Property Type

Brooks-Corner-Shopping-Center-San-Antonio

REATA, Stonefield Acquire 173,041 SF Shopping Center in San Antonio

by Taylor Williams April 10, 2019

SAN ANTONIO — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located at the northwest quadrant of SE Military Drive and Interstate 37 in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. The new ownership will also assume leasing and management of the center.

April 10, 2019

Development Industrial Self-Storage Texas

Jenkins Organization to Develop 728-Unit Self-Storage Facility in Austin

by Taylor Williams April 10, 2019

AUSTIN, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage properties, will build a 728-unit facility in the Oak Hill neighborhood of Austin. The company recently closed on the land for the 123,000-square-foot facility and expects to complete the project by September of this year. The facility will offer both climate- and non-climate-controlled units, as well as covered loading zones, gated security entry and electronic security monitoring throughout.

April 10, 2019

Acquisitions Retail Texas

HFF Negotiates Sale of 136,553 SF Retail Center in Metro San Antonio

by Taylor Williams April 10, 2019

LIVE OAK, TEXAS — HFF has negotiated the sale of Gateway Plaza, a 136,553-square-foot retail center located along Loop 1604 in the northeastern San Antonio suburb of Live Oak. Anchored by Burlington, the property was 98 percent leased at the time of sale to tenants such as Goodwill, Laser Legend, Furniture Now and Great Clips. John Taylor, Drew Fuller, Josh Villarreal and Kyle Shaffer of HFF marketed the property on behalf of the seller, Los Angeles-based private investment firm Tryperion Partners, in the transaction. The buyer was San Antonio-based Nooner Holdings.

April 10, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 228-Unit Apartment Community in Arlington

by Taylor Williams April 10, 2019

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Aspen Woods, a 228-unit apartment community in Arlington. Built in 1976, the property, which has since been rebranded as The District on Collins, primarily offers two- and three-bedroom floor plans with units averaging about 850 square feet. Amenities include a pool, outdoor grilling area, a clubhouse and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based investment firm that will implement a multimillion-dollar renovation program.

April 10, 2019

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Multifamily Demand Stays Strong in Northern New Jersey

by David Cohen April 10, 2019

Rising costs of  homeownership and the lack of SALT deductions on federal income tax returns will help maintain the strong demand for apartments in Northern New Jersey. We are seeing an increase in construction activity as municipalities settle their affordable housing lawsuits with developers and long-awaited projects, especially those located along major public transportation hubs, are completed. In Jersey City and Hoboken, these new projects are placing upward pressure on Class A vacancy as they take time to lease. We see an increase in more concessions being offered, which will dampen the appreciation of monthly rates. This could impact the upgraded Class B buildings, which find themselves battling for renters with recent finished projects and more affordable options that can be found inland. In areas west of the Gold Coast, we see continued higher occupancy rates with many landlords reporting well under 30 day turnover rates, unless major renovations are needed. Outside of Hudson County, the overall vacancy factor trends between 2 and 3 percent allowing for increased revenue, according to research from Marcus & Millichap. Landlords in strict rent control markets are faced with the decision of either renovating to increase rents via capital improvement programs or take advantage …

April 10, 2019

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Port-Driven Industrial Demand Remains Strong in New Jersey

by David Cohen April 10, 2019

The strength of the New Jersey industrial market continues to evidence itself through consistent demand, rising rental rates and record low vacancy rates across the region. Much of the recent success has been the result of e-commerce growth and expansion among distribution and light manufacturing businesses looking to tap into the market’s port, air cargo, and major transportation networks. While developers have been working to bring new inventory to the market, the new space is being absorbed quickly, leaving tenants with limited options for space. The New Jersey industrial market has seen significant demand for the past 20 quarters and a steady, often rapid, rate of absorption. The market saw 13.6 million square feet of absorption in 2018, according to research from Avison Young. The epitome of this market expansion trend and the most obvious to investors is the activity along the New Jersey Turnpike, from Exit 8A where the market was at a staggering 1 percent vacancy rate at the end of 2018 up to the Exit 10 Edison Market, where rents may soon reach $9 per square foot net. Notable Deals A little farther north into the Carteret /Avenel and Linden/Elizabeth markets much of the activity is focused …

