Property Type

SRS Arranges $3.4M Ground Lease Sale of Joe’s Crab Shack-Occupied Property Near Disneyland

by Amy Works June 11, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the sale of the ground lease for a single-tenant restaurant property, located at 12011 Harbor Blvd. in Garden Grove. A Southern California-based private investor sold the property for $3.4 million. Joe’s Crab Shack occupies the asset, which is situated along restaurant row approximately 1.2 miles from Disneyland. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group represented the buyer, a Southern California-based private investor, in the all-cash transaction.

June 11, 2019

Epic-West-Towne-Center-Grand-Prairie-Texas

Market Reports Retail Texas Texas Market Reports

Retail Lenders to Borrowers: Tell Me A Story

by Taylor Williams June 11, 2019

Lenders and borrowers alike have come to recognize some fundamental truths of the retail financing market in the e-commerce era: Most big box users need to right-size their store footprints and prototypes; new construction in urban settings needs food and entertainment components; and friendly loan terms are increasingly predicated on the sponsor’s track record. In Texas, direct lenders of all types have remained active in the retail arena, with certain capital sources aligning themselves with specific sub-types of the asset class. For example, CMBS lenders often focus on stabilized properties with cash flow concerns, whereas regional banks might be better bets for new construction or redevelopment deals in high-growth markets. Properties distressed by tenant turnover or rent roll uncertainty can appeal to debt funds, and life companies seem to have a soft spot for grocery-anchored product. “The biggest point of optimism for the property type in 2019 lies in the fact that lenders are still lending on retail,” says Chad Owens, vice president in NorthMarq Capital’s Houston office. “Specifically among smaller life insurance companies, CMBS lenders and banks, retail is still a big part of their businesses.” Owens says that in Texas and beyond, there is ample capital available for …

June 11, 2019

Acquisitions California Multifamily Retail Top Stories Western

Douglas Emmett Acquires Apartment, Retail Complex in Los Angeles for $365M

by Jeff Shaw June 11, 2019

LOS ANGELES — Douglas Emmett Inc. (NYSE: DEI) has acquired The Glendon, a multifamily and retail complex in the Westwood Village neighborhood of Los Angeles, for $365 million. Built in 2008, The Glendon features 350 apartment units and 50,000 square feet of ground-floor retail space on a 4.3-acre plot. The multifamily and retail components combined were 97 percent occupied at the time of sale. The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which DEI plans to complete. Westwood Village is located approximately 12 miles west of downtown Los Angeles. The neighborhood is home to UCLA’s main campus, and abuts popular locations such as Los Angeles National Cemetery and Bel-Air Country Club. The Glendon is also located within walking distance of more than 2.1 million square feet of DEI-owned office space. DEI is a Santa Monica-based real estate investment trust. Although the seller was not officially disclosed, Clarion Partners purchased the property in 2014, according to Los Angeles Business Journal. With the acquisition of The Glendon, DEI has grown its total multifamily portfolio by over 20 percent in the last two years to more than 4,000 units in West Los Angeles and …

June 11, 2019

Acquisitions Kentucky Mississippi Multifamily Southeast

Cushman & Wakefield Arranges Sale of 697-Unit Multifamily Portfolio in Kentucky, Mississippi

by Alex Tostado June 10, 2019

SOUTHAVEN AND HORN LAKE, MISS. AND BOWLING GREEN, KY. — Cushman & Wakefield has arranged the sale of a three-property, 697-unit multifamily portfolio in Kentucky and Mississippi. The properties are the 240-unit Fairways at Hartland in Bowling Green, the 204-unit Savannah Creek in Southaven and the 253-unit The DeSoto in Horn Lake. Jimmy Adams, Robbie O’Bryan and Craig Collins of Cushman & Wakefield represented the seller, McDowell Properties, in the transaction. Covenant Capital Group acquired Fairways at Hartland while Timberland Partners acquired the two Mississippi properties. The properties were built between 1989 and 1995. Sales prices were not disclosed.

June 10, 2019

Development Georgia Office Southeast

Baptist Church in Atlanta Plans 27,200 SF Renovation of Historic Buildings to House Office Space

by Alex Tostado June 10, 2019

ATLANTA — Wheat Street Baptist Church will convert two historic buildings on its campus into office space intended for nonprofit organizations. American South Real Estate Fund (ASREF) is providing the senior loan of $3.5 million for the renovations. American Legion Hall is a 5,200-square-foot building that was constructed in multiple phases beginning in 1930, and the Christian Education Building is a 22,000-square-foot building that was built in the 1950s. Leaders in the church plan to target tenants that work with the homeless, local school teachers and underprivileged teens. Wheat Street Baptist is situated in Atlanta’s Sweet Auburn district, which is one mile east of downtown Atlanta and near the Martin Luther King Jr. National Historical Park district. Construction is expected to begin in early August and take nine to 12 months to complete.

