Property Type

Uncommon Charlottesville Student Housing

The Scion Group-Led JV Acquires 11-Property Student Housing Portfolio for $640 Million

by Jeff Shaw March 16, 2017

CHICAGO — The Scion Group, along with sovereign wealth fund partners GIC and Canada Public Pension Investment Board (CPPIB), has acquired a portfolio of 11 student housing properties throughout the United States for $640 million. Harrison Street Real Estate owned nine of the properties in partnerships with Trinitas, Opus, CA Ventures and Vertex Nine. In addition, Scion, GIC and CPPIB acquired another asset from Trinitas and another property in Chicago from an undisclosed entity. The properties in the transaction total more than 6,300 beds, and include: University Trails Tallahassee, a 936-bed community located near Florida State University Alpha, a 698-bed community located near the University of Alabama VAMP, a 668-bed community located near the University of Indiana The Foundation, a 725-bed community located near CSU Sacramento NXNW, a 648-bed community located near Western Washington University Varsity Quarters, a 162-bed community located near the University of Wisconsin Uncommon Madison, a 408-bed community located near the University of Wisconsin Uncommon Tampa, a 516-bed community located near the University of South Florida Uncommon Charlottesville, a 342-bed community located near the University of Virginia LUX at Central Park, a 608-bed community located near the University of North Carolina 1237 West Fullerton, a 592-bed community …

March 16, 2017

Features Industrial Multifamily Northeast Northeast Feature Archive Office Pennsylvania Retail Top Stories

Pennsylvania Supreme Court Takes Up Issue of Reverse Property Tax Appeals Across State

by Haisten Willis March 16, 2017

By Gregory Schaffer Pennsylvania property owners and tenants, who pay some of the highest property taxes in the nation, are no doubt aware of the annual deadline to file a property tax appeal. After all, one look at a new tax bill is often enough to make even the most seasoned tax manager scramble to contact their local tax counsel. However, very few taxpayers are aware that the assessment they may have accepted as favorable could easily trigger a reverse appeal filed by the local school district. Assessment appeals filed by the taxing entities, often referred to as reverse appeals, are increasingly common as cash-strapped school districts seek to fill their coffers. Just as a tax manager might view an inflated assessment as a reason to appeal, more and more school districts see potentially under-assessed properties as a much-needed source of additional revenue. To the bane of many taxpayers, this tactic has now reached the city of Philadelphia. Despite undergoing a citywide property revaluation for the 2014 tax year, with another currently slated for 2018, the Philadelphia School District recently decided to begin filing reverse appeals against properties it feels are under-assessed. On Sept. 15, 2016, for the first time, …

March 16, 2017

Industrial Market Reports Midwest Midwest Market Reports Wisconsin

New Industrial Supply Struggles to Keep Pace With Absorption in Milwaukee

by Kristin Harlow March 16, 2017

Metro Milwaukee’s industrial market continued to be a strong performer in 2016, and this strength should continue for the foreseeable future. We’re now seeing a healthy uptick in new industrial development, and even speculative development in select submarkets. While the demand for industrial space has continued to increase, the new supply has failed to keep pace. Sustained quarterly absorption without a sufficient corresponding increase in new product coming to market continues to keep vacancy rates hovering around 4 percent, near the record lows, according to Xceligent and CoStar. The new industrial construction that is occurring continues to be driven by users expanding, relocating or consolidating their existing facilities and by limited build-to-suit developments undertaking Milwaukee-based firms such as Wangard Partners Inc., Phoenix Investors LLC and Briohn Building Corp. Spec building returns Speculative development is still relatively rare, but developers such as Zilber, HSA Development and Interstate Partners are all venturing into the speculative realm and with favorable results so far. HSA, for example, recently completed a 214,000-square-foot speculative building in Waukesha, and Zilber continues to build and fill buildings in the I-94 South corridor. In late 2016, Zilber unveiled plans for a 163,716-square-foot facility in Franklin and a 72,324-square-foot facility …

March 16, 2017

Colorado Office Western

Stockdale Capital Partners Buys Gresham Station Medical Plaza for $23.5M

by Nellie Day March 15, 2017

GRESHAM, ORE. — Stockdale Capital Partners has purchased Gresham Station Medical Plaza, a 100,419-square-foot medical office complex in the Portland suburb of Gresham for $23.5 million. The four-building complex is located at 831 N.W. Council Drive, 862-894 N.W. Burnside Drive and 1851-1867 N.W. Civic Drive. The medical office complex is situated near the Adventist Medical Center. Adventist Health anchors Gresham Station Medical Plaza, which is 77 percent leased. Additional tenants include DaVita HealthCare Partners and Providence Health & Services. The facility provides surgery, imaging, dialysis, primary care, orthopedics, laboratory, physical therapy, dermatology, dentistry, women’s health and pediatrics services. HFF’s Nick Kucha, Evan Kovac, Andrew Milne and Trent Jemmett represented both the buyer and the seller, Westlake Realty Group, in this transaction. The firm also worked to secure an acquisition loan for Stockdale.

