Property Type

KDC Tops Out Headquarters for Sammons Financial Group in West Des Moines

by Kristin Harlow January 20, 2020

WEST DES MOINES, IOWA — Developer KDC has topped out the new corporate headquarters for Sammons Financial Group in West Des Moines. The six-story, 217,000-square-foot Class A office building will house 600 employees. Completion of the property is slated for this fall. The building will include a two-story amenity area. Sammons is a privately held company that provides life insurance, annuity and retirement planning products. The Weitz Co. is the general contractor. SVPA and HKS are project architects.

January 20, 2020

Development Healthcare Indiana Midwest

WB Development, New Era Purchase Land for Development of Hospital Project in Carmel, Indiana

by Kristin Harlow January 20, 2020

CARMEL, IND. — WB Development Partners and New Era Cos. have purchased five acres at 1260 City Center Drive in Carmel and plan to develop a 46,395-square-foot inpatient rehabilitation hospital. Bruce Gordon of JLL brokered the land sale on behalf of the buyers. Known as the Indianapolis Rehabilitation Hospital, the property is expected to open in the fourth quarter of this year. Nobis Rehabilitation Partners will manage the hospital, which will offer services for patients with complex medical, nursing and rehabilitative needs.

January 20, 2020

Acquisitions Industrial Midwest Missouri Self-Storage

Block & Co. Arranges $10M Sale of Self-Storage Facility in Independence, Missouri

by Kristin Harlow January 20, 2020

INDEPENDENCE, MO. — Block & Co. Inc. Realtors has arranged the sale of a 28.6-acre self-storage property in Independence for $10 million. The facility features 741 enclosed units and 450 parking stalls. William Glasgow of Block & Co. represented the seller, Lake City U-Store. The buyer, State Storage Group Kansas City LLC, plans to modernize the entire facility with computer-automated climate control and other technological systems.

January 20, 2020

Acquisitions Industrial Midwest Wisconsin

Barry Co. Brokers Sale of 54,417 SF Industrial Building in Waukesha, Wisconsin

by Kristin Harlow January 20, 2020

WAUKESHA, WIS. — The Barry Co. has brokered the sale of a 54,417-square-foot industrial building in Waukesha for an undisclosed price. The seller, Grace Elizabeth LLC, purchased the facility in 2016. The tenant, W.M. Sprinkman Corp., is a division of Krones AG and specializes in manufacturing food and beverage processing equipment. Pilot Court Industrial Property Group LLC purchased the building, which is located at 404 Pilot Court. David Barry of The Barry Co. brokered the sale.

January 20, 2020

Market Reports North Carolina Office Southeast Southeast Market Reports

Triangle’s Office Vacancy is up Due to New Supply, but Job Growth is in a Good Spot

by Alex Tostado January 20, 2020

The Raleigh-Durham region’s strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. According to the Bureau of Labor Statistics, the region added 24,200 nonfarm payroll jobs between October 2018 and October 2019 for a growth rate of 2.5 percent. Unemployment rose slightly from 3 percent to just 3.1 percent during this time as nearly 36,000 people entered the local labor force. Raleigh-Durham continued to witness economic development wins in 2019 as well. Major job announcements came from office-using tenants such as Xerox (600 jobs), Q2 Solutions (700 jobs), Parexel (260 jobs), AmeriHealth Caritas (300 jobs) and HZO (500 jobs). In its recently published Emerging Trends in Real Estate report, the Urban Land Institute and PricewaterhouseCoopers (PwC) named Raleigh-Durham as the No. 2 market in the United States to watch for overall real estate prospects in 2020. The region’s quality of life, robust population and job growth and highly educated workforce are supporting sustained business expansion and healthy leasing fundamentals across all asset classes. Raleigh-Durham’s office market continues to experience the most landlord-favorable conditions since the dot-com boom in the late 1990s. …

January 20, 2020

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix’s Growth Keeps The Multifamily Sector Hot

by Taylor Williams January 18, 2020

Stemming from the ashes of 2009 — a decade later and a decade wiser — Phoenix and the surrounding Maricopa County has exploded to outpace the national averages in both rent and job growth. In fact, the entire State of Arizona is booming in population growth and job production. The Census Bureau just released its American Community Survey “One-Year Estimates” in which Arizona was named the fastest-growing state in the nation with a year-over-year growth of 2.2 percent. The Phoenix MSA also experienced a 2.6 percent increase (as of October 2019) from the prior year ranking when it came to the largest job gains in the education and health services industries. The state also boasts a tax-friendly environment, pro-business governor, competitive workforce and one of the youngest median age populations in the country at 35.4. This has attracted a broad array of financial services, healthcare, manufacturing and tech companies that have been moving to Phoenix in droves, making Phoenix a diversified and balanced economy that is different than years’ past. What does all this mean? The need for housing is paramount and multifamily investors are reaping the benefits. Phoenix is able to absorb the roughly 7,500 new units developers are …

