Property Type

Retailers on the Rise in Grand Rapids Market

by Kristin Harlow November 14, 2019

It’s no secret that Grand Rapids is one of the fastest growing cities in the United States. Grand Rapids and its surrounding suburbs led much of Michigan’s population growth last year and have been continuously recognized by national surveys. Two studies conducted by WalletHub in late 2018 and early 2019 ranked Grand Rapids in the top 10 percent of cities analyzed as having one of the fastest growing economies and also ranked it in the top 30 percent of markets studied as being one of the best places to find a job. While it’s obvious that this growth in population and availability of jobs has been the key driver behind the increase in new multifamily developments, it has also had a major influence on the retail sector. From national restaurant chains and retailers to new local food and beverage concepts, key performance indicators such as low vacancy rates and increased rental rates are moving in a positive direction for the Grand Rapids commercial retail market. What retail apocalypse? These days, news articles related to retail properties across the nation may lead to a state of depression due to closings of big box and chain stores that have been unable to …

November 14, 2019

Features Industrial

RCM-SIOR Investor Sentiment Survey Shows U.S. Industrial Outlook Remains Positive for 2020

by Kristin Harlow November 14, 2019

CARLSBAD, CALIF. — U.S. industrial investment is expected to continue at a steady pace into 2020, although headwinds created by tariffs and a slowing economy are beginning to strengthen, according to the third annual Industrial Investor Sentiment Report from Real Capital Markets (RCM) and the Society of Industrial and Office Realtors (SIOR). Investors are shifting strategies, however, to find safe havens against any market slowdown. Some investors are adjusting their portfolios toward land-constrained markets that provide the potential for higher rent growth. Among those strong markets are Seattle, Miami, Northern New Jersey and parts of Southern California. Other investors are moving back to core markets to minimize risk or are focusing on secondary markets where further cap rate compression is more likely, according to the report. “Investors are projecting a steady flow of industrial activity in the United States for the foreseeable future, given the strong fundamentals and the stability this sector offers,” says Steve Shanahan, executive managing director of Carlsbad, Calif.-based RCM, a part of LightBox. “Investors are keenly aware of the potential for an economic slowdown but are focused on the long-term horizon and taking the steps necessary to protect their investments.” The RCM-SIOR report includes insights and …

November 14, 2019

Development Georgia Multifamily Southeast Student Housing

Joint Venture Breaks Ground on 532-Bed Student Housing Community Near Georgia Tech

by Alex Tostado November 13, 2019

ATLANTA — A joint venture between Campus Realty, Realiance and T2 Capital Management has broken ground on Catalyst, a 187-unit student housing community in Atlanta that will service Georgia Teach students. The joint venture expects the 532-bed property in West Midtown to open in time for fall 2021 classes. Communal amenities will include a fitness center, study rooms, club rooms, game areas, STEM lab, bike shop with storage area, sky deck with views of the Atlanta skyline, three courtyards, swimming pool with deck, grilling areas, 24-hour package delivery lockers and ride-share pick-up. Realiance is an investment group headquartered in Amsterdam, and T2 is a privately held real estate investment firm based in Wheaton, Ill. Atlanta-based Campus Realty will oversee the development and asset management of the property.

November 13, 2019

Acquisitions Multifamily Southeast Virginia

Blackfin Real Estate Purchases The Myrtles at Olde Towne Apartment Complex in Hampton Roads for $43.4M

by Alex Tostado November 13, 2019

PORTSMOUTH, VA. — Blackfin Real Estate Investors has purchased The Myrtles at Olde Towne, a two-property, 394-unit apartment complex in Portsmouth, for $43.4 million. The Hampton Roads property comprises Olde Towne I and Olde Towne II, totaling eight buildings spanning 14 acres. Olde Towne I, which was built in 2006, features six three-story garden-style buildings offering 246 units. Olde Towne II was built in 1972 and renovated in 2006. The complex has two eight-story buildings with 148 units. Communal amenities across both complexes include pools, grilling/picnic areas, a clubhouse, fitness facility, cyber café, game rooms, bike storage, a dog park and detached garages. The properties are located across the street from each other at 850 Crawford Parkway and 303 Effingham St., seven miles north of downtown Chesapeake. The seller was not disclosed.

