Property Type

Marcus & Millichap Brokers Sale of 17,925 SF Retail Power Center in Moore, Oklahoma

by John Nelson September 14, 2017

MOORE, OKLA. — Marcus & Millichap has brokered the sale of The Shops at Moore, a 17,925-square-foot retail power center located at the corner of 19th Street and Interstate 35 in Moore, a suburb of Oklahoma City. The center was 100 percent leased at the time of sale to national and regional tenants. Nearby retailers include Office Depot, Hobby Lobby, AT&T and Best Buy. Lisa Estrada of Marcus & Millichap represented the seller, a Fort Worth-based limited liability company. First National Bank of Oklahoma provided financing for the acquisition. The name of the buyer and the sales price were not disclosed.

September 14, 2017

Industrial Texas

CBRE Negotiates 30,495 SF Industrial Lease in Metro DFW

by John Nelson September 14, 2017

COPPELL, TEXAS — CBRE has negotiated a 30,495-square-foot lease at 1122 Bethel Road in the Dallas-Fort Worth metro of Coppell. Steve Trese and Wilson Brown of CBRE represented the landlord, Bethel Industrial LLC. Ryan Boozer of Stream Realty represented the tenant, Irving-based Event Technology Services LLC, which will be relocating to the Coppell property from the Airport submarket.

September 14, 2017

Hawaii Mixed-Use Top Stories Western

Salem Partners to Develop $750M Mixed-Use Project in Honolulu

by John Nelson September 14, 2017

HONOLULU — Salem Partners, a commercial real estate developer based in Los Angeles, is moving forward on its $750 million, two-tower project in Honolulu. The Honolulu City Council recently gave Salem Partners approval to build the 450-unit condominium and hotel development, which is part of Honolulu’s Ala Moana Transit Oriented Development Plan. The first development in the plan is Salem Partner’s Mana’olana Place project, which is slated to break ground across from the Hawaii Convention Center in the second quarter of 2018. A new Mandarin Oriental Hotel will anchor the development. “We have enthusiastically embraced the city’s new TOD plan and look forward to the completion of the transit system in 2022,” says James Ratkovich of Salem Partners. Salem Partners received a special transit permit to build up to 400 feet high instead of the 250 feet previously allowed. The developer has also proposed for 78 affordable apartments to be built in collaboration with EAH Housing at the site, which spans 1.42 acres at 1500 Kapiolani Ave. “It is an innovative solution for deeply needed affordable units in Honolulu,” says Ratkovich. At this time the affordable units are designated for seniors housing. Colorado-based architect [au] workshop designed the two towers, …

September 14, 2017

Features Florida Industrial Southeast Top Stories

Lessons Learned: Hurricane Andrew Helped Prepare South Florida’s Industrial Market for Irma

by John Nelson September 14, 2017

Hurricane Irma made landfall in Florida on Sunday afternoon, tearing through The Keys and heading up the western portion of the state through the Tampa area. For a time, it appeared the hurricane was heading straight for Miami before it ultimately changed course. “A few days ago when we are all staring down the barrel of a Category 4 storm that was heading straight for us, it was concerning,” says Ken Krasnow, executive managing director of Colliers International’s South Florida division. “We ended up having some Category 2 force winds, but we feel fortunate that the storm changed course.” Despite being out of Irma’s direct path, parts of Miami were flooded and most of the region experienced power outages, with many residences remaining without power as of this writing. Irma was the worst storm to hit South Florida since Hurricane Andrew in 1992, but the destruction caused by the storm 25 years ago was much worse, specifically for the industrial sector. “Hurricane Andrew was the worst this market experienced,” says Walter Byrd, senior managing director of Transwestern’s industrial team. “It blew through entire floors on projects in the southern part of Miami-Dade County.” Byrd says that the difference this go-around …

