Property Type

GLL Purchases Office Tower in Buckhead from Cousins Properties

by John Nelson January 3, 2017

ATLANTA — GLL Real Estate Partners has purchased The Forum at West Paces, a nine-story, 220,000-square-foot office tower located at 3290 Northside Parkway in Atlanta’s Buckhead submarket. The Munich-based real estate fund management group bought the Class A asset from Atlanta-based Cousins Properties for an undisclosed price. Built in 2001, The Forum at West Paces was 96 percent leased at the time of sale to tenants including healthcare and financial institutions, wealth managers, attorneys, investment funds and other professional services. The building features tenant balconies on every floor, onsite security, a fitness center and an adjacent five-story parking garage. CBRE’s Atlanta office represented Cousins Properties in the transaction.

January 3, 2017

Florida Multifamily Southeast

Passco Acquires Apartment Community in Florida for $50.3M

by John Nelson January 3, 2017

MELBOURNE, FLA. — Passco Cos. has purchased Marisol at Viera, a 282-unit multifamily community located at 2439 Casona Lane in Melbourne, from Pollack Shores Real Estate Group for $50.3 million. The Class A property is situated within Viera, a 22,000-acre master-planned development in Brevard County. Marisol at Viera features two poolside bars and outdoor kitchens, a private club and amenities deck, clubroom and TV lounge, 6,500-square-foot dog park with an outdoor grooming station and electric car charging stations. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented both Passco Cos. and Pollack Shores in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco.

January 3, 2017

Georgia Retail Southeast

Wheeler REIT Purchases Shopping Center in Macon for $37.3M

by John Nelson January 3, 2017

MACON, GA. — Wheeler Real Estate Investment Trust Inc. has purchased Rivergate Shopping Center, a 205,811-square-foot, Publix-anchored development located in Macon. The shopping center was 95.5 percent leased at the time of sale to tenants such as Dollar Tree, T-Mobile and H&R Block. The property features eight outparcels, including a standalone Starbucks Coffee, Buffalo Wild Wings, IHOP and Steak N’ Shake, as well as co-tenant buildings leased to FedEx/Panera Bread, Dunkin’ Donuts/Subway, Planet Fitness/SkyZone and Pet Supermarket/Tuesday Morning. Wheeler REIT financed the acquisition using a three-year bank loan that features one year of interest-only payments, 25-year amortization schedule for years two and three, a floating interest rate and 65 percent LTV.

January 3, 2017

Florida Industrial Southeast

Monmouth Real Estate Buys Industrial Facility in Fort Myers Leased to FedEx Ground for $21M

by John Nelson January 3, 2017

FORT MYERS, FLA. — Monmouth Real Estate Investment Corp. has purchased a newly built, 213,672-square-foot industrial facility located at 14001 Jetport Loop in Fort Myers for $21 million. The facility is net-leased for 10 years to FedEx Ground Packaging System Inc. The building is situated on roughly 22.5 acres directly across from Southwest Florida International Airport. Monmouth is a publicly traded industrial REIT based in Freehold, N.J.

January 3, 2017

Florida Retail Southeast

The Shopping Center Group, Avison Young Broker $12.6M Sale of Retail Center in North Palm Beach

by John Nelson January 3, 2017

NORTH PALM BEACH, FLA. — The Shopping Center Group and Avison Young have brokered the $12.6 million sale of Northlake Promenade Shoppes, an 82,966-square-foot, Publix-anchored shopping center in North Palm Beach. Woolbright Development purchased the asset from a private investment company based in Canada. The shopping center’s outparcel tenants include CVS/pharmacy, Chase Bank and BP Gas. The property is situated on 21 acres at the southwest corner of Northlake Boulevard and Federal Highway and features a development site for Phase II of the shopping center. Anthony Blanco of The Shopping Center Group and David Duckworth and AJ Belt III of Avison Young led the marketing efforts.

January 3, 2017

California Hospitality Top Stories Western

Carey Watermark Investors 2 Acquires The Ritz-Carlton, San Francisco

by Katie Sloan January 3, 2017

SAN FRANCISCO — Carey Watermark Investors 2 Inc. (CWI 2) has acquired The Ritz-Carlton, San Francisco for an undisclosed price. The 336-room hotel is located in the heart of the Nob Hill neighborhood of San Francisco along the California Cable Car line. The nine-story building was originally developed in 1909 and designed by Napoleon Le Brun & Sons of New York. The property received landmark status from the City of San Francisco in 1984, and re-opened as The Ritz-Carlton in 1991. Over $20 million of capital improvements have been completed since 2014. Recent improvements include the renovation of all guest rooms; updates to the lobby, including the addition of two retail outlets; the addition of a fitness center; renovations to the L’Occitane Spa, which includes a wine tasting lounge and jewelry boutique; and renovations to the hotel’s meeting space, which includes a 9,400-square-foot ballroom and 2,200 square feet of interior courtyard and function space. The Ritz-Carlton Company LLC, an affiliate of Marriott International, will continue to manage the property following the sale. The seller was not disclosed. Carey Watermark Investors 2 is a non-traded, publicly registered REIT that invests primarily in the hospitality sector. Affiliates of W. P. Carey Inc. …

