RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $7.4 million sale of Windsor VI, a 51,800-square-foot, Class A industrial property located within the Windsor Business Park in Richmond. Constructed in 2004, the property is fully leased on a long-term basis to Williamson Drug, a CVS Health Corp. subsidiary. Los Angeles-based Rich Uncles acquired the asset from the seller, an affiliate of Bethesda-based Fernau LeBlanc Investment Partners. Eric Robison of Cushman & Wakefield | Thalhimer completed the transaction.
HOUSTON — HFF has negotiated the sale of Bammel Business Park, a five-building industrial property totaling 246,450 square feet in Houston. The Class A property, which is situated on 14.1 acres at 410-4822 N. Sam Houston Parkway West, features 24-foot clear heights, dock-high loading doors and 12.6 percent office finish. Rusty Tamlyn and Trent Agnew of HFF represented the seller, FR/Cal Bammel, in the transaction. Philadelphia-based Exeter Property group purchased the asset for an undisclosed price.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Solaris Ranch, an 80-unit apartment complex located at 9417 Michael Drive in Fort Worth. Al Silva and Mark McCoy of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva, McCoy and Ford Braly, also of Marcus & Millichap procured the buyer, an out-of-state partnership.
NEW BRAUNFELS, TEXAS — San Antonio-based developer Koontz Corp. has broken ground on a 10-acre office project within Sundance Business Park in New Braunfels. The two-phase project will deliver approximately 120,000 square feet of office space, with Phase I targeting an April 2018 completion. The company is also developing a 313-unit multifamily property located across the street.
HOUSTON — HH&S Hospitality LLC has purchased Candlewood Suites Houston Medical Center, an 80-room hotel located at 10025 Main St. in Houston. The Houston-based lodging investment firm will spend an unspecified amount in renovations to the hotel’s common areas and rooms. Friendwood, Texas-based Pika Hotel Group sold the property to HH&S for an undisclosed price.
PLANO, TEXAS — EDGE Realty Capital Markets has brokered the sale of a 12,205-square-foot, two-tenant retail property located at the intersection of Dallas North Tollway and West Park Boulevard in Plano. The property is leased to Mattress Firm and Elite Care ER. Stroud Arthur of EDGE represented the seller, G Whis/Park Place LLC, in the transaction.
LAFAYETTE, SHREVEPORT AND SLIDELL, LA. — AVR Realty Co., a Yonkers, N.Y.-based multifamily investment and development firm, has sold a portfolio of nine multifamily properties totaling 2,079 units in Louisiana for approximately $250 million. Israel-based investment firm El-Ad National Properties purchased the portfolio. According to the company’s LinkedIn page, its portfolio of American properties consists of 12,700 apartment units, 1 million square feet of office space and several hotels. The holdings are spread across nine states and collectively valued at $1.2 billion. The sale represents the disposition of nine of AVR’s 11 multifamily assets in Louisiana. The portfolio includes four properties totaling 972 units in metro Lafayette, located approximately two hours west of New Orleans; three properties totaling 705 units in the metro of Shreveport in northwestern Louisiana; and two properties totaling 402 units in Slidell, approximately 30 miles north of New Orleans. Mike Kemether of Cushman & Wakefield’s Southeast Multifamily Advisory Group and Larry Schedler of Larry G. Schedler & Associates represented AVR in the transaction. El-Ad was represented internally. “This portfolio sale represents a substantial statewide multifamily investment and transaction,” says Schedler. “The high level of local and international investor interest was driven by the opportunity to purchase …
In 2016 and the first quarter of this year, Atlanta’s economy boomed, showing several positive signs that point to another banner year for the multifamily market. From December 2016 through February 2017, Atlanta added 96,700 total non-farm jobs, an increase of 3.7 percent over the same time the previous year. Additionally, in 2016 the city experienced 3 percent wage growth overall. This translates to a robust multifamily market with solid fundamentals. According to Axiometrics, Atlanta’s average effective rent broke the $1,000 ceiling in second-quarter 2016 and has not stopped climbing since, reaching $1,068 as of first-quarter 2017. Rents are projected to increase by just under 5 percent in 2017. While the market’s rent growth rate is slowing, we cannot forget that Atlanta is breaking historical rent records while maintaining an occupancy rate in the 94 percent range for the last 11 consecutive quarters. Throughout the city, all asset classes — from Class C suburban properties to trophy Class A properties in the urban core — are posting strong performances. One trend we are keeping an eye on is single-family development, which is starting to come back as rental rates continue to rise and renters look to make a more permanent …
BOSTON — Bell Partners has purchased Olmsted Place, an apartment community, located at 161 S. Huntington Ave. in the Jamaica Plain neighborhood of Boston, for an undisclosed price. Bell has renamed the 196-unit property Bell Olmsted Park, and Bell Partners will manage the community. Opened in late 2015, the property features a variety of studio, one-, two- and three-bedroom layouts, two elevated courtyards and surface and garage parking. The residences feature hardwood floors, granite countertops, stainless steel appliances and in-unit laundry facilities. On-site amenities include a resident lounge with bar and audio-visual equipment, a state-of-the-art fitness center, a heated pool and outdoor terraces. The name of the seller was not released.
NEW YORK CITY — TF Cornerstone has completed the development of 33 Bond, a 25-story apartment development located in Brooklyn. Designed by Handel Architects, 33 Bond features 714 rental units in studio, one- and two-bedroom open-concept layouts, a 24-hour attended lobby, package attendant, club lounge with billiards table, screening room, designated event space, bicycle store, parking garage and an on-site pet grooming space. Residences feature white oak floors, state-of-the-art kitchens with stainless steel appliances, and floor-to-ceiling windows. Additionally, the property features HomeWork, a full-scale collaborative workspace, and 60,000 square feet of retail space occupied by Chelsea Piers, a fitness, health and lifestyle center, and Devocion, a Colombian coffee roaster.