Property Type

Waypoint Launches Student Housing Affiliate, Purchases Four-Property Portfolio for $102M

by Jeff Shaw May 16, 2017

STAMFORD, CONN. — Waypoint Residential, a multifamily real estate investment firm, has officially launched its student housing affiliate, Waypoint Campus Housing LLC. The launch was marked by the new company’s acquisition of a four-property student housing portfolio for $102 million. The seller of the properties, which total 2,638 beds, was Chicago-based investment firm Blue Vista Capital Management. The properties in the portfolio include High View Place near the University of Texas at San Antonio; Maverick Place near the University of Texas at Arlington; Rebel Place near the University of Nevada at Las Vegas; and Spring Place near the University of North Carolina at Greensboro. A fifth property was not disclosed because the transaction has not yet officially closed. “We are excited to officially expand our platform to include student housing as one of our key strategies within our core business, which focuses exclusively on the rental housing sector,” says Scott Lawlor, CEO of Waypoint Residential. “The addition of student housing aligns with our overall strategy to diversify our product offerings within the rental housing market, and we believe it provides terrific risk-adjusted opportunities.” Jeremy Pemberton will lead Waypoint Campus Housing as CEO. Pemberton was previously focused on acquisitions and sourcing …

May 16, 2017

Features Loans Retail Top Stories

Will CMBS Lenders and Borrowers Adapt to the Shifting Retail Landscape?

by Taylor Williams May 16, 2017

Over the past two years, quarterly earnings results that followed holiday shopping seasons have come with a side of fresh store closures as well as new bankruptcy filings by major retailers. In the first few weeks of 2017 alone, long-established chains such as RadioShack, JCPenney, Macy’s, CVS, and Gordmans announced plans to shutter hundreds of underperforming store locations from their portfolios, putting added pressure on numerous commercial real estate landlords and mall center operators. The trend reflects the ongoing effort of retailers to reduce costs and focus on new showrooming and omnichannel strategies that better cater to the purchasing tendencies of today’s consumers, a sizable portion of which includes millennials. The confluence of e-commerce, changing consumer shopping habits, and new technological enhancements has shifted the retail landscape away from traditional uses of large physical footprints and the one-dimensional approach to sales as discount, experiential, and specialty retailers continue to rise in popularity. Historical Performance The national delinquency rate (categorized as 30 or more days past due, in foreclosure, REO, or non-performing balloons) for loans securitized into private-label CMBS deals has been steadily increasing during the “wall of maturities” period, as the large wave of more than $300 billion in legacy …

May 16, 2017

Industrial Market Reports Oregon Western Western Market Reports

The Industrial Market Grows Up

by Camren Skelton May 16, 2017

In many ways, Portland’s industrial market has experienced a dramatic shift over the past five years, emerging as a market to be reckoned with. Demand has exceeded supply for the past six years, pushing vacancy to a 25-year low and rents up 18 percent year-over-year. Industrial users have grown in size, and large users have grown in number. Developments are bigger and migrating further from the traditional industrial submarkets. Investors are keen on Portland assets and are willing to pay a premium for quality product with a solid tenant roster. Portland’s population grew by 8 percent from 2010 to 2015, ranking it among the top 20 of the 50 largest U.S. cities. This growth in metro-area population has propelled strong demand from large e-commerce and distribution companies as they expand into new locations to service our growing consumer base. In 2010, we saw 11 users lease or build spaces of 100,000 square feet or more, and our average size lease was 24,854 square feet. By 2016, our average-sized industrial lease had grown to 39,218 square feet, an increase of 57.8 percent. We also saw 18 users build or lease space greater than 100,000 square feet. Portland’s industrial market users are …

May 16, 2017

Illinois Loans Midwest Multifamily

Meridian Capital Group Arranges $19.9M Acquisition Loan for Multifamily Community in Chicago

by Jeff Shaw May 15, 2017

CHICAGO — Meridian Capital Group has arranged $19.9 million in bridge financing for the acquisition of Ivy Park Homes, a multifamily community on Chicago’s South Side. The 80-acre property was 62 percent occupied and features a basketball court, jogging path, softball field and on-site parking. The three-year loan, provided by a national balance sheet lender, features full-term, interest-only payments and two one-year extension options. David Hayum, who works from Meridian’s New York City headquarters, arranged the financing.

