Property Type

Cushman & Wakefield Secures 295,800 SF Lease in Metro Atlanta with Travel Goods Company

by Camren Skelton September 14, 2017

MCDONOUGH, GA. — Cushman & Wakefield has secured a 295,800-square-foot lease with TravelPro, a provider of travel goods, at 1500 Medline Place in McDonough, roughly 30 miles south of Atlanta. Ray Stache, Lisa Pittman and Greg Dikerson of Cushman & Wakefield represented the landlord, Medline Industries, in the lease transaction. The lease marks TravelPro’s first location in the metro Atlanta market. Constructed in 2016, 1500 Medline Place was 100 percent leased in less than 12 months following completion. The facility features 37-foot ceilings, 77 dock doors, LED lighting and access to 13 UPS and FedEx centers.

September 14, 2017

Loans Seniors Housing Texas

ORIX USA Acquires Lancaster Pollard for Reported $300M

by John Nelson September 14, 2017

DALLAS — ORIX USA, a Dallas-based division of international financial services group ORIX Corp., has acquired Lancaster Pollard Holdings LLC. The acquisition price was more than $300 million, according to a report by Commercial Mortgage Alert. Based in Columbus, Ohio, Lancaster Pollard was the top HUD lender in the seniors housing sector for fiscal year 2016, which ended Sept. 30, 2016. The company closed 60 transactions totaling $554.4 million, accounting for 21 percent of total HUD volume in the sector. Lancaster Pollard is a new separate subsidiary of ORIX alongside RED Capital Group, which is also based in Columbus, and Boston Financial Investment Management. All three ORIX subsidiaries will continue to operate as separate companies with their current management. Moving forward under the ORIX Commercial Mortgage Servicing umbrella, Lancaster Pollard will focus on the financial, capital and advisory needs of senior living and healthcare clients, and RED will do the same in the affordable and market-rate multifamily sectors. Advisors for ORIX USA on the transaction included Beekman Advisors Inc. and Houlihan Lokey Inc. for financial services and Weil, Gotshal & Manges LLP for legal services. For Lancaster Pollard, Credit Suisse Securities (USA) LLC served as financial advisor and Kramer Levin …

September 14, 2017

Healthcare Texas

McCarthy to Build Expansion Project for Hospital in Tyler

by John Nelson September 14, 2017

TYLER, TEXAS — McCarthy Building Cos. Inc. will build an expansion project for CHRISTUS Mother Frances Hospital, located at 800 E. Dawson St. in Tyler. The project will deliver two new trauma rooms, 48 ICU beds, an emergency room with 54 treatment beds and two helipads. It will also replace the existing parking garage with a 297,000-square-foot structure, construction of which began earlier this year and is expected to be complete by March 2018.

September 14, 2017

Office Texas

Tarrant County to Develop Office Space, Parking Garage in Fort Worth

by John Nelson September 14, 2017

FORT WORTH, TEXAS — Tarrant County has purchased a 40,075-square-foot tract of land located at 401 E. Weatherford St. in downtown Fort Worth, on which it will build a multi-level parking garage with ground-floor office space. The site encompasses nearly one acre and is situated adjacent to Sundance Square. Eddie Liebman and Matthew Rosenfeld of Weitzman represented the seller in the transaction. Todd Burnette of JLL represented the county.

September 14, 2017

Oklahoma Retail Texas

Marcus & Millichap Brokers Sale of 17,925 SF Retail Power Center in Moore, Oklahoma

by John Nelson September 14, 2017

MOORE, OKLA. — Marcus & Millichap has brokered the sale of The Shops at Moore, a 17,925-square-foot retail power center located at the corner of 19th Street and Interstate 35 in Moore, a suburb of Oklahoma City. The center was 100 percent leased at the time of sale to national and regional tenants. Nearby retailers include Office Depot, Hobby Lobby, AT&T and Best Buy. Lisa Estrada of Marcus & Millichap represented the seller, a Fort Worth-based limited liability company. First National Bank of Oklahoma provided financing for the acquisition. The name of the buyer and the sales price were not disclosed.

