Property Type

Etkin Johnson Sells 19-Property Industrial Portfolio in Colorado to Berkeley Partners for $247.5M

by Taylor Williams January 28, 2019

DENVER — Etkin Johnson Real Estate Partners, a Denver-based investment and development firm, has sold its portfolio of industrial assets in Colorado to San Francisco-based Berkeley Partners for $247.5 million. The deal represents the largest industrial portfolio sale ever closed in Colorado. The portfolio, which was 93 percent leased at the time of sale, comprises 19 properties totaling approximately 1.95 million square feet of industrial space. The facilities range in size from 26,078 to 293,510 square feet. Etkin Johnson acquired the properties between 1990 and 1998. All 19 assets are located in cities within Colorado’s Front Range, including Denver, Boulder, Colorado Springs, Aurora and Golden. “This was a very well-constructed portfolio of infill industrial,” says Matt Novak, partner at Berkeley Partners, which has more than $625 million in assets under management. “The Denver metro has been experiencing rapid growth, and this acquisition provides us a critical mass of properties in the market. Our goal is to hold these assets for 10- to 20-plus years, benefiting from the favorable long-term industrial supply-demand fundamentals.” Jim Bolt, Jeremy Ballenger, Tyler Carner and Mike Winn of CBRE represented Etkin Johnson in the transaction, which marks Berkeley Partners’ first acquisition in Colorado. — Taylor Williams

January 28, 2019

District of Columbia Market Reports Office Southeast Southeast Market Reports

Amenities, Transit Push D.C.’s Central Business District to New Heights

by John Nelson January 28, 2019

Investors have renewed their interest in office properties in the Washington, D.C. central business district (CBD) based on increasing tenant demand. The market is putting a higher value on the built-in amenities that exist in the CBD, like dining and entertaining options, transportation accessibility and architecturally timeless buildings. We can always tell the center of gravity of a city by where the brokerage shops locate. In D.C., CBRE’s latest move to the CBD from the East End puts all of the agency brokerage shops within feet of each other. With a healthy stock of historically significant, well-built office properties with value-add potential, the CBD is primed to continue its office renaissance. Transportation Infrastructure While the existing public transportation infrastructure in the CBD is an important factor driving businesses back to the submarket, shaving 20 to 30 minutes from commute times — whether by car, bus or train — is decidedly attractive to today’s employers. Combined with the variety of established dining, entertainment and hospitality options in the CBD, transportation is vital to attracting high-profile employers. The city’s law firms in particular have taken note. Over 20 notable practices have relocated their offices to the CBD in the last year alone. …

January 28, 2019

Development Mixed-Use Southeast Virginia

Summit Pointe Realty Begins Phase II of $300M Mixed-Use Project in Hampton Roads

by Alex Tostado January 25, 2019

CHESAPEAKE, VA. — Summit Pointe Realty LLC has begun Phase II of Summit Pointe, a $300 million mixed-use development in the Hampton Roads town of Chesapeake. The second phase will break ground in February and consist of Helix, a 133-unit multifamily complex; ground-floor retail space; and a six-story, 150,000-square-foot office building. The price to develop Phase II is estimated at between $150 million and $175 million. Helix is slated for completion in early 2020. The office building is slated for completion in early 2020 as well. Summit Pointe is currently zoned for 1,400 multifamily residences, 1 million square feet of office space, 500,000 square feet of retail space and about 250,000 square feet of hospitality and conference space. The project team includes apartment management firm Drucker + Falk, architect Saunders + Crouse Architects, general contractor Clancy & Theys and property management and leasing firm Colliers International. Phase I of Summit Pointe features the headquarters office tower for Dollar Tree Inc. With the consolidation of the Family Dollar employees from Matthews, N.C., in June 2019, the Dollar Tree campus will have the capacity for serving 2,300 employees.

January 25, 2019

Development Maryland Multifamily Seniors Housing Southeast

Erickson Living to Convert Former Marriott Corporate Office in Maryland to 775,000 SF Seniors Housing Community

by Alex Tostado January 25, 2019

BETHESDA, MD. — With Marriott International Inc. planning to relocate its Bethesda headquarters in 2022, Erickson Living has announced plans to redevelop the 775,000-square-foot office building into a continuing care retirement community (CCRC). The acquisition of the headquarters, located in Montgomery County’s Rock Spring area, was completed in December 2018. Terms of that acquisition were not disclosed. The Maryland-National Capital Parks and Planning Commission updated the master plan for the Rock Spring area of Montgomery County in 2018. While Rock Spring has been developed over the years as a suburban office park, the updated plan encourages more residential and retail uses, according to Erickson. Erickson Living owns and/or operates 20 communities in 11 states, serving more than 27,000 residents. The company specializes in CCRCs.

January 25, 2019

Acquisitions Georgia Retail Southeast

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

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