Property Type

Sam Moon Group Nears Completion of Metropark Square Mixed-Use Project in Metro Houston

by Taylor Williams January 3, 2019

SHENANDOAH, TEXAS — Dallas-based developer Sam Moon Group is nearing completion of Metropark Square, a 175,000-square-foot mixed-use project in Shenandoah, about 30 miles north of Houston. The development will feature a 10-screen AMC movie theater, Urban Air Adventure Park, outdoor event space, Dave & Buster’s, Hyatt House hotel and other retail and restaurant options. The movie theater will open in February and Urban Air will open in March. Houston-based NewQuest Properties will handle leasing of the other retail spaces.

January 3, 2019

Industrial Leasing Activity Texas

Logistics Firm Leases 155,038 SF in Fort Worth

by Taylor Williams January 3, 2019

FORT WORTH, TEXAS — Mallory Alexander, a third-party logistics provider, has leased 155,038 square feet at 35/20 Crossroads Distribution Center in Fort Worth. The rail-served property features 32-foot clear heights, 190-foot truck court depths and access to Interstates 35 and 20. Donnie Rohde and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Sealy Oak Grove, in the lease negotiations.

January 3, 2019

Industrial Leasing Activity Texas

Finial Group Negotiates 18,471 SF Industrial Lease Renewal in Houston

by Taylor Williams January 3, 2019

HOUSTON — Houston-based Finial Group has negotiated an 18,471-square-foot industrial lease renewal at Four Seasons Business Park in Houston. Jack Gaffney of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Interwell US LLC, which services the upstream side of the oil and gas industry, was not disclosed.

January 3, 2019

Acquisitions Illinois Midwest Multifamily

Venture to Convert Newly Acquired Condo into Apartment Complex in Chicago

by Kristin Harlow January 3, 2019

CHICAGO — A venture between The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corp. has acquired River City, a 449-unit residential condominium building in the South Loop neighborhood of Chicago. The new owner plans to convert the serpentine-shaped building into apartment units as well as upgrade the lobby, common areas and commercial components of the property. The renovation work is scheduled to begin early this year. New residents are expected to begin occupying the apartments in March. Monthly rental rates have yet to be announced. Devon Grace Interiors is designing the apartments, while Luxury Living Chicago Realty will market and lease the property. The River City Condo Association was the seller. The transaction is the largest condo deconversion in Chicago history, according to the buyers. Maverick Commercial Mortgage arranged $93.8 million in acquisition financing through Silverpeak Argentic. The nonrecourse loan has an initial term of three years.

January 3, 2019

Illinois Loans Midwest Multifamily

Meridian Capital Group Arranges $37M Refinancing for Multifamily Portfolio in Chicago

by Kristin Harlow January 3, 2019

CHICAGO — Meridian Capital Group has arranged a $37 million CMBS loan for the refinancing of a 46-property multifamily portfolio in Chicago. The portfolio includes a total of 835 units. Many of the assets include ground-floor commercial space. Seth Grossman and Sarah Kuebler of Meridian arranged the 10-year loan on behalf of the borrower, a Chicago-based private REIT. The lender was not disclosed.

January 3, 2019

Acquisitions Michigan Midwest Retail

Cooper Group Brokers $14.7M Sale of Shopping Center in Chesterfield, Michigan

by Kristin Harlow January 3, 2019

CHESTERFIELD, MICH. — The Cooper Commercial Investment Group has brokered the $14.7 million sale of Chesterfield Village, a 155,958-square-foot shopping center in Chesterfield, about 35 miles north of Detroit. Notable tenants include Applebee’s, Panera Bread, Buffalo Wild Wings, Harbor Freight Tools, Famous Footwear, Dunham’s, Sally Beauty Supply, Staples and Anytime Fitness. Dan Cooper of Cooper Group represented the seller, a private investment group. The buyer was not disclosed. The sales price represents a cap rate of 8.77 percent.

January 3, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Marcus & Millichap Arranges $9.2M Sale of Student Housing Property in Normal, Illinois

by Kristin Harlow January 3, 2019

NORMAL, ILL. — Marcus & Millichap has arranged the $9.2 million sale of Heartland Village Apartments near Illinois State University in Normal. The student housing property includes 288 beds within 144 units. Amenities include a clubhouse, fitness center and outdoor pool. All units are fully furnished. Eric Bell and Jordan Callaway of Marcus & Millichap represented the seller. Bell also represented the out-of-state buyer.

January 3, 2019

Acquisitions Midwest Retail Wisconsin

Gorjian Acquisitions Purchases Two Retail Properties in Milwaukee

by Kristin Harlow January 3, 2019

MILWAUKEE — Gorjian Acquisitions has purchased two retail properties in Milwaukee for an undisclosed price. A private seller sold both properties as a portfolio. Bradley Square, located on North 76th Street, spans 19,545 square feet. The building is 86 percent occupied by tenants that include a State Farm insurance office, podiatry office, mortgage office and a senior day care. The other property, Teutonia Square, is fully occupied and spans 8,303 square feet.

January 3, 2019

Hawaii Industrial Market Reports Western Western Market Reports

Hawaii Has Faced A Compressed Industrial Market, But Relief Is in Sight

by Taylor Williams January 3, 2019

When we last reported on the health of Hawaii’s industrial market in 2018, we offered rationale for a then 2.02 percent Oahu industrial vacancy rate. This rate was fueled by the completion of many large residential high rises in urban Honolulu, the ongoing construction of a $9.2 billion light rail system (voter approved at less than $5 billion), and booming tourism and military sectors, our two biggest economic drivers. Oahu’s small, 41 million-square-foot industrial market was under further compression as industrial product was either being taken — or functionally interrupted — by the state to support light rail construction or lost to high-rise residential construction and the expansion of our main Honolulu harbor. A prohibitive industrial construction cost scale, which generally exceeds $125 per square foot for metal skin shell warehouse, had also slowed spec and build-to-suit construction. Fast forward to late 2019, and our market reflects an Oahu industrial vacancy rate of just 2.13 percent, a monthly industrial base rent average of $1.24 per square foot and monthly operating expenses of $0.41 per square foot. Much of this rate is composed of property taxes, which have increased more than 30 percent year over year in some areas, and 50 …

January 3, 2019

Features Self-Storage

Self-Storage Development Boom Causes Rental Rates to Dip, Says Yardi Matrix

by John Nelson January 3, 2019

SANTA BARBARA, CALIF. — Rental rates are on the decline for the U.S. self-storage market as owners look to increase absorption of their new supply, according to a December self-storage report from research firm Yardi Matrix. Overall asking rents for 10-by-10-foot, non-climate-controlled units declined by 4.1 percent year-over-year in November, while rents for climate-controlled units of similar sizes dropped by 2.2 percent. The report cites that there may be some seasonality behind the rental rate decline, but new self-storage completions are the main culprit for the downward pressure. Units under construction and in the planning stages currently account for 9.7 percent of the existing national inventory, a 10-basis-point increase over November, reflecting construction starts in high-demand markets. Development activity is most pronounced in Portland and Nashville, where projects in the pipeline account for 29.7 percent and 23.7 percent of inventory, respectively. In New York City, planned and under-construction projects represent 16.1 percent of existing inventory. That said, the market’s inventory per person of around 3 net square feet is still only half the national average of 6 net square feet per person, according to Yardi Matrix. Only three of the major markets tracked (Las Vegas, San Diego and Inland Empire) …

January 3, 2019

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