FARMERS BRANCH, TEXAS — Colliers International has arranged the sale of Hutton Court, an industrial property in the Dallas-Fort Worth metro of Farmers Branch. The property, which was 87 percent occupied at the time of sale, features 52,613 square feet of office and warehouse space. Lizzy Blake of Colliers represented the seller, Utah-based Mountain West Industrial LLC. Dallas-based Frontier Equity LLC purchased the asset for an undisclosed price.
HUMBLE, TEXAS — Dallas-based investment firm STRIVE has brokered the sale of a 3,583-square-foot retail freestanding retail property in the northern Houston suburb of Humble. Leased to Taco Cabana, the property is an outparcel to a Super Target retail center. Kyle Rozell and Anthony Pucciarello of STRIVE represented the seller, a California-based private investor, and procured the buyer, a Houston-based private investor.
LOS ANGELES — Singapore-based Mapletree Investments Pte Ltd. has acquired a portfolio of eight student housing communities and four multifamily properties from Los Angeles-based Kayne Anderson Real Estate Advisors for $1.6 billion. The student housing portion of the portfolio consists of 3,611 beds in the United States and 140 beds in Canada. Properties include: WaHu — an 825-bed community located near the University of Minnesota in Minneapolis The District at Campus West — a 659-bed community located near Colorado State University in Fort Collins, Colo. SkyVue — a 627-bed community located near the University of Pittsburgh in Pennsylvania 4th Street Commons — a 562-bed community located near Florida International University in Miami 930 NoMo — a 430-bed community located near the College of Charleston in Charleston, S.C. Todd — a 351-bed community located near the University of Missouri in Columbia, Mo. 700 on Washington — a 157-bed community located near the University of Minnesota in Minneapolis Parc Cite — a 140-bed community located near McGill University in Montreal, Canada The eight student housing properties are located an average of 0.2 miles away from campus, and have occupancies above 90 percent. The four multifamily properties total 1,388 units, and include: Mint Urban …
LAS VEGAS — Amid a throng of more than 37,000 convention-goers at RECon — the world’s largest retail real estate trade show — Heartland Real Estate Business sat down with veteran Chicago broker Rick Scardino and CEO Jeff Rinkov of Lee & Associates on the show floor of the Las Vegas Convention Center in late May. Scardino, a principal with the Chicago office, spearheads the retail division at Lee & Associates of Illinois. Rinkov serves as CEO and chairman of the board. The two discussed the overall health of the retail market in the Windy City and beyond, the emergence of “grocerants” and the driving factors behind the recent rash of retail bankruptcies and store closures. What follows is an edited version of that conversation. Heartland Real Estate Business: Does the old saying that the grocery sector is recession-proof because everyone needs to eat still hold true? Rick Scardino: I just hate painting anything with a broad brush. I don’t think anything is recession-proof. I grew up with family retail and the restaurant business. Sometimes people move from one category to another, they’ll go from an Aldi when things are tighter to a Jewel. HREB: Who do you think is …
The New Mexico multifamily market, more specifically Albuquerque, recorded an impressively strong 2016 with vacancies dropping below 5 percent. Asking rents have increased for three consecutive years, fueling the investment market both in volume and prices. Employment grew by 2,700 jobs in Albuquerque last year. More than 2,000 of those were added in the fourth quarter, making it the strongest employment growth quarter in more than four years. Mining, logging and construction led the way in job creation, growing their sectors by nearly 8 percent. Professional, business services and the hospitality sector also strengthened on the job front. This expansion drove demand for multifamily units, pushing vacancy downward. The vacancy rate in Albuquerque declined 60 basis points in 2016, following a 100 basis point drop in 2015. Rents dropped slightly in the fourth quarter, but year-end 2016 asking rents were up 4 percent over 2015 to an average of $776 per month. Rent growth in the area has averaged 2.7 percent per year since 2014. Developers stepped up to the plate in 2016, answering the demand for more units. The market received 675 new units with about 1,000 more currently under construction. One of the new highly anticipated projects is …
LOS ANGELES — Greystar has received $100 million in financing for the development of Arts District AMP Lofts, a mixed-use residential and retail property located Los Angeles’ Arts District. HFF placed the 48-month construction loan with CIT’s Real Estate Finance business. The 320-unit property will offer amenities including 20,000 square feet of retail space; a community garden and park; dog run; outdoor creative workspace; clubhouse with bar and indoor/outdoor lounge space; fitness center; and outdoor pool. The development is scheduled for completion in 2019.
MODESTO, CALIF. — HFF has arranged the $170 million refinancing of a portfolio of 33 triple-net-leased grocery properties totaling 1.73 million square feet in Northern California. The portfolio is fully occupied under a master lease with The Save Mart Companies, operating under the Save Mart, Lucky, Lucky California and FoodMaxx brands. The portfolio consists of freestanding and anchor stores located in the San Francisco Bay Area, Sacramento and the Central Valley. Peter Smyslowski, Chris Gandy and Rob Bova of HFF worked on behalf of the borrower, Modesto-based RMP Properties LLC, to place the 10-year, fixed-rate loan with a UBS-led consortium of CMBS lenders.
WALNUT CREEK, CALIF. — A joint venture between PGIM Real Estate and Kisco Senior Living has acquired Byron Park, a 187-unit independent living and assisted living community in Walnut Creek. Although the purchase price was not disclosed, BMO Harris Bank arranged and was lead lender on $61.8 million in financing in connection with the transaction. The loans were structured as $50.1 million in term loan financing and $11.7 million in construction financing, which will fund the addition of a 40-unit assisted living and memory care building on the campus. Byron Park is PGIM Real Estate’s third joint venture partnership with Kisco Senior Living, which will continue to operate the community. Kisco has owned and operated Byron Park since 2012 as part of a joint venture with an investment partner that sold its stake as part of the transaction.
THE DALLES, ORE. — Capital One has provided a $17.5 million fixed-rate Fannie Mae loan to refinance The Springs at Mill Creek, a 92-unit seniors housing community in The Dalles, a city in northern Oregon. The sponsor, The Springs Living, is a family-owned seniors housing company with 14 communities totaling nearly 1,700 beds in Oregon and Montana. The sponsor is using the loan to pay off existing debt and buy out its joint venture partner, a private equity firm based in Chicago. Dague Retzlaff and Mark Bultman of Capital One originated the transaction. The team worked with Capital One’s Multifamily Finance team to structure the transaction.
BOSTON — Rockpoint Group has completed the disposition of Tower Point, an office building located in the Upper Seaport District of Boston. Germany-based Universal-Investment and an institutional account managed by Northwood Investors acquired the 157,067-square-foot asset for an undisclosed price. The sellers rehabilitated the historic manufacturing facility into a first-class office building, which is 100 percent leased. Robert Griffin, Edward Maher, Matthew Pullen and James Tribble of NKF Capital Markets, along with Timothy Bianchi of Newmark Knight Frank, represented the seller in the transaction.
