Property Type

Excelsa, Goldcor Acquire 392-Unit Apartment Community in Houston

by Taylor Williams July 29, 2019

HOUSTON — A joint venture between Excelsa Properties and Goldcor Capital Partners has acquired Bayou Parc at Oak Forest, a 392-unit multifamily community in Houston. Built in 1974, the property consists of 36 two-story buildings with studio, one-, two- and three-bedroom apartments ranging in size from 480 to 1,210 square feet. Amenities include a pool, fitness center, business center, picnic area, a playground and two dog parks. Bayou Parc at Oak Forest was 94 percent occupied at the time of sale. The seller was not disclosed.

July 29, 2019

Loans Office Texas

JLL Arranges Loan for Refinancing of 200,418 SF Office Building in Houston

by Taylor Williams July 29, 2019

HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of 1225 North Loop, a 200,418-square-foot office building in Houston. The 11-story property is located near the city’s River Oaks, Tanglewood and Memorial Village neighborhoods. Michael Johnson, Jett Lucia and Robby Derrick of JLL placed the loan, which carried a 25-year term and a fixed interest rate, through CUNA Mutual Group. The borrower was 1225 North Loop Investments Inc.

July 29, 2019

Acquisitions Healthcare Texas

CBRE Negotiates Sale of 120,596 SF Medical Office Building in Metro Houston

by Taylor Williams July 29, 2019

SUGAR LAND, TEXAS — CBRE has negotiated the sale of CHI St. Luke’s Health Sugar Land Medical Plaza, a 120,596-square-foot medical office building located in the southwestern Houston suburb of Sugar Land. The five-story building is situated within the CHI St. Luke’s hospital campus. Shane Seitz, Chris Bodnar, Lee Asher, Ryan Lindsley, Sabrina Solomiany and Nelson Udstuen of CBRE represented the seller in the transaction. The buyer and other terms of sale were not disclosed.

July 29, 2019

Development Industrial Self-Storage Texas

The Jenkins Organization Opens 800-Unit Self-Storage Facility in North Austin

by Taylor Williams July 29, 2019

AUSTIN, TEXAS — The Jenkins Organization, a Houston-based self-storage developer, has opened Northgate Storage, an 800-unit facility in Austin. The property, which spans 124,000 square feet of climate-controlled space, fronts State Highway 183 on the city’s north side. Additional features include a covered loading zone, video monitoring and gated access. ARCO/Murray served as the design-build firm on the project.

July 29, 2019

Leasing Activity Office Texas

Engineering, Construction Firm Expands Houston Office, Plans to Hire 300 New Employees

by Taylor Williams July 29, 2019

HOUSTON — Burns & McDonnell, a Missouri-based, employee-owned engineering, architecture and construction firm, has extended and expanded its office lease at 1700 West Loop South in Houston. The company has grown its footprint at the building, which is owned by Virginia-based Lingerfelt CommonWealth Partners LLC, from 158,000 square feet to 218,000 square feet, and plans to hire an additional 300 employees by 2021. Scott Fikes and Jenny Mueller of JLL represented the landlord in the lease negotiations. Joe Peddie of Cushman & Wakefield represented Burns & McDonnell, which has about 7,000 employees across 50 offices worldwide.

July 29, 2019

California Development Retail Top Stories Western

Los Angeles Clippers Unveil Plans for $1.1B Basketball Arena in Inglewood

by Taylor Williams July 29, 2019

INGLEWOOD, CALIF. — The NBA’s Los Angeles Clippers have unveiled plans for a $1.1 billion arena and team headquarters in Inglewood, located just southwest of downtown Los Angeles. The Inglewood Basketball & Entertainment Center will be located along Prairie Avenue and West Century Boulevard and offer seating for approximately 18,500 fans. In addition, the building will house the Clippers’ team offices, training facility and a sports medicine clinic, essentially making Inglewood the team’s full-time home. The project will also feature retail, restaurants and educational facilities, as well as public basketball courts and an event plaza. A developer and general contractor have not yet been named, but the project will be entirely privately financed. The proposed site does not house any homes or churches and includes many buildings that have been vacant for decades, according to the developers. It is unclear how many new jobs that the project will create, but the Clippers have pledged to make 35 percent of those jobs local hires. A construction timeline is still being negotiated, but the team’s lease at the Staples Center, which it shares with the Lakers, expires in 2024. In addition, Curbed Los Angeles reports that a lawsuit filed by Madison Square Garden …

