Property Type

Interra Negotiates $3.7M Condo Deconversion Sale in Evanston, Illinois

by Kristin Harlow October 1, 2018

EVANSTON, ILL. — Interra Realty has negotiated the $3.7 million deconversion sale of 122-130 Callan Ave. in Evanston. The undisclosed buyer plans to convert the building’s 25 condominiums back into apartment rental units. Built in 1923, the building includes 13 two-bedroom units and 12 one-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented both the buyer and the sellers, Evanstonian Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

October 1, 2018

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers $1.7M Sale of Industrial Building in New Berlin, Wisconsin

by Kristin Harlow October 1, 2018

NEW BERLIN, WIS. — Founders 3 Real Estate Services has brokered the sale of Western Racquet Club’s 58,320-square-foot industrial building in New Berlin for $1.7 million. An affiliate of Milwaukee investor LCM Funds Real Estate LLC purchased the property with plans to renovate and re-lease the building. UNITS Moving and Portable Storage will partially occupy the facility. Brett Deter of Founders 3 represented the buyer and lessee.

October 1, 2018

Acquisitions California Industrial Top Stories Western

RAF Pacifica Group Sells 1 MSF Industrial Portfolio in Metro San Diego for $170M

by Taylor Williams October 1, 2018

CARLSBAD, VISTA, SAN MARCOS AND TEMECULA, CALIF. — RAF Pacifica Group has completed the disposition of a 12-asset industrial portfolio in San Diego County. An undisclosed buyer acquired the properties for $170 million. Totaling more than 1 million square feet, the portfolio consists of institutional-quality assets in the southern California cities of Carlsbad (3261, 3266 and 3193 Lionshead Ave. and 2281 Las Palmas); Vista (1125 Joshua Way, 1385 Park Center Drive, 2641 and 2651 La Mirada Drive); San Marcos (120 Mata Way, 195 Bosstick Blvd., and 2946, 2950 and 2954 Norman Strasse Road); and Temecula (26201 Ynez Road and 42259 Rio Nedo Road). The Class A properties feature highly efficient warehouse designs and loading capabilities, low office build-out percentages, expansive clear heights and strategic layouts for parking, loading and truck traffic flow. Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the transaction. “The RAF portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed, state-of-the-art projects,” said Starck. “Each asset is strategically positioned in sought-after locations characterized by superior access to freeways, amenities, airports and residential communities.” According to Starck, the deal …

October 1, 2018

Industrial Market Reports Maryland Southeast Southeast Market Reports

After Record-Setting 2017, Baltimore Looks to Extend Its ‘Industrial Revolution’

by John Nelson October 1, 2018

The greater Baltimore metropolitan region achieved positive absorption of more than 6 million square feet of warehouse and industrial space in 2017, smashing the previous record by several million square feet and triggering yet another wave of speculative development activity. While on the surface there seems to be no end in sight to this unprecedented level of activity as we cross the midway point of 2018, there does exist several warning signs that are worth monitoring. But, who wants to dwell on anything remotely negative, when experiencing a seemingly end-less supply of 600,000-square-foot requirements? A Major Industrial Market The Baltimore-Washington, D.C. region is considered the fourth largest MSA in the country with more than 10 million people in the Combined Statistical Area. Several major seaports are within close proximity, approximately one-third of all consumers residing in the United States can be accessed within a one-day truck drive and developable land is still avail-able, although an increasing number of projects involve the demolition of unusable product to make way for the modern variety. Local fundamentals mirror conditions found in “white-hot” sections of the country, including the Inland Empire in Southern California, Northern New Jersey and sections in Pennsylvania where Interstates 81 …

October 1, 2018

Loans Mixed-Use Texas

Mission Capital Arranges $29.4M Construction Loan for Mixed-Use Project in Austin

by Taylor Williams September 28, 2018

AUSTIN, TEXAS — Mission Capital has arranged a $29.4 million loan for the construction of 1600 S. 1st St., an 86,700-square-foot mixed-use project that will be located in the Bouldin neighborhood of Austin. Upon completion, the project will feature 59 residential units, 22,800 square feet of ground-floor commercial space and a 321-space parking garage. Jason Parker, Steven Buchwald and Jamie Matheny of Mission Capital arranged the non-recourse loan through a local debt fund on behalf of the developer, Austin-based PSW Real Estate LLC. A timeline for groundbreaking and completion has not yet been established.

September 28, 2018

Acquisitions Multifamily Texas

Keener Investments Acquires 272-Unit Multifamily Asset in Texas City

by Taylor Williams September 28, 2018

TEXAS CITY, TEXAS — Houston-based Keener Investments has acquired The Breakers, a 272-unit apartment property in Texas City, located about 45 miles southeast of Houston. The garden-style property was built in 1983 and features a pool, fitness and business centers, a lakeside jogging trail and private fishing piers. Keener, which acquired the property from an undisclosed seller, will renovate the community’s amenity spaces and unit interiors. Warren Hitchcock of NorthMarq Capital arranged a five-year acquisition loan on behalf of Keener Investments that featured an 80 percent loan-to-cost ratio.

September 28, 2018

Loans Multifamily Texas

Berkadia Provides $21.7M Freddie Mac Acquisition Loan for Apartment Community in Midland

by Taylor Williams September 28, 2018

MIDLAND, TEXAS — Berkadia has provided a $21.7 million Freddie Mac acquisition loan for Anatole on Briarwood, a 250-unit apartment community in Midland. Built in 2014, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, coffee bar and TV lounge. Tucker Knight and Nicholas Murphy of Berkadia arranged the loan, which includes a fixed interest rate and five years of interest-only payments, on behalf of the buyer, Fort Worth-based Olympus Property. The seller was not disclosed.

September 28, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 35,058 SF Self-Storage Facility in El Paso

by Taylor Williams September 28, 2018

EL PASO, TEXAS — Marcus & Millichap has brokered the sale of Cottonwood Self Storage, a 35,058-square-foot, facility located at 12500 Pellicano Drive on the eastern side of El Paso. A private investor purchased the newly built, 207-unit property from a limited liability company, both of which requested anonymity. Jon Danklefs of Marcus & Millichap brokered the deal on behalf of both parties.

September 28, 2018

Affordable Housing Development Multifamily Texas

Fort Construction Breaks Ground on $19M Affordable Housing Project in Fort Worth

by Taylor Williams September 28, 2018

FORT WORTH, TEXAS — General contractor and design/build firm Fort Construction has broken ground on Vineyard on Lancaster, a 104-unit affordable housing project in Fort Worth. The development costs will total approximately $19 million, according to The Fort Worth Star-Telegram. The builder has partnered with Union Gospel Mission of Tarrant County for the project, which is aiming to begin leasing units by December.

September 28, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $32.5M Sale of Multifamily Community in New Jersey

by David Cohen September 28, 2018

BRIDGEWATER, N.J. — Gebroe-Hammer Associates has negotiated the $32.5 million sale of Woodmont Square Apartments, a 100-unit multifamily community in Bridgewater. The market-rate apartment community was built in 2012 and is located at 100 Bellis Court. Amenities include a clubhouse, fitness center, game room, business center, basketball court and picnic area. Greg Pine, Stephen Tragash and Eli Herskowitz of Gebroe Hammer represented the seller, Woodmont Properties at Bridgewater LLC, in the transaction. The buyer was undisclosed.

September 28, 2018

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