Property Type

Majestic Realty to Build 320-Acre Business Park in South Fort Worth

by Taylor Williams May 18, 2017

FORT WORTH, TEXAS — Majestic Realty Co., a California-based industrial developer, will build a 320-acre, master-planned business park approximately 2.5 miles south of the Interstate 20 and Interstate 35 interchange in Fort Worth. Branded Majestic Fort Worth South Business Park, the property will feature more than 6 million square feet of office, industrial and administrative space. Phase I of construction, which is scheduled for a June 2018 completion, will deliver 1.8 million square feet of industrial space across 110 acres.

May 18, 2017

Multifamily Texas

Embrey Partners Breaks Ground on 353-Unit Apartment Community in Fort Worth

by Taylor Williams May 18, 2017

FORT WORTH, TEXAS — Embrey Partners Ltd., a San Antonio-based developer, has broken ground on the Kelley at Samuels Ave., a 353-unit, Class A multifamily community in Fort Worth. The property will be situated on 10 acres near the original 1884 Queen Anne home, a Recorded Texas Historic Landmark, which will be restored as part of the development. The community will consist of one- and two-bedroom units averaging 914 square feet per unit. Occupancy is scheduled for spring 2018.

May 18, 2017

Industrial Texas

IOV Acquires 80,000 SF Industrial Asset in Houston for $11.2M

by Taylor Williams May 18, 2017

HOUSTON — Industrial Outdoor Ventures (IOV), a Chicago-based investment firm, has acquired an 80,000-square-foot industrial property located at 13500 John F. Kennedy Blvd. in Houston. A division of Houston-based Clay Development and Construction Inc. sold the asset for $11.2 million. Developed in 2016 for the current tenant, industrial shipping and packing firm MEI Rigging and Crating LLC, the facility features 30-foot clear heights, three exterior docks and four extra-large drive-in doors.

May 18, 2017

Healthcare Office Texas

E.E. Reed Completes 176,836 SF Medical Office Building in The Woodlands

by Taylor Williams May 18, 2017

THE WOODLANDS, TEXAS — E.E. Reed Construction LP has completed a six-story, 176,836-square-foot medical office building on the Memorial Hermann Woodlands campus in the northern Houston suburb of The Woodlands. Balfour Concord served as construction manager on the development and Powers Brown Architecture served as designer for the project.

May 18, 2017

Loans Multifamily Texas

Walker & Dunlop Closes $8.8M in Refinancing for 122-Unit Multifamily Asset in Austin

by Taylor Williams May 18, 2017

AUSTIN, TEXAS — Walker & Dunlop has closed an $8.8 million loan for the refinancing of SOCO Apartments, a 122-unit, garden-style multifamily community located at 6300 S. Congress Ave. in Austin. The 103,568-square-foot, Class A property consists of one-, two- and three-bedroom apartments that are 95 percent occupied. Stuart Wernick of Walker & Dunlop led the loan placement team.

May 18, 2017

Florida Restaurant Retail Southeast Top Stories

Whitman Family Development Wins Approval for $400M Enhancement Plan of Bal Harbour Shops

by John Nelson May 18, 2017

BAL HARBOUR, FLA. — Whitman Family Development has gained final approval from the Bal Harbour Village Council for the $400 million enhancement plan for Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour, an incorporated village near Miami Beach. The plan has been revised multiple times over the past decade, according to the Miami Herald. Whitman Family Development will add 340,387 square feet of retail space at Bal Harbour Shops, nearly doubling its footprint. The upgraded center will feature the first Barneys New York flagship store in the Southeast, upgrades to longtime anchor tenant Neiman Marcus and new dining options, including Freds at Barneys. The plan also calls for a new plaza at the shopping center’s main entrance along Collins Avenue. (Click here to view an animated video showcasing the improvements to Bal Harbour Shops.) Whitman Family Development aims to begin the early stages of the enhancement later this year, with major construction taking place in phases over the following five to six years in order to minimize the impact of construction on the surrounding area and the shopping center. “We’re thrilled to be making this major investment in the future of Bal Harbour Shops, which …

