 12. Mattress Liquidators offers name-brand mattresses at significant discounts by purchasing overstocks and year-end models. The East Court Village store will also sell furniture and major appliances. The store is open Thursday through Sunday each week. Cullinan Properties Ltd. owns and manages East Court Village.

December 13, 2019

Market Reports Multifamily Texas Texas Market Reports

Dallas, Fort Worth Multifamily Markets Continue to Capitalize on New Development

by Taylor Williams December 13, 2019

Known for both its big-city excitement and suburban living options, the Dallas-Fort Worth (DFW) metroplex is now the fourth-largest metropolitan area in the country with 7.5 million residents. At this rate of growth, DFW is poised to surpass Chicago as the third-most populous metroplex in the country within the next two decades. Although DFW is commonly recognized as a shared marketplace, it’s important to understand that Dallas and Fort Worth are two separate cities with separate real estate markets. Fort Worth’s downtown area and Western charm have attracted a total population of about 880,000 compared to Dallas’ international and metropolitan mecca of roughly 1.34 million, according to U.S. Census Bureau. As Dallas and Fort Worth continue to provide a record number of jobs to accommodate this growth, multifamily development is keeping pace. In the past year, 81 multifamily developments with 23,916 units opened in DFW, of which the market absorbed 20,456 units in that same period, reaching an occupancy rate of 91.8 percent. The strong job market and affordable cost of living throughout the metroplex continue to have a positive impact on multifamily development and construction, bringing a plethora of new players to the space. However, we continue to see …

December 13, 2019

Acquisitions Illinois Midwest Multifamily Top Stories

CIM Group Sells Interest in Downtown Chicago Apartment Tower for $265M

by Alex Tostado December 13, 2019

CHICAGO — CIM Group has sold its interest in Marquee at Block 37, a 34-story, 691-unit multifamily tower in downtown Chicago, for $265 million. Morguard North American Residential REIT (TSX: MRG.UN), a subsidiary of Morguard Corp., acquired the 51 percent interest. The community offers a mix of studio, one-, two- and three-bedroom floor plans ranging from 650 to 2,100 square feet. Communal amenities include an outdoor pool, sundeck, fire pits, rooftop hot tub, dog run, dog washing station, fitness center, event room, business center and an outdoor terrace overlooking State Street. Ontario, Canada-based Morguard Corp. was CIM’s investment partner for Marquee at Block 37, and as such already owned a 49 percent stake in the development. Morgaurd Corp. and Morguard REIT now have an equal partnership in the property. CIM developed the community in 2016 above the four-story Block 37 shopping center at 25 W. Randolph St. The 275,000-square-foot retail property includes shopping, dining and entertainment options, including an 11-screen AMC Dine-In Theatre, to which residents of Marquee at Block 37 have private elevator access. The transit-oriented property is connected to the Loop, granting residents direct access to the red and blue CTA lines as well as the city’s pedway …

December 13, 2019

Market Reports New York Northeast Northeast Market Reports Office

Brooklyn and Queens: Worthy Alternatives to Overpriced Manhattan Office Market?

by Taylor Williams December 13, 2019

New York City is one of the priciest office markets in the world, with Manhattan housing the core business district of the city. The borough has always been the place to be — the ultimate live-work-play destination that houses the big corporations and the talent that recruiters look for. Overall, office asking rents in Manhattan fell only slightly during the third quarter to $74 per square foot, per Cushman & Wakefield, while rents in some submarkets continued to rise. In highly appealing office clusters like Hudson Yards or the Plaza District, asking rents often exceed $100 per square foot, meaning small- to mid-sized tenants are often priced out of these areas. Historically, areas outside Manhattan have not been as desirable for office users. Yet with rising housing prices, many New Yorkers have been priced out of the borough, forcing them to either downsize or get off the island. Developers have taken advantage of this trend and started investing in residential projects in Brooklyn and Queens in order to attract homebuyers. Businesses soon started to take notice, and many office-using tenants have since migrated or expanded into the outer boroughs, primarily Brooklyn and Queens. Small Leases Drive Brooklyn Brooklyn has always …

