Property Type

CityView Commercial, Jacobs REA Buy 1 MSF Southlake Mall in Metro Atlanta

by Alex Tostado January 25, 2019

MORROW, GA. — A partnership between two New York-based investment firms, CityView Commercial LLC (CVC) and Jacobs Real Estate Advisors (Jacobs REA), has purchased Southlake Mall in metro Atlanta. The two-story, 1 million-square-foot mall is located off Interstate 75 at 1000 Southlake Circle in Morrow, about 17 miles south of Atlanta in Clayton County. Anchored by Macy’s and an event venue known as Morrow Center, Southlake Mall’s tenant roster includes Carousel Kids, Champs Sports, Foot Locker, The Children’s Place, a food court, Bath & Body Works, Victoria’s Secret, Things Remembered, Zales Jewelry and Jimmy Jazz, an apparel retailer that is also the parent company of CVC. H&M, Forever 21 RED and Chime Solutions are newcomers to Southlake Mall, according to CVC. Last summer, Sears closed its Southlake Mall store. CVC is the real estate arm for the Jimmy Jazz retail chain that owns and operates more than 200 stores in 18 states. Led by Jimmy Khezrie and Jack Friedler, CVC focuses on acquiring and repositioning value-add retail assets. Led by Sholom Jacobs, Jacobs REA is a value-add investment firm based in Lawrence, N.Y., with a regional office at Dalton Outlet Shops in Dalton, Ga. The seller and sales price were undisclosed, but Los Angeles-based Vintage Real Estate …

January 25, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of Two Florida Apartment Communities Totaling $72.6M

by Alex Tostado January 25, 2019

LAKELAND AND PLANT CITY, FLA. — Cushman & Wakefield has arranged the sale of two Florida apartment communities in separate transactions totaling $72.6 million. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield represented Highland City Garden LLC in selling Century Ariva Apartments, a 312-unit complex in Lakeland. Atlanta-based Centennial Holding Co. bought the property for $54.6 million, or $175,000 per unit. Built in 2017, Century Ariva Apartments offers one-, two- and three-bedroom floor plans, as well as a resort-style pool, mini movie theater, 24-hour package center, internet café, grilling areas and a 24-hour gym. Elzora, Capas and Given also represented Lakeside Garden of Plant City LLC in selling Lakehouse Luxury Apartment Homes, a 125-unit community in Plant City, for $18 million, or $144,000 per unit. The community was delivered in 2015 and offers one-two- and three-bedroom floor plans. Amenities include an access gate, lake frontage with fishing areas, grill and picnic areas, 24-hour fitness center, business center, dog park and a swimming pool.

January 25, 2019

Florida Loans Multifamily Southeast

KeyBank Provides $52.4M Refinancing Loan for Apartment Complex in Orlando

by Alex Tostado January 25, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $52.4 million Fannie Mae loan for the refinancing of Harbor Beach Apartment Homes in Orlando. Todd Linehan of KeyBank originated the non-recourse, fixed-rate loan with a 15-year term and 30-year amortization schedule on behalf of the undisclosed borrower. The 602-unit community was built between 1984 and 1987 and was renovated in 2013. Amenities include a fitness center, car wash, resident boat dock, sand volleyball court, picnic area, swimming pool and a tennis court.

January 25, 2019

Features Retail

Robust Holiday Retail Sales Bring Glad Tidings to U.S. Shopping Center Industry

by Alex Tostado January 25, 2019

As 2018 wound to an end, the national unemployment rate hovered just under 4 percent, consumer confidence hit an 18-year high and wage growth reached a nine-year high. Those positive economic signs helped set the table for a robust holiday shopping season, according to Cushman & Wakefield’s fourth-quarter snapshot of the U.S. shopping center market. These three factors led to consumers spending more during the holiday season than in the previous six years. According to MasterCard Spending Pulse, U.S. consumers spent $850 billion during the 2018 holiday season, up 5.1 percent over the prior year. Online holiday sales from Nov. 1 through Dec. 19, 2018 totaled $110.6 billion, a 17.8 percent increase year-over-year, reports Adobe Analytics. According to Cushman & Wakefield, the convenience factor known as “buy online, pick-up in store” was more widely adopted this holiday season, growing at a year-over-year rate of 47 percent. The report also found that the performance of non-mall shopping centers trended upward in the fourth quarter in the 66 markets Cushman & Wakefield tracks across the country. The vacancy rate for such properties finished at 6.3 percent, compared with 6.7 percent at the end of 2017. The average asking rent per square foot …

