Property Type

Albuquerque’s Industrial Market Sees Strong Absorption From Warehouse, Manufacturing Users

by Taylor Williams August 28, 2018

The metro Albuquerque industrial market reported more than 39 million square feet of total industrial space as of year-end 2017. The two largest categories of occupied space were warehouse/distribution (12.5 million square feet with 5.5 percent vacancy) and manufacturing (12.55 million square feet with 3.5 percent vacancy). The overall market vacancy rate at the end of 2017 was 5.7 percent for all industrial uses in buildings with more than 10,000 square feet. New Mexico added about 11,000 non-agricultural jobs from February 2017 through February 2018. The Albuquerque MSA added 5,800 jobs — a 1.5 percent increase — over this period, or more than half of the new jobs added in New Mexico. Albuquerque’s unemployment rate was 5 percent as of February, which is a notable improvement over the 6.2 percent unemployment rate in February 2017. During this period, the private service-providing industries grew by 3,100 jobs, or 1.2 percent, while the goods-producing industries (warehouse and manufacturing users) added 2,300 jobs, representing a gain of 6.2 percent. Albuquerque’s industrial market experienced positive net absorption of more than 261,000 square feet during the fourth quarter of 2017. This was the highest net absorption since the fourth quarter of 2015, and the second-highest …

August 28, 2018

Acquisitions Georgia Retail Southeast

CBL Properties Sells Shopping Center in Southeast Georgia for $21.5M

by Camren Skelton August 28, 2018

STATESBORO, GA. — Chattanooga, Tenn.-based CBL Properties has sold Statesboro Crossing, a 155,185-square-foot retail center in the southeastern Georgia city of Statesboro, for $21.5 million. A group of investors led by Morrison Investment Group LLC acquired the asset. Zach Taylor and Don McMinn of Marcus & Millichap represented CBL Properties in the transaction. Located a little less than two miles from Georgia Southern University, Statesboro Crossing is situated on approximately 50 acres and is home to tenants including T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes.

August 28, 2018

Leasing Activity North Carolina Office Southeast

CBRE | Raleigh Arranges Leases With First Tenants at Office Development in Raleigh

by Camren Skelton August 28, 2018

RALEIGH, N.C. — CBRE | Raleigh has arranged leases with the first tenants at Crabtree Terrace, a 173,000-square-foot office building under construction in Raleigh. Coworking company Spaces signed a lease for 31,794 square feet of office space, Longleaf Law Partners signed a lease for 8,000 square feet and a high-end, large-format restaurant signed a lease for 12,500 square feet of ground-floor retail space. Chapel Hill-based East West Partners is developing Crabtree Terrace, which will include 145,000 square feet of office space and 28,000 square feet of ground-floor retail space upon completion in the fourth quarter of 2019. The building will be situated adjacent to a luxury hotel and conference center that will house a rooftop bar and full-service restaurant. Architecture firms Gensler and Kimley-Horn are designing the building, and Brasfield & Gorrie is the general contractor. Citizens Bank is providing construction financing for the project, and Northridge Capital LLC and SilverCap Partners are providing equity financing.

August 28, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $18.8M Sale of Multifamily Community in Birmingham

by Camren Skelton August 28, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has secured the $18.8 million sale of Village at Grants Mill, a 200-unit multifamily community in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, LMS Real Estate. An East Coast-based private capital buyer acquired the property. Village at Grants Mill was originally constructed in 1985 and fully renovated in 2017. Individual units feature granite countertops, private patios or balconies, stainless steel appliances, hardwood style flooring and walk-in closets. Community amenities include a resort-style pool, outdoor fire pit, fitness center, dog park, outdoor kitchen and a coffee bar.

August 28, 2018

Acquisitions North Carolina Retail Southeast

Avison Young Arranges $10.5M Sale of Retail Center in Chapel Hill, North Carolina

by Camren Skelton August 28, 2018

CHAPEL HILL, N.C. — Avison Young has arranged the $10.5 million sale of Glenwood Square, a 51,900-square-foot retail center located at 1200-1218 Raleigh Road in Chapel Hill. Blake Thomas and Grant Linderman of Avison Young arranged the transaction on behalf of the seller, Flagler Holdings. Fairway Investments acquired the asset. Constructed in 1987, Glenwood Square is home to tenants including The Fresh Market and Rite Aid. The center was fully leased at the time of sale. The property is located less than two miles from the University of North Carolina at Chapel Hill.

