Property Type

CBRE Negotiates Sale of 885,000 SF Retail Portfolio in Metro Dallas, Houston

by Taylor Williams October 11, 2018

MCKINNEY, MISSOURI CITY AND LEAGUE CITY, TEXAS — CBRE has negotiated the sale of a three-property retail portfolio located on the outskirts of Dallas and Houston. Combined, McKinney Towne Crossing in metro Dallas, and Riverstone Shopping Center and Victory Lakes Town Center in metro Houston, feature more than 885,000 square feet of Class A retail space. Chris Gerard, Mark Witcher and Blaine Dozier of CBRE represented the seller, Chicago-based InvenTrust Properties, in the transaction. Houston-based Fidelis Realty Partners purchased the assets for an undisclosed price. The portfolio was 94 percent leased at the time of sale.

October 11, 2018

General-Services-Administration-Irving-Texas

Civic Development Office Texas

Trammell Crow Breaks Ground on 259,947 SF Office, Administrative Building in Irving

by Taylor Williams October 11, 2018

IRVING, TEXAS — Trammell Crow Co. has broken ground on a 259,947-square-foot office and administrative building in Irving to house the U.S. Citizenship and Immigration Services’ Texas Service Center. Situated on 27 acres, the build-to-suit property is expected to be complete by early 2020. Gensler is the project architect and Manhattan Construction Co. is the general contractor. JPMorgan Chase provided project financing.

October 11, 2018

Acquisitions Industrial Texas

Finial Group Acquires 85,033 SF Industrial Facility in Dallas

by Taylor Williams October 11, 2018

DALLAS — Full-service real estate firm Finial Group has acquired Westmoreland Business Center, an 85,033-square-foot light industrial facility in Dallas. The property offers convenient access to several thoroughfares, including Interstate 20. Finial Group will continue to lease and manage the property. The seller was not disclosed.

October 11, 2018

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 96-Room Hotel in Houston

by Taylor Williams October 11, 2018

HOUSTON — Marcus & Millichap has brokered the sale of Ramada Houston Intercontinental Airport South, a 96-room hotel located about four miles from George Bush Intercontinental Airport in Houston. Lisa Hankamer, Andrew Frosch, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Miller and Gomes also procured the buyer, a Dallas-based limited liability company. Other terms of sale were not disclosed.

October 11, 2018

Conference Coverage Features Retail

InterFace Keynote Address: Panic Over E-Commerce’s Effect on Retail Real Estate is Full of Myths

by Jeff Shaw October 11, 2018

NEW YORK CITY — News headlines such as “Retail Is Dead” have painted a picture of desolation and destruction for the current state of retail real estate in the United States. However, while e-commerce “is the most discussed, it’s also the most misunderstood,” according to Melina Cordero, global head of retail research for CBRE. Cordero’s remarks came during her keynote address at the InterFace Net Lease conference held on Wednesday, Oct. 3. The ninth annual event drew 265 real estate professionals to the New York City Bar Association. Cordero listed a series of myths about retail and e-commerce that lead to apocalyptic headlines that she says are simply not accurate. Myth 1: E-Commerce is Taking Over To illustrate her point, Cordero displayed a chart tracking growth, showing e-commerce outpacing in-store sales. However, when the actual sale totals rather than growth percentages are compared, only 10 percent of retail sales are online. Furthermore, 50 percent of online retail sales go to companies with a brick-and-mortar presence. “Less than 4 to 5 percent of total retail sales are going to online-only players. This is a very different picture than what we’re usually presented,” said Cordero. She cited specific retailers who, while known …

October 11, 2018

Acquisitions Georgia Multifamily Southeast Top Stories

Cortland Acquires 531-Unit Multifamily Community at The Battery Atlanta for $156M

by Katie Sloan October 11, 2018

ATLANTA — Cortland has acquired Home at The Battery Atlanta, a 531-unit multifamily community, from a joint venture between Braves Development Co. (BDC) and Pollack Shores for $156 million. Walker & Dunlop brokered the transaction. The three-building property — to be renamed Cortland at the Battery Atlanta — offers 328 one-bedroom units, 195 two-bedroom units and eight three-bedroom units. The apartments were 92 percent occupied at the time of sale. Each building offers a range of shared amenities including swimming pools; a rooftop lounge and bar; an entertainment center with billiards, shuffleboard and an open kitchen; a poolside fitness center with cardio, CrossFit and yoga components; and a cyber café. The community opened in 2017 as part of The Battery Atlanta, a 1.5 million-square-foot mixed-use development surrounding SunTrust Park, home ballpark of the Atlanta Braves. The master-planned development features residential, retail, office and entertainment space. “We are pleased to add Cortland to The Battery Atlanta with their strong market leadership,” says Mike Plant, president and CEO of BDC. “This is an exciting next step in our master-planned development process by selling our residential component.” Cortland, an Atlanta-based multifamily real estate investment firm, owns and manages 140 communities in the United …

