Property Type

CBRE Brokers $80M Sale of 430,000 SF Anaheim GardenWalk Near Disneyland

by Amy Works February 22, 2019

ANAHEIM, CALIF. — CBRE’s National Retail Partners-West has brokered the sale of Anaheim GardenWalk, a mixed-use entertainment center located at 400 Disney Way in Anaheim. A partnership between New York City-based Arcturus and two private equity investors sold the property to Whittier, Calif.-based STC Management, on behalf of a partnership between local and Taiwanese investors, for $80 million. Situated within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, the three-story, open-air project features 430,000 square feet of leasable space. Current tenants include House of Blues Anaheim, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, The Cheesecake Factory, P.F. Chang’s China Bistro and California Pizza Kitchen. The asset was designed by Callison Architects, in collaboration with Lyons Warren Engineers + Architects, in 2007. It currently features an under-construction, 466-key J.W. Marriott (not part of the sale) abutting GardenWalk. The property is also designed to accommodate 399 timeshare units atop its 2,900-stall parking garage and another 400-key hotel, which is planned to be built at the northwest corner of Katella Avenue and Clementine Street. Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of CBRE represented the seller in the transaction. “Landmark properties such as GardenWalk only exist around …

February 22, 2019

Industrial Market Reports Texas Texas Market Reports

E-Commerce, Distribution Users Spar for Labor

by Taylor Williams February 22, 2019

Industrial users in Texas, particularly e-commerce firms operating out of large-format distribution centers, are finding it harder and harder to staff their facilities with experienced, talented workers. Development of both speculative and build-to-suit warehouses and distribution centers has been on fire in major Texas markets over the last several years, driven by an abundance of land, exceptional infrastructure and climbing populations. According to CoStar Group, Dallas-Fort Worth’s (DFW) industrial supply grew by 3.5 percent, or roughly 30 million square feet, in 2017. That figure represents the highest single-year inventory growth in more than a decade. Approximately 21 million square feet of new space hit the market in 2018, and for 2019, CoStar forecasts that nearly 24 million square feet of product will be delivered. Houston’s supply growth has been tamer, averaging about 12.2 million square feet annually between 2015 and 2018. But the market is projected to add another 13.2 million square feet this year, per CoStar. With a couple exceptions, more than 90 percent of the new product delivered in DFW and Houston in each year between 2015 and 2018 was distribution space. The distribution building booms in Texas’ two biggest markets have occurred in the face of escalating …

February 22, 2019

Finance Insight Industrial Loans Midwest Multifamily Northeast Southeast Texas Video Western

Bellwether: Borrowing Continues as Confidence Continues

by Jaime Lackey February 21, 2019

There may be uncertainties within the market and larger economy, but Tom Turnage, vice president of Bellwether Enterprise, believes much of the activity on which 2018 hung its hat will continue. Fannie Mae and Freddie Mac are coming off record years, as are companies like Bellwether. Turnage believes the multifamily and industrial markets will remain active…but so will competition. This means borrowers and lenders must approach this year with creativity and flexibility. Both will be key to success in this lending environment. Watch the video for insights from Turnage on the lending landscape in the coming year.

February 21, 2019

Acquisitions Industrial Mississippi Southeast

Core5 Industrial Partners Sells 581,475 SF Logistics Center in Metro Memphis

by Alex Tostado February 21, 2019

HORN LAKE, MISS. — Core5 Industrial Partners has sold the 581,474-square-foot Building A within Desoto 55 Logistics Center in Horn Lake. The business park sits on 173 acres about 18 miles south of Memphis. An undisclosed Fortune 500 company acquired the asset. The sales price was not disclosed. In addition, Core5 announced that Building B, a 300,145-square-foot facility, has been fully leased to DSV Solutions LLC and EPE Industries USA, which are both set to occupy the space this quarter. Three other buildings are planned within Desoto 55. At full build-out, the business park will span more than 2.5 million square feet. All three buildings are expected to be delivered by the end of this year.

February 21, 2019

Acquisitions Multifamily Southeast Tennessee

The Beach Company Opens 402-Unit Apartment Community in Nashville

by Alex Tostado February 21, 2019

NASHVILLE, TENN. — The Beach Company has opened Bells Bluff, a 402-unit apartment community in West Nashville. Located on the banks of the Cumberland River, the property features a riverfront amenities package that includes a resident clubroom, fitness center, saltwater pool and a dog spa. Bells Bluff also includes a mile-long hiking trail with fitness stations as well as a game lawn with green space. The community offers 11 different floor plans, which feature granite countertops, custom shelving, in-unit washer and dryer, stainless-steel appliances and scenic forest or river views.

