Property Type

HFF Brokers $18.5M Sale of Publix-Anchored Retail Center Near Chattanooga

by Camren Skelton September 20, 2018

OOLTEWAH, TENN. — HFF has brokered the $18.5 million sale of Snow Hill Village, an 86,108-square-foot shopping center in Ooltewah, roughly 18 miles east of Chattanooga. Jim Hamilton, Mike Allison and Andrew Kahn of HFF arranged the transaction on behalf of the seller, Six Pines Realty. Publix Super Markets — which anchors the center — was the buyer. Snow Hill Village was constructed in 2008 and was 95 percent leased at the time of sale. In addition to Publix, the center is home to tenants such as Beef O’Brady’s, Edward Jones, H&R Block, The UPS Store, Dr. Hammontree, Ooltewah Vision Center, Unique Nails, Marco’s Pizza, SunTrust Bank, Open Spigot Liquor and Great Clips.

September 20, 2018

Development Healthcare Texas

Methodist Health to Open 235,000 SF Healthcare Facility in Metro Dallas

by Taylor Williams September 20, 2018

MIDLOTHIAN, TEXAS — Methodist Health System has acquired 67 acres in Midlothian, a southwestern suburb of Dallas, for the development of a 190,000-square-foot acute care hospital and a 45,000-square-foot medical office building. The project is expected to employ about 300 healthcare professionals. Kyle Libby and Michael Collins of MedCore Partners represented Methodist in the land sale. Joe Rust of Joe Rust Co. represented the sellers in that deal. Construction of the new medical development is expected to begin later this year and wrap up in 2020.

September 20, 2018

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Negotiates 105,652 SF Headquarters Lease for Manufacturer in Broward County

by Camren Skelton September 20, 2018

CORAL SPRINGS, FLA. — Cushman & Wakefield has arranged a 105,642-square-foot industrial lease with Aldora Aluminum & Glass Products at 4520 Coral Ridge Drive in Coral Springs, a city in northern Broward County. Richard Etner Jr., Chris Metzger, Christopher Thomson and Matthew McAllister of Cushman & Wakefield negotiated the lease on behalf of the building owner, Exeter Property Group. MJ Ridenour of Coldwell Banker Commercial NRT represented Aldora. The manufacturer produces a full line of glass, mirror, window and façade products, including hurricane-resistant aluminum storefronts and entry systems. The company is currently headquartered in Miramar, but will relocate its operations to the Coral Ridge Drive facility by summer 2019. Exeter is renovating the facility, formerly known as the Alliance Building, to modern institutional standards. The existing 193,211-square-foot building will be part of a four-building, 567,846-square-foot distribution development known as Coral Springs Commerce Center II.

September 20, 2018

Industrial Leasing Activity Texas

CBRE Negotiates 188,000 SF Industrial Lease Renewal in El Paso Border Town

by Taylor Williams September 20, 2018

CIUDAD JUÁREZ, MEXICO — CBRE has negotiated an industrial lease renewal in Ciudad Juárez, Mexico, located directly across the border from El Paso. The tenant, CommScope, a North Carolina-based provider of communications infrastructure equipment, occupies 188,000 square feet of warehouse and distribution space. Anthony Mash of CBRE represented the tenant in the lease negotiations. The landlord, HSBC Mexico, was self-represented.

September 20, 2018

Development Industrial Texas

MARS Properties Breaks Ground on 89,440 SF Distribution Center in Katy, Texas

by Taylor Williams September 20, 2018

KATY, TEXAS — MARS Properties LLC has broken ground on High Point West, an 89,440-square-foot distribution center in Katy, a western suburb of Houston. Situated on 7.2 acres, the property will feature 32-foot clear heights, as well as access to controlled truck courts and to the Interstate 10 corridor. CBRE will market the property, which is expected to be complete by spring 2019.