August 28, 2018

Conference Coverage Features Industrial

Flexibility is Key to Staying Relevant in Today’s Industrial Market, Say InterFace Panelists

by Taylor Williams August 28, 2018

ATLANTA — The industrial sector is busy riding the e-commerce wave, pushing demand for warehouse space to new heights. But land scarcity and changing investor preferences are forcing developers to get creative with their projects, making flexibility a top priority in today’s market. “The industry is changing so quickly, and Amazon is driving that,” said David Welch, president of Robinson Weeks Partners, an industrial real estate development and investment firm based in Atlanta. “We’ve had to be as flexible as possible because the large users aren’t waiting for build-to-suits — they want it now.” Welch’s comments were made during the industrial development panel at the first annual Intersection of Industrial and Retail in the Southeast conference, held Thursday, Aug. 23 at the Westin Buckhead in Atlanta. Sponsored by InterFace Conference Group and Southeast Real Estate Business, the half-day event drew more than 170 industrial and retail professionals from across the region. Joining Welch on the panel were Todd Carter, partner at Exeter Property Group; Mike Demperio, partner and vice president of CRG; Brian Cardoza, senior vice president of Rooker; John Barker, president and chief operating officer of Red Rock Developments; and Alfredo Gutierrez, president of SparrowHawk, who moderated the panel. …

August 28, 2018

Acquisitions Georgia Midwest Minnesota Retail Southeast Texas Top Stories

CBRE, Brookfield Property Partners Buy Three Super-Regional Malls from GGP for More Than $1B

by Camren Skelton August 28, 2018

LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …

August 28, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Arranges $13M Sale of Apartment Community in Philadelphia

by David Cohen August 27, 2018

PHILADELPHIA — Marcus & Millichap has arranged the sale of AQ Overbrook Flats, a 128-unit apartment community in the Overbrook Farms neighborhood of Philadelphia. The property sold for $13 million, or approximately $101,770 per unit. Clarke Talone, Andrew Townsend and Ridge MacLaren of Marcus & Millishap represented the seller, a limited liability company, in the transaction. The buyer is an affiliate of Aquinas Realty Partners. The property is located at 6358 Lancaster Ave. and 6312 Sherwood Road.

August 27, 2018

Loans Mixed-Use New Jersey Northeast

Progress Capital Secures $11.8M Acquisition Loan for Industrial Facility in Jersey City

by David Cohen August 27, 2018

JERSEY CITY, N.J. — Progress Capital has secured an $11.8 million loan for the acquisition of a former manufacturing facility in Jersey City. The property is the former site of Elementis Specialties Inc. and is located at 400 Claremont Ave. The buyer, 400 Claremont Urban Renewal LLC, plans to redevelop the site into a mixed-use building with residential, parking and retail components. Progress Capital arranged the financing on behalf of the borrower through an undisclosed lender. The timeline for the project was not disclosed.

August 27, 2018

Acquisitions Industrial Texas

HFF Arranges $148M Sale of Industrial Portfolio in Texas, North Carolina

by Taylor Williams August 27, 2018

DALLAS, HOUSTON AND CHARLOTTE — HFF has arranged the $148 million sale of an industrial portfolio totaling 1.25 million square feet in Texas and North Carolina. The 20-building portfolio includes Cardinal Park in Dallas, as well as Bammel Business Park, Business Center at Park 10 and Legacy Park in Houston. Adam Herrin, Stephen Bailey, Rusty Tamlyn, Chris Norvell, Trent Agnew and Patrick Nally of HFF represented the seller, Adler Real Estate Partners, in the transaction. The buyer was Pennsylvania-based Exeter Property Group.

August 27, 2018

Newer Posts

Older Posts