Property Type

Unitex Signs 188,653 SF Industrial Lease in Lawrence, Massachusetts

by Taylor Williams May 14, 2019

LAWRENCE, MASS. — Unitex Healthcare Laundry Services has signed a 188,653-square-foot industrial lease at 155 Shepard St. in Lawrence, located just south of the New Hampshire border. The property previously served as a plant for beverage can manufacturer Crown Cork & Seal. Greg Klemmer, Tim Brodigan, Tim Allen and Daniel Driscoll of Colliers International represented Elmsford, New York-based Unitex in the lease negotiations. James Lipscomb, Michael Ciummei and Joe Fabiano of JLL represented the landlord, The Seyon Group, which will raise the building’s clear height from 17 feet to 32 feet to accommodate the needs of the new user.

May 14, 2019

Features Multifamily

The Case for the Continued Strength of the Multifamily Sector in 2019

by Kristin Harlow May 14, 2019

Capital One’s survey conducted at the National Multifamily Housing Council’s annual conference earlier this year offered a lot of food for thought regarding the outlook for the multifamily sector in 2019. The vast majority of respondents — 70 percent — believe that we’re nearing the end of the current economic cycle. But despite that notion and despite the 70 percent who are concerned about either rising costs or interest rates, plenty of optimism remains. To this point, 37 percent cited strong fundamentals and 29 percent pointed to an abundance of capital to deploy as drivers of another strong year in this all-important segment this year. Indeed, Freddie Mac predicts multifamily origination volume will grow to $317 billion this year, driven by solid market fundamentals and strong investor demand for properties. The 2019 figure will exceed by 3.9 percent the $305 billion in originations that had been estimated for 2018. Nowhere is this trend more visible than in the New York multifamily market, where demand continues to boom. We see this pattern play out in places like Long Island’s Nassau County, where there’s a definite lack of multifamily inventory in locations like Garden City and New Hyde Park, and where new …

May 14, 2019

Industrial Market Reports Texas Texas Market Reports

McAllen Industrial Market Sees Greater Diversity Among Users

by Taylor Williams May 14, 2019

The agriculture industry, long an economic staple of the Rio Grande Valley (RGV), has been at the forefront of the region’s industrial expansion and is seeing its role elevated with more product coming from Mexico. Over the last several years, road and bridge infrastructure improvements throughout Mexico’s southwestern regions have laid the groundwork for increased traffic of produce-carrying trucks headed northeast to the border area. Ports of entry throughout the RGV have become the top destinations for agricultural imports, surpassing the longtime leader of Nogales, Ariz. This has heightened cross-border trade activity throughout the South Texas ports of entry. Most notably, the Pharr, Texas, port of entry has increased the most in terms of activity, which has led to greater absorption and development of industrial product throughout the McAllen metro area. The prime example of this infrastructural development is the Baluarte Bicentennial Bridge. The 3,700-foot, cable-stayed bridge opened in 2013, connecting the Mexican coastal city of Mazatlan to the inland port of Durango and shortening delivery times for product en route to the U.S. border by four to six hours. As a result, a significant amount of the new industrial development in recent years has centered on cold storage facilities. …

May 14, 2019

Development Maryland Mixed-Use Southeast Top Stories

Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore

by John Nelson May 14, 2019

BALTIMORE — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking on Monday. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the first new buildings set to be delivered in fall 2021. Known as Rye Street Market, this portion of Chapter 1 will feature a 13,000-square-foot open-air market and food hall, 50,000 square feet of ground-level retail, a 12,000-square-foot meeting facility and a 15,000-square-foot rooftop event space. Rye Street Market will span four buildings totaling 275,000 square feet. At full buildout, Chapter 1 is slated to include approximately 1.4 million square feet of office space, 337,450 square feet of retail, 976,667 square feet of residential space and 285,000 square feet of hotel space. “The Port Covington of today is a completely different place than what it was just a few short years ago, and we are just getting started,” said Marc Weller, founding partner of Weller Development, during the event …

May 14, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $93.5M Sale of Apartment Portfolio in Birmingham

by Alex Tostado May 13, 2019

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $93.5 million sale of a three-property, 1,816-unit apartment portfolio in Birmingham. The three properties included in the sale are The Park at Buckingham, The Park at Callington and Carlyle. The Park at Buckingham was built in 1972 and offers 583 units. Amenities include tennis courts, a sand volleyball court, two swimming pools with sun decks and a theater room. The Park at Callington and Carlyle were built in 1978 and 1973, respectively, and total 1,233 units. Amenities include tennis courts, three pools with sun decks, volleyball court and a fitness center. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, a Texas-based real estate firm, in the transaction. Bloomfield Hills, Mich.-based Contour Development Group acquired the portfolio.

