Property Type

Mohr Capital Sells 422,819 SF Industrial Facility in Denton

by John Nelson November 10, 2017

DENTON, TEXAS — Mohr Capital has sold ESAB North American Center, a 422,819-square-foot industrial building located on 30.1 acres at 2800 Airport Road in Denton. Built in two phases in 1970 and 2016, the property is fully leased to ESAB, an equipment and filler metal manufacturer. The asset is situated near the intersection of Interstates 35 East and 35 West in the Northwest Dallas industrial submarket. It features 18- and 36-foot clear heights, 19 dock-high doors, one drive-in door and 200-foot truck courts. New Mountain Net Lease Corp. purchased ESAB North American Center from Mohr Capital for an undisclosed price. Adam Herrin, Stephen Bailey, Mark West and Coler Yoakam of HFF represented Mohr Capital in the transaction. Brandon Chavoya and Michael George of HFF arranged a five-year, fixed-rate acquisition loan through KeyBank Real Estate Capital on behalf of New Mountain Net Lease.

November 10, 2017

NAI Robert Lynn Brokers Sale of 82,960 SF Industrial Facility in Richardson

by John Nelson November 10, 2017

RICHARDSON, TEXAS — NAI Robert Lynn has brokered the sale of an 82,960-square-foot industrial facility located at 1301 Apollo Road in Richardson. Baker Drywall Investments LLC, an affiliate of Mesquite, Texas-based BakerTriangle, purchased the property for an undisclosed price. BakerTriangle is a drywall and plaster specialty contractor with more than 1,300 employees across six offices in Texas. Michael Stanzel of NAI Robert Lynn represented the seller, The Trident Co., and Craig Phelps of JLL represented the buyer. Trident, a metal services company based in Richardson, sold the excess building but maintains a location nearby at 405 N. Plano Road, according to NAI Robert Lynn.

November 10, 2017

New York Northeast Office Top Stories

New York REIT to Sell 346,728 SF Office Building in Manhattan for $255M

by Kristin Harlow November 10, 2017

NEW YORK CITY — New York REIT Inc. (NYSE: NYRT) has agreed to sell a 346,728-square-foot office building in Midtown Manhattan for $255 million. The 10-story property is located at 333 W. 34th St. between the Herald Square and Hudson Yards submarkets. The building is fully leased to four tenants including the Metropolitan Transportation Authority, The Segal Co., Godiva Chocolatier and Sam Ash. Over the last 15 years, the building has received over $25 million in capital improvements, according to NYRT. Real estate funds managed by Brookfield Asset Management will acquire the property. The closing is expected to occur prior to year’s-end. NYRT acquired the office building from SL Green for $220 million in 2013, according to Crain’s New York Business. NYRT is a publicly traded real estate investment trust that owns office and retail properties in New York City. NYRT’s shareholders recently adopted a plan of liquidation in which the REIT is seeking to sell its assets. The liquidation process is expected to be completed by the end of the first quarter of 2018, according to NYRT. At the time of its decision to liquidate, the company was under pressure to grow shareholder value. NYRT’s stock price closed on …

November 10, 2017

Market Reports Multifamily Texas Texas Market Reports

Tarrant County Multifamily Market Is Undersupplied

by Taylor Williams November 10, 2017

As a lender in construction and permanent financing of new multifamily properties, Mason Joseph Co. is constantly assessing and reassessing future supply and demand estimates for rental properties. Tarrant County has several high-profile apartment properties under construction, causing some in the lending industry to ask if the market is on the verge of being oversupplied. Our answer to that question is a firm “no.” Since 2010, a year in which Tarrant County boasted a ratio of 1.07 housing units per household, the market has suffered diminished production of all housing types. As of 2017, ESRI estimates that the units-to-household ratio is closer to 1.09. While that difference appears small, it means about 14,000 fewer housing units were built in Tarrant County from 2010 to 2017 than would be expected. A review of housing permits issued for the following two periods supports that data. From 2001 to 2010, the volume of housing units permitted exceeded the number of new households by an average of 821 units per year. From 2011 to 2017, the equation flipped and Tarrant County added 354 more households than housing units annually, implying the county has now been undersupplied by about 1,200 units per year for the …

November 10, 2017

Arizona Multifamily Western

Morgan, Mesirow Financial Purchase Site for 474-Unit Pearl Biltmore Apartment Complex in Phoenix

by Nellie Day November 9, 2017

PHOENIX — A joint venture between Morgan and Mesirow Financial has purchased a permit-ready infill site in the Camelback area of central Phoenix for an undisclosed sum. The JV plans to build the 474-unit Pearl Biltmore apartment complex on the site. The community is located at 4640 N. 24th St. Construction on the five-story project will begin in the first quarter of 2018. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and retail and dining destinations, including Biltmore Fashion Park. The Pearl Biltmore is scheduled to open in the third quarter of 2019. CBRE’s Bert Kempfert arrange the sale. CCBG Architects is designing the community.

