BIRMINGHAM, ALA. — Berkadia has arranged the $56 million sale of Wildwood Crossings Apartments, a 520-unit multifamily complex in Birmingham. The buyer, New York City-based White Eagle Property Group LLC, will renovate the interiors of the units as well as update amenities community-wide. David Oakley, David Wilson, Caleb Frizzell and Abe Maddox of Berkadia represented the undisclosed seller in the transaction.
SACRAMENTO, CALIF. — Seagate Properties has acquired The Senator, a landmark office building located at 1121 L Street in Sacramento. Swift Real Estate Partners sold the property for an undisclosed price. Opened in 1924 as a hotel, the property was converted into a 180,123-square-foot office building in 1982. The seller acquired the property in 2015 and implemented a renovation program to transform the building’s traditional office space into modern, creative workspace. Situated across from the California State Capitol, the 10-story building is currently 88 percent leased. Rob Hielscher, Michel Seifer and Erik Hanson of JLL Capital Markets team represented the seller in the deal. Additionally, Alex Witt, John Manning and Tom Gilliland of JLL Capital Markets worked with the buyer to arrange acquisition financing.
PHOENIX — LaSalle Investment Management, on behalf of LaSalle Property Fund, has purchased San Melia, a multifamily property located at 14435 S. 48th St. in Phoenix’s Ahwatukee Foothills neighborhood. Situated on 28 acres, the Mark Taylor-built community features 488 units and is located adjacent to more than 2.4 million square feet of retail, dining and recreation options at Ahwatukee Foothills Towne Center. A pedestrian walkway connects the property to the retail center, which is anchored by AMC Theatres and Sprouts Farmers Market. The acquisition price and name of the seller were not released.
CITY OF INDUSTRY AND GARDENA, CALIF. — Rexford Industrial has completed two transactions in Southern California markets. In the first deal, the company acquired an industrial property located at 14421-14441 Bonelli St. in City of Industry for $19.5 million, or $131 per square foot. Situated on 6.2 acres, the 148,740-square-foot property features 16 dock positions, 22-foot to 24-foot clearances, heavy power and a fenced yard. At the time of sale, the building was fully leased. In the second transaction, Rexford completed the sale of a three-building asset located at 311, 319 and 329 E. 157th St. in Gardena. Owner-occupants acquired the properties for a total of $10.4 million, or approximately $207 per square foot. The buildings contain 48,000 square feet on 3.2 acres of land. Rexford used proceeds from the disposition in a tax-deferred 1031 exchange to fund a portion of the Bonelli Street acquisition.
MODESTO, CALIF. — Loeffler Self-Storage Group has brokered the sale of EZ Store It, a self-storage facility located at 1522 Crows Landing and 1601 Jim Way in Modesto. Faith Realty & Development Co. sold the property to a Sacramento-based investor for $3.6 million, or $66.47 per square foot. Built in 1983, the property features 54,533 net rentable square feet. At the time of sale, 94 percent of the 571 units were occupied. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the deal.
SAN DIEGO — ECP Commercial, a commercial real estate firm, has joined SVN International, merging offices with SVN/Vanguard’s San Diego professionals. ECP has provided sales, leasing, property management and maintenance services to commercial real estate owners throughout San Diego County for 34 years, since its establishment in 1984 as East County Properties. The existing SVN/Vanguard multifamily team will move from its downtown office into the ECP offices at 4455 Murphy Canyon Road in San Diego. The merged SVN Vanguard/San Diego team will provide the full spectrum of real estate services to the local market. The team currently consists of 14 broker advisors and a combined staff of 25. Managing directors Joe Bonin and Pat Millay, as well as Jorge Jimenez and Dennis Leslie of the current SVN/Vanguard office, will led the new team. SVN/Vanguard is a franchise of SVN International with offices in Orange and San Diego counties.