February 21, 2019

Georgia Multifamily Southeast

CF Real Estate, Origin Investments Sell 283-Unit Apartment Community in Metro Atlanta

by Alex Tostado February 21, 2019

CHAMBLEE, GA. — CF Real Estate Services and Origin Investments have sold Olmsted Chamblee, a 283-unit apartment community in Chamblee. The asset was completed in October 2017 and offers one-, two- and three-bedroom floor plans. The property sits on 5.9 acres about 13 miles north of downtown Atlanta. Olmsted Chamblee was 95 percent occupied at the time of sale and features 9,000 square feet of retail space and rentable office pods within the amenity spaces. Kris Mikkelsen and Elliot Howell of Walker & Dunlop represented the sellers in the transaction. CBRE Global Investors acquired the property. The sales price was not disclosed.

February 21, 2019

Acquisitions Georgia Multifamily Southeast

AREP Completes Renovation of Office Property in Baltimore’s Business District

by Alex Tostado February 21, 2019

BALTIMORE — American Real Estate Partners (AREP) has completed renovations of 700 E. Pratt St. in Baltimore’s central business district. AREP purchased the 12-story office building in 2017 and has been working on renovations for nine months. Hord Coplan Macht, Venable, Johns Hopkins, CenturyLink, Havas Media Group and Verizon Global Services either signed or renewed leases in anticipation of the renovations. Improvements include a new interior, which features polished concrete, reclaimed wood, exposed brick, period lighting and preserved historic elements; boutique-inspired lobby with experiential areas; fitness facility; activated conference area; and direct access to new perimeter retail punctuated with patio seating that opens out onto both Market Place and Pratt Street.

February 21, 2019

Development Maryland Retail Southeast

PREIT Redevelops Maryland Mall, Backfills Former Department Store Anchors

by Alex Tostado February 21, 2019

HAGERSTOWN, MD. — Pennsylvania Real Estate Investment Trust (PREIT) has redeveloped Valley Mall in Hagerstown. Three department stores are being replaced by four tenants that are expected to open within two years. Dick’s Sporting Goods will occupy 59,000 square feet within a former Sears. Onelife Fitness and Tilt Studio will occupy 118,000 square feet of a former Macy’s. Belk will occupy 123,000 square feet of a former Bon-Ton. In addition, Regal Cinemas will be remodeled. PREIT upgraded dining amenities at the mall with the addition of BJ’s Brewhouse and the recently executed Black Rock Bar & Grill, joining Primanti Bros., Mission BBQ and Red Robin.

February 21, 2019

Development Multifamily Texas

SWBC to Build 300-Unit Apartment Community in Buda, Texas

by Taylor Williams February 21, 2019

BUDA, TEXAS — SWBC Real Estate LLC, a multifamily developer with offices in Dallas and San Antonio, has acquired land in the central Texas city of Buda for the development of Royalton at Sunfield, a 300-unit multifamily community. The average unit size at the Class A property will be 908 square feet across one-, two- and three-bedroom residences. Amenities will include a pool, sunning decks, outdoor grilling areas, fitness center, dog park and package lockers. SWBC plans to begin construction, which should last about 20 months, in May. Cross Architects is handling design, and Kimley Horn is the civil engineer.

February 21, 2019

Development Mixed-Use Texas

Megacenter Willowbrook Completes Phase I of 235,627 SF Mixed-Use Project in Houston

by Taylor Williams February 21, 2019

HOUSTON — An affiliate of Megacenter has completed Phase I of Megacenter Willowbrook, a 235,627-square-foot mixed-use project in Houston. Phase I of the project, which is redeveloping a former Walmart Supercenter, consists of 37,000 square feet of flex warehouse space, 20,000 square feet of self-storage space and 15,000 square feet of office and coworking space. Upon completion, Megacenter Willowbrook will also include a 114,000-square-foot gym and 34,000 square feet of entertainment space. The property is currently 75 percent leased. Michael Johnson and Stuart Hepler of HFF arranged project financing through Icon Bank.

February 21, 2019

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