Property Type

KeyBank Provides $19.5M in Acquisition Financing for Multifamily Property in Nevada

by Amy Works November 11, 2019

LAS VEGAS — KeyBank Real Estate Capital has funded a $19.5 million commercial mortgage to MAXX Properties for the acquisition of Madison at Spring Valley, an apartment community located in Las Vegas. Built in 2000, Madison at Spring Valley offers 168 units in a mix of one-, two- and three-bedroom layouts ranging from 700 square feet to 1,600 square feet. The units feature open-concept, pet-friendly living with nine-floor ceilings, central air and in-unit washer/dryers. Community amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar and 24-hour fitness center. The buyer plans to implement a capital expenditure program that includes unit and common-area renovations. Alan Isenstadt and Cathy Berbieri of KeyBank Real Estate Capital’s Income Property Group structured the financing for the borrower.

November 11, 2019

Acquisitions Multifamily Nevada Western

NAI Vegas Negotiates $18.5M Purchase of Skyline Parc Apartments in Las Vegas

by Amy Works November 11, 2019

LAS VEGAS — NAI Vegas has arranged the sale Skyline Parc Apartments, a multifamily property located in Las Vegas. Pacific Ardent Capital acquired the asset from Cambridge Equity for $18.5 million, or $96,354 per unit. Located at 3675 Cambridge St., the property features 192 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the transaction.

November 11, 2019

Gila-Springs-Industrial-Park-Chandler-AZ

Acquisitions Arizona Industrial Western

Bird Dog Industrial Acquires Gila Springs Industrial Park in Arizona for $10.1M

by Amy Works November 11, 2019

CHANDLER, ARIZ. — La Jolla, Calif.-based Bird Dog Industrial has purchased Gila Springs Industrial Park, an industrial complex located near Chandler Boulevard and Kyrene Road in Chandler. GBI Erie, an Arizona corporation led by the Imdieke Family, sold the asset for $10.1 million, or $98.79 per square foot. Constructed between 1988 and 1997, the property’s five buildings offer a total of 101,934 square feet of industrial space. UCT, a subsidiary of Ultra Clean, occupies the complex. The properties are located at 5773, 5763 and 5753 W. Erie St., 481 N. Dean Ave. and 57240 W. Oakland St. All buildings except 5773 W. Erie St. are fully air conditioned. The properties also offer grade and truck-well loading and between 10 percent to 25 percent of space is dedicated to office build-outs, with one facility offering clean-room space. Chris McClurg of Lee & Associates represented the buyer, while Paul Sieczkowski and Justin Sieczkowski of Colliers International in Arizona represented the seller in the deal.

November 11, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Capital One Funds $7.7M Acquisition Loan for Age-Restricted Community in California

by Amy Works November 11, 2019

MANTECA, CALIF. — Capital One has provided a $7.7 million Fannie Mae loan for the acquisition of Almond Blossom Estates. The 139-unit, age-restricted, manufactured housing community is located in Manteca, a Central Valley city 75 miles east of San Francisco. The sponsor is a long-time Capital One and Fannie Mae customer. Damon Reed and Monica Schroeder of Capital One originated the transaction. The fixed-rate loan has a 12-year term with five years of interest-only payments followed by a 30-year amortization schedule.

November 11, 2019

Industrial Texas

Colliers: Houston Adds 13 MSF of Industrial Product Year-to-Date

by Taylor Williams November 11, 2019

HOUSTON — The Houston industrial market has added approximately 13 million square feet of new industrial product year-to-date, including a supply increase of 4.1 million square feet in the third quarter alone, according to a new report from Colliers International. In addition, there are 150 buildings totaling 18.5 million square feet of space under construction that are expected to be delivered between now and the midpoint of 2020. Only 25 percent of the space under construction is preleased, though that figure is expected to rise in the coming months. Colliers also projects that the market will absorb about 2.2 million square feet of industrial space during the fourth quarter of 2019.

