Property Type

Centre Point Properties Acquires 10-Story Office Building in Metro Denver for $13.6M

by Amy Works February 4, 2019

GLENDALE, COLO. — Centre Point Properties LLC has purchased The Forum at Cherry Creek, a multi-tenant office building located at 425 S. Cherry St. in Glendale, a suburb of Denver. 425 LLC sold the property for $13.6 million, or $165 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group listed the property to sell on behalf of Denver-based Millice Group. The Forum at Cherry Creek is a 10-story, 83,268-square-foot office property. At the time of sale, the property was 88 percent leased to a tenant roster of office and medical office users, with approximately 40 percent of the existing tenants having some medical use.

February 4, 2019

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Arranges Sale of 119-Unit Self-Storage Facility in Tremonton, Utah

by Amy Works February 4, 2019

TREMONTON, UTAH — Marcus & Millichap has brokered the sale of Secure Storage Tremonton, a self-storage facility located in Tremonton, north of Salt Lake City near the Idaho border. A local family sold the property for an undisclosed price. The 119-unit facility features a fully fenced yard with electronic gate, paved driveways, drive-up access to each unit, steel sloped roofs, roll-up doors and concrete floors. At the time of sale, the property was 100 percent occupied. Jordan Farrer of Marcus & Millichap’s Salt Lake City office, along with Adam Schlosser of Marcus & Millichap’s Denver office represented the seller in the deal. The name of the buyer was not released.

February 4, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Brokers Sale of Two-Property Seniors Housing Portfolio in New Mexico

by Amy Works February 4, 2019

AZTEC AND LOVINGTON, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale two seniors housing properties in New Mexico for an undisclosed price. The portfolio consisted of 150 skilled nursing beds and 25 independent and assisted living units. One property is located in Aztec, in the northwest corner of the state, and the other is in Lovington, in the southeast corner of the state. Blueprint handled the transaction on behalf of the seller, Sioux Falls, S.D.-based The Evangelical Lutheran Good Samaritan Society, a nonprofit owner-operator for which the assets represented a non-core disposition. A Southern California-based private investor interested in expanding in New Mexico was the buyer. Amy Sitzman and Hayden Behnke of Blueprint led the transaction.

February 4, 2019

Acquisitions California Industrial Western

BB Properties Sells 35,400 SF Industrial Asset in California for $3.5M

by Amy Works February 4, 2019

FONTANA, CALIF. — BB Properties has completed the sale of an industrial property located at 14978 Ceres Ave. in Fontana. Descansando Partners acquired the multi-tenant asset for $3.5 million. The asset features two metal buildings and two parcels totaling more than 3.9 acres of industrial-zoned land. Eight tenants occupy the 35,400-square-foot property. Larry Kliger of Lawrence Allen & Associates represented the seller, while David Brackman of Ashwill Associates represented the buyer in the deal.

February 4, 2019

California Leasing Activity Office Top Stories Western

Taco Bell Renews Lease for Corporate Headquarters in Southern California Through 2030

by Alex Tostado February 4, 2019

IRVINE, CALIF. — Taco Bell Corp. has renewed its corporate headquarters lease in Irvine through 2030. The five-story, 180,000-square-foot office building is located at 1 Glen Bell Way, about 42 miles south of Los Angeles. The facility houses 800 corporate and contracted employees, is LEED certified and offers amenities such as on-site child care, a dining center, salon, gym, game room, dry cleaning services and a car washing services. The Irvine property serves as one of three restaurant support centers for the Yum! Brands Inc, the parent company of Taco Bell. Specifically, the support center includes a test kitchen for new Taco Bell food innovations. Cushman & Wakefield’s Irvine office arranged the lease between Taco Bell and landlord LBA Realty. Glen Bell founded Taco Bell in 1962. The restaurant chain has been headquartered in Southern California since then, including 40 years in Irvine. Taco Bell has occupied its current headquarters since 2010. “As a brand with Southern California in our DNA, we’re excited to remain in Irvine and continue to grow where we have deep roots,” said Frank Tucker, chief people officer of Taco Bell Corp. “The unrivaled talent and culture at our Restaurant Support Center make this a great …

