Property Type

Goldman Sachs Acquires 370-Unit Apartment Community in Metro Houston

by Taylor Williams February 28, 2019

PEARLAND, TEXAS — Goldman Sachs Asset Management (GSAM) Private Real Estate has acquired Retreat at Shadow Creek Ranch, a 370-unit multifamily community located in the southwestern Houston suburb of Pearland. Built in 2013, the property is situated near Texas Medical Center and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, game room, media room, dog park and a playground. GSAM plans to implement a value-add program to upgrade unit interior’s kitchens and bathrooms, as well as the property’s common areas. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Inland Private Capital Corp., in the transaction.

February 28, 2019

Loans Multifamily Texas

NorthMarq Arranges Acquisition Financing for Two Multifamily Assets Totaling 312 Units Near Houston

by Taylor Williams February 28, 2019

LEAGUE CITY, TEXAS — NorthMarq Capital has arranged acquisition financing for Harbor Walk and The Shore, two multifamily properties totaling 312 units in the southeastern Houston suburb of League City. The balance sheet loan, which was provided by a balance sheet lender, featured a five-year term and interest-only payments. Warren Hitchcock of NorthMarq arranged the financing on behalf of the undisclosed, Houston-based borrower.

February 28, 2019

Acquisitions Multifamily Texas

TriArc Properties Buys 112-Unit Apartment Property in North Houston

by Taylor Williams February 28, 2019

HOUSTON — Local investment firm TriArc Properties has purchased Smart Living at Stuebner Airline, a 112-unit apartment property in north Houston. Built in 2015, the community features one- and two-bedroom units and amenities such as a fitness center, resident clubhouse, business center and an outdoor grilling area. Cortney Cole of HFF placed a five-year, floating-rate acquisition loan through Veritex Community Bank on behalf of TriArc Properties.

February 28, 2019

Acquisitions Retail Texas

EDGE Realty Negotiates Sale of 15,605 SF Retail Center in Houston

by Taylor Williams February 28, 2019

HOUSTON — EDGE Realty Capital Markets has negotiated the sale of I-10 & Haden Shopping Center, a 15,605-square-foot retail center located at 13740 East Freeway in Houston. The center was fully leased at the time of sale to tenants such as Verizon Wireless and Batteries + Bulbs. Burdette Huffman and Josh Jacobs of EDGE Realty represented the seller, I-10 & Haden Ltd., in the transaction. Nathan Wang of Citadel Venture Holdings represented the buyer, SBTC Properties LLC.

February 28, 2019

Acquisitions Florida Industrial North Carolina South Carolina Southeast Top Stories

Graham Commercial Properties Acquires 16 Distribution Centers in Southeast for $194M

by Alex Tostado February 28, 2019

BIRMINGHAM, ALA. — Graham Commercial Properties (GCP) has acquired a distribution center portfolio that encompasses 16 facilities, 2.7 million square feet and three states in the Southeast for $194 million. The assets are located in Spartanburg, S.C.; Charlotte and Winston-Salem, N.C.; and Tampa and Orlando, Fla. The exact locations were not disclosed, but a press release stated the properties average 170,000 square feet and are situated near interstates, airports, rail and both inland and sea ports. The portfolio was 98 percent leased at the time of the sale and the portfolio has a combined 1.5 million square feet of expansion and development capabilities, according to Birmingham, Ala.-based GCP. “The Southeast distribution portfolio improves GCP’s overall portfolio in every category: quality of tenants, building metrics, geography and lease rollover,” says Taylor Graham, vice president of investments for GCP. “We are excited to increase our holdings in the Carolinas to over 30 percent of the total portfolio.” CBRE represented the privately owned buyer in the transaction. The seller was not disclosed. Wells Fargo provided acquisition financing. GCP’s portfolio now spans 11.7 million square feet across Alabama, Georgia, Florida and North and South Carolina. — Alex Tostado