The vitality of Downtown Atlanta is exciting. In response to a wave of revitalization efforts and substantial investment from corporations, universities and the public sector, the submarket’s fundamentals are rapidly strengthening. As tenants have reprioritized their desires for office locations to include access to public transportation, walkable retail and proximity to cultural attractions and an educated workforce, Downtown has gained tremendous traction in demand and re-emerged as an affordable and authentic urban work setting. Model Project: 100 Peachtree While new development activity is primarily focused on housing, much of the bustle in Downtown Atlanta’s office market is focused on redevelopment, renovations and repositioning. For instance, our team is transforming 100 Peachtree, a 32-story office tower, into a modern, transportation-oriented workplace destination with upgraded amenities, enhanced connectivity with Woodruff Park and new community activations. 100 Peachtree’s timeless Meisian design functionality provides a workplace for tenants ranging from traditional corporate headquarters to tech startups. Changes at 100 Peachtree reflect a broader story about shifting expectations for workplace environments. Employees increasingly desire to work at a “go-to” office building with access to transit in an amenity-rich setting. Office amenities have evolved from providing convenience like a café or sundry shop to blurring the …
Industrial space throughout the Houston continues to be absorbed at an astonishing clip, pushing vacancy levels to some of their lowest points this cycle. According to Stream’s data, the overall industrial vacancy rate in Houston closed the third quarter at 4.9 percent. Vacancy rates in the six major Houston submarkets are all below 7 percent for the first time since Stream entered the Houston market in 2006. The low vacancy rate across the market has triggered waves of new development. Stream estimates that across Houston, there is approximately 14 million square feet of institutional-quality space under construction, with another 25 million square feet already having delivered since 2014. To put that in perspective, Stream tracked the overall market at 260 million square feet in 2014 compared to 285 million square feet today – a 9% market growth over that four-year period. If you layer in the product under construction today, that takes that growth to over 13 percent. Despite a hefty volume of development hitting the Houston market, leasing velocity continues to outpace new deliveries, keeping market fundamentals in check. This strength is attributable to many macro-economic factors but strong population growth, e-commerce, Hurricane Harvey recovery and the boom in …
Longtime New York City retail broker Faith Hope Consolo passed away Sunday, December 23 in her Upper East Side home. Consolo, the Chairman of Retail at Douglas Elliman Real Estate, was 73. Consolo, New York’s self-appointed “Queen of Retail,” was a powerhouse in the New York real estate community. She was well known for her larger-than-life personality and for her “You Need Faith” motto. In a companywide memo, Douglas Elliman’s President and CEO Steven James wrote: “Faith was a legend in New York commercial real estate, especially the New York City retail stores and businesses. Many of her clients were long term ones. They believed in her to get the job done! And she did! She was a high-voltage character but deep down there was a heart that just wanted to be loved.” Prior to joining Douglas Elliman in 2005, Consolo was a vice chairman at Garrick-Aug Worldwide for 20 years. Her clients included Cartier, Versace, Zara and Louis Vuitton. Consolo was a frequent contributor to several France Media publications, including Shopping Center Business and Northeast Real Estate Business.
It’s too early to tell the impact of the new federal tax law on retail here in New Jersey, or how things might change now that we have a new governor. But one can place a sizable bet, literally, on the fact that medical marijuana dispensaries now given the go-ahead here will lead to recreational use, and that sports betting in New Jersey is going to also be a hit. Betting on Jersey’s retail sector is a great wager too. North Jersey’s top markets — Paramus, Wayne, Woodbridge, Bridgewater and Princeton — are all in great shape. Vacancy rates are low and rents are stable. Although the area was hit hard dur- ing the financial crisis and onetime retail juggernauts such as A&P and Sports Authority had to shutter their doors, much of that space was redeveloped. The space vacated by retailers due to the big impact of the Internet — Toys ‘R Us was stung badly by e-commerce, for example — has quickly been absorbed. Opportunity is at such a premium, it’s tough to find a steal at any of the area’s major regional malls or power centers, or the other desirable retail corridors for that matter. North Jersey retail is that …