April 10, 2019

Leasing Activity Office Top Stories Washington Western

Dropbox Signs 120,886 SF Lease at Spec Office Tower Under Construction in Seattle

by Kristin Harlow April 10, 2019

SEATTLE — Dropbox Inc. has leased four floors totaling 120,886 square feet at a speculative office tower currently under construction in Seattle’s central business district. Skanska is developing the 38-story building, known as 2+U. Dropbox, a San Francisco-based file storage and sharing company, is expected to occupy the space at 2+U in late 2020. With this new signing, 2+U is now 60 percent leased. Other tenants joining Dropbox include Indeed.com and coworking firm Spaces. The 686,000-square-foot tower is scheduled for completion this summer. Located at the corner of Second Avenue and University Street, the development is adjacent to the Seattle Art Museum and Benaroya Hall. The property is lifted 85 feet off the ground in order to create an outdoor “urban village” underneath the building. The village area will include nearly a half-acre of open space with 17,000 square feet of retail and arts space. Floor plates at 2+U will range from 18,000 to 30,000 square feet. In addition to a rooftop deck, tenants will enjoy unobstructed views of the Puget Sound and Olympic Mountains. Dropbox currently occupies space at the Columbia Center in the city. “We’re thrilled to expand in Seattle,” says Greg Conklin, engineering director and Seattle site …

April 10, 2019

Loans Multifamily Texas

Mason Joseph Closes $34.1M HUD Construction Loan for Austin Apartment Project

by Taylor Williams April 9, 2019

AUSTIN, TEXAS — Mason Joseph Co. Inc., a San Antonio-based multifamily lender, has closed $34.1 million in construction and permanent financing for Nexus at Goodnight Ranch, a 294-unit apartment project in Austin. Mason Joseph secured the nonrecourse loan through HUD’s 221(d)(4) program, the multifamily industry’s highest-leverage, lowest-cost FHA financing option. The loan, which was arranged on behalf of the developer, privately held multifamily firm Artisan American Corp., also carries an interest rate that is fixed for the initial 21-month construction period and the subsequent 40-year term. Hudson Construction Co. is serving as general contractor for the garden-style project, which will feature Class A furnishings and amenities.

April 9, 2019

Acquisitions Multifamily Texas

JLL Brokers Sale of 240-Unit Apartment Community in San Marcos, Texas

by Taylor Williams April 9, 2019

SAN MARCOS, TEXAS — JLL has brokered the sale of 1271 San Marcos, a 240-unit apartment community located approximately 32 miles south of downtown Austin. The recently built, 11-acre property consists of eight three-story apartment buildings, a resort-style pool, two outdoor grilling stations, a fitness center, outdoor entertainment pavilion and a dog park. Greg Austin and Scott LaMontagne of JLL represented the sellers, Covenant Development and Parkcrest Builders LLC, in the transaction. The buyer was Oregon-based Hayden Properties LLC.

April 9, 2019

Leasing Activity Office Texas

Madison Marquette Negotiates 95,883 SF of Office Leases at Bank of America Center in Downtown Houston

by Taylor Williams April 9, 2019

HOUSTON — Madison Marquette has negotiated 95,883 square feet of lease transactions at Bank of America Center, located at 700 Louisiana St. in downtown Houston. Deal highlights include international law firm Kilpatrick Townsend & Stockton LLP leasing 17,519 square feet; asset management firm Carlson Capital LP renewing its 8,774-square-foot lease; and financial services provider BMO Capital Markets Corp. renewing its 30,275-square-foot lease and taking an additional 7,065 square feet of space. John Spafford and Madeline Gregory represented the landlord, Houston-based M-M Properties, in the lease negotiations.

April 9, 2019

Newer Posts

Older Posts