Property Type

Robbins Electra Acquires Three Multifamily Communities in Jacksonville, Metro Atlanta for $78.4M

by John Nelson March 7, 2017

JACKSONVILLE, FLA. AND STOCKBRIDGE, GA. — Robbins Electra has purchased three multifamily communities totaling 880 units in Jacksonville and Stockbridge for a combined $78.4 million. The properties include the 352-unit Vue at Baymeadows and the 160-unit Palm Trace in Jacksonville and the 368-unit Marbella Place in Stockbridge. The multifamily investor purchased Vue at Baymeadows for $34.2 million, Palm Trace for $11.7 million and Marbella Place for $32.5 million. Robbins Electra will invest $2.2 million to upgrade Vue at Baymeadows, which was 96 percent occupied at the time of sale; an undisclosed amount to upgrade Palm Trace, which was 95 percent occupied at the time of sale; and nearly $2 million to upgrade Marbella Place, which was 93 percent occupied at the time of sale. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.

March 7, 2017

Florida Hospitality Mixed-Use Southeast

MDM Group Buys Site at Miami Worldcenter for $45M

by John Nelson March 7, 2017

MIAMI — MDM Group has closed on the $45 million purchase of five acres at N.W. 7th Street and 1st Avenue within Miami Worldcenter, a $2 billion development now under construction that will feature residential, retail, office and hospitality components. The seller was Old Arena LLC, an entity led by Nitin Motwani. The site, the original home of the former Miami Arena, will house the Marriott Marquis Marriott Worldcenter Hotel & Expo Center. The project will be built in two phases, the first of which will include 600,000 square feet of conference and exposition space and 1,100 hotel rooms. Phase II will comprise a 600-room hotel tower. The development is expected to generate thousands of jobs during construction phases and hundreds of direct and indirect jobs once the hotel and conference center are fully operational. The design team includes Miami-based architect Nichols Brosch Wurst Wolfe & Associates and interior designer RTKL. MDM Group expects to break ground on the project by the end of the year. Master developer Miami Worldcenter Associates, led by Art Falcone and Motwani, will deliver Miami Worldcenter in phases over the coming years.

March 7, 2017

Florida Retail Southeast

Weingarten Realty Sells Fresh Market-Anchored Shopping Center in Tampa

by John Nelson March 7, 2017

TAMPA, FLA. — Weingarten Realty Investors has sold Palms of Carrollwood, a 167,887-square-foot retail center anchored by The Fresh Market in Tampa. The shopping center is situated on 15.4 acres at the intersection of Dale Mabry Highway and Fletcher Avenue. Other tenants at the 91.3 percent-leased center include Bed Bath & Beyond, Petco and Sam Ash Music. Brad Peterson and Whitaker Leonhardt of HFF represented the seller in the disposition of the property to Wallace Enterprises Inc. The sales price was not disclosed.

March 7, 2017

Affordable Housing Georgia Loans Multifamily Southeast

KeyBank Arranges $14.9M Acquisition Loan for Affordable Housing Property in Metro Atlanta

by John Nelson March 7, 2017

STOCKBRIDGE, GA. — KeyBank Real Estate Capital has arranged a $14.9 million acquisition loan for North Park at Eagle’s Landing, a 244-unit apartment community in Stockbridge, roughly 20 miles south of Atlanta. Built in 1999, the property designates 67 units for tenants earning roughly 80 percent of the area median income. Caleb Marten of KeyBank arranged the seven-year Fannie Mae loan with one year of interest-only payments and a 30-year amortization schedule.

March 7, 2017

Michigan Midwest Retail Top Stories

Brixmor Property Group Acquires 404,000 SF Shopping Center in Ann Arbor for $102M

by Katie Sloan March 7, 2017

ANN ARBOR, MICH. — Brixmor Property Group (NYSE: BRX) has acquired Arborland Center, a 404,000-square-foot, grocery-anchored shopping center located in Ann Arbor, for $102 million. The property is located between the University of Michigan and Eastern Michigan University at 3600 Washtenaw Ave. Kroger anchors the center, which is also home to tenants including DSW, Old Navy, Marshalls, Maurices, Nordstrom Rack, Starbucks Coffee, Ulta Beauty, Bed Bath & Beyond, Petco and Five Below. The property was previously owned by Stamford, Conn.-based AmCap Inc. and was roughly 96 percent occupied at the time of sale, according to reports by Crain’s Detroit Business. With this acquisition, Brixmor owns four assets totaling over 1 million square feet in metro Ann Arbor. The company’s stock price closed on Monday, March 6, at $22.30 per share, down from $24.04 a year ago. — Katie Sloan