May 15, 2017

Midwest Missouri Office

IFS Begins Work on $10M HVAC Project at Federal Building in St. Louis

by Jeff Shaw May 15, 2017

ST. LOUIS — Integrated Facility Services (IFS) has begun work on a $10 million HVAC, plumbing and fire protection renovation project at the Robert A. Young Federal Building, a 1 million-square-foot property in downtown St. Louis. The project is part of design-build contractor McCarthy Building Cos.’ $62 million seismic retrofit of the 20-story building’s mechanical systems. The building, which was built in 1933 and is currently owned and managed by the U.S. General Services Administration, houses nearly 3,000 employees across roughly 40 federal agencies.

May 15, 2017

Healthcare Illinois Midwest Office

Missner Group to Renovate, Expand Illinois Bone & Joint Institute in Chicago

by Jeff Shaw May 15, 2017

CHICAGO — The Illinois Bone & Joint Institute (IBJI) has selected The Missner Group to undertake a renovation and expansion project for the company’s North Canal Street offices in Chicago. The 2,900-square-foot expansion will include interior improvements, a new physical therapy gym, reception area, paint and flooring. Heath Yarger is the project manager and Steve Bulger is the project superintendent for The Missner Group. Stephen Rankin Associates is providing the architectural services. The project is scheduled for completion in summer 2017.

May 15, 2017

Industrial Midwest Wisconsin

Dickman Brokers 24,424 SF Industrial Sale in Oak Creek, Wisconsin

by Jeff Shaw May 15, 2017

OAK CREEK, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 24,424-square-foot industrial building located at 440 W. Bell Court in Oak Creek, approximately 12 miles south of Milwaukee. Final Frontier LLC purchased the building from Liberty Lane LLC. Samuel D. Dickman, Samuel M. Dickman Jr. and Cale Berg of The Dickman Co. were the brokers involved in this transaction.

May 15, 2017

Midwest Missouri Restaurant Retail

Freddy’s Frozen Custard & Steakburgers Opens 3,625 SF Restaurant in Raytown, Missouri

by Jeff Shaw May 15, 2017

RAYTOWN, MO. — Freddy’s Frozen Custard & Steakburgers has opened a new, 3,625-square-foot location at 10019 E. 350 Highway in Rayotwn, a southeastern suburb of Kansas City. The new restaurant will be part of Block & Co. Inc.’s Raytown 350 Development, which includes an IHOP and is located across from a Walmart Super Center.

May 15, 2017

Mixed-Use Texas

Hines to Develop 135-Acre Mixed-Use Project in Allen, Texas

by Taylor Williams May 15, 2017

ALLEN, TEXAS — Hines will develop a 135-acre corporate campus and mixed-use development in the Dallas-Fort Worth metro of Allen, which will be branded as The Strand. Phase I of the project will deliver approximately 200,000 square feet of office space and 80,000 square feet of retail space. Later phases will complete the build-out with 1.5 million square feet of office space and 300,000 square feet of retail space. A timetable for project delivery and groundbreaking has not yet been established.

May 15, 2017

Loans Office Texas

Joint Venture Lands Construction Loan for 327,000 SF Office Building in Spring

by Taylor Williams May 15, 2017

SPRING, TEXAS — A joint venture between Patrinely Group LLC, USAA Real Estate Co. and CDC Houston has received a construction loan for the development of CityPlace 2, a 327,000-square-foot, Class A office building that will be located in the Houston suburb of Spring. The property, which is slated for completion in 2018, will be part of CityPlace, a 60-acre, mixed-use development located at the intersection of Hardy Toll Road and Interstate 45. Wally Reid, Cortney Cole and Trent Agnew of HFF arranged the loan, the amount of which was not disclosed.

May 15, 2017

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