September 14, 2017

Industrial Texas

CBRE Negotiates 30,495 SF Industrial Lease in Metro DFW

by John Nelson September 14, 2017

COPPELL, TEXAS — CBRE has negotiated a 30,495-square-foot lease at 1122 Bethel Road in the Dallas-Fort Worth metro of Coppell. Steve Trese and Wilson Brown of CBRE represented the landlord, Bethel Industrial LLC. Ryan Boozer of Stream Realty represented the tenant, Irving-based Event Technology Services LLC, which will be relocating to the Coppell property from the Airport submarket.

September 14, 2017

Hawaii Mixed-Use Top Stories Western

Salem Partners to Develop $750M Mixed-Use Project in Honolulu

by John Nelson September 14, 2017

HONOLULU — Salem Partners, a commercial real estate developer based in Los Angeles, is moving forward on its $750 million, two-tower project in Honolulu. The Honolulu City Council recently gave Salem Partners approval to build the 450-unit condominium and hotel development, which is part of Honolulu’s Ala Moana Transit Oriented Development Plan. The first development in the plan is Salem Partner’s Mana’olana Place project, which is slated to break ground across from the Hawaii Convention Center in the second quarter of 2018. A new Mandarin Oriental Hotel will anchor the development. “We have enthusiastically embraced the city’s new TOD plan and look forward to the completion of the transit system in 2022,” says James Ratkovich of Salem Partners. Salem Partners received a special transit permit to build up to 400 feet high instead of the 250 feet previously allowed. The developer has also proposed for 78 affordable apartments to be built in collaboration with EAH Housing at the site, which spans 1.42 acres at 1500 Kapiolani Ave. “It is an innovative solution for deeply needed affordable units in Honolulu,” says Ratkovich. At this time the affordable units are designated for seniors housing. Colorado-based architect [au] workshop designed the two towers, …

September 14, 2017

Features Florida Industrial Southeast Top Stories

Lessons Learned: Hurricane Andrew Helped Prepare South Florida’s Industrial Market for Irma

by John Nelson September 14, 2017

Hurricane Irma made landfall in Florida on Sunday afternoon, tearing through The Keys and heading up the western portion of the state through the Tampa area. For a time, it appeared the hurricane was heading straight for Miami before it ultimately changed course. “A few days ago when we are all staring down the barrel of a Category 4 storm that was heading straight for us, it was concerning,” says Ken Krasnow, executive managing director of Colliers International’s South Florida division. “We ended up having some Category 2 force winds, but we feel fortunate that the storm changed course.” Despite being out of Irma’s direct path, parts of Miami were flooded and most of the region experienced power outages, with many residences remaining without power as of this writing. Irma was the worst storm to hit South Florida since Hurricane Andrew in 1992, but the destruction caused by the storm 25 years ago was much worse, specifically for the industrial sector. “Hurricane Andrew was the worst this market experienced,” says Walter Byrd, senior managing director of Transwestern’s industrial team. “It blew through entire floors on projects in the southern part of Miami-Dade County.” Byrd says that the difference this go-around …

September 14, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Office

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

by Kristin Harlow September 14, 2017

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor driving the steady upward climb. It has been like a plane taking off but never reaching full altitude. A contradiction of sorts is contributing to the rental rate increases and vacancy decline, while there is still a lack of newly constructed space. Bread-and-butter leasing absorption and a lack of new speculative development have been the main ingredients in the overall solid market for office activity. The velocity in the market is doing its job of generating positive absorption each quarter while rates inch up. The lack of large blocks of space has created a few new construction projects, but not as many as experts had predicted and hoped for. Costs on the rise Higher construction costs and …

September 14, 2017

California Multifamily Western

Olympus, Artemis Purchase 360-Unit Apartment Community in San Diego

by Nellie Day September 13, 2017

SAN DIEGO — A joint venture between Olympus Property and Artemis Real Estate Partners has purchased the 360-unit Broadstone Corsair in San Diego for an undisclosed sum. The community is located at 8583 Aero Drive in the Kearny Mesa neighborhood. The asset is being rebranded as Olympus Corsair. On-site amenities include a resort-style pool with poolside cabanas inset with outdoor TVs, an indoor golf simulator room, a fitness center, yoga/dance studio, a clubhouse with demonstration kitchen, library and wet bar, green living wall, and seven outdoor courtyard social spaces.

September 13, 2017

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