PORTLAND, ORE. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Indigo at Twelve West, a mixed-use property located at 430 SW 13th Ave. in Portland. The price was not disclosed Situated in the city’s West End submarket, the property features 273 residential apartments, 86,000 square feet of creative office space and a 10,000-square-foot retail component. The office and retail components are fully leased. Completed to LEED Platinum standards in 2009, the property features all-glass façade with floor-to-ceiling windows, 10-foot to 12-foot ceilings, gas appliances and city views.
BREA, CALIF. — Avison Young has arranged the sale of an office building located at 330 E. Lambert Road in Brea. Miller Brothers Eureka Road One LLC acquired the asset from Brea Metro LLC for $8.7 million in a 1031 exchange transaction. Built in 1988 as a single-tenant property, the two-story, 43,800-square-foot building underwent a renovation and conversion to multi-tenant use in 1997. Situated on 2.4 acres, the property is fully occupied by five tenants, including Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services and Merchant Money Corp. Alan Pekarcik and Chris Smith of Avison in collaboration with Tim Walker and Steve Heimuli of Lee & Associates represented the seller, while Colliers International represented the buyer in the deal.
PHOENIX — Wood Partners has celebrated the grand opening of its Alta Central, a multifamily community located at 4001 N. Central Ave. in Phoenix. Alta Central features 223 apartments in a mix of one-, two- and three-bedroom floor plans. Amenities include Amazon package lockers, electric car charging stations, complimentary Wi-Fi throughout the common areas and a lounge with a 13-foot television and NFL Sunday Ticket. Additional on-site amenities include a pool and spa with towel service; a rooftop pet area with a dog wash, grooming station and fenced dog run; a 24-hour fitness facility with spin room and yoga room; outdoor fire pit; and an outdoor game court.
Retail financing, both debt and equity, has become a challenge for many owners, developers and investors throughout the U.S. based on negative press about retail, a perception that the internet will take down many tenants and the weak financial condition of a number of large retailers. Though capital markets are strong, many property owners and investors are finding it difficult to identify lenders willing to provide the type of financing they need for their retail developments, acquisitions and redevelopments. Some lenders are not providing enough money. In other cases, borrowers are finding that the cost of capital is not feasible. Often, lenders and investors aren’t saying no —they are simply offering capital at too high a rate. This squeeze could not come at a more pivotal moment for retail investors. The fact is, now is a very good time to invest in retail. With so many players exiting the market, an overcorrection is underway. This creates a huge opportunity for others to invest in retail, which can be a great value if you find the right deal at the right basis. So why is retail harder to finance? Because of the herd mentality, the majority of investors and lenders are …
BALTIMORE AND ATLANTA — Armada Hoffler Properties Inc. (NYSE: AHH), a commercial real estate developer and investor based in Virginia Beach, is participating in two new mixed-use projects in Baltimore and Atlanta. The REIT’s wholly owned subsidiary, Armada Hoffler Construction Co., will serve as general contractor for both developments. In Baltimore’s Inner Harbor East district, Armada Hoffler is developing Wills Wharf, a 12-story mixed-use building that will anchor the 27-acre Harbor Point development. Armada Hoffler co-developed the other components of Harbor Point with Beatty Development Group, including the 500,000-square-foot Exelon mixed-use tower, the 260,000-square-foot Thames Street Wharf office building and Point Street Apartments. Situated on the waterfront of the Inner Harbor, the $117 million Wills Wharf project will span 325,000 square feet of office and retail space and will feature a 156-room Canopy by Hilton hotel on the top four floors. Armada Hoffler expects to deliver the building in the first quarter of 2020. “Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” says Louis Haddad, president and CEO of Armada Hoffler Properties. “We are excited to continue our relationship with Beatty Development Group in leading Baltimore’s …
Denver industrial assets are achieving record pricing as cap rates compress well below 5 percent for Class A product. As this is happening, developers are taking on hefty projects, signaling that Denver’s industrial real estate cycle is stretching its legs instead of winding down. Among the headlines: • Denver’s single largest investment transaction on record occurred in the first quarter of 2018. The Pauls Corporation sold 14 Class A, highly functional assets totaling 1.9 million square feet to Clarion Partners in the Airport submarket. • The largest speculative build of 701,900 square feet is underway by Majestic Realty. Prologis is building more than 500,000 square feet in the Central submarket, while Hyde Development kicked off the 1.8-million-square-foot 76 Commerce Center project in the “less than proven” I-76 Corridor. • Industrial land pricing has doubled in recent years to now double-digit pricing as triple-net asking lease rates approach $8 per square foot. Despite these impressive headlines, here are three reasons we expect further expansion in Denver’s industrial sector into 2019. Investor Preferences Align CBRE’s 2018 Americas Investor Intentions Survey revealed a dramatic increase in the popularity of industrial investments compared to years prior. Half of investors in the Americas are seeking …
ATLANTIC HIGHLANDS, N.J. — KRE Group, in partnership with Verde Capital, has acquired Thousand Oaks Village, a 304-unit garden-style apartment property in Atlantic Highlands. The 36-acre property sold for $56 million. The seller was not disclosed. Located at 165 Thousand Oaks Drive, the community will be renamed Atlantic Pointe after capital investments that will include unit renovations and upgrades to amenities. Thousand Oaks Village is KRE Group’s fifth garden apartment acquisition within New Jersey in three years.
HOUSTON — Hines has purchased 107 acres in northwest Houston from Maxaam Inc. with plans to build a new 1.5 million-square-foot mixed-use development. Houston-based Hines is currently completing design for the two-phase logistics park, now branded as Grand National Business Park. Situated at the corner of Sam Houston Tollway and Gessner Road near the Sam Houston Race Park, the project will include a logistics center, hotel and retail space. Phase I will consist of 500,000 square feet of logistics space. Jim Foreman and Allison Bergman of Cushman & Wakefield are leasing the project on behalf of Hines. No construction timeline or costs were disclosed.
FORT WORTH, TEXAS AND LINCOLN, NEB. — Fort Worth-based RadioShack has partnered with Lincoln, Neb.-based retailer HobbyTown to open more than 100 new express stores nationwide. RadioShack will start by opening 60 locations of its store-within-a-store concept at HobbyTown stores across the country. The new express store will sell RadioShack-branded electronics. The move will bring RadioShack’s merchandise to several suburban markets. Founded in 1921, RadioShack is owned today by General Wireless Operations Inc., which acquired the brand in March 2015.
NEW YORK CITY — Madison Realty Capital has provided a $38 million construction loan for the development of a new hotel in Midtown, Manhattan. The borrower, McSam Hotel Group led by New York developer Sam Chang, is currently constructing a 106,827-square-foot, 28-story building that will feature a 320-key Radisson hotel upon completion. Loan proceeds will be used to finalize construction of the building. The ground-up development is slated for completion in the next 12 months. Terms of the loan were not disclosed.