February 28, 2019

California Features Multifamily Walker & Dunlop Western Western Feature Archive

Expect Multifamily Debt Market to Grow Overall in 2019, Says Walker & Dunlop’s Jeff Burns

by Taylor Williams February 28, 2019

SAN DIEGO — While agency volume may decrease slightly in 2019 due to tougher energy conservation standards in green lending programs offered by Fannie Mae and Freddie Mac, the multifamily debt market overall is expected to grow this year, according to a veteran mortgage banker. Jeff Burns, managing director at Walker & Dunlop’s Walnut Creek, Calif., office, spoke to REBusinessOnline at the MBA 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo. The event, held at the Manchester Grand Hyatt San Diego, took place Feb. 10-13. Although the 10-year Treasury yield is down about 50 basis points since reaching 3.2 percent in early November, most economists expect long-term rates to rise in 2019. (Investor worries over trade conflicts, a volatile equities market and falling oil prices led to a precipitous drop in the yield on the benchmark Treasury note.) Burns, who is responsible for new loan origination in California and the western United States, discussed trends in agency lending as well as the state of the multifamily market. What follows are his edited responses: Rebusinessonline.com: What trends are you seeing in agency financing for the multifamily sector in the western region? Jeff Burns: Fannie Mae and Freddie Mac continue to …

February 28, 2019

Illinois Market Reports Midwest Midwest Market Reports Office

Chicago Office: Fulton Market Isn’t in the West Loop

by Kristin Harlow February 28, 2019

Long before the emergence of Fulton Market, local real estate professionals referred to the West Loop as the office submarket between Wells Street and immediately west of the Chicago River. But today some also refer to the Fulton Market area, an area one mile west and across a natural boundary of the Kennedy Expressway, as the West Loop. So which is it? The West Loop is the leading — and by far the largest — office submarket in Chicago with over 50 million square feet of office space inventory. Its proximity to public transportation and wide setbacks along Wacker Drive and the Chicago River offer better view corridors and more access to natural light — key competitive advantages in an area that permits more buildable density than the periphery of the central business district (CBD). On the other hand, Fulton Market has its own distinct “edgy” identity that some area office tenants consider the antithesis of the Loop (recall that the original reference to the Loop meant the area surrounded by the Elevated CTA tracks, the “El,” that loops around the CBD). The West Loop proper has witnessed significant change in the last 10 to 15 years. The …

February 28, 2019

Retail Texas

NAI Partners: San Antonio Maintains 95 Percent Retail Occupancy Rate

by Taylor Williams February 27, 2019

SAN ANTONIO — The San Antonio retail market has maintained an occupancy rate of 95 percent or higher for the past three years, clocking in at 95.1 percent as of the first quarter of 2019, according to a recent report from NAI Partners.With just 1.7 million square feet of new retail space under construction, roughly half of which is preleased, San Antonio’s tight occupancy is paving the way for stronger rent growth. According to the report, the city’s average asking rent has risen by 13 percent over the past 12 months on a triple-net basis, increasing from $14.37 per square foot to $16.24 per square foot.

February 27, 2019

Leasing Activity Office Texas

JP Morgan Chase Signs 41,906 SF Office Lease Renewal in Dallas

by Taylor Williams February 27, 2019

DALLAS — JP Morgan Chase has signed a 41,906-square-foot office lease renewal at Preston Commons, a three-building office park located in the University Park area of Dallas. The 427,799-square-foot property, which is owned by California-based KBS, features an outdoor patio, fitness center and an onsite restaurant and bar. Russell Cosby and Torrey Littlejohn of JLL represented JP Morgan Chase in the lease negotiations.

February 27, 2019

Acquisitions Retail Texas

SRS Arranges $3.2M Sale of San Antonio Retail Property Leased to Bank of America

by Taylor Williams February 27, 2019

SAN ANTONIO — SRS Real Estate Partners has arranged the $3.2 million sale of a 17,633-square-foot freestanding retail property in San Antonio. The property was built in 1980 and is leased to Bank of America, which recently extended its triple-net lease term by seven years. Patrick Luther, Matthew Mousavi and Chris Edwards of SRS represented the seller, an affiliate of New York-based The Feil Organization. The buyer, a private investor, acquired the property at a 6.4 percent cap rate.

February 27, 2019

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