May 18, 2017

Features Multifamily Top Stories

Study: Renters Prefer Suburbs in Most Major Metros

by Taylor Williams May 18, 2017

The days of renting in the city and buying in the suburbs may have come to an end. According to a recent study from national apartment locator service RentCafé, in 19 of America’s 20 largest metros, the suburbs are attracting more renters than urban neighborhoods. Between 2011 and 2015, several metros — New York, Los Angeles, Houston, Philadelphia — experienced greater overall population growth in urban neighborhoods than in suburban ones. However, only Philadelphia saw a greater year-over-year percentage increase in the growth of renter households inside the city limits as opposed to outside of them The difference in renter households that flocked to the suburbs over the city during that period was most pronounced in Riverside, Calif., which saw an additional 42,700 households move to the suburbs. Riverside was followed by Atlanta (37,200 households), Miami (29,800 households) and Chicago (20,600 households). Cheaper rent remains the primary incentive behind the trend. Of the 20 metros surveyed, only St. Louis posted a higher average rent in its suburban areas than its urban neighborhoods. The differences in average rent between the suburbs and the city were smallest in Dallas, Phoenix, Houston and Denver. The average amount of rent saved by moving to …

May 18, 2017

Indiana Market Reports Midwest Midwest Market Reports Office

Tech Jobs, Population Surge Give Indianapolis Office Market a Big Lift

by Kristin Harlow May 18, 2017

No matter where you turn in the Indianapolis metro area, there is one common thread — change. From Mile Square to Downtown Fishers to Main Street in Speedway to Fletcher Place, all are nearly unrecognizable from a few years ago, and they are just a sampling of central Indiana commercial districts that are transforming at a rapid pace. Restaurants, retail and mixed-use developments are a big part of this rapid evolution, but the ripple effects on office real estate are taking hold. Tech jobs are catalyst Downtown Indy Inc. estimates the population in the central business district (CBD) will double from 2010 to 2020. According to the Indy Partnership, approximately 60 percent of the market’s 11,100 new jobs in 2016 came from the information technology and logistics fields. The downtown office market, where a majority of these jobs are landing, is evolving as a result of this technology job growth. In the past few years, large blocks of vacancy have plagued the Indianapolis CBD, specifically in high-rise office towers. In mid-2016, the largest of those availabilities became an asset. San Francisco-based Salesforce.com signed a new lease to consolidate operations into nearly 250,000 square feet on 11 floors in the tallest …

May 18, 2017

Arizona Multifamily Seniors Housing Western

RJ Development Buys Parcel Near Phoenix for $40M Independent Living Community

by Nellie Day May 17, 2017

CHANDLER, ARIZ. — Colliers International has brokered the sale of a 5.8-acre parcel in the Phoenix suburb of Chandler for $3.2 million. The buyer will use the land to build The Park at Copper Creek, a $40 million independent living community. RJ Development is building the property. The Park at Copper Creek Independent Living will span approximately 170,000 square feet of space across 135 units. Koelsch Communities is the sponsor of the project, and Koelsch Construction will be the general contractor. Construction will start this June for delivery in September 2018. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the seller in the land deal, Henry Bosma of Arizona Acres and Cinder Butte Properties Inc. Tim Dulany, also of Colliers International in Greater Phoenix, represented the buyer, RJ Development.

May 17, 2017

California Retail Western

RedMill Capital to Break Ground on The Shops at Livermore

by Nellie Day May 17, 2017

LIVERMORE, CALIF. — RedMill Capital and ANICO Eagle LLC will break ground this month on The Shops at Livermore, a 115,000-square-foot mixed-use development in the upscale Bay Area suburb of Livermore. The center is expected to have a variety of fashion retailers and a mix of sit-down, quick-service and fast casual restaurants. The center is immediately adjacent to San Francisco Premium Outlets, a popular outlet center in the Bay Area. The 13-acre site for The Shops at Livermore is located the intersection of El Charro Road and West Jack London Boulevard. The Shops at Livermore is scheduled to open in the summer of 2018. Julie Taylor and Stephen Rusher of Colliers International are handling leasing. RedMill Capital, based in Summit, N.J., is the developer along with finance partner ANICO Eagle, a subsidiary of American National Life Insurance Co.

May 17, 2017

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