Property Type

Kessler Collection Breaks Ground on $110M Boutique Hotel in Uptown Charlotte

by Camren Skelton June 1, 2018

CHARLOTTE, N.C. — The Kessler Collection has broken ground on the Grand Bohemian Hotel Charlotte, a 254-room hotel located in Charlotte’s Uptown district. The 15-story hotel is expected to open in 2020 and will feature 32 suites, a signature Poseidon Spa, indoor and outdoor event spaces, an open kitchen restaurant concept and a rooftop bar on the 16th floor with views of the Charlotte skyline. In addition, the boutique hotel will feature an art collection that pays tribute to the culture of Argentina. The Charlotte Business Journal reports development costs for the project total $110 million. “The Kessler Collection is extremely pleased to be in Charlotte and a part of the fabric of this beautiful city’s hospitality services,” says Richard Kessler, chairman and CEO of The Kessler Collection. “We look forward to bringing energy and animation to the city, to our location and to the hospitality experience.” The Grand Bohemian Hotel is located within walking distance to museums, restaurants and retail space. JE Dunn Construction is the general contractor for the project. The Kessler Collection’s portfolio includes nine boutique hotels located throughout the Southeast and Colorado, including two sister properties in Charleston, S.C., and Asheville, N.C. The Grand Bohemian brand is part …

June 1, 2018

Industrial Market Reports Texas Texas Market Reports

Heightened Border Activity Drives Down Industrial Vacancy in Rio Grande Valley

by Taylor Williams June 1, 2018

The industrial market of the Rio Grande Valley (RGV) is off to a blistering start in 2018, thanks to a combination of increased commercial activity around the U.S.-Mexico border and renewed political and military interest in the region. We use the tri-city area of McAllen-Edinburg-Mission, now the fifth-largest MSA in Texas, as a yardstick for our regional analysis. According to CBRE, industrial vacancy in this market registered an all-time low of 3 percent during the first quarter. In addition, the market posted positive net absorption of approximately 79,000 square feet during the first quarter, a year-over-year increase of 24,000 square feet. Average asking rents for industrial space are also up 40 cents from the first quarter of 2017. Demand for industrial space in the RGV has always been a factor of the region’s proximity to Mexico. The Mexican border city of Reynosa absorbed more than 2 million square feet of industrial space in 2017. More than 1 million square feet of industrial product is under construction in Reynosa, and the pipeline includes everything from heavy manufacturing plants to rail-served distribution centers. This aspect of the RGV’s location has always played a pivotal role in generating demand for warehousing — for …

June 1, 2018

Features Retail

C&W Analyst: New Wave of Store Closures on Deck for American Retail Market

by Jeff Shaw June 1, 2018

LAS VEGAS — Another massive spate of store closures is coming in America, and both retail landlords and operators should expect to feel the strains of an over-retailed market until the next recession, according to one of the nation’s leading analysts of retail real estate. Garrick Brown, vice president of retail intelligence at Cushman & Wakefield’s Rancho Cordova, California, office, believes that an overall economic downturn will be a key catalyst in alleviating America’s excess retail space, as a recession will push retailers that are eking out a profit over the red line. The arrival of an economic slump that reduces consumers’ disposable incomes should trigger the next wave of store closures, said Brown. The victims are bound to be retailers that have yet to distinguish themselves from their competitors in terms of either product pricing or shopping experience. Brown spoke to REBusinessOnline at ICSC RECon in Las Vegas, the world’s largest retail trade show that was held on May 20-23. In addition to laying down some tough realities for American retail, Brown noted that the next couple years are likely to see more leveraged buyouts of struggling retailers as well as a rise in food hall concepts. Brown’s edited …

June 1, 2018

Development Mixed-Use Texas

Kairoi, Lincoln to Develop 62-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams May 31, 2018

AUSTIN — A partnership between the development arm of San Antonio-based Kairoi Residential and Dallas-based Lincoln Property Co. have planned 600 Guadalupe, a 62-story mixed-use tower in downtown Austin. Designed by global architecture firm Gensler, the building would be Austin’s tallest tower and include 300 multifamily units. The Austin American-Statesman also reported that the tower will feature about half a million square feet of office space and could ultimately exceed 62 stories. Construction is scheduled to begin this year and wrap up by 2022.

