Property Type

Leon Capital Begins Construction on 365-Unit Multifamily Project in Dallas

by Taylor Williams October 1, 2019

DALLAS — Locally based investment and development firm Leon Capital has begun construction on The Academic, a 365-unit multifamily project located at the former site of the Dallas Independent School District just north of downtown. The community will feature studio, one- and two-bedroom units ranging in size from 500 to 1,150 square feet and offering private balconies and patios, stainless steel appliances and full-size washers and dryers. Amenities will include a clubhouse with golf and sports simulators, convenience mart, an executive business center with flexible office space, a resort-style pool and a fitness center. Completion is slated for early 2021.

October 1, 2019

Company News District of Columbia Loans Multifamily Southeast

MBA: Commercial, Multifamily Mortgage Debt Rises $51.9B in Second Quarter Amid Strong Lending Activity

by Alex Tostado October 1, 2019

WASHINGTON, D.C. — Commercial and multifamily mortgage debt outstanding rose $51.9 billion, or 1.5 percent, in the second quarter over the prior quarter, according to the Mortgage Bankers Association (MBA). At the end of the first half of 2019, total commercial and multifamily debt outstanding was $3.5 trillion. Multifamily mortgage debt alone increased $24.4 billion (1.7 percent) to $1.5 trillion from the first quarter. Commercial banks continued to hold the largest share (39 percent) of commercial and multifamily mortgages at $1.4 trillion. Agency and government-sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS) were the second largest holders of commercial and multifamily mortgages (20 percent) at $703 billion. Life insurance companies held $539 billion (15 percent), and CMBS, collateralized debt obligation (CDO) and other asset-backed security (ABS) issues held $471 billion (13 percent). “Strong borrowing and lending, coupled with relatively low levels of loan maturities, are helping to boost the amount of commercial and multifamily mortgage debt outstanding,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “All four major capital sources increased their holdings during the quarter. With strong demand expected to continue, debt levels are likely to climb even more and end the year at a new …

October 1, 2019

Industrial Leasing Activity Texas

At Home Signs 555,321 SF Industrial Lease Renewal in Metro Dallas

by Taylor Williams October 1, 2019

GARLAND, TEXAS — At Home Procurement Inc. has signed a 555,321-square-foot industrial lease renewal at 4040 Forest Lane in Garland, a northeastern suburb of Dallas. Matt Spellman and Matthew Hickey of TIG Real Estate Services represented the landlord, Fort Worth-based investment firm Fort Capital, in the lease negotiations. Nathan Lawrence of CBRE represented the tenant.

October 1, 2019

Development Multifamily Texas

Wood Partners Opens 288-Unit Apartment Community in Plano

by Taylor Williams October 1, 2019

PLANO, TEXAS — Multifamily development firm Wood Partners has opened Alta 289, a 288-unit community located at 7950 Preston Road in Plano. The property includes one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, a dog park and an open courtyard area. Coworking spaces and a private conference room are also available for resident use.

October 1, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 208-Unit Apartment Property in San Antonio

by Taylor Williams October 1, 2019

SAN ANTONIO — JLL has negotiated the sale of Admiral Apartments, a 208-unit multifamily community in northeast San Antonio. Scott LaMontagne, Robert Arzola, Moses Siller and Zar Haro of JLL represented the seller, The PPA Group, in the transaction. The buyer, Disrupt Equity Partners, plans to implement a value-add program.

October 1, 2019

Development Mixed-Use Texas

Centurion American Group, City of Mesquite Break Ground on 54-Acre Mixed-Use Project

by Taylor Williams October 1, 2019

MESQUITE, TEXAS — A partnership between Centurion American Group and the City of Mesquite has broken ground on Iron Horse Village, a 54-acre mixed-use project located east of Dallas that will include 336 single-family homes, 130,000 square feet of retail, restaurant and entertainment space and 4.5 acres of green space. The initial phases of development are expected to be complete in 2020.

October 1, 2019

Acquisitions Midwest Multifamily Ohio

NKF Arranges $43.6M Sale of Three-Property Multifamily Portfolio in Columbus, Ohio

by Kristin Harlow October 1, 2019

COLUMBUS, OHIO — NKF Multifamily Capital Markets has arranged the sale of a three-property multifamily portfolio comprising 550 units in Columbus for $43.6 million. The portfolio consists of Abbington Village, Ashley Village and Chatham Village. Each was built in 1987 and is situated in the southeast portion of the city. George Skaff of NKF arranged the sale on behalf of the buyer, AndMark Investment Fund. Purvesh Gosalia of NKF arranged $34.8 million in fixed-rate acquisition financing through Freddie Mac. AndMark plans to make improvements to the properties.

October 1, 2019

California Retail Western

Forever 21 Files for Chapter 11 Bankruptcy, Plans to Shutter 350 Stores Worldwide

by Jeff Shaw October 1, 2019

LOS ANGELES — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to 350 stores worldwide, including up to 178 In the U.S. Forever 21 intends to operate in a business-as-usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases. Forever 21 has obtained $275 million in financing from its existing lenders with JPMorgan Chase Bank N.A. as agent, as well as $75 million in new capital from TPG Sixth Street Partners.

October 1, 2019

Acquisitions Arizona Office Western

Griffin Capital Acquires McKesson III Office Building Near Phoenix for $37.7M

by Amy Works October 1, 2019

SCOTTSDALE, ARIZ. — Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building located in Scottsdale. Ryan Cos. sold the asset for $37.7 million. McKesson Corp. occupies the 124,879-square-foot asset, which is situated on 11 acres at 5801 N. Pima Road, on a long-term basis. McKesson, a healthcare industry supplies and technology company, utilizes the facility as an expansion of its Scottsdale office campus. The project is subject to an 83-year leasehold interest in land owned by members of the Salt River Pima-Maricopa Indian Community. Ryan Cos., as general contractor and developer, completed the facility in June. Griffin Capital Essential Asset REIT purchased two adjacent buildings, also leased by McKesson, in April 2018 for $67 million. Team Toci of Cushman & Wakefield represented Ryan Cos. in the sale of McKesson III.

October 1, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $14.6M Sale of Apartment Building in Minneapolis

by Kristin Harlow October 1, 2019

MINNEAPOLIS — Marcus & Millichap has brokered the sale of Brunsfield North Loop in Minneapolis for $14.6 million. The 47-unit apartment building is located at 915 Washington Ave. in the North Loop neighborhood. Built in 2012, the five-story property also includes three commercial spaces. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.

October 1, 2019

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