January 25, 2019

Development Industrial Texas

Majestic Realty Breaks Ground on 423,280 SF Spec Industrial Project in Laredo

by Taylor Williams January 25, 2019

LAREDO, TEXAS — California-based Majestic Realty Co. has broken ground on a 423,280-square-foot speculative industrial project within Port Grande Logistics Port in the south Texas city of Laredo. The development follows a 200,000-square-foot lease with Source Logistics, a third-party logistics firm, which brought the property’s first building to full occupancy. The new building will feature 32-foot clear heights, 120 dock-high doors, 242 trailer parking spaces and 208 automobile parking spaces. Completion is scheduled for the fourth quarter. Majestic acquired the 2,000-acre Port Grande Logistics Port from a subsidiary of Mercedes-Benz in 2015.

January 25, 2019

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 528-Unit Multifamily Portfolio in DFW

by Taylor Williams January 25, 2019

FORT WORTH AND ARLINGTON, TEXAS — Greysteel has arranged the portfolio sale of Ironwood Crossing and Rush Creek Apartments, two multifamily communities in the Dallas-Fort Worth (DFW) metroplex. Ironwood Crossing in Fort Worth totals 280 units, and Rush Creek in Arlington totals 248 units. Both properties were built in 2004 and feature amenities such as pools, fitness centers, business centers and playgrounds. Ari Firoozabadi, Doug Banerjee and John Marshall Doss of Greysteel represented the seller and procured the buyer, both of which requested anonymity.

January 25, 2019

Development Healthcare Texas

UTHealth to Open $125M Mental Health Hospital at Texas Medical Center in Houston

by Taylor Williams January 25, 2019

HOUSTON — The University of Texas Health Science Center at Houston (UTHealth) will open a $125 million, 240-bed mental health hospital within Texas Medical Center in Houston. Designed by Chicago-based Perkins+Will, the facility will be the largest behavioral health academic center in the nation and the first mental health hospital built in Houston in more than three decades. Completion is slated for late 2021.

January 25, 2019

Development Multifamily Seniors Housing Texas

Integrated Senior Lifestyles Opens 101-Unit Expansion to Metro Houston Community

by Taylor Williams January 25, 2019

KINGWOOD, TEXAS — Integrated Senior Lifestyles has opened a 101-unit expansion at its Watercrest at Kingwood seniors housing community, located in the northern Houston suburb of Kingwood. The 145,000-square-foot “Garden Village” project adds 73 independent living and 28 assisted living residences to the existing campus. The expansion also features several common areas and amenities such as multiple outdoor sitting areas, a walking trail, wellness center, libraries, pet park and two new dining venues. Integrated operates 11 seniors housing communities in Texas and Oklahoma.

January 25, 2019

Leasing Activity Office Texas

CBRE Negotiates 13,371 SF Office Lease in Houston

by Taylor Williams January 25, 2019

HOUSTON — CBRE has negotiated a 13,371-square-foot office lease at 3737 Buffalo Speedway in Houston on behalf of The Houston Trust Co., and independent personal trust firm. The space will serve as the company’s new headquarters. Weldon Martin of CBRE represented the tenant in the lease negotiations. Madison Marquette represented the landlord, Houston 3737 Buffalo LP.

January 25, 2019

Development Multifamily New York Northeast Seniors Housing

Greystone Provides $78.5M HUD Financing for Long Island Nursing Home Complex

by David Cohen January 25, 2019

WOODBURY, N.Y. — Greystone has provided $78.5 million in HUD-insured financing for a skilled nursing complex in Woodbury. Fred Levine of Greystone originated the refinancing, which carries a fixed rate and fully amortizes at 30 years. Greystone also arranged the high-leverage bridge acquisition loan that this refinancing replaces. The borrowers were not disclosed. Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary/ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five interconnected residential buildings properties and additional office building in 2010.

January 25, 2019

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