Property Type

Equus Capital Buys 299,898 SF Office Complex in Plano

by Taylor Williams September 20, 2019

PLANO, TEXAS — Pennsylvania-based investment firm Equus Capital Partners Ltd. has purchased Legacy Place, a two-building office complex totaling 299,898 square feet in the northeastern Dallas suburb of Plano. Both six-story buildings were built in the late 1990s and are situated on a 15.3-acre site along Tennyson Parkway. Equus Capital will undertake a multimillion-dollar repositioning program that will deliver an enhanced outdoor patio and collaboration area, upgraded lobby, expanded fitness center and a new tenant lounge. The buildings were 88 percent leased at the time of sale. The seller was not disclosed.

September 20, 2019

Acquisitions Retail Texas

CBRE Negotiates Sale of 174,181 SF Grocery-Anchored Retail Center in Houston

by Taylor Williams September 20, 2019

HOUSTON — CBRE has negotiated the sale of Northbrook Shopping Center, a 174,181-square-foot retail property located along U.S. Highway 290 in Houston. El Rancho Supermarket anchors the center, which was approximately 97 percent occupied at the time of sale. Mark Witcher, Chris Cozby, Jim Batjer and Blaine Dozier of CBRE represented the seller, Weingarten Realty, in the transaction. Wu Family Trust purchased the asset for an undisclosed price.

September 20, 2019

Loans Multifamily Texas

Ready Capital Provides Acquisition Loan for 248-Unit Apartment Community in Houston

by Taylor Williams September 20, 2019

HOUSTON — Ready Capital Structured Finance has provided an undisclosed amount of acquisition financing for a 248-unit apartment community in Houston. A portion of the nonrecourse loan, which carries a floating interest rate and a 36-month term with two extension options, will be used to fund capital expenditures and stabilize the Class C property. The borrower and property name were not disclosed.

September 20, 2019

Development Illinois Midwest Multifamily

Lendlease, Magellan Break Ground on Two Residential Towers Totaling 866 Units in Chicago

by Kristin Harlow September 20, 2019

CHICAGO — Lendlease Development and Magellan Development Group have broken ground on two adjacent residential towers totaling 866 units in Chicago’s Lakeshore East. Cirrus is a 47-story, 363-unit condominium tower while Cascade is a 37-story, 503-unit apartment rental tower. The developers also plan to build Cascade Park, a publicly accessible green space that will provide connection to the lakefront and Chicago Riverwalk. A groundbreaking ceremony took place Tuesday, Sept. 17. Units at Cirrus will range from 650 to 3,000 square feet and be priced from the mid-$400,000s to more than $4 million. The tower will include 48,000 square feet of amenity space. Residents of Cirrus will also have access to amenities available to residents of Cascade, including an indoor lap pool, children’s playroom, fitness center, game room, music room and indoor dog run. Designed by bKL Architecture, Cirrus and Cascade are the first of three towers that Lendlease and Magellan plan to develop at the northeast corner of Lakeshore East.

September 20, 2019

Acquisitions Kansas Midwest Retail

WS Development, Laham Development Acquire Bradley Fair Shopping Center in Wichita, Kansas

by Kristin Harlow September 20, 2019

WICHITA, KAN. — WS Development has formed a joint venture with Laham Development to acquire Bradley Fair in Wichita. The purchase price was not disclosed. Built in 1990, the 280,000-square-foot shopping center is home to more than 50 stores and restaurants, including Barnes & Noble, Sephora, Pottery Barn, Gap and soon-to-open Trader Joe’s. The property also features a lake, walking paths, gardens and community events. The seller was not disclosed.

September 20, 2019

Illinois Loans Midwest Office

Ready Capital Provides $44.4M Acquisition Loan for Office Building in Chicago

by Kristin Harlow September 20, 2019

CHICAGO — Ready Capital has provided a $44.4 million loan for the acquisition and stabilization of a 473,000-square-foot Class B office building in Chicago’s East Loop. The nonrecourse, floating-rate loan will provide funds for the leasing costs associated with extending tenants long term and stabilizing the rent roll at market rents, according to Ready Capital. The loan features a 48-month term and a loan-to-cost ratio of 71 percent, with one extension option and flexible prepayment. The borrower was not disclosed.