November 9, 2017

California Retail Western

ShopOne Centers REIT Buys 202,134 SF Retail Center in California

by Nellie Day November 9, 2017

CORONA, CALIF. — ShopOne Centers REIT Inc. has purchased McKinley Crossroads, a three-building retail center located at 275 Teller St. in Corona, for an undisclosed price. Situated on 13.9 acres, the 202,134-square-foot retail center was built in 1989 and renovated in 2000. Simple Fresh Market and 24-Hour Fitness anchor the property. The acquisition marks ShopOne’s entry into the California market.

November 9, 2017

California Mixed-Use Office Retail Western

Marcus & Millichap Brokers $9.8M Sale of 21,973 SF Mixed-Use Building in North Hollywood

by Nellie Day November 9, 2017

NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.

November 9, 2017

Arizona Multifamily Seniors Housing Western

Bethel Development Building Affordable Seniors Housing Community in Phoenix

by Nellie Day November 9, 2017

PHOENIX — Bethel Development has selected Rainbow Housing Assistance Corp. to provide services for The Revello, a 76-unit senior living complex in Phoenix. The project is currently under construction, with a planned completion in 2019. The Revello is funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. This will be the fourth property Rainbow will operate for Bethel, and the second seniors housing community. The Revello is owned by Revello Housing LLC and will comprise one four-story building totaling approximately 81,000 square feet. The 76 units will include one- and two-bedroom units designed for the elderly. Rainbow will provide programming for seniors at the property such as computer training, financial literacy workshops, health promotion and disease prevention.

November 9, 2017

California Multifamily Student Housing Western

Texla Housing Partners Sells Element Sacramento Near CSU Sacramento

by Nellie Day November 9, 2017

SACRAMENTO, CALIF. — Texla Housing Partners has sold the Element Sacramento, which is situated near the campus of California State University, Sacramento. Texla purchased the asset in December 2015 through its VerTex Student Housing Partners JV with Harrison Street Real Estate Capital. Built in 2004, Element Sacramento contains 288 units and 792 beds. It features a mix of one- to four-bedroom units. Over the hold period, Texla’s management arm, VerTex Student Housing Management, executed interior capital improvements that ultimately produced returns of about 57 percent and an equity multiple greater than 2x.

November 9, 2017

Industrial New Jersey Northeast

Bridge Development Partners to Sell 10-Building Industrial Portfolio to Duke Realty for $515M

by Amy Works November 9, 2017

MONROE TOWNSHIP, WOODRIDGE, CARTERET AND CRANBURY TOWNSHIP, N.J. — Bridge Development Partners has agreed to sell a 10-building industrial portfolio totaling 3.4 million square feet, along with two land parcels, to Duke Realty for $515 million. Each of the assets are newly constructed facilities in the infill industrial markets in Northern New Jersey, Southern California and South Florida. The transaction will be completed in phases, with the first two phases having closed Sept. 27 and Oct. 25, and the final phase expected to close near the end of the year. In addition to the 10 completed properties, the acquisition includes two land parcels on which two properties totaling 852,745 square feet will be constructed, beginning this year. Once fully constructed the total cost of the portfolio will be nearly $700 million and span 4.3 million square feet. The first two phases include four properties in New Jersey: Bridge Point South Brunswick, a 488,884-square-foot facility at 773 Davidson Mill Road in Monroe Township; Bridge Point Meadowlands, an under construction 193,805-square-foot facility at 5 Ethel Blvd. in Woodbridge; Bridge Point Carteret, a 206,500-square-foot property at 900 Federal Blvd. in Carteret; and Bridge Point Cranbury, a 264,085-square-foot building in Cranbury.

November 9, 2017

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