May 13, 2019

Florida Loans Multifamily Southeast

Regions Provides $54M Construction Loan for New Tampa Bay Apartment Development

by Alex Tostado May 13, 2019

BRANDON, FLA. — Regions Bank has provided a $54 million construction loan to Arlington Properties for Tapestry Town Center, a planned 287-unit apartment community in Brandon. The project is situated 11 miles east of downtown Tampa and will offer one-, two- and three-bedroom floor plans. The community will be located within walking distance of the Westfield Brandon Mall, which houses more than 190 retailers. A timeline for delivery was not disclosed.

May 13, 2019

Acquisitions Healthcare North Carolina Southeast

Flagship Healthcare Purchases 121,741 SF Medical Office Building Portfolio in Metro Charlotte

by Alex Tostado May 13, 2019

CHARLOTTE, N.C. — Flagship Healthcare Properties has acquired a 121,741-square-foot portfolio featuring six medical office buildings (MOBs) in metro Charlotte. Three of the MOBs are located in Concord, with the remaining three in Kannapolis, China Grove and Locust. The portfolio was 91 percent leased at the time of sale. Cabarrus Family Medicine, part of Atrium Health, occupies 75 percent of the portfolio’s total square footage. Flagship will provide property and asset management services, as well as accounting and lease administration for the buildings. Cliff Berryman internally represented the buyer. CFM Medical Properties LLC sold the portfolio. First National Bank provided financing for the transaction. The sales price was not disclosed.

May 13, 2019

Acquisitions Florida Multifamily Southeast

Balfour Beatty, ApexOne Acquire 278-Unit Multifamily Community in Metro Tampa

by Alex Tostado May 13, 2019

LARGO, FLA. — Balfour Beatty Communities and ApexOne Investment Partners have teamed up to acquire Waterchase Apartments, a 278-unit multifamily community in Largo, 23 miles west of downtown Tampa. Constructed in the 1980s, Waterchase spans 18 acres and was 94 percent occupied at the time of sale. The property offers studio, one- and two-bedroom floor plans, as well as three swimming pools, a dog park, fitness center and a newly renovated clubhouse. Balfour Beatty will deliver both property and asset management services for Waterchase. Patrick Dufour, Ryan Moody and Ryan Crowley of Newmark Knight Frank (NKF) represented the seller, Hudson Capital, in the transaction.

May 13, 2019

Acquisitions Retail Southeast Virginia

Bogese Sells Shopping Center in Richmond for $5.7M

by Alex Tostado May 13, 2019

RICHMOND, VA. — Bogese Cos. has sold The Shoppes at Belvedere, a 22,577-square-foot shopping center in Richmond, for $5.7 million. The shopping center was 90 percent leased to nine tenants at the time of the sale, including Firebirds Wood Fire Grill, Stavna Dance Academy and Wilson Lee Interiors. Klein Enterprises acquired the property, which was built in 2008. Catharine Spangler, Calvin Griffith, Pete Waldbauer and Nicki Jassy of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

May 13, 2019

Loans Midwest Multifamily Ohio Seniors Housing

Merchants Capital Secures $49M Bridge Financing for Assisted Living Portfolio in Ohio

by Kristin Harlow May 13, 2019

CINCINNATI, COLUMBUS AND HILLIARD, OHIO — Merchants Capital has secured $49 million in bridge financing for three assisted living communities in Ohio. The borrower, Wallick Communities, develops affordable assisted living and memory care communities. The properties include the 108-unit The Ashford at Mt. Washington in Cincinnati, the 131-unit The Ashford on Broad in Columbus, and the 124-unit The Ashford on Sturbridge in Hilliard. All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below rents in similar communities. Merchants Capital secured the bridge loans through its parent company, Merchants Bank. Wallick will use the loans to refinance underlying debt and allow more time to meet the requirements for HUD.

May 13, 2019

Newer Posts

Older Posts