March 15, 2017

Arizona Industrial Western

TCC, Artis REIT Complete Construction on Park Lucero Phase II in Arizona

by Nellie Day March 15, 2017

GILBERT, ARIZ. — A joint venture between Trammell Crow Co. (TCC) and Artis REIT has completed construction on Park Lucero Phase II, a 131,796-square-foot spec industrial building in Gilbert. The Class A building fronts the Santan Freeway (Loop 202). Park Lucero is situated on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border. Phase II is situated adjacent to Park Lucero’s Phase I, which was completed in 2015, and Phase III, which is currently under construction. Both Phase I and Phase II are fully leased. Park Lucero is a four-phase industrial park featuring buildings with dock-high, truck well and grade-level loading; 24- to 30-foot ceiling clear heights; and an overall 2.1:1,000 parking ratio. The project will eventually contain nearly 600,000 square feet of industrial space in six buildings.

March 15, 2017

Multifamily Utah Western

Restore Utah Acquires The 500 Apartment Community in Salt Lake City

by Nellie Day March 15, 2017

SALT LAKE CITY — Restore Utah has purchased The 500, a 109-unit apartment community in South Salt Lake City, for an undisclosed sum. The community is located at 3440 S. 500 E. The 500 offers two-bedroom apartment and townhome units near downtown Salt Lake City. Amenities include a swimming pool, playground, large private patios and covered parking. Restore Utah plans to enhance the community through interior renovations and a common area overhaul that will include a dog park and gathering pavilion. The acquisition was made possible by Goldman Sachs’ increased equity commitment of $24 million to Restore Utah’s Multifamily Acquisition Fund. The commitment allowed the fund to significantly increase its acquisitions and improve affordable housing options throughout the Wasatch Front. Restore Utah revitalizes low- and moderate-income neighborhoods by transforming vacant or neglected properties hit by the financial crisis into quality, affordable rental homes for low-income families.

March 15, 2017

Colorado Industrial Western

Rocky Crest Enterprises Buys 28-Acre Site Near Denver for New Industrial Project

by Nellie Day March 15, 2017

DENVER — Rocky Crest Enterprises LLC has purchased 28 acres of land in the northern Denver submarket of Commerce City for $3.1 million. The land is located at 10600 Havana St. Rocky Crest plans to construct a 30,000-square-foot, multi-tenant industrial building with outside storage at the site. The LLC has also secured a lease for 10 acres with logistics firm Denver Intermodal Express. The firm plans to use the site for small office use, trailer storage and its grain operation. There are no current industrial developments underway in the immediate area, according to NGKF’s Russell Gruber, who represented Rocky Crest in the transaction. The acquisition also represents one of the largest land sales in the area since 2007. Construction is expected to commence in the third quarter of 2017, with completion scheduled for early 2018.

March 15, 2017

Colorado Office Western

Origin Investments, Hamilton-Titan Partners Revitalize, Rebrand Denver Corporate Center I

by Nellie Day March 15, 2017

DENVER — A joint venture between Origin Investments and Hamilton-Titan Partners have completed the multi-million-dollar renovation and rebranding of Denver Corporate Center I. The 193,718-square-foot office building is now known as the Office @ dtc. It is located at 4700 S. Syracuse St. within the Denver Tech Center. The building was originally constructed in 1980. The JV renovated the lobby and added collaborative spaces, as well as upscale amenities, to the project. New amenities include a fitness center with country club-style locker rooms, secured bike storage, a Craft deli serving breakfast and lunch, a tenant social lounge, and a conference room and training center.

March 15, 2017

Office Texas

HSM Brokers Sale of Former AT&T Call Center in Fort Worth

by Taylor Williams March 15, 2017

FORT WORTH, TEXAS — Henry S. Miller Brokerage Co. has closed the sale of a 64,292-square-foot, two-story building located at 15100 FAA Blvd. in Fort Worth. An AT&T call center most recently occupied the Class B office property, which is part of CentrePoint Business Park near Airport Freeway and the President George Bush Turnpike. Jim Turano and Lily Chang of HSM represented the seller, Lindy-Zell AT&T Texas LLC. The representative of the buyer, CCI-15100 FAA, and the sales price were not disclosed.

March 15, 2017

Office Texas

Younger Partners Arranges Three Office Leases in North Dallas

by Taylor Williams March 15, 2017

DALLAS — Younger Partners has negotiated three office leases totaling roughly 5,000 square feet at One Stratford Park, an office building located at 18383 Preston Road in north Dallas. Included among the new tenants is forensics consulting firm ProNet Group Inc., which leased 1,969 square feet, and Tilford Ltd, which leased 1,962 square feet. Sean Dalton and Byron McCoy of Younger Partners represented the landlord in all three deals. The three leases bring One Stratford Park to full occupancy.

March 15, 2017

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