September 20, 2018

Development Florida Loans Multifamily Southeast Top Stories

PMG Receives $106M Refinancing for 464-Unit X Miami Apartment Tower

by David Cohen September 20, 2018

MIAMI — Property Markets Group has received a $106 million refinancing for X Miami, a 464-unit multifamily community in downtown Miami. Pacific Western Bank provided the financing, which will pay off an existing $80 million construction loan from Centennial Bank. The 31-story tower that recently opened features units with floor-to-ceiling windows, large balconies, built-in closets, Nest thermostats and Alexa smart controls. X Miami also offers a Rent-By-Bedroom program for a private bedroom and bathroom with roommates starting at $1,300. X Miami, which is located at 230 NE 4th St., is the first South Florida project to launch under PMG’s new multifamily housing division called X Social Communities. The division aims to bring community-driven, tech savvy projects to market with attainable rents. X Social Communities specializes in shared spaces designed to connect residents and promote a community environment. PMG is planning more than 10,000 units for the X Social Communities portfolio across the United States over the next five years. X Chicago, X Las Olas (Fort Lauderdale) and X Denver were all recently announced. Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault of Saul Ewing Arnstein & Lehr Attorneys represented PMG in the transaction. “X Miami is the second project we have closed for PMG …

September 20, 2018

Conference Coverage Features Multifamily Western Feature Archive

It’s All About Job Growth for Phoenix Multifamily, Say InterFace Panelists

by Amy Works September 20, 2018

With moderator John Lotardo, senior vice president of Commonwealth Land Title Co., at the helm, owners and developers dove into a discussion about Phoenix’s multifamily market — current trends, future activity and more — at the InterFace Phoenix Multifamily Conference on Sept. 11 in Scottsdale. And the main consensus for the Phoenix market? It’s all about the job growth, absorption is steady and the current activity should continue for the next few years. Decrease in Homeownership, Increase in Jobs Overall the marketplace has experienced an increase in job growth, particularly throughout the workforce sector, resulting in a steady need for multifamily housing options across the area. “Homeownership has gone down approximately 12 percent overall and jobs are increasing,” noted John Rials, executive vice president of Western Wealth Capital. This trend is creating a more complex demand for housing throughout the market. While there is an increase in jobs, it’s important to note that the majority of those jobs are workforce-level. Developers and owners need to be cognizant of rent ceilings for residents, explained Nicole Wray, senior director with Greystar. New Audiences, New Exposure Along with meeting the needs of the continuing influx of renters, owners and developers are navigating the …

September 20, 2018

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Influx of Supply Begins to Impact Minneapolis Multifamily Market

by Kristin Harlow September 20, 2018

Like several other markets across the country, the Twin Cities is experiencing the peak of the post-recession construction cycle. However, the traditionally tight multifamily market is in one of the best positions to absorb new units. In fact, Minneapolis-St. Paul has consistently reported one of the lowest vacancy rates in the nation due to a strong economic base and pent up demand for new units. Metro Minneapolis is the second-largest economic center in the Midwest and the local economy has grown at an average of 3 percent over the past five years, a healthy rate in the Midwest. The 18 Fortune 500 companies headquartered in the area are a significant driver of job growth and rental demand, along with the hundreds of support firms. As a result, the unemployment rate is below 3 percent and among the lowest in the nation. Despite a lack of available talent, employers managed to create 30,600 jobs in the year-long period ending in the second quarter. Overall, payrolls expanded by 1.5 percent during that time. Employment growth is encouraging development across several sectors in the market. In South Minneapolis, construction along the Blue Line is taking shape as $300 million in projects are coming …

September 20, 2018

Development Mixed-Use New York Northeast

Ackman-Ziff Arranges $97M Loan for Site Acquisition, Development of Mixed-Use Project in Manhattan

by Jeff Shaw September 19, 2018

NEW YORK CITY — Ackman-Ziff Real Estate Group LLC has arranged a $97 million loan for the site acquisition and development of 540 Sixth Avenue in Manhattan’s Flatiron district. The site is located on the northeast corner of 14th Street and 6th Avenue at the nexus of three downtown submarkets: Flatiron, Chelsea and Greenwich Village.The borrowers, Landsea Homes and DNA Development LLC, acquired the property from Extell Development and plan to build a mixed-use building with residential and retail space at the site. An affiliate of Mack Real Estate Credit Strategies provided the loan, which was arranged by Patrick Hanlon, Sean Meehan and Ross Cumming of Ackman-Ziff Real Estate Group LLC. A timeline for the project was not disclosed.

September 19, 2018

Acquisitions Healthcare Northeast Office Rhode Island

Montecito Purchases 68,500 SF Medical Office Building in East Providence, Rhode Island

by Jeff Shaw September 19, 2018

EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was undisclosed.

September 19, 2018

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