January 3, 2017

Industrial Market Reports Nevada Western Western Market Reports

Industrial Demand, Construction Remains Hot in Las Vegas

by Camren Skelton January 3, 2017

Though there was a slight decline in Las Vegas’ overall industrial market activity in the first half of 2016, the remainder of the year will finish strong as the region continues to see significant expansion. Despite aggressive market conditions, demand continued to outpace new supply during the third quarter of this year, while asking rates rose and large distribution centers dominated market activity. Demand for industrial space in the Las Vegas market increased during the third quarter, with 787,582 square feet of net absorption, bringing the total net absorption year-to-date to more than 2 million square feet. New completions totaled 642,571 square feet and vacancy rates decreased to 4.4 percent, the lowest since the first quarter of 2007. The average asking triple-net lease rate climbed to $0.62 per square foot, per month, the highest since the fourth quarter of 2009. There are currently nine industrial projects under construction throughout the Las Vegas Valley, totaling nearly 4.8 million square feet. New construction activity has been well above the long-term average since 2015, and will continue to outpace historical levels through 2017. The increase in construction activity has largely been fueled by a combination of a lack of available large bulk distribution …

January 3, 2017

Industrial Market Reports Nevada Western Western Market Reports

Progressive and Steady Growth Define the Industrial Market

by Camren Skelton December 27, 2016

The Reno industrial market continues to grow at a steady pace. Numerous developers are building new speculative warehouse/distribution facilities in many of the submarkets in Reno, Sparks and nearby outlying areas. With an industrial base of more than 80 million square feet and a vacancy rate of 8.2 percent (which continues to recede), the region is experiencing a healthy demand for space ranging from 50,000 square feet (divisibility) up to 150,000 square feet. Demand exceeds supply for product of this size. Current rental rates have steadily pushed upward over the past 18 months. Depending on the location of the business parks and its proximity to Interstate 80, the major east-west trucking artery, or I-580, the quoted asking rental rates range from about $4.20 per square foot, per year, up to $5.04 for the aforementioned divisibility ranges. New speculative Class A industrial product in the Reno market offers 32’ to 36’ clear height, as well as ESFR fire sprinkler technology, state-of-the-art LED high bay lighting, fiber optics communications, cross-dock configurations, ultra-wide column bay spacing and ample trailer parking onsite. Panattoni Development built Red Rock 200, which includes a 750,000-square-foot, built-to-suit fulfillment center for Petco, as well as a 200,000-square-foot speculative distribution …

December 27, 2016

Multifamily Seniors Housing Texas

Caddis Breaks Ground for Seniors Housing Community in Bedford, Texas

by Amy Works December 23, 2016

BEDFORD, TEXAS — Caddis has broken ground for Heartis MidCities, its newest senior living community in Texas. Located in Bedford, the 178,530-square-foot property will feature 178 independent living, assisted living and memory care units, outdoor walking paths, courtyards, and game and activity rooms. Cameron, Texas-based EBCO is constructing the property, which is slated for completion in winter 2017. Expedition Capital Advisors LLC provided construction financing on behalf of Caddis. Frontier Management will manage the property, and Austin-based Katus LLC is serving as architect for the project. The property is Caddis’ fifth seniors housing community near Dallas/Fort Worth and its 12th in Texas.

December 23, 2016

Multifamily Texas

Lowe Enterprises Investors Acquires 208-Unit Apartment Property in Metro San Antonio

by Amy Works December 23, 2016

UNIVERSAL CITY, TEXAS — Lowe Enterprises Investors, in a joint venture with an investment client, has acquired Sunrise Canyon, an apartment complex located at 501 Sunrise Canyon Drive in Universal City, for an undisclosed price. Built in 2005, the property offers 208 apartments in one-, two- and three-bedroom layouts. On-site amenities include a clubhouse, resort-style pool, fitness center, business center, outdoor kitchen with grilling area and a dog park. United Apartment Group has been retained to manage the property. CBRE represented the seller, KKR, in the deal. Berkadia provided financing services for the acquisition.

December 23, 2016

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