February 4, 2019

District of Columbia Market Reports Multifamily Southeast Market Reports

D.C.’s Multifamily Market Sees Strong Demand for its Healthy Development Pipeline

by Alex Tostado February 4, 2019

Washington, D.C.’s multifamily market has enjoyed success in recent years, and 2018 has been no exception. The regional economy continues to function at an extremely healthy level, adding 77,100 new jobs in the trailing 12 months ending July 2018, much more than the annual average of 41,000 since 2010. The region has outgrown its previous dependence on the federal government, which contracted by 4,800 jobs over the same period, further highlighting the strength of the region’s private sector. This sustained economic upside is only further enhanced by the looming possibility of Amazon’s HQ2, Apple and other large tech contracts. The strong job growth has been matched by a steady increase in population, which has grown 10.44 percent since 2010, to roughly 6.25 million people. To accommodate such growth, the supply pipeline has been equally as robust, delivering nearly 13,000 units per year for the past five years. In addition to all the recent deliveries, absorption has remained steady and strong, with the market absorbing a net positive of 7,570 units over the trailing 12 months. Furthermore, Class A rents have still managed to grow 1.4 percent over the past year, while overall market rent growth has grown an even higher …

February 4, 2019

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Experience Pays Off for Reputable Seniors Housing Operators

by Jaime Lackey February 2, 2019

Mark Gould, national production manager of M&T Realty Capital Corporation, believes the seniors housing continuum of care may hold vast opportunities for those with the know-how and discipline to weather any short-term storms. Where do lending opportunities – and challenges – lie in 2019? Gould: We have been active in the seniors housing sector for a very long time. We see this asset class continuing to grow in 2019 as the U.S. aging population will drive growth. Challenges will lie with inexperienced parties trying to capitalize on the favorable demographic trends who do not fully understand the complexity of operating in the healthcare space. Wage pressures and nurse staffing shortages will further heighten the operating challenges in this space. I also think dollar volumes will stay steady. Rising rates have placed some DSC [debt service coverage] limitations and have required more equity into deals. There didn’t seem to be as many large portfolio deals in fiscal year 2018, which we believe resulted in a heightened number of transactions. This is an indication of a healthy market. Does the seniors housing market have room to grow beyond its 2018 activity? Gould: We are seeing some very innovative solutions from our customers that …

February 2, 2019

Features Finance Insight Midwest Multifamily Northeast Southeast Texas Western

Multifamily Sentiment Remains Strong For The Foreseeable Future

by Jaime Lackey February 2, 2019

Hilary Provinse, executive vice president and head of mortgage banking at Berkadia, highlights the trends, strategies and activity attendees should have on their radar ahead of MBA CREF 2019 in February. Coming off a strong and surprisingly consistent year in 2018, we’re feeling good about 2019. The year is off to an interesting start to say the least, and we’re keeping our eye on several factors. These include Treasury rates, the regulatory environment, tariffs and development costs that will impact our business. Even keeping these in mind, however, there are positive factors that point to the potential for continued economic strength and activity in the multifamily market. Fundamentals of the Economy Remain Very Strong Unemployment continues to fall, and jobless claims remain extraordinarily low. Despite the recent decrease in consumer confidence — volatile in its own right — it remains near the highest levels since 9/11. GDP growth also remains strong with consumption, investment and government outlays all supportive. Multifamily Demand-Supply Dynamics Remain Solid The percent of population living in multifamily units has experienced a slow, but consistent, increase since the 2008 financial crisis. Loan maturities are expected to increase in 2019 versus 2018 across several sources. Maturities are inevitable events that …

February 2, 2019

Acquisitions Office Southeast Virginia

RMR Group Purchases Office Building in Richmond for $56M

by Alex Tostado February 1, 2019

RICHMOND, VA. — RMR Office Property Fund, a real estate investment fund managed by a subsidiary of The RMR Group Inc., has purchased a 355,449-square-foot, Class A office building located at 9954 Mayland Drive in Richmond for $56 million. The asset was 98 percent leased at the time of the sale. The building is situated about 12 miles northwest of downtown Richmond and recently underwent $16 million in renovations to add a new four-story parking garage, new roof, new fitness center and a cafeteria, as well as updated lobbies, elevators and building mechanical systems. The seller was not disclosed.

February 1, 2019

Development Georgia Industrial Southeast

North Signal Capital, Westport Capital Break Ground on 450,000 SF Industrial Park in Savannah

by Alex Tostado February 1, 2019

SAVANNAH, GA. — North Signal Capital and Westport Capital have broken ground on Dean Forest Commerce, a 450,000-square-foot industrial park in Savannah. The development will consist of two sites: Site I will span 355,000 square feet when complete, and Site II will span 88,000 square feet when complete. Anticipated completion for both sites is slated for December, and both sites are being built to accommodate multiple tenants. The development will be situated about seven miles from Port of Savannah. The development team includes North Signal, Evans General Contractors, Thomas & Hutton and LS3P.

February 1, 2019

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