Property Type

Trinity, Oaktree to Form $3B Hospitality Joint Venture

by Taylor Williams August 21, 2017

HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Management have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Hawaii, California, Mexico and Japan. The formation of the joint venture follows Trinity and Oaktree’s $317 million acquisition of the 759-room Westin Maui Resort and Spa in April. That transaction more than doubled Trinity’s volume of hospitality investment for 2017. In addition to the four markets mentioned, the joint venture may also pursue investment opportunities in select gateway markets in the continental United States. Honolulu-based Trinity will oversee the joint venture and be responsible for its acquisitions and asset management. “Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets,” says Sean Hehir, president and CEO of Trinity. “Oaktree is a savvy investor that recognizes the success of our platform and shares our bullish outlook on these markets.” The stock price of Los Angeles-based Oaktree Capital Group LLC closed at $46.60 per share on Friday, Aug. 18, up from $43.87 on Aug. 25, 2016. — Taylor Williams

August 21, 2017

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Charlotte Industrial Market’s Absorption, Rent Growth Spur Optimism

by John Nelson August 21, 2017

The industrial market in Charlotte is healthy, with trends pointing to another solid year of net absorption and rent growth. The market continues to attract institutional capital, as cap rates hover slightly below 6 percent for Class A product in the metro’s primary submarkets. Charlotte’s job growth continues to drive population migration into the market. More than 37,000 new jobs have been added in the past 12 months, dropping the unemployment rate from 5.2 percent to 4.9 percent. North Carolina has a young, educated workforce and boasts 53 universities and colleges. The state is nationally recognized for its labor climate. Major employers span the gamut of the business world, from financial and energy stalwarts such as Bank of America and Wells Fargo, Duke Energy and Siemen’s Energy Inc., to more industrial players such as Daimler Trucks North America, Lowe’s, FedEx and Snyder’s-Lance Inc. Charlotte is a logistically sound market, with the city’s airport ranking as the eighth busiest in the U.S., according to the Federal Aviation Administration. A relatively new intermodal rail facility and continued investment in road infrastructure projects are also helping to foster an optimistic environment. The HB2 legislation, which proved a major obstacle to attracting new companies …

August 21, 2017

Industrial Self-Storage Texas

Casey Development Breaks Ground on 77,000 SF Self-Storage Facility in San Antonio

by Taylor Williams August 18, 2017

SAN ANTONIO — Casey Development Ltd. has broken ground on The Keep Storage, a 77,000-square-foot self-storage facility located just south of Thousand Oaks Drive and Henderson Pass in San Antonio. The Class A property will feature 500 climate-controlled units totaling more than 55,000 square feet of net rentable space. Archcon Architecture designed the project. Capco Construction, the project’s general contractor, expects to deliver the property in May 2018.

August 18, 2017

Retail Texas

CBL Begins Work on 45,000 SF Dick’s Sporting Goods in Waco

by Taylor Williams August 18, 2017

WACO, TEXAS — CBL & Associates Properties Inc., a publicly traded, Chattanooga, Tenn.-based retail developer, has begun work on a 45,000-square-foot Dick’s Sporting Goods location in Waco. The property will be situated within the Richland Mall, which is located at 6001 W. Waco Drive and totals roughly 700,000 square feet. The store opening is scheduled for spring 2018.

August 18, 2017

Multifamily Texas

IPA Arranges Sale of 240-Unit Apartment Community in Fort Worth

by Taylor Williams August 18, 2017

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen, a 240-unit multifamily community located near downtown Fort Worth. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Hulen Place Multifamily LP, and procured the buyer, San Francisco-based investment firm Hamilton Zanze. Other terms of sale were not disclosed.

August 18, 2017

Oklahoma Retail Texas

GBT Realty Completes $20M Retail Center in Bartlesville, Oklahoma

by Taylor Williams August 18, 2017

BARTLESVILLE, OKLA. — GBT Realty Corp. has completed Silver Lake Village, a $20 million, 85,000-square-foot retail center in Bartlesville, about 45 miles north of Tulsa. The shopping center is currently leased to tenants such as Ulta Beauty, Ross Dress for Less, T.J. Maxx and Rack Room Shoes. Approximately 5,500 square feet of space and three once-acre outparcels of space are currently available for lease.

August 18, 2017

Multifamily Texas

JLL Brokers Sale of 202-Unit Apartment Complex in San Antonio

by Taylor Williams August 18, 2017

SAN ANTONIO — JLL has brokered the sale of The Parker Apartment Homes, a 202-unit multifamily property located at 6600 Fairdale Drive in San Antonio. Amenities include a pool, dog park, business center and on-site laundry services. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Forge Partners, in the transaction. An Austin-based private investor purchased the asset for an undisclosed price.

August 18, 2017

Florida Multifamily Southeast

Walker & Dunlop Brokers $118.4M Sale of Green Apartment Complex in Palm Beach County

by Camren Skelton August 18, 2017

PALM BEACH GARDENS, FLA. — Walker & Dunlop Inc. has brokered the sale of The Quaye at Palm Beach Gardens, a 340-unit, Class A apartment community located in South Florida’s Palm Beach County. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of PGIM Real Estate, the real estate arm of Prudential Financial, purchased the asset in July for $118.4 million. Greg Engler, Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales team represented the seller, HG Management LLC, in the transaction. Constructed in 2015, The Quaye was designed to meet the National Association of Home Builders’ Gold Standard for a green project. The Quaye’s sustainable features include an almost 50 percent reduction in energy and water usage, cleaner air inside the home and outside, with the community being 100 percent smoke-free, reduced sound transmission with solid concrete walls and six-inch concrete floors and solar control windows that reduce solar heat and noise. Community amenities include a clubhouse, fitness center, kids’ playroom, dog park, swimming pool and a community kitchen.

August 18, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $53.3M Sale of Apartment Asset in Augusta, Georgia

by Camren Skelton August 18, 2017

AUGUSTA, GA. — Cushman & Wakefield has brokered the $53.3 million sale of Ansley at Town Center, a Class A apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the seller, Atlanta-based Cortland Partners, in the transaction. Demarest, N.J.-based Spyglass Capital Partners acquired the property. Ansley at Town Center features a swimming pool, fitness center, business center and a clubhouse.

August 18, 2017

Multifamily Southeast Virginia

Washington REIT Breaks Ground on 401-Unit Multifamily Community in Metro DC

by Camren Skelton August 18, 2017

ARLINGTON, VA. — Washington REIT has broken ground on The Trove, a 401-unit apartment community located in the Columbia Pike corridor of Arlington, roughly five miles southwest of Washington, D.C. The property will comprise three seven-story buildings, including a mix of studio to three-bedroom units. KGD Architecture, is designing The Trove to achieve LEED Silver certification. Community amenities will include a rooftop deck, a pool, cabanas, fire pits, grills, movie screens, fitness center, co-working areas and bike storage. The project is slated to deliver in 2019.

August 18, 2017

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