Property Type

Joint Venture Revives Toys ‘R’ Us Brand, to Open Two New Stores Before Christmas

by Jeff Shaw July 19, 2019

PARSIPPANY, N.J., AND SAN FRANCISCO — One of the recently fallen retail giants is poised to make a return less than two years after its demise. Tru Kids Brands, the Parsippany-based parent company of Toys ‘R’ Us, and b8ta, a San Francisco-based experiential retail firm, have announced plans to bring back Toys ‘R’ Us stores to the United States. The retailer announced in March 2018 that it was declaring bankruptcy and would start an “orderly wind down” and close its 735 remaining stores. Now, 16 months later, the Tru Kids-b8ta joint venture is hoping to bring the 71-year-old brand back with more small-format, experience-based retail spaces. Plans call for the first two stores — located in The Galleria in Houston and Westfield Garden State Plaza in Paramus, New Jersey — to open before the holiday season. “With a 70-year heritage, the Toys ‘R’ Us brand is beloved by kids and families around the world, and continues to play a leading role in the hearts and minds of today’s consumers,” says Richard Barry, CEO of Tru Kids Brands and interim co-CEO of the new Toys ‘R’ Us joint venture. “We have an incredible opportunity to entirely reimagine the Toys ‘R’ Us …

July 19, 2019

Market Reports Multifamily Texas Texas Market Reports

Houston Multifamily Occupancy, Rent Growth Return to Normal After Setbacks

by Taylor Williams July 19, 2019

Houston’s multifamily market has endured battles from all fronts in recent years: the oil slump, hurricanes, flooding, overbuilding in select submarkets, sluggish rent growth of late and lavish concessions to new renters that have been mainstays during this period. But the market now appears to be moving in the right direction with a sense of normalcy. From late 2014, when the oil downturn began, through the price bottoming in early 2016, Houston’s energy economy consistently made headlines across the nation’s publications. Each article claimed that at lower oil prices, the city’s over-reliance on energy would shut off job creation and growth. Yet this period also provided an opportunity to illuminate the incredible diversity within the greater Houston economy. Up until the oil downturn, the city’s diversity had been theoretical and unproven; now, along with the city’s resilience, it is indelible. Expanded activity at Port Houston, particularly in terms of manufacturing, in addition to plastics and petrochemicals, has propelled Houston’s job growth. The same applies to the market’s emerging role as a logistics hub and the expansion of the Texas Medical Center and regional healthcare providers, as well as strong growth in financial services and construction sectors. All told, the metro …

July 19, 2019

Market Reports Multifamily Oregon Western Western Market Reports

Red Tape, Legislation Tie Up Portland’s Multifamily Market

by Taylor Williams July 19, 2019

The population in the Greater Portland metro grew by more than 80,000 between 2016 and 2019, while the total number of all housing units permitted was 31,538, according to the Census Bureau. This ongoing housing shortage both inside and outside Portland city limits is expected to keep property values and rents growing as demand continues to outpace supply for the foreseeable future. Since 2015, there has been an increase in the vacancy rate as thousands of new apartments have been added and absorbed. Rent and other concessions that grew during 2018 have decreased in close-in Portland, East Vancouver and Oregon City. They have increased, however, in neighborhoods where new units were delivered. After experiencing flat rents two years ago, rent increases averaged 3.7 percent between April 2018 and 2019, according to the Multifamily NW Apartment Report. Portland saw an overall transaction volume increase with a total of 38 institutional transactions in 2018. Properties valued at less than $10 million experienced only a slight increase in transactions between 2017 and 2018. Oregon also became the first to adopt statewide rent control on Feb. 28, 2019. Rent increases are capped at 7 percent plus inflation annually. No-cause evictions are limited. The Portland …

July 19, 2019

Acquisitions Georgia Retail Southeast

Jamestown Acquires The Shops Buckhead Atlanta

by Alex Tostado July 18, 2019

ATLANTA — Jamestown has acquired The Shops Buckhead Atlanta, a 355,646-square-foot retail and office property in Atlanta’s Buckhead district. Situated along Peachtree Road and bounded by Pharr Road and Buckhead Avenue, The Shops Buckhead Atlanta is home to international retail brands such as Hermès and Tom Ford, as well as restaurants, entertainment and fitness tenants. The office space is fully leased to two tenants, Spanx’s global headquarters and No18, the first U.S. coworking location. Additionally, the property includes two prime development sites totaling 2.7 acres. OliverMcMillan developed the upscale, six-block property in 2014. In 2018, Brookfield Residential purchased OliverMcMillan and certain assets in its portfolio, which did not include Shops Buckhead Atlanta. Richard Reid, Trey Morsbach, Barry Brown, Jim Hamilton and Mike Allison of JLL represented the seller, an institutional joint venture, in the transaction. Atlanta-based Jamestown, which developed Ponce City Market and Manhattan’s Chelsea Market, will host a series of town hall meetings in the coming weeks that will be open to the community.