November 11, 2019

Development Hospitality Texas

Clark Contractors Completes Renovation of 506-Room Westin Dallas Fort Worth Airport Hotel

by Taylor Williams November 11, 2019

IRVING, TEXAS — Clark Contractors has completed the renovation of all 506 guestrooms at the Westin Dallas Fort Worth Airport Hotel in Irving, a project that also upgraded the property’s restaurant area, fitness center and other public spaces. Designed by C+TC Design Studio, the project also delivered a new, 2,955-square-foot club area for Marriott Bonvoy reward members. The hotel also offers a rooftop pool, in-room spa services, a breakfast buffet and an airport shuttle service.

November 11, 2019

Acquisitions Retail Texas

Iberiabank Sells 32,090 SF Retail Building in Southeast Houston

by Taylor Williams November 11, 2019

HOUSTON — Iberiabank has sold a 32,090-square-foot retail building located at 9950 Kleckley Drive in southeast Houston. The property sits on a 147,668-square-foot lot with a 63,422-square-foot pad site. Robert Hantgan, Jenny Seckinger and Ace Schlameus of Colliers represented Iberiabank in the sale. Jake Scarborough of CB United represented the buyer, Living Christian Church, which is planning an expansion project on the site.

November 11, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges $3.4M Sale of Assisted Living Community in East Texas

by Taylor Williams November 11, 2019

HUNTSVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Lexington Center, a 40-unit assisted living facility in Huntsville, approximately 70 miles north of Houston. A local family owner-operator exiting the industry was the seller. An independent, Houston-based owner-operator bought the property for $3.4 million. The 35,686-square-foot community sits on 6.7 acres and was built in 2004. The Lexington Center’s occupancy rate was 83 percent at the time of sale. Matthew Alley of SLIB arranged the transaction.

November 11, 2019

Acquisitions Maryland Office Southeast Top Stories

Inland Private Capital Sells Bank of America-Occupied Office Building in Baltimore for $99.3M

by Kristin Harlow November 11, 2019

BALTIMORE, MD. — JLL has arranged the sale of 11333 McCormick Road, a two-tower, single-tenant office building in Baltimore, for $99.3 million. The 377,332-square-foot property is net leased to Bank of America. Situated on 16.3 acres, the asset is located in the Hunt Valley submarket, about 15 miles north of downtown Baltimore. The property has immediate access to I-83 and light rail access to Baltimore City, greater Maryland and Pennsylvania. Built in 1974, the eight-story property was most recently renovated in 2016. Tivon Moffitt, Peter Bauman and Jay Wellschlager of JLL represented the seller, Inland Private Capital Corp. JLL was retained to market the property after it failed to trade the prior year. An undisclosed institutional buyer purchased the asset. “Investors are actively seeking high-quality, mission-critical corporate campuses such as this asset,” says Moffit. “We continue to see a flood of capital sources from institutional investors to private capital looking to purchase these types of properties.” The Hunt Valley submarket is a highly sought-after office market due to its high-quality workforce and extensive amenity base, says Wellschlager. Inland Private Capital Corp. specializes in securitized 1031 exchange transactions. Since its inception, the company has sponsored 232 private placement programs offering more …

November 11, 2019

Florida Market Reports Office Southeast Southeast Market Reports

Corporate and Economic Growth in Miami Drive Tenant, Investor Demand for Office

by Alex Tostado November 11, 2019

Miami continues to be a top-ranked commercial real estate market in the Southeast United States. As the economy gears up to enter its longest expansion period in U.S. history, Miami has shown more resiliency than other South Florida markets, recording steady gains in absorption, robust leasing activity and modest rent growth. Economic fundamentals remain strong as job growth continues to fuel Miami’s office market with the unemployment rate trending down to 3.2 percent. Miami’s unemployment rate reached the lowest point in its history, falling to 3 percent in April 2019. The fundamentals in economic growth continue to support corporate expansion in nearly every industry as well as new-to-market growth from other U.S. markets and globally. While in the past, most of Miami’s growth came from Latin America, 60 percent of new-to-market growth now comes from Europe, with Spain being a frontrunner. High demand amid deliveries Miami-Dade County’s overall office vacancy rate rose slightly by 1 percent in the past 12 months, during which time 937,919 square feet of new office space was delivered to the market. More than 500,000 square feet was absorbed during that time. Because of the strong absorption, the vacancy rate was impacted only slightly, bringing it …

November 11, 2019

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