October 11, 2018

Illinois Market Reports Midwest Midwest Market Reports Office

Chicago’s Office Market: the Dichotomy Between Large and Small Law Firms

by Kristin Harlow October 11, 2018

Over the past four years, Chicago’s legal sector has accounted for almost 750,000 square feet of negative net absorption despite a robust economy keeping demand for legal services of all types strong. While much has been written about large law firms shedding space as they reconfigure their offices with open floor plans that appeal to millennial and Generation Z talent, not all are following the same course of action. Finding the right size At one end of the spectrum, many large law firms are electing to relocate to ultra-efficient trophy towers, justifying the exorbitant construction costs and rent increases associated with building out new space in Class A+ towers by shedding enormous amounts of space from their footprints. Of the four firms larger than 100,000 square feet that have elected to reduce their space when relocating to newly constructed towers since 2015, all have been able to shed roughly 35.5 percent of their prior footprints on average, with some firms achieving even greater reductions. For example, Holland & Knight attained a 45 percent space reduction in its recently announced move from 105,000 square feet at Citadel Center to 57,000 square feet at 150 North Riverside. There are also many large …

October 11, 2018

Acquisitions Maryland Multifamily Southeast

AvalonBay Buys Apartment Community in Metro D.C. for $83M

by Amy Works October 10, 2018

LINTHICUM HEIGHTS, MD. — AvalonBay Communities has purchased Alexan Concorde, a multifamily property located at 811 Concorde Circle in Linthicum Heights, about 34 miles northeast of Washington, D.C. A joint venture between Trammell Crow Residential and an affiliate of Western & Southern Financial Group sold the asset for $83 million. Situated adjacent to Baltimore-Washington International Airport and less than one mile from the Baltimore-Washington Parkway, the property features 310 luxury apartment units in a mix of studio, one-, two- and three-bedroom layouts, averaging 973 square feet. Spread across five elevator-serviced buildings, Alexan Concorde’s units include stainless steel appliances, granite countertops, chef islands, hardwood-style flooring, designer lighting packages, keyless entry and walk-in closets. On-site community amenities include a resort-style pool with a fire pit and grilling stations; a clubhouse with shuffleboard, billiards, outdoor ping-pong and multiple high-definition TVs; a community kitchen and workspace; an oversized fitness area with CrossFit gym and adjoining children’s mini-club; and a dog run. Walker Coker and Brian Crivella of HFF represented the seller in the deal.

October 10, 2018

Development Multifamily North Carolina Southeast Student Housing

Preiss Opens 425-Bed Student Housing Community Near East Carolina University

by Amy Works October 10, 2018

GREENVILLE, N.C. — The Preiss Co. has opened The Eastern on 10th, a 425-bed student housing community located near East Carolina University (ECU) at 2301 E. 10th St. in downtown Greenville. The ground-up, garden-style development offers studio, one-, two- and three-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, an outdoor lounge with cabanas, grilling and picnic stations, a 24-hour clubhouse and fitness center, private study rooms, a cybercafé, self-serve coffee bar and a 438-space parking lot. Preiss Co. will manage The Eastern on 10th, bringing the company’s management portfolio to 3,342 beds in the ECU market alone.

October 10, 2018

Acquisitions Mississippi Multifamily Southeast

Berkadia Negotiates Sale of 144-Unit Multifamily Property in Metro Memphis

by Amy Works October 10, 2018

HORN LAKE, MISS. — Berkadia has arranged the sale of Mallard Creek Apartments, a multifamily community located at 7197 Mallard Creek Drive in Horn Lake, a Mississippi town situated 20 miles south of Memphis. Memphis-based WI Memphis acquired the property from North Kansas City, Mo.-based Maxus Realty Trust for an undisclosed price. Built in 1998, the property features 144 units in a mix of one-, two- and three-bedroom floorplans, all equipped with modern kitchens with white appliances, faux-wood flooring, washer/dryer hookups, patios or balconies, carpeting, walk-in closets and large bathrooms with a soaking tub. Communities amenities includes a swimming pool, professional landscaping and a playground. Patrick Jordan, Michael Sullivan, David Oakley and Alex Blagojevich of Berkadia represented the seller in the deal. The transaction included the assumption of a HUD 223(a)(7) loan.

October 10, 2018

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