May 31, 2018

Development Industrial Texas

Coca-Cola Affiliate to Build $250M Bottling Plant in Houston

by Taylor Williams May 31, 2018

HOUSTON — Coca-Cola Southwest Beverages, a subsidiary of Mexico-based Coca-Cola bottling partner Arca Continental, will build a $250 million bottling plant in Houston. The facility, which will be the first new Coca-Cola bottling plant built in the United States in a decade, will total approximately 1 million square feet. Construction of the plant is slated to begin this year, with operations expected to commence in early 2020.

May 31, 2018

Landmark-at-Lake-Village-East-Garland-Texas

Loans Multifamily Texas

Walker & Dunlop Provides Two Bridge Loans Totaling $81.8M for Apartment Assets in Metro Dallas

by Taylor Williams May 31, 2018

GARLAND, TEXAS — Walker & Dunlop has provided two bridge loans totaling $81.8 million for the acquisition and repositioning of Landmark at Lake Village North and Landmark at Lake Village East, two apartment communities in the Dallas metro of Garland. The garden-style properties total 848 and 321 units, respectively, and include amenities such as multiple pools, basketball and volleyball courts, dog parks, fitness centers and outdoor grilling areas. Alex Inman of Walker & Dunlop structured the loans on behalf of the owner, Madera Residential.

May 31, 2018

Acquisitions Retail Texas

HFF Arranges Sale of 125,500 SF, Grocery-Anchored Shopping Center in Houston

by Taylor Williams May 31, 2018

HOUSTON — HFF has arranged the sale of Tanglewood Court, a 125,500-square-foot shopping center located in Galleria/Uptown area of Houston. An H-E-B grocery store anchors the property, which was built in 2014 and fully leased at the time of sale. Other tenants include Mattress Firm, La Madeleine, SH Salon and Memorial Hermann. Rusty Tamlyn, Ryan West, John Indelli and Charlie Strauss of HFF represented the seller, a partnership between Fidelis Realty Partners and BayNorth Capital LLC, in the transaction. Colby Mueck and Michael Johnson of HFF secured an undisclosed amount of acquisition financing through a national life insurance company on behalf of the new owner, American Realty Advisors.

May 31, 2018

Acquisitions Multifamily Texas

Westmount Sells 362-Unit Apartment Community in Houston

by Taylor Williams May 31, 2018

HOUSTON — Dallas-based Westmount Realty Capital LLC has sold Beverly Palms, a 362-unit multifamily community in the Galleria area of Houston. Westmount acquired the Class B property in late 2012 and undertook a $1 million renovation project to upgrade the community’s common areas and unit interiors. Floor plans include one-, two- and three-bedroom units and amenities include two pools, a new playground, business center, fitness center and an on-site convenience store. The buyer was not disclosed.

May 31, 2018

Loans Mixed-Use New York Northeast

Meridian Capital Arranges $7.4M Bridge Financing for Mixed-Use Property in Brooklyn

by David Cohen May 31, 2018

NEW YORK CITY — Merdian Capital Group has arranged $7.4 million in bridge financing for a mixed-use property located on Metropolitan Avenue in the Williamsburg neighborhood of Brooklyn. The sponsor’s existing loan was maturing, and the company is waiting on a certificate of occupancy before refinancing with a traditional, long-term, balance sheet lender. Meridian arranged an 18-month bridge loan with a rate of 7.8 percent with interest-only payments. Judah Hammer and Michael Ryback of Meridian arranged the transaction. The four-story property features 17 studio, one- and two-bedroom units as well as three retail tenants on the ground level.

May 31, 2018

Leasing Activity New York Northeast Office

CallisonRTKL Signs 10-Year Lease at Woolworth Building in Manhattan

by David Cohen May 31, 2018

NEW YORK CITY — Global design firm CallisonRTKL has signed a 10-year lease at the Woolworth Building at 233 Broadway in Manhattan. Mitchell Konsker and David Dusek of JLL represented CallisonRTKL in the transaction. The Lawrence Group represented the building’s owner, The Witkoff Group. CallisonRTKL signed a 28,096-square-foot lease for the entire 16th floor of the building. Architect Cass Gilbert designed The Woolworth Building, which opened in 1912. From 1912 until 1930, it was the world’s tallest building. The Witkoff Group acquired the property in 1998 and restored the historic building.

May 31, 2018

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