Property Type

Why Omaha Multifamily Market Is Golden for Investor Opportunities

by Kristin Harlow December 14, 2017

The national love affair with the multifamily sector may be starting to cool, but the Omaha market is just coming of age and heating up. “Overall, it was a strong third quarter, which was a nice surprise,”said Michael Cohen, CoStar Group director of advisory services, during his State of the Multifamily Market Third Quarter Review and Outlook on Nov. 1. “We’re still in the golden age for multifamily, but we’re seeing signs of a gradual slowdown in the apartment market.” Trendy new apartment towers and historic building conversions in downtown Omaha are all the rage — like most markets — but under the radar the entire Omaha metro is experiencing a significant boom in apartment development and sales. And why not? What’s not to like about Omaha? We are the non-threatening little brother of the Midwest that everyone likes, but never thought of in that way. But something has changed and Omaha is catching the attention of players that would have traditionally overlooked our strong fundamentals. Omaha has a diversified and stable economy fortified by nine Fortune 1000 companies, including Berkshire Hathaway, Union Pacific Railroad, Mutual of Omaha and TD Ameritrade, as well as a burgeoning innovation scene and a …

December 14, 2017

Conference Coverage Features Multifamily North Carolina South Carolina Southeast Southeast Feature Archive

Multifamily Firms Targeting Charlotte, Raleigh Suburbs, Says InterFace Carolinas Panel

by John Nelson December 14, 2017

ATLANTA — Executives from some of the most active multifamily firms in the Southeast are honing in on the suburbs of Charlotte and Raleigh as they map out their long-term investment and development strategies. During the Carolinas panel at the eighth annual InterFace Multifamily Southeast conference, the panelists stated they’re preparing for a suburban shift as a large swath of the millennial renting cohort and downsizing baby boomers will be priced out of core submarkets. “There’s a confluence of different demand drivers that will persist in earnest for the next five to 10 years as we see the millennial migration happening and affordability constraints start to enter the picture more,” said Eddy O’Brien, managing partner and co-founder of Blaze Partners, a boutique multifamily investment firm based in Charleston, S.C. Ben Yorker, vice president of development at Northwood Ravin, said his firm is also interested in Charlotte and the Triangle area for new development opportunities in 2018. “Within those markets we’re edging away from infill and exploring more suburban opportunities,” said Yorker. “We’re targeting renters by choice like empty nesters or urban professionals. In 2018, we’ll shift significantly to target millennials looking to the suburbs.” New development is already trickling its …

December 14, 2017

California Office Western

Brookfield Buys 411,544 SF Office Property in San Jose

by Nellie Day December 13, 2017

SAN JOSE, CALIF. — Brookfield has acquired Towers @ 2nd, a 411,544-square-foot office property in San Jose, for an undisclosed sum. The property is located at 75 E. Santa Clara St. and 4 N. Second St. Towers @ 2nd includes a 13-story office tower and 14-story office tower situated adjacent to a Valley Transportation Authority (VTA) light rail stop. The towers feature 14,500- and 17,500-square-foot floor plates, respectively. The sellers, a joint venture between Harvest Properties and Invesco Real Estate, have completed 150,000 square feet of new and renewal leases since 2015. This includes a 73,000-square-foot, 15-year lease with WeWork, which marked the co-working company’s first Silicon Valley location. The JV also carried out an $11.1 million asset repositioning and renovation prior to the sale. The improvements include a fitness center and locker room with private showers, bike lab, arcade lounge, training and conference center, and a VIP lounge connected to an exclusive outdoor plaza with built-in seating and lighting. CBRE’s Russell Ingrum, Joe Moriarty, Scott Prosser and Tyler Meyerdirk represented the seller in this transaction.