January 18, 2020

Florida Hospitality Loans Southeast

Berkadia Arranges $140M in Construction Financing for Four Orlando Hotels Near Disney World

by Alex Tostado January 17, 2020

ORLANDO, FLA. — Berkadia has arranged $140 million in combined financing for four extended-stay hotels totaling nearly 1,000 rooms that will be part of Flamingo Crossings, a master-planned development located at the western entrance to the Walt Disney World Resort in Orlando. Justin Ownby of Berkadia’s Tampa office together with Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team arranged the financing on behalf of the borrower and developer, Huntsville, Ala.-based Doradus Partners. The Berkadia team secured the four-year, adjustable-rate, non-recourse construction loan through a private lender. The properties include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn & Suites by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. The four properties, which will be managed by Yedla Management Co. Inc., are slated for completion in the fall of this year. The complex will have a structured parking garage, pools and a sports facility to include a soccer field, basketball court and batting cages. Flamingo Crossings will also feature a 200,000-square-foot retail hub with over 50 stores.

January 17, 2020

Acquisitions Multifamily Southeast Tennessee

Lindemann Multifamily Management Acquires Nashville Apartment Community for $83.2M

by Alex Tostado January 17, 2020

NASHVILLE, TENN. — Miami-based Lindemann Multifamily Management LLC has acquired One Metrocenter, a 320-unit apartment community in Nashville, for $83.2 million (approximately $260,000 per unit). Tarek El Gammal of JLL’s Nashville office represented the sellers, MetroCenter Apartments X LLC and other partners, in the transaction. As part of the transaction, Lindemann obtained two fixed-rate loan tranches with New York Life Insurance Co. for $41.2 million and $4.6 million. David Zimmerman and K.O. Kennedy of CBRE’s Nashville office arranged the debt financing. Located at 45 Vantage Way, One Metrocenter’s apartments feature one- and two-bedroom layouts. The property opened in 2016, according to Apartments.com. Amenities include a Zen garden, saltwater pool, covered parking, outdoor fire pit and a dog park. The One Metrocenter acquisition is the fifth in the Nashville area for Lindemann, bringing its total units owned in the market to more than 2,300.

January 17, 2020

Acquisitions Georgia Mixed-Use Southeast

FCP, Westbridge Sell Stockyards Atlanta to Clarion Partners for $69.7M

by Alex Tostado January 17, 2020

ATLANTA — A joint venture between Chevy Chase, Md.-based FCP and Atlanta-based developer Westbridge Partners has sold Stockyards Atlanta, a mixed-use project in Atlanta’s West Midtown district, to New York-based Clarion Partners for $69.7 million. Situated on three acres at the corner of 10th Street and Brady Avenue, Stockyards is an adaptive reuse of three historic warehouses into office and entertainment space. The space was initially built in the early 1900s as a stockyard and meatpacking plant. Designed by architectural firm ai3 and built by Gay Construction Co. in 2017, the 142,478-square-foot development houses tenants including Red Bull and Fitzgerald & Co., as well as the Italian restaurant Donetto and game parlor/restaurant Painted Duck. Stockyards Atlanta was fully leased within a year of delivery. Stewart Calhoun, David Meline, Mike McDonald, Samir Idris and Michael Moore of Cushman & Wakefield brokered the sale on behalf of the joint venture.

January 17, 2020

Affordable Housing Development Florida Loans Multifamily Southeast

TD Bank Provides $28.6M in Construction Financing for Affordable Housing Complex in Fort Lauderdale

by Alex Tostado January 17, 2020

FORT LAUDERDALE, FLA. — TD Bank has provided $28.6 million in funding for the Housing Authority of the City of Fort Lauderdale (HACFL) to redevelop Suncrest Court, a 66-unit public housing community, by replacing it with 116 modern and affordable apartment units. TD Bank has provided a $16 million construction loan and its subsidiary Community Capital Group has provided $12.6 million in low income housing tax credits (LIHTCs). HACFL also received a State Apartment Incentive Loan (SAIL) from the Florida Housing Finance Corp. for the project, which involves the demolition of the existing buildings that were built in 1962. The new Suncrest Court will include seven buildings with 12 units reserved for residents who earn less than 30 percent of the area’s median income (AMI). The remaining 104 units will be reserved for residents making up to 60 percent of AMI. During construction, current Suncrest Court residents were offered vouchers to nearby affordable housing communities. Upon completion in 2021, existing residents will have the right to return to the community.

January 17, 2020

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