WICHITA, KAN. — The Boulder Group has negotiated the sale of a single-tenant property net leased to Integrated Healthcare Systems in Wichita for $8.1 million. The 30,472-square-foot building is located at 9211 E. 21st St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A real estate investment trust was the buyer. Integrated Healthcare Systems is a wholly owned subsidiary of Ascension Medical Group.
OMAHA, NEB. — NorthMarq has secured a $4 million loan for the refinancing of New Keystone Apartments in Omaha. The 72-unit property is located at 7311 Wirt St. Josh Larsen of NorthMarq arranged the 10-year Freddie Mac loan, which features a 30-year amortization schedule and a fixed rate. The borrower was not disclosed.
SOUTH BEND, IND. — Mid-America Real Estate Corp. has arranged the sale of a 5,013-square-foot retail building in South Bend for an undisclosed price. ATI Physical Therapy and AT&T fully occupy the property, which is located along Portage Road. Carly Gallagher, Christian Tremblay and Rick Drogosz of Mid-America represented the seller, Veritas Realty. A West Coast-based investor purchased the property while completing a 1031 tax-deferred exchange.
STRATFORD, CONN. — Video game and prop rental company Arcade Specialties LLC has signed a 9,120-square-foot industrial sublease in Stratford, located approximately 15 miles southwest of New Haven. The company is moving its headquarters from 955 Connecticut Ave. in Bridgeport to 40 Mead St. in Stratford. Jon Angel of Angel Commercial LLC represented Arcade Specialties in the sublease negotiations. Hodson Realty represented the tenant. Arcade Specialties supplies retro arcade games, pinball machines, foosball tables and Chexx hockey tables for corporate and residential parties, prop rentals and photo shoots.
HOUSTON — McCord Development is nearing completion of 255 Assay, a 251-unit apartment community located within the Generation Park master-planned development in northeast Houston. Designed by Houston-based Steinberg Dickey Collaborative and Memphis-based LRK, the property features one-, two-, three- and four-bedroom units ranging in size from 600 to 2,651 square feet. Residences feature stainless steel appliances, individual washers and dryers, oversized sinks, quartz countertops and remote-controlled ceiling fans. Amenities include a 75-foot pool, outdoor yoga yard, business center with a conference room, outdoor grilling and entertainment areas, a fitness center and a dog park. The official opening is slated for December.
AUSTIN, TEXAS — CIM Group, an investment firm with eight offices across the country, has acquired a portfolio of three commercial properties totaling approximately 270,000 square feet in Austin. The company purchased two office buildings, 618 Tillery St. and 507 Calles St., as well as a warehouse building located at 1300 E. 5th St. The seller and sales price were not disclosed.
RICHMOND AND ALLEN, TEXAS — Canadian investment firm BSR REIT has purchased two multifamily assets in Texas for $92.8 million. Satori at Long Meadow is a 300-unit community in the Houston suburb of Richmond and Auberry at Twin Creeks is 216-unit property in the Dallas suburb of Allen. Both properties feature one-, two- and three-bedroom units, pools and dog parks. The seller(s) was not disclosed.
TEXARKANA, TEXAS — Cohen-Esrey Development Group has received $26 million in financing for the rehabilitation of Hotel Grim in downtown Texarkana, a project that will convert the historic hotel into a 93-unit multifamily building. Hotel Grim Apartments will feature studio, one- and two-bedroom floor plans. The project is expected to be complete in the spring of 2021. The lender was not disclosed.
Denver’s industrial real estate market continues to fire on all cylinders with 37 consecutive quarters of positive net absorption, record amounts of new supply and record-low cap rates for investment properties. The region’s industrial product has benefitted greatly from a strong and diversified economy, significant population growth both locally and regionally and the continued trend by companies to modify their supply chain to accommodate same-day deliveries. Demand has come from existing businesses that have grown organically and are now serving a larger market and carrying increased inventories. It has also come from new companies that hadn’t previously had distribution centers here but now need to serve the Colorado Front Range and the Rocky Mountain region. A new phenomenon that impacted the market recently is increased demand by tenants and users seeking build-to-suits rather than leasing or purchasing speculative buildings. One reason has been affordability, as some new developers and their capital partners have accepted significantly lower yields on cost in order to “build into” the market, compared to existing local developers that have historically commanded higher yields for speculative product. An example of this was a project built by Becknell/UBS that contained a 541,000-square-foot, cross-dock building. Haier (GE) Appliances pre-leased …
In both Austin and San Antonio, consistent job creation and in-migration contributed to solid household formation and rental demand over the 12-month period ending in June. Many of these new households comprise younger professionals that favor the renter lifestyle. Following stretches of rampant construction, solid apartment demand from this demographic was met with fewer project deliveries in both markets over the past year. The decline in supply additions, coupled with strong absorption, reduced vacancy to near cycle-low levels in both metros during the second quarter. Robust leasing activity across all classes of apartments allowed the average effective rent to rise by more than 5 percent in each locale. These market conditions, paired with projected economic expansion and above-average first-year returns, boosted out-of-state buyer interest in Austin and San Antonio over the past four quarters, equating to notable spikes in transaction velocity. Austin: Class A Demand Austin’s reputation as a tech hub with a well-educated workforce has influenced many professional and business services-related companies to expand in the area, increasing the number of higher-earning residents in the metro. This has strengthened demand for luxury apartments, lowering Class A vacancy by 90 basis points over the 12-month period ending in June amid …