September 14, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Office

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

by Kristin Harlow September 14, 2017

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor driving the steady upward climb. It has been like a plane taking off but never reaching full altitude. A contradiction of sorts is contributing to the rental rate increases and vacancy decline, while there is still a lack of newly constructed space. Bread-and-butter leasing absorption and a lack of new speculative development have been the main ingredients in the overall solid market for office activity. The velocity in the market is doing its job of generating positive absorption each quarter while rates inch up. The lack of large blocks of space has created a few new construction projects, but not as many as experts had predicted and hoped for. Costs on the rise Higher construction costs and …

September 14, 2017

California Multifamily Western

Olympus, Artemis Purchase 360-Unit Apartment Community in San Diego

by Nellie Day September 13, 2017

SAN DIEGO — A joint venture between Olympus Property and Artemis Real Estate Partners has purchased the 360-unit Broadstone Corsair in San Diego for an undisclosed sum. The community is located at 8583 Aero Drive in the Kearny Mesa neighborhood. The asset is being rebranded as Olympus Corsair. On-site amenities include a resort-style pool with poolside cabanas inset with outdoor TVs, an indoor golf simulator room, a fitness center, yoga/dance studio, a clubhouse with demonstration kitchen, library and wet bar, green living wall, and seven outdoor courtyard social spaces.

September 13, 2017

Arizona Office Western

Barker Pacific Group Acquires 311,132 SF Office Tower in Mesa

by Nellie Day September 13, 2017

MESA, ARIZ. — Barker Pacific Group (BPG) has acquired Mesa Financial Plaza, a 311,132-square-foot Class A office building in Mesa, for an undisclosed sum. The 16-story building is located at 1201 Alma Road. BPG plans to increase the building’s occupancy and upgrade common areas through renovations to the lobby and corridors. Updated monument signage and lighting will also be added to further enhance the building’s prominence on the skyline. BPG team secured debt financing from NXT Capital with the help of Palmer Capital. Matt Nebeker of Cushman & Wakefield will lead the building’s leasing efforts.

September 13, 2017

Arizona Multifamily Western

WWC Holdings Buys 244-Unit Apartment Complex in Phoenix for $16.7M

by Nellie Day September 13, 2017

PHOENIX — WWC Holdings, a Canadian investor, has acquired the 244-unit Marble Creek apartments in Phoenix for $16.7 million. The community is located at 5601 W. McDowell Road. Marble Creek was built in 1985. It was 96 percent occupied at the time of the sale. WWC plans to normalize rents and bring them to market average. The company will also invest in washer/dryer installs and interior upgrades to units. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International negotiated the sale transaction. The seller was Marble Creek LLC, an Arizona limited liability company formed by a local, private investor.

September 13, 2017

California Retail Western

CVK Street Sells Sprouts Farmers Market Location in Whittier for $12.6M

by Nellie Day September 13, 2017

WHITTIER, CALIF. — HFF has arranged the $12.6 million sale of a 24,866-square-foot building triple-net-leased to Sprouts Farmers Market in Whittier, about 20 miles southeast of Los Angeles. Gleb Lvovich and Nicholas Foster of HFF marketed the property on behalf of the seller, CVK Street LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, Greg Brown of HFF secured a 10-year, fixed-rate, interest-only loan with a CMBS lender on behalf of the new owner.

September 13, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos. Closes $233M Fund for Affordable Housing Preservation

by Amy Works September 13, 2017

NEW YORK CITY — Jonathan Rose Cos., a green real estate investment, development and project management firm, has closed a $233 million impact fund. The fund is the firm’s fourth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs and to fund social, educational and other services for residents. The fund closed with aggregate capital commitments of $233 million, reaching the top end of its $150 to $250 million target. Institutional investors, investment advisors and leading impact-investment managers, as well as family offices and high net-worth investors, contributed to the success of the fund. A key component of the fund’s strategy is to develop “communities of opportunities,” adding programs and facilities to properties including on-site community centers, computer-filled classrooms, health and wellness rooms, social service rooms, exercise facilities and community gardens. The programs and facilities were implemented to develop initiatives to connect residents with a range of health, education and social services. As of July 2017, the fund has deployed more than $64 million equity investments. Among the fund’s initial investments is a portfolio of more than 3,300 apartment units across 18 assets in eight states and the District …

September 13, 2017

Newer Posts

Older Posts