July 29, 2019

Florida Market Reports Multifamily Southeast Southeast Market Reports

Robust Population Growth Drives Apartment Construction in Downtown Miami

by Alex Tostado July 29, 2019

The apartment construction boom continues in Miami as rapid demographic and employment growth foster rental demand. Employers expanded staffs by 25,900 personnel year over year in February, roughly 6,900 more than in the preceding annual period, which has kept the unemployment rate below 4 percent for 12 consecutive months. Hiring during this period was led by the professional and business services sector, due in part to a growing tech sector. The relatively higher salaries in this segment helped boost the median household income 6.8 percent year-over-year in March, among the top five growth rates in the nation. Available employment is helping draw new residents and produce population growth above the national pace. Over the past 12 months, the metro has gained nearly 28,000 residents, generating a strong need for additional housing options, and many are opting to rent. These factors are contributing to robust apartment demand and maintaining minimal rental availability in several submarkets, including Downtown and North Central Miami, despite the increase in deliveries over the past few years. The rise in household income is providing demand for apartments with luxury amenities in walkable urban neighborhoods. During the first quarter of 2019, apartment deliveries remained above the five-year average …

July 29, 2019

Industrial Market Reports Oregon Western Western Market Reports

Talent, Manufacturing Bolster Portland’s Industrial Market

by Taylor Williams July 27, 2019

Strong economic growth on the West Coast from the booming tech industry has benefited Portland’s economy. As a result, considerable employment and population growth, particularly from the Millennial generation, has elevated the industrial market significantly in recent years. According to CBRE, demographic growth and the national shift to online consumption have contributed to a steadily decreasing industrial vacancy rate since 2010, which reached 3.3 percent in early 2019. Demand for industrial space began to pick up speed about five years ago and has since boosted asking rents 45 percent. Build-to-suit construction projects were a growing trend in 2018, delivering more than 2.9 million square feet for existing tenants, the largest developments being the Troutdale Reynolds and Rivergate. To date, 2019 construction has been exclusively speculative with half a million square feet delivered thus far and 41 percent preleased. An additional 1.4 million square feet is under construction and expected to deliver by year-end 2020, none of which is pre-committed. At the same time, demand for industrial space of 100,000 square feet or greater accounts for 20 percent of users in the market. The speculative construction projects delivering during the next 18 months should provide some supply options for users of …

July 27, 2019

Development Mixed-Use North Carolina Southeast

Spectrum, Invesco Break Ground on Mixed-Use Development in Charlotte’s South End

by Alex Tostado July 26, 2019

CHARLOTTE, N.C. — A joint venture between Spectrum Cos. and Invesco Real Estate has broken ground on a mixed-use development that will span five acres in Charlotte’s South End. The project will include two 11-story office buildings, an urban park with event space, restaurants, retail space and a 200-room hotel. The project will be located one block from the Carson light rail stop in South End and two blocks from Uptown. The two office towers will total 577,000 square feet of space and offer a fitness center, conference center and private terraces. LendingTree, an online lending marketplace, will anchor the development, moving its headquarters into 175,000 square feet in the first office building, which is set to be complete in January 2021. Construction on the hotel is expected to begin in summer 2020 and be delivered in late 2021.

July 26, 2019

Acquisitions North Carolina Office Southeast

KBS Sells 300,389 SF Office Tower in Raleigh to Preferred Office Properties

by Alex Tostado July 26, 2019

RALEIGH, N.C. — KBS has sold CapTrust Tower, a 300,389-square-foot office tower in Midtown Raleigh, to Preferred Office Properties. KBS originally bought the tower in 2013 in a joint venture with Kane Realty Corp, which will stay on as a partner with Preferred Office Properties, a subsidiary of Atlanta-based Preferred Apartment Communities. Kane Realty built the tower, which was fully leased at the time of sale to tenants including CapTrust, Wells Fargo, PWC, Wasserman, Insight Global and Kilpatrick Townsend. CapTrust Tower offers nine floors of office space atop a six-story parking garage with a restaurant on the ground level. Patrick Gildea, Will Yowell, Ben Kilgore and Chandler Hawkins of CBRE represented the sellers in the transaction. The sales price was not disclosed.

July 26, 2019

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