July 18, 2019

Development Florida Loans Multifamily Southeast

Madison Realty Capital Provides $225M Construction Loan for Residential High-Rise in Boca Raton

by Alex Tostado July 18, 2019

BOCA RATON, FLA. — Madison Realty Capital has provided a $225 million loan for The Residences at Mandarin Oriental, a planned 12-story, 580,00-square-foot condominium tower in Boca Raton. The borrower, owner and developer Penn-Florida Cos., is developing the project within Via Mizner, a $1 billion, 2 million-square-foot mixed-use project. Penn-Florida broke ground on The Residences several months ago, along with the connected 164-room Mandarin Oriental Hotel. The hotel and condos are joined by an underground parking tunnel as well as an upper-level bridge. In addition to the hotel and condo components, Via Mizner will include a 366-unit apartment building and the 60,000-square-foot The Shoppes at Via Mizner. Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower.

July 18, 2019

Acquisitions North Carolina Office Southeast

Joint Venture Completes Value-Add Strategy for Charlotte Office Campus, Sells for $63M

by Alex Tostado July 18, 2019

CHARLOTTE, N.C. — A joint venture between Atlantic Creek Real Estate Partners, Origin Investments and Stream Realty has sold Cambridge Corporate Center, a 349,815-square-foot office campus in Charlotte, for $63 million. Lakestar Properties acquired the 50-acre campus for $180 per square foot. The joint venture acquired the property in 2014 for $44 million with a value-add strategy in place. Upgrades included adding 33,000 square feet of rentable office space; a two-story, 452-space parking deck; and a new security camera system. The joint venture purchased the property when it was 81 percent leased. Since then, Red Ventures signed a 10-year, 97,66-square-foot lease that brought occupancy up to 96 percent, where it stood at the time of the sale. Duke Energy and General Motors also signed lease renewals totaling 126,000 square feet with rate increases. Rob Cochran, Jared Londry, Nolan Ashton, David Meline and Samir Idris of Cushman & Wakefield, along with Mark DeLillo and Craig Callaway of BlueGate Partners, represented the seller in the transaction.

July 18, 2019

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $49M Sale of Whole Foods-Anchored Shopping Center in Southwest Florida

by Alex Tostado July 18, 2019

FORT MYERS, FLA. — Cushman & Wakefield has arranged the $49 million sale of Daniels Marketplace, a 106,739-square-foot shopping center in Fort Myers. The site, situated at 6891 Daniels Parkway, was fully leased at the time of the sale to tenants including Whole Foods Market, a salon, dentist, Pilates gym, dry cleaner, pet hospital and several fast-casual restaurants such as Mellow Mushroom and Panera Bread. There are also future development opportunities at the property. Fain Hicks, Mark Gilbert, Lane Breedlove, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. The Cushman & Wakefield team of Mike Ryan, Brian Linnihan and Richard Henry arranged acquisition financing on behalf of the buyer, AEW Capital Management.

July 18, 2019

Development Mixed-Use Texas

i3 Interests Breaks Ground on 24-Acre Mixed-Use Project in Metro Houston

by Taylor Williams July 18, 2019

CYPRESS, TEXAS — i3 Interests, an investment and development firm active in Louisiana, Texas and Florida, has broken ground on Telge Crossing, a mixed-use project that will be situated on 24 acres in the Houston suburb of Cypress. Project plans currently call for 15,000 square feet of retail space, 12,000 square feet of medical office space, several pad sites and a 303-unit apartment community. EDGE Realty is marketing the retail component of the project for lease, and Transwestern has been tapped to lease the medical office building. Arch-Con Corp. is the general contractor for the retail and medical office components, and Identity Architects is handling design. Domain Builders is handling the multifamily component, with W Partnership providing design services.

July 18, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 176-Unit Apartment Community in Beaumont

by Taylor Williams July 18, 2019

BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Sienna Apartment Homes, a 176-unit multifamily community located in the East Texas city of Beaumont. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, resident clubhouse and a conference room. Kent Myers of Marcus & Millichap represented the seller, a regional developer, in the transaction. Myers also procured the buyer, a limited liability company. Both parties requested anonymity.

July 18, 2019

Leasing Activity Office Texas

NKF Negotiates 108,000 SF Office Lease Renewal in Houston’s Westchase Area

by Taylor Williams July 18, 2019

HOUSTON — Newmark Knight Frank (NKF) has negotiated a 108,000-square-foot office lease renewal at 3010 Briarpark Drive in Houston for Empyrean Benefit Solutions Inc., which is headquartered at the building. The nine-story, Class A property is located in the Westchase neighborhood. David Husid of NKF represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

July 18, 2019

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