November 13, 2019

Acquisitions Florida Retail Southeast

IPA Arranges $23.6M Sale of Kohl’s-Anchored Retail Center in West Palm Beach

by Alex Tostado November 13, 2019

WEST PALM BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.6 million sale of The Shoppes at Southern Palms, a 200,888-square-foot retail center in West Palm Beach. The center was fully leased at the time of sale to 11 tenants including anchors Kohl’s and Dick’s Sporting Goods, as well as Dollar Tree, Hard Exercise Works, GNC, Phenix Salon Suites, Experimax, Principled Chiropractic, Garden Nails and Medwear Uniforms. The Shoppes at Southern Palms was built in 2009 and spans 22 acres at the intersection of Southern Boulevard and Sansburys Way, 10 miles west of downtown West Palm Beach. Craig Fuller, Kirk Olson, Erin Patton, Scott Wiles and Drew Kristol of IPA represented the seller, an undisclosed private fund based in New York City, in the transaction. The IPA team also procured the buyer, a South American investment group founded by Claudio Mekler of Miami Managers LLC.

November 13, 2019

Acquisitions Florida Retail Southeast

CBRE Negotiates Sale of 115,000 SF Shopping Center in Jacksonville

by Alex Tostado November 13, 2019

JACKSONVILLE, FLA. — CBRE has negotiated the sale of Promenade Shopping Center, a 115,000-square-foot shopping center in Jacksonville. The property was 94 percent leased at the time of sale to tenants including anchor Rowe’s IGA Supermarket, Planet Fitness and the Armed Forces Career Center. The buyer, Jacksonville-based Hakimian Holdings, plans to rebrand the center as Gates of The Promenade Shopping Center. The asset is located at 8595 Beach Blvd., seven miles southeast of downtown Jacksonville. Scott Rogers and Ryan Hixon of CBRE represented the seller, Phillips Edison & Co., in the transaction.

November 13, 2019

Development Georgia Loans Mixed-Use Southeast

Trez Forman Capital Provides $26.7M Loan for Land Acquisition, Phase I of Exchange at Gwinnett Project in Metro Atlanta

by Alex Tostado November 13, 2019

BUFORD, GA. — Trez Forman Capital has provided a $26.7 million loan to Fuqua Development for the acquisition of 67.5 acres in Buford to develop The Exchange at Gwinnett, a planned $350 million mixed-use development in metro Atlanta. Phase I will include 56,000 square feet of retail space that will feature already-committed tenants such as Starbucks, Chipotle and City Barbecue. The property is located at 2925 Buford Drive, next to the Mall of Georgia. At the same time as the land sale, Fuqua Development sold 33 acres to three separate entities for the developments of Topgolf and Rooms-to-Go, as well as a 450-unit apartment community being developed by The Worthing Cos. Fuqua plans to sell another 13 acres for the development of an Andretti Indoor Karting & Games, a 123-room hotel and restaurants. Brett Forman and Russ Holland of Trez Forman Capital originated the loan on behalf of Atlanta-based Fuqua Development.

November 13, 2019

Loans Multifamily New Jersey Northeast

Arbor Provides $55.3M Acquisition Loan for Multifamily Portfolio Near New York City

by Alex Patton November 13, 2019

HASBROUK HEIGHTS, N.J. — Arbor Realty Trust Inc. has provided a $55.3 million Fannie Mae acquisition loan for a multifamily portfolio totaling 388 units in Hasbrouk Heights, an eastern suburb of New York City. Skyline Apartments, built in 1950, comprises 124 one- and two-bedroom units. The Boulevard Apartments, built in 1951, consists of 214 one- and two-bedroom units. The loan carries a 12-year fixed interest rate with six years of interest-only payments. Stephen York of Arbor’s New York City office originated the loan. The borrower was undisclosed.

November 13, 2019

Leasing Activity Northeast Pennsylvania Retail

McCarthy Tire Service Signs 48,485 SF Retail Lease in Bristol, Pennsylvania

by Alex Patton November 13, 2019

BRISTOL, PA. — Pennsylvania-based McCarthy Tire Service has signed a 48,485-square-foot retail lease in Bristol, a southern suburb of Trenton. McCarthy offers tire sales, repair and 24-hour roadside assistance for commercial trucks. The company will use the new location to consolidate its Bensalem and Philadelphia stores. Sean Durkin of Roddy Inc. represented McCarthy in the lease negotiations. John Bown III represented the landlord, Industrial Investments Inc., in-house.

November 13, 2019

Acquisitions Retail Texas

JLL Negotiates Sale of 173,344 SF Kroger-Anchored Shopping Center in Metro Houston

by Taylor Williams November 13, 2019

CYPRESS, TEXAS — JLL has negotiated the sale of Cypress Pointe, a 173,344-square-foot, Kroger-anchored shopping center in the Houston metro of Cypress. The center was 99 percent leased at the time of sale. George Cushing, Wendy Vandeventer and Meaghan Gallacher of JLL represented the seller, Weingarten Realty Investors, which recently acquired a Kroger-anchored center in Houston, in the transaction. In addition, Cortney Cole and James Brolan of JLL placed a 10-year, fixed-rate acquisition loan through Morgan Stanley on behalf of the Houston-based buyer, Tarantino Properties.

November 13, 2019

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