Property Type

336-338-W.-Ogden-Ave.-Downers-Grove-Illinois

The Boulder Group Brokers $3.2M Sale of Retail Property in Metro Chicago

by Taylor Williams February 28, 2019

DOWNERS GROVE, ILL. — The Boulder Group, an investment brokerage firm specializing in net-leased properties, has brokered the $3.2 million sale of a 6,267-square-foot retail asset in Downers Grove, about 25 miles west of Chicago. Located at 336-338 W. Ogden Ave., the property was fully leased at the time of sale to three tenants: Five Guys, ATI Physical Therapy and Sports Clips. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a local investor, in the transaction. The buyer was a private investor based in California. There are approximately 253,000 people earning an average household income of $121,377 living within a five-mile radius of the property.

February 28, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Evergreen Completes $2M Renovation of Affordable Community in Racine, Wisconsin

by Taylor Williams February 28, 2019

RACINE, WIS. — Evergreen Real Estate Group has completed a $2 million renovation of Durand Plaza, a 72-unit affordable seniors housing community in Racine, approximately 25 miles south of Milwaukee. Evergreen acquired the property in October 2017 and has managed it since then. Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 residential units, the property includes a community room with television and shared kitchen, as well as an onsite laundry room. During the remodel, all buildings received new roofs and windows as well as mechanical improvements. Corridors, stairwells and common areas were refreshed with new carpet, paint and lighting. Exterior improvements included repaved parking lots, repaired sidewalks, masonry updates, new perimeter fencing, landscaping, a new monument sign and a new patio with seating that complies with the Americans with Disabilities Act (ADA).

February 28, 2019

Data Centers Industrial Texas

JLL: DFW Posts Strong Data Center Absorption, Inventory Projected to Grow

by Taylor Williams February 28, 2019

DALLAS AND FORT WORTH, TEXAS — The data center market of Dallas-Fort Worth (DFW) continued its impressive run in 2018, absorbing 40.2 megawatts of space, according to a recent report from JLL. As a general rule with data centers, every 150 watts of absorption is equivalent to one square foot of regular absorption. That figure puts the market third in 2018 absorption behind Phoenix and Northern Virginia. DFW’s inventory of data center product is expected to grow in 2019, with approximately 190,000 square feet of new space under construction and an additional 1.1 million square feet planned, per the report. The volume of planned new construction in DFW exceeds that of all other American markets, including Northern Virginia, the largest data center market in the country.

February 28, 2019

Acquisitions Multifamily Texas

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

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