December 13, 2017

California Loans Office Western

Brickman Obtains $35M Acquisition Loan for 115,186 SF Office Building in Oakland

by Nellie Day December 13, 2017

OAKLAND, CALIF. — Brickman has obtained a $35 million loan to acquire Plaza 360, a 115,186-square-foot creative office building in Oakland. The asset is located at 360 22nd St. in the Uptown District. The five-year, non-recourse, floating-rate loan includes a portion of the undisbursed funds for common-area upgrades and tenant improvements. CIT Group and HFF secured the loan through CIT.

December 13, 2017

California Loans Retail Western

Barry Slatt Mortgage Arranges $27M Refinancing for Retail Center in San Jose

by Nellie Day December 13, 2017

SAN JOSE, CALIF. — Barry Slatt Mortgage Co. has arranged a $27 million loan to refinance Sunrise Plaza, a 112,805-square-foot shopping center in San Jose. Behzad Boroumand arranged the 10-year, fixed-rate CMBS loan with full-term, interest-only payments on behalf of the undisclosed borrower. Dick’s Sporting Goods anchors the center.

December 13, 2017

Arizona Multifamily Western

MIG Buys 176-Unit Bayside Apartments in Phoenix

by Nellie Day December 13, 2017

PHOENIX — MIG Real Estate has purchased the 176-unit Bayside Apartments in Phoenix for an undisclosed sum. The community is located at 20245 N. 32nd Drive. Bayside Apartments was built in 1999. The complex features nine-foot ceilings, walk-in closets, private balconies and patios, dishwashers, and full-size washer and dryer units. The gated community also offers an outdoor resort-style swimming pool, spa and covered picnic areas with barbeque grills. Complimentary WiFi is provided in the office and pool lounge areas. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller. Bayside Apartments will undergo enhancements as MIG repositions the asset.

December 13, 2017

Arizona Multifamily Seniors Housing Western

Blueprint Negotiates $3.1M Sale of 151-Unit Assisted Living Community in Yuma

by Nellie Day December 13, 2017

YUMA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 151-unit assisted living community in Yuma for $3.1 million. The name of the community was not disclosed. The property was originally built as a limited-service hotel before the nonprofit owner began converting it to assisted living. The owner ran into financial trouble and was unable to complete the conversion. Blueprint was tasked with the sale by a court-appointed receiver and positioned the community as a turnaround opportunity. A Phoenix-based investor purchased the property, marking its first entry into the seniors housing space. Jacob Gehl, Amy Sitzman, and Giancarlo Riso of Blueprint were the lead advisors on the transaction.

December 13, 2017

Industrial Texas

Tech Manufacturer Finisar to Open 700,000 SF Plant in Sherman Using $390M Grant from Apple

by Taylor Williams December 13, 2017

SHERMAN, TEXAS — Finisar, a California-based manufacturer of optical communications components used in Apple products, will open a 700,000-square-foot, previously shuttered manufacturing plant in Sherman. Funding for the project stems from a $390 million grant provided by Apple Inc. The awarding of the grant will enable Finisar, which already operates a plant in Allen, to increase its research and development spending and up its production of vertical-cavity surface-emitting lasers (VCSELs), which power Apple products like Face ID and Animoji. Approximately 500 new jobs will be created as a result of Apple’s grant. Holmes Davis of Binswanger represented the seller of Finisar’s new facility, SunEdison. Finisar expects the Sherman facility to begin shipping new VCSELs by the second half of 2018.

December 13, 2017

Loans Office Texas

Square Mile Originates $118M Loan for 1.7 MSF Office Tower in Downtown Dallas

by Taylor Williams December 13, 2017

DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.

December 13, 2017

Retail Texas

IKEA Opens 290,000 SF Store in Grand Prairie

by Taylor Williams December 13, 2017

GRAND PRAIRIE, TEXAS — Swedish furniture retailer IKEA has opened a 290,000-square-foot store in Grand Prairie. The store is the company’s fourth location in Texas, with plans to open stores in the San Antonio and Fort Worth areas in 2019 underway. Construction of the store created about 500 new jobs, with an additional 250 workers joining the IKEA team as it became operational.

December 13, 2017

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