September 20, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Secures $16M Construction Financing for Affordable Housing Property in Minneapolis

by Kristin Harlow September 20, 2019

MINNEAPOLIS — Merchants Capital has secured $16 million in construction and permanent financing for The Redwell, a 109-unit affordable housing property in the North Loop District of Minneapolis. The financing includes a Merchants Bank of Indiana construction loan and a Fannie Mae mortgage-backed security as tax-exempt bond (M.TEB) forward loan. This type of Fannie Mae loan can be used to finance the new construction and rehabilitation of multifamily affordable housing properties. Financing also included $7.9 million in low-income housing tax credit equity. Schafer Richardson and WNC were the borrowers. The Redwell will rise six stories and include first-floor commercial space. The Minneapolis Public Housing Authority (MPHA) will provide 22 Section 8 vouchers whereby households will pay 30 percent of their income toward rent, with the balance paid by federal subsidies administered by MPHA. The remaining units will be priced at the fair-market rate for 60 percent of the area median income.

September 20, 2019

Acquisitions Midwest Office Wisconsin

Stan Johnson Co. Brokers $7.8M Sale of Office Building Occupied by National Park Service in Wisconsin

by Kristin Harlow September 20, 2019

BAYFIELD, WIS. — Stan Johnson Co. has brokered the $7.8 million sale of a 26,640-square-foot office building in Bayfield in upstate Wisconsin along Lake Superior. The National Park Service occupies the single-tenant building, which is located at 37705 Roys Point Blvd. The property serves as a marina, boat maintenance facility and field office for the 21 islands and 43,000 acres of public lands that make up the Apostle Islands National Park. Scott Briggs of Stan Johnson represented the seller, Wisconsin-based Roy’s Pointe LP. Delaware-based Bayfield WI I SGF LLC purchased the property.

September 20, 2019

California Industrial Market Reports Western Western Market Reports

Plenty of Sunshine Remains in San Diego’s Industrial Market

by Taylor Williams September 20, 2019

The San Diego industrial market is still thriving under sunny skies. The 146-million-square-foot industrial base is more than 95 percent occupied. Businesses continue to gobble up space even though rents have grown 6 percent to 8 percent annually since 2015. Though industrial markets around the country continue to do well thanks to a rapidly expanding logistics sector, San Diego’s industrial growth is broader based. Major contributions come from the defense, tech, electronics, cross-border commerce and biotech sectors. San Diego has several large submarkets, each with its own set of opportunities and challenges. South County, which includes Otay Mesa, has seen the strongest rent growth during the current economic recovery. Since the beginning of 2018, more than 591,000 square feet of state-of-the-art distribution space has been completed, with all but 45,000 square feet fully leased up. Recent transactions in Otay include a 198,000-square-foot lease to Zucarmex and the 174,000-square-foot expansion of US Joiner Trident Marine. The vacancy rate for South County stands at 4.33 percent, slightly under the countywide rate. Vacancy in North County is running somewhat higher at 6.72 percent. This is mainly due to recent deliveries in Carlsbad. A little more than 2.2 million square feet of new space …

September 20, 2019

Industrial Market Reports Texas Texas Market Reports

Case Study: Dallas vs. Houston Industrial

by Taylor Williams September 20, 2019

The Dallas-Fort Worth (DFW) and Houston metro areas have vastly different opportunities and challenges in terms of commercial real estate. Yet this year both have both landed in the top five in the nation for industrial development. Driven by strong population and job growth, DFW and Houston don’t expect their industrial expansions to slow down any time soon. At the end of the second quarter, DFW was No. 2 in the country in industrial development behind California’s Inland Empire, with 30.3 million square feet of space under construction, according to Cushman & Wakefield research. Houston ranked fourth with 18.1 million square feet. Record Construction in Dallas Dallas’ industrial market has enjoyed strong positive momentum throughout 2019, thanks in large part to a steady stream of new residents and job opportunities. DFW’s population grew by 128,500 people year-over-year, an average of 350 new residents every day. The metroplex also gained 97,000 jobs over the previous year. Moody’s Analytics reported that 25 percent of those new positions were in the industrial market. The leading indicators of industrial demand are trade, transportation and utilities jobs, which account for nearly 75 percent of all industrial jobs in DFW. Unemployment has edged downward to 3.4 …

September 20, 2019

Newer Posts

Older Posts