June 10, 2019

Kentucky Loans Multifamily Seniors Housing Southeast

KeyBank Provides $38.9M Refinancing Loan for Five-Property Skilled Nursing Portfolio in Kentucky

by Alex Tostado June 10, 2019

BOWLING GREEN, KY. — KeyBank Real Estate Capital has provided a $38.9 million refinancing loan for a five-property skilled nursing portfolio in Kentucky. KeyBank provided the loan through the FHA 232/223(f) mortgage insurance program on behalf of GMF Capital. The new FHA loans will be used to refinance an existing KeyBank loan that funded GMF Capital’s acquisition of the properties. The non-recourse, first mortgage financing was arranged with fully amortizing loan terms ranging from 30 to 35 years. The five properties are Magnolia Village in Bowling Green, Heartland Villa Center in Lewisport, Edmonson Center in Brownsville, Colonial Center in Bowling Green and Bradford Square in Frankfort. The portfolio totals 339 beds.

June 10, 2019

Acquisitions Georgia Multifamily Southeast

Stonebridge Acquires Apartment Complex in Metro Atlanta for $33.4M

by Alex Tostado June 10, 2019

SANDY SPRINGS, GA. — Stonebridge Investments has acquired River Vista, a 196-unit apartment complex in Sandy Springs, for $33.4 million. River Vista was built in 1996 on 17 acres near the Chattahoochee River. Amenities include access to the Chattahoochee River National Recreation Area, an outdoor swimming pool with sundeck seating, clubhouse, outdoor kitchen and social area with grills and TV, playground and a 24-hour fitness center. River Vista offers one-, two- and three-bedroom floor plans averaging 1,098 square feet. David Gutting and Derrick Bloom of JLL represented the seller, an affiliate of The Milestone Group, in the transaction. HFF provided a $22.9 million Freddie Mac acquisition loan to the buyer. The seven-year, fixed-rate loan offers five years of interest-only payments through Freddie Mac’s Green Advantage program.

June 10, 2019

Florida Leasing Activity Office Southeast

WeWork to Occupy Four Floors in Miami’s Tallest Office Building

by Alex Tostado June 10, 2019

MIAMI — WeWork has signed a four-floor lease within the 55-story Southeast Financial Center, Miami’s tallest office building. WeWork will move into the space in phases, with two floors expected to open by the end of 2019 and the other two floors expected to be ready in summer 2020. Southeast Financial Center is located at 200 S. Biscayne Blvd. in downtown Miami. Southeast Financial Center is attached to The Cube, a 15-story office building that will offer WeWork members and others access to a fitness center, 30,000-square-foot outdoor plaza and access to I-95. Eric Groffman and Donald Cartwright of JLL represented the landlord, Ponte Gadea Biscayne LLC, in the lease negotiations. Matthew Goodman and Jeffrey Gordon of JLL represented WeWork.

June 10, 2019

Development Multifamily Texas

Howard Hughes Corp. Tops Off 386-Unit Multifamily Project in The Woodlands

by Taylor Williams June 10, 2019

THE WOODLANDS, TEXAS — The Howard Hughes Corp. has topped off Two Lakes Edge, a 386-unit multifamily project located within its Hughes Landing development in The Woodlands, about 30 miles north of Houston. Units at the property will come in studio, one-, two- and three-bedroom configurations and average 997 square feet. Amenities will include a sports lounge, coworking space, individual storage units, fitness center and a pool. Residents will also have access to bikes and kayaks at no cost. Completion is slated for spring 2020, with preleasing scheduled to begin by year’s end.

June 10, 2019

Acquisitions Office Texas

Joint Venture Sells 81,660 SF Office Building Leased to H-E-B in East Austin

by Taylor Williams June 10, 2019

AUSTIN, TEXAS — A joint venture between EverWest Real Estate Investors, George Oliver Cos. and WHI Real Estate Partners has sold UpCycle, an 81,660-square-foot office building located on Sixth Street in East Austin. The property was completed in 2018 as an adaptive reuse project and is fully leased to Texas-based grocer H-E-B. Amenities include patio space, collaborative areas, a coffee bar, fitness center and conference space. Drew Fuller, Kelsey Roop Shebay, Coler Yoakam and Michael George of HFF represented the joint venture in the transaction. The buyer was not disclosed.

June 10, 2019

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