HOUSTON — New York City-based Arel Capital has completed the $10 million renovation of Bayou on the Bend, a 242-unit high-rise multifamily property in Houston. The project upgraded 152 units that were damaged by Hurricane Harvey, as well as both the interior and exterior amenity spaces. Arel Capital acquired Bayou on the Bend in May 2017, three months before the storm. The property features one-, two- and three-bedroom units and amenities such as a pool, business center and a game room.
DALLAS — Taylor Communications, a provider of labels, packaging and corporate branding services, has signed a 241,931-square-foot industrial lease at 8700 Autobahn Drive in south Dallas. The lease represents an expansion from the company’s previous footprint of 220,110 square feet. John Gorman and Canon Shoults of Holt Lunsford Commercial represented the landlord, TA Associates, in the lease negotiations. Ann Huntington of CBRE represented the tenant.
ROSEVILLE, CALIF. — Armstrong Development has announced plans for Campus Oaks Town Center, a shopping center located at the corner of Blue Oaks Boulevard and Roseville Parkway in Roseville. The Roseville City Council recently unanimously approved the project. Construction for the 240,000-square-foot property is slated to begin in spring 2019, with delivery scheduled for summer 2020. Nugget Markets and 24 Hour Fitness will anchor the property, which is approximately 66 percent leased to date and expected to be 85 percent leased by the start of construction. Additional tenants will include The Learning Experience, MOD Pizza, Posh Nail Salon, Fresh Cleaners, Jasmine Mongolian BBQ, Supercuts and Ben’s Barketplace.
PLEASANTON, CALIF. — Levin Johnston of Marcus & Millichap has directed the sale of Vista Del Sol, a multifamily property located at 2451-2529 Santa Rita Road in downtown Pleasanton. A private LLC sold the property to a local investor for $24.25 million. Situated on 3.4 acres, Vista Del Sol features 73 apartments, 50 of which were recently remodeled. The property underwent a $1.4 million capital improvement campaign consisting of extensive exterior and interior upgrades, including a remodeled clubhouse, updated gym and outdoor pool/barbecue area, and new signage. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the deal.
BROOMFIELD, COLO. — HFF has arranged $21.4 million in financing for The Avenues Crofton Park, a 90-unit independent living community in the Denver suburb of Broomfield. Developed by McBroom Co. and managed by The Avenues Co., The Avenues Crofton Park features 70 rental apartment homes and 20 cottages. The HFF team led by Leon McBroom secured a 10-year, fixed-rate loan through Freddie Mac’s CME Program. HFF will also service the loan. The community was 98 percent occupied at closing. The planned use of the funds was not disclosed.
CORONA, CALIF. — Voit Real Estate Services’ Anaheim office has brokered the sale of a three-building industrial portfolio located in Corona. A private investor sold the assets to TH Real Estate, a real estate investment manager, for $19.6 million. Located at 1467 and 1468 Davril Circle and 1461 Railroad St., the portfolio features 130,474 square feet of industrial space. Thoro Packaging occupies all three buildings under a long-term lease. The packaging company uses the properties for its corporate headquarters, manufacturing and distribution. Thoro Packaging is a wholly owned subsidiary of Autajon, a French company with more than 4,200 employees and 36 subsidiaries worldwide. Mike Hefner of Voit represented the seller and buyer in the deal.
BLOOMFIELD HILLS, MICH. — The Sherwin-Williams Co. (NYSE: SHW) has agreed to a sale-leaseback transaction with net lease REIT Agree Realty Corp. (NYSE: ADC) for more than 100 retail properties. Agree will pay more than $150 million for the portfolio. The transaction is expected to close on or before the end of December. The undisclosed properties are located in more than 25 states. The five states with the largest concentration of properties include Florida, New York, North Carolina, Texas and Georgia. “We are pleased to have entered into this agreement with Sherwin-Williams,” said Joey Agree, President of Agree Realty Corp. “This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and further solidifies the strength of our first-class real estate portfolio.” Bloomfield Hills-based Agree Realty Corp. currently owns and operates a portfolio of 537 properties in 45 states for a total of 10.6 million square feet of gross leasable space. Cleveland, Ohio-based Sherwin-Williams was founded in 1866 and is a leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers. The company operates more than 4,900 retail stores across the United States. Sherwin Williams’ stock price closed …
The Greater Boston industrial market is busier than ever. Supply for quality warehouse and flex space is limited and the demand is at an unprecedented high. As a result, we have seen rents soar, achieving upwards of $7 to $7.50 Triple Net rent along I-495, and $9 to $11 Triple Net rent along Route 128, notable increases from just a few years ago. To coin a well-known quote from the 1989 film Field of Dreams, “If you build it, they will come,” and both investors and tenants continue flocking to the industrial real estate market in the Commonwealth, in some cases making their first appearance in Massachusetts, or in others looking to expand their presence here. Along with the usual suspects, we are seeing plenty of non-traditional industrial buyer groups as well as users who are now seeing the value in the region and asset class. While developers have experienced tremendous success to date with speculative builds, there are undoubtedly some potential risks on the horizon. Tenants are looking for clear heights exceeding 30 feet with as many loading docks as possible, a first-class inventory type that is far from common or plentiful in our marketplace. To accommodate changing tenant …
CHARLOTTE, N.C. — Duke Energy plans to consolidate its office space in Uptown Charlotte and build a 39-story office building located on the 500 block of South Tryon Street, across from Duke Energy Center. Duke Energy will sell two properties (526 Church St. and 401 S. College St.) and exit its lease at 400 S. Tryon St. The Charlotte-based company will reduce its Charlotte office space from 2 million square feet to 1.5 million square feet. The building, developed by Childress Klein, is expected to take three years to build. Duke Energy provides electricity to 7.6 million retail customers in six states and has $138 billion in assets as of year-end 2017. The company currently employs 29,060 people.
ATLANTA — Hilton Worldwide has opened the Waldorf Astoria Atlanta Buckhead in Atlanta’s Buckhead district. The 42-story hotel is the first for the Waldorf Astoria brand in Atlanta and is situated at the former site of Mandarin Oriental Atlanta. The property features 127 rooms, 10 suites, 47 private residences, a 15,000-square-foot spa and meeting and event space. Designed by Robert A.M. Stern, the Atlanta location joins 30 other Waldorf Astoria hotels worldwide.