December 13, 2019

Development Loans Office Southeast Virginia

PCCP Provides Construction Loan for 25-Story Tysons Central Office Tower

by Alex Tostado December 12, 2019

TYSONS, VA. — Pacific Coast Capital Partners LLC (PCCP) has provided a senior construction loan for a joint venture between Foulger-Pratt and USAA Real Estate to finance the speculative development of Tysons Central. The property is a 25-story, 388,077-square-foot office tower in the Tysons Corner submarket of Washington, D.C. Construction has begun on the fully entitled project, located at 1750 Tysons Central St., and completion is scheduled for March 2022. Details of the financing were not disclosed. Tysons Central is a LEED Gold-certified, Gensler-designed office tower near the Greensboro Metro station. Amenities will include a sky lobby, fitness center, lounge and shared conference spaces. The property will also offer 14,738 square feet of ground floor retail space, as well as three floors of below-grade parking and six floors of above-grade parking totaling 754 spaces.

December 12, 2019

Acquisitions Georgia Multifamily Southeast

Passco Buys Buckhead Multifamily Complex from Greystar for $106.5M

by Alex Tostado December 12, 2019

ATLANTA — California-based Passco Cos. has purchased Avana Lenox, a 423-unit apartment community in the Buckhead district of Atlanta. The firm purchased the asset from Greystar for $106.5 million. CBRE’s Paul Berry represented Greystar in the transaction. Avana Lenox was built in 1998 and offers units with one-, two-, and three-bedroom floorplans, as well as units with two-story loft floor plans and townhomes with attached garages. The property located at 925 Canterbury Road has nearby access to Interstate 85 and Ga. Highway 400. Amenities include a newly renovated ﬁtness center, pool, club rooms, a fire pit, game room, shuffleboard, conference room, package locker system and tennis courts. Greystar will continue to manage the property. Capital improvements were made recently to Avana Lenox’s common areas and some units. Passco has plans for more unit updates. The acquisition brings Passco’s Atlanta multifamily portfolio to more than 1,800 units.

December 12, 2019

Development Georgia Industrial Southeast

Chesterfield Completes 778,000 SF Shaw Manufacturing Facility Near Savannah

by Alex Tostado December 12, 2019

PORT WENTWORTH, GA. — Chesterfield, a Winter Park, Fla.-based real estate developer, has completed a 778,000-square-foot facility for carpet manufacturer Shaw Industries Group Inc. in Port Wentworth, 12 miles northwest of downtown Savannah. Built in just seven months, the Shaw facility is now part of Chesterfield’s Georgia International Trade Center (GITC), a light industrial and manufacturing park spanning 1,150 acres. The general contractor for the Shaw facility is Omega Construction and the project architect is Atlas Collaborative. Stonemont Financial Group served as Chesterfield’s capital partner. The GITC is master planned for up to 7.2 million square feet. Located less than 10 miles from the Port of Savannah, the GITC has nearby access to the CSX Railway.

December 12, 2019

Acquisitions Development Industrial North Carolina Southeast

Medline Purchases 220 Acres Near Raleigh-Durham for New Distribution Center

by Alex Tostado December 12, 2019

MEBANE, N.C. — Illinois-based medical supply manufacturer and distributor Medline Industries Inc. has purchased 220 acres in Mebane for a planned 1.2 million-square-foot distribution center. The $65 million distribution center will be built on West Ten Road in Orange County, approximately 17 miles northwest of Durham. It will be located in the Buckhorn Economic Development District, near Interstates 40 and 85. Medline paid a total of $8.1 million for all eight parcels involved in the transaction. Medline says the distribution center will initially create 250 new full-time jobs and at full capacity the company anticipates creating as many as 600 jobs. Pickett Sprouse’s Mark O’Neal represented the sellers of five of the eight sites involved in the transaction.

December 12, 2019

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