Property Type

Millennials in Houston Multifamily Driver’s Seat, Say InterFace Panelists

by Taylor Williams April 4, 2017

Tenant concessions, ranging from free rent to complimentary carpet cleanings to distribution of gift cards, have become the norm in Houston’s multifamily market over the last few years. And according to several industry experts who spoke at the InterFace Houston Multifamily Conference on March 28, it’s the millennials who are taking advantage of them. Houston has become an especially attractive destination for millennials in recent years. According to a survey by JAXUSA Partnership, which tracks demographic trends throughout major metros, between 2010 and 2013, the metro ranked sixth in population growth of residents age 20 to 29. Tenants receive fewer concessions in submarkets without a lot of new construction. In Houston, this primarily means suburbs — The Woodlands, Pearland, and Katy. In submarkets closer to downtown, where there is generally more construction, concessions have come to serve as bargaining chips for prospective renters. For Houston landlords, operating in a market where concessions have become standard has made lease renewals harder to come by. Stacy Hunt, executive director of multifamily development and management firm Greystar, sees a direct correlation between millennials and lease renewals. “Properties in [sub]markets where you have a lot of millennials — Downtown, Heights, Washington Avenue — it’s tougher …

April 4, 2017

California Industrial Office Western

TA Realty Sells 45-Property Industrial, Office Portfolio for $854.5M

by Jeff Shaw April 4, 2017

LOS ANGELES, DALLAS, CHICAGO AND WASHINGTON, D.C. — Boston-based investment management firm TA Realty, acting on behalf of The Realty Associates Fund IX LP, has sold a 45-property industrial and office portfolio for $854.5 million to Brookfield-managed real estate funds. The industrial and office properties in the portfolio total 8.6 million square feet across 12 states. The majority of the properties are leased to investment-grade tenants in Los Angeles, Dallas, Chicago and Washington, D.C. The full list of properties was not released. The Realty Associates Fund IX LP is a commingled fund with $1.49 billion in equity capital. According to CoStar Group, among the Brookfield funds reported to be the buyers is its core real estate investment fund, Brookfield Premier Real Estate Partners, which launched last November. By the end of 2016, Brookfield had raised more than $1 billion for the fund. TA Realty is still pursuing sales of the fund’s remaining assets through individual and pooled transactions, according to managing partner Tom Landry. “We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors,” says Landry. JLL represented TA Realty in the transaction. Nicole Dutra …

April 4, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $290M Construction Financing for Mixed-Use Development in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — HFF has arranged $290 million in financing for the development of 151 E. 86th St., a mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood. HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014. The property is located at the corner of 86th Street and Lexington Avenue and will include 151,500 square feet of residential space and 36,000 square feet of retail. There will be 61 condominium units averaging 2,485 square feet with floor-to-ceiling windows and views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom. HOK Architects designed the 18-story building and Shelton, Mindel & Associates handled the interiors. The property is due for completion in the first quarter 2019. David Nackoul, Christopher Peck and Scott Findlay led HFF’s debt placement team.

April 4, 2017

Multifamily New York Northeast

RXR Begins Construction of Harbor Landing in Glen Cove, N.Y.

by Haisten Willis April 4, 2017

GLEN COVE, N.Y. — RXR Realty has begun construction of Harbor Landing at Garvies Point in Glen Cove. The property is slated for completion in 2019. Harbor Landing, a 385-unit apartment complex, will offer a mix of studios, one- and two-bedroom residences across two buildings. Units will range from 500 to 1,300 square feet. The residences will also feature amenities including a fitness center, club room, private dining room, lobby and on-site parking. The property is being built in conjunction with a condominium development known as The Beacon.

April 4, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

Construction Nears Completion at Meriel Marina Bay Mixed-Use Development in Metro Boston

by Haisten Willis April 4, 2017

QUINCY, MASS. — Hines is nearing completion of Meriel Marina Bay, a mixed-use development in the Boston suburb of Quincy. Located on a seaside peninsula, the property is situated near I-93 and offers a complimentary shuttle to the Red Line North Quincy MBTA station and a water ferry to downtown Boston. Meriel Marina Bay is a mixed-use development comprising two five-story buildings featuring 352 apartments with garage parking, plus 20,000 square feet of ground-level retail space. Layout options include studios, one-, two- and three-bedroom homes offering views of the Boston skyline, Boston Harbor and the Marina Bay boardwalk. Hines is now leasing the property, with rents ranging from approximately $2,100 to $4,600 per month. The Bozzuto Group will manage Meriel Marina Bay.

April 4, 2017

California Industrial Western

Rockefeller Group Purchases 68 Acres of Land in Perris for Distribution Centers

by Nellie Day April 4, 2017

PERRIS, CALIF. — Rockefeller Group has purchased 68 acres of land in Perris, where it plans to construct two distribution centers totaling 1.4 million square feet. The price of the land was not disclosed. The centers will be situated about 70 miles east of the ports of Los Angeles and Long Beach. The property will be named Optimus Logistics Center. JLL’s Michael McCrary, Peter McWilliams and Nicole Welch represented Rockefeller Group in the transaction, as well as the seller, Optimus Building Corp.

April 4, 2017

Multifamily New York Northeast

Rosewood Realty Brokers $31.5M Sale of Apartment Properties in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — Rosewood Realty has brokered the $31.5 million sale of two apartment properties in Queens. A local investor purchased the contiguous properties, which are located at 71-05 and 71-11 37th Ave. in the Jackson Heights neighborhood. Benson Co. was the seller. The six-story buildings, which were built in 1920, include a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per month. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.

April 4, 2017

Industrial New York Northeast

ABC Carpet & Home Leases 78,000 SF Industrial Space in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — ABC Carpet & Home has leased 78,000 square feet in Industry City, the 16-building, 6 million-square-foot innovation and manufacturing complex located in the Sunset Park neighborhood in Brooklyn. ABC Carpet & Home, a New York-based seller of home goods, is consolidating its operations — currently located in Hackensack, N.J., and the Bronx — into the space at Industry City’s building 19. Industry City’s director of leasing, Kathe Chase, led the deal alongside Chase Welles of The Shopping Center Group, which was brought onto the project to lease the property’s ground-floor spaces. ABC Carpet was represented internally.

April 4, 2017

Arizona Multifamily Seniors Housing Western

McFarlin Group Buys 6.9 Acres in Phoenix for Assisted Living Community

by Nellie Day April 4, 2017

PHOENIX — McFarlin Group has acquired 6.9 acres of land in Phoenix for the development of an assisted living and memory care community. HealthSouth Corp. sold the plot for $2.7 million. Avison Young’s Julie Johnson and Alexandra Loye represented the seller in the transaction, while D.L. Slaughter Co. represented the buyer. The community, to be named Mariposa Point at Algodon Center, is slated for groundbreaking in late 2017 and completion in early 2018. Surpass Senior Living will operate the property once completed. The parcel is located within the Algodon Medical Center and across from Banner Estrella Medical Center. The property is expected to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents.

April 4, 2017

Arizona Hospitality Western

Virtua Partners to Build SpringHill Suites Hotel in Avondale

by Nellie Day April 4, 2017

AVONDALE, ARIZ. — Virtua Partners has announced plans to build a 130-room SpringHill Suites Hotel in Avondale. The hotel will be a part of a 58-acre mixed-use site that’s situated one half mile north of Interstate 10. Quyp Hospitality LLC, an affiliate of Virtua Partners, will develop the property. The firm has partnered with Marriott on the project.

April 4, 2017

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