March 7, 2017

California Industrial Market Reports Western Western Market Reports

Industrial, R&D Development Returns to San Diego In Full Force

by Camren Skelton March 7, 2017

After a decade of scarce industrial development in San Diego County, 2016 marked its strong return. About 1.3 million square feet of industrial/R&D space was completed, which is more than what was delivered between 2013 and 2015 combined. This year is expected to be an even more active year for industrial/R&D speculative and build-to-suit development with an additional 1.4 million square feet currently under construction. North County San Diego has become the concentrated hotspot for both speculative and build-to-suit industrial development. Nearly two-thirds of all new industrial/R&D development completed in 2016 was in North County, including about 233,227 square feet of speculative construction. This new wave of development was triggered by 16 consecutive quarters of rental rate increases and last year’s record-low vacancy rate of 4.7 percent for combined industrial/R&D properties countywide. Average asking rental rates are increasing quicker in North County than anywhere else in San Diego. North County’s average asking rental rates have increased by 5.9 percent since the end of 2015, whereas the countywide rate increased by only 3 percent in the same period. Vacancy will likely fluctuate between 4 percent and 5 percent throughout 2017 as net absorption keeps pace with new construction. Many organizations are …

March 7, 2017

Features Multifamily Top Stories

Interest Rates Are Top Concern for Multifamily Professionals, Capital One Survey Finds

by John Nelson March 7, 2017

BETHESDA, MD. — Concern over potential interest rate hikes is tempering optimism in the multifamily market, according to a recent survey conducted by Capital One Multifamily Finance. Capital One conducted the survey during the NMHC 2017 conference in San Diego in late January. The survey gauges emerging trends and industry insights from multifamily real estate professionals across the country. About 51 percent of multifamily professionals consider rising interest rates to be their biggest challenge in 2017, more than double the 25 percent of respondents who cited rising costs as their greatest concern. Only 5 percent of those surveyed anticipate potential regulation to be their biggest challenge this year. (Percentages are based on 95 responses.) These interest rate concerns may signal the end of the current cycle for the multifamily market as 50 percent of those surveyed believe the market has entered the last few legs of the race, while only 7 percent feel the cycle is in its early stages. Despite market sentiment, significantly more respondents anticipate being buyers than sellers in 2017; 51 percent said that they anticipate being buyers, while 23 percent anticipate being sellers. “While more industry professionals expect to be buyers than sellers in 2017, increasing …

March 7, 2017

Hospitality Texas

Wheelock Street Capital Refinances Two Hotels in College Station, Round Rock

by Taylor Williams March 6, 2017

COLLEGE STATION AND ROUND ROCK, TEXAS — Wheelock Street Capital LLC has refinanced two Marriott-branded hotels it owns in Texas: the 125-room Courtyard Marriott located at 3939 State Highway 6 near Texas A&M University in College Station, and the 113-room Courtyard Marriott located at 2700 Hoppe Trail next to Dell headquarters in the Austin suburb of Round Rock. Steven Klein, Casey Wenzel and Roy Shepard of HFF arranged the three-year, floating-rate loan. Wheelock Street Capital will use the refinancing to take out existing acquisition financing and to provide capital to continue its property improvement plan. The financing is part of a $45 million package for four hotels spanning 441 rooms in Texas and Tennessee.

March 6, 2017

Multifamily Seniors Housing Texas

NHI Purchases Skilled Nursing Facility in New Braunfels, Texas for $13.9M

by Taylor Williams March 6, 2017

NEW BRAUNFELS, TEXAS — National Health Investors Inc., a Tennessee-based healthcare and seniors housing REIT, has acquired a 126-bed skilled nursing facility in New Braunfels, a northeastern suburb of San Antonio, for $13.9 million. NHI will lease the facility, which opened in 2015, to an affiliate of The Ensign Group Inc., a company with numerous subsidiaries that operate rehabilitative and assisted living properties.

March 6, 2017

Office Texas

Lee & Associates, EDGE Arrange $3M Sale of Office Building in West Dallas

by Taylor Williams March 6, 2017

DALLAS — Lee & Associates and EDGE Realty Capital Markets have co-brokered the sale of a 14,000-square-foot office property, located at 2320 Stemmons Trail in west Dallas. The sale price of the building, which is currently occupied by Octapharma Plasma, a blood donation center, was $3 million. Allen Buchanan and Joshua Harper of Lee & Associates represented the buyer, Double Run LP, a California-based investment firm. Mark Mordecai and Brandon Crow of EDGE represented the undisclosed seller.

March 6, 2017

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