FORT WORTH, TEXAS — Greystone has brokered the sale of La Hacienda and Ederville, two apartment properties totaling 313 units in Fort Worth. Both communities are located on the eastern side of the city. Mark Allen of Greystone represented the seller and procured the out-of-state buyer, which will implement a value-add program, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Blackstone Real Estate, a division of private equity behemoth Blackstone Group (NYSE: BX), has agreed to acquire the entire U.S. logistics portfolio of Singapore-based investment manager GLP for approximately $18.7 billion. The portfolio of distribution and fulfillment centers spans roughly 179 million square feet of urban infill space across 36 major markets, nearly doubling New York City-based Blackstone’s volume of U.S. industrial real estate holdings. The sale is expected to close sometime after Labor Day. Blackstone cited a growing demand for e-commerce and the need by retailers to reconfigure their supply chains as the primary driving forced behind the deal. “Logistics is our highest conviction global investment theme today,” says Ken Caplan, global co-head of Blackstone Real Estate. “We look forward to building on our existing portfolio to meet the growing e-commerce demand.” According to the Financial Times, GLP will use proceeds from the sale to return value to shareholders and to reinvest in other U.S. real estate assets. GLP, which has more than $64 billion in real estate and private equity assets under management, first entered the U.S. market in 2015 and quickly became one of the country’s largest owners of industrial real estate. Blackstone has been …
Charlotte’s industrial market continues to see strong momentum in early 2019, and with healthy rates of absorption and rental growth despite record levels of new development, it remains the preferred asset class in the Queen City among institutional investors. Industrial absorption totaled 5.2 million square feet in 2018, according to JLL research, making it the fourth consecutive year that the market has absorbed at least 4 million square feet. The demand for new space is driven in part by the growth of the Carolinas: North and South Carolina both ranked in the top 10 nationally for population growth over the past year, according to the U.S. Census Bureau, and Charlotte is well-situated geographically for distribution facilities that can cover both states. E-commerce, of course, has been another major driver of demand and development. During the fourth quarter, Amazon received construction permits for its fourth and largest distribution center in the Charlotte region, a 2.4-million-square-foot facility that will be located on 100 acres north of Charlotte Douglas International Airport. A separate 1.2 million-square-foot distribution facility for Amazon in nearby Kannapolis is expected to open this year. Industrial development continues to migrate to Charlotte’s surrounding counties, where land is more readily available …
WASHINGTON, D.C. — EJF Capital, Donatelli Development and Blue Skye Development are developing a $95 million, 262-unit mixed-income housing project within an opportunity zone in southeast Washington, D.C. The project is under construction within Hill East, a 67-acre master-planned development. The multifamily component, which has not yet been named, will include an undisclosed number of affordable housing units and 13,000 square feet of retail space. The project is expected to be complete in August 2020. Eagle Bank is providing $59.5 million of construction financing.
BLYTHEWOOD, S.C. — Cushman & Wakefield has arranged the $41 million sale of Enclave Blythewood, a 384-unit multifamily property in Blythewood, about 18 miles north of Columbia, S.C. Southwood Realty/Triangle Real Estate acquired the community and will rename it The Palisades at Blythewood. The property was built in two phases in 2008 and 2015, and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool, business center, dog park, car care center, fitness center and a putting green. Tai Cohen, Watson Bryant and Jordan McCarley of Cushman & Wakefield represented the seller, McCall Capital, in the transaction.
KNOXVILLE, TENN. — Mallory & Evans Partners LLC has acquired the Kern’s Bakery site, an opportunity zone near downtown Knoxville and the University of Tennessee. The Atlanta-based developers plan to transform the area as a mixed-use development that will preserve the historic building to include retail, restaurant, entertainment and office space. A 160-unit multifamily complex and a hotel will also be included in the 16-acre development area. The development will occur in three phases beginning in July and culminating in August 2020. The first phase will be the multifamily component, which will be designed to appeal to young professionals. Phase II will include the restaurants, retail and office space. Kern’s Bakery will comprise 75,000 square feet of space. The third phase will include the hotel. The design team includes Jimmy Ryan of Knoxville’s Johnson as the architect and Fulghum, MacIndoe, and Associates Inc. will provide civil engineering services.
CHARLOTTE, N.C. — Ready Capital has provided a $22.6 million loan for General Assembly, a redevelopment of the longtime home of City North Business Center in Charlotte. The non-recourse, floating rate loan features a 48-month term, one extension option, 36-months of interest only and flexible pre-payment. The site is situated on 8.1 acres in the NoDa-North End submarket of Charlotte and was the longtime home of City North Business Center which was originally built in the 1930s. The borrower, Artesia Real Estate, plans to redevelop the site to include 100,000 square feet of office space and 24,000 square feet of retail and brewery space. The project is slated for completion in late 2020. In addition to the redevelopment, loan proceeds are being used to refinance the acquisition loan. Doug Opalka, Robert Wooten and Cory Fowler of HFF arranged the loan on behalf of the borrower.
MIAMI — FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements with the option of selling the asset or refinancing within the loan term.
NEW BRAUNFELS, TEXAS — Allied Orion Group has broken ground on The Retreat at Creekside, a 281-unit multifamily community in New Braunfels, located northeast of San Antonio. Designed by Steinberg Dickery Collaborative LLP, the property will be located within the 400-acre Creekside Town Center master-planned development. Floor plans range from one- to three-bedroom apartments that offer between 722 and 1,440 square feet of living space. Units will feature granite countertops, stainless steel appliances and private balconies or patios. Amenities will include a pool, outdoor grilling areas, a fitness center, resident clubhouse with a cyber lounge and a dog park. The opening is slated for December 2020.
PLANO, TEXAS — Dallas-based development and management firm Cawley Partners will develop a 300,000-square-foot speculative office building at The Campus at Legacy West, a 105-acre mixed-use development in Plano. Designed by Morrison Dillworth + Walls, the 15-story property will be situated at 6333 Legacy Drive at the main entrance to the Legacy West. Amenities will include a fitness center, restaurant, bar and a conference center. Avison Young will handle leasing of the building. A construction timeline has not yet been released.