Property Type

Marcus & Millichap Closes Sale of 1,164 Apartment Units Throughout Texas for $80.5M

by Nellie Day March 15, 2017

DALLAS — Marcus & Millichap’s (NYSE: MMI) Dallas-based multifamily investment sales team has closed the sale of six multifamily assets within the state of Texas totaling $80.5 million. The communities contain a total of 1,164 units. Four of the properties reside within the Dallas-Fort Worth area, known as the Metroplex, while another is situated 60 miles northeast of Dallas in Commerce, and the other is in Waco. The Metroplex-area properties include the 380-unit Spring Lake in Haltom City, the 306-unit Tradewind in Mesquite, the 200-unit Village at the Crossroads in Irving and the 76-unit Oaks Branch in Garland. “The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,” says Nick Fluellen, a member of Marcus & Millichap’s multifamily investment sales team. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.” The remaining two properties are the 128-unit Bradford Place in Commerce and the Village Condominiums, a 74-unit apartment asset in Waco. “All of the properties provide new ownership with excellent opportunities to add value in various ways, including the continuation or implementation of strategic upgrade plans,” adds Bard Hoover, who, …

March 15, 2017

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Key Factors Driving Greater Boston’s Multifamily Outlook in 2017

by Camren Skelton March 15, 2017

Investors are attracted to Boston due to its diverse economy, education base and strong market fundamentals. In fact, major corporations like GE, Reebok, New Balance, and most recently Asics have all relocated to the city or are in the planning to relocate or rebrand here. As a result of this heightened interest in Boston as a global headquarters destination, the city is expected to grow, which in turn creates housing demand. Rhythm between Cap Rates and Interest Rates As investors know, there is a direct correlation between cap rates and interest rates. However, while a correlation exists, not all buyer profiles are necessarily affected in the same way in a shifting interest rate environment. Highest impact: Leveraged buyers would be most impacted by rising interest rates since they are typically trying to maximize leverage when pursuing an acquisition. With shifting interest rates, higher rates have a direct impact to potential returns. If leveraged buyers can borrow less at high rates, this has a direct impact to pricing/cap rates. Within the leveraged buyer profile, groups possessing strong balance sheets and banking relationships will be less impacted than groups not necessarily in the same financial position. Moderate impact: Cash and low-leverage buyers …

March 15, 2017

Colorado Multifamily Western

Summit Management Services Buys Stonegate Apartments in Colorado for $86M

by Nellie Day March 14, 2017

BROOMFIELD, COLO. — Summit Management Services has acquired the 350-unit Stonegate apartments in Broomfield for $86 million. The community is located at 11815 Ridge Parkway, halfway between Denver and Boulder. The property is just west of Interlocken Business Park, which is northwest Denver’s most prominent office park with more than 4 million square feet of office space, and Flatiron Crossing, which comprises more than 2 million square feet of retail, dining, hotel and entertainment options. Stonegate’s community amenities include a resort-style swimming pool, hot tub, grilling area, playground, dog park, 24-hour fitness center, resident lounge with full kitchen and fireplace, and views of the Rocky Mountains. The property is 95 percent occupied. HFF’s Jordan Robbins and Jeff Haag represented the seller in this transaction.

March 14, 2017

Arizona Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $9M Loan to Build 88-Unit Seniors Housing Community in Arizona

by Nellie Day March 14, 2017

YUMA, ARIZ. — Cushman & Wakefield Senior Housing Capital Markets has negotiated a $9 million loan for Mission Senior Living. The capital will be used to build River Valley Estates, an 88-unit assisted living and memory care community in Yuma. River Valley Estates will feature 56 assisted living units and 32 memory care units in a 66,000-square-foot building on a 5.3-acre site. It will be Mission’s fifth property and third ground-up development. The Cushman & Wakefield team of Aaron Rosenzweig, Richard Swartz, Jay Wagner and James Dooley arranged the loan. Contemporary Healthcare provided the capital.

March 14, 2017

California Office Western

Toshiba America Leases 96,000 SF at University Research Park in Irvine

by Nellie Day March 14, 2017

IRVINE, CALIF. — Toshiba America has leased 96,000 square feet of office space at University Research Park in Irvine. The park sits adjacent to UC Irvine, which features tech and innovation incubators including the 47,000-square-foot Cove and the Vine, where startups have generated more than $24 million in funding. The 185-acre office park is currently home to more than 75 companies and more than 8,000 employees. Toshiba America will move its electronics components, information systems and logistics companies to the campus, which is currently undergoing updates. JLL’s Louis Tomaselli and Steve Wagner represented Toshiba.

March 14, 2017

Loans Multifamily Seniors Housing Utah Western

Love Funding Closes $6.8M Construction Loan for Assisted Living Community in Utah

by Nellie Day March 14, 2017

SOUTH JORDAN, UTAH — Love Funding, a lender specializing in FHA loans for healthcare real estate, has closed a $6.8 million bridge loan for the construction of an assisted living and memory care community in the Sale Lake City suburb of South Jordan. Our House of South Jordan will offer 62 beds in a 42,000-square-foot facility. Giza Development LLC, Stout Construction and Primera Group are building the property. SAL Management Group LLC will manage the community once construction is complete. James Vanar of Love Funding’s Los Angeles office arranged the laon, with Love Funding’s parent company, Midland States Bank, providing the capital. This is the second bridge loan Vanar has obtained for Giza Development, which started construction of Shadow Valley Assisted Living and Memory Care in nearby Ogden last year.

March 14, 2017

California Retail Western

Retail Tech Provider KBS Purchases Image by J&K

by Nellie Day March 14, 2017

OCEANSIDE, CALIF. — Kellermeyer Bergensons Services LLC, an Oceanside-based provider of retail and grocery technology, has purchased Image by J&K LLC, a provider of facilities maintenance services. Image was founded in 2006 and operates in 34 states. GI Partners, a private equity investment firm, is the majority owner of Kellermeyer Bergensons Services.

March 14, 2017

Industrial Texas

Dallas Builders Select Bob Moore Construction to Build 800,000 SF Distribution Center in Garland, Texas

by Taylor Williams March 14, 2017

GARLAND, TEXAS — Dallas-based developers Eric Langford and Brian Flaherty have appointed Arlington-based general contractor Bob Moore Construction to build Jupiter Miller Business Center, a two-building industrial distribution center located on Jupiter Road in the northeast Dallas suburb of Garland. The industrial development will cover 40 acres of the 70-acre property, which was previously occupied by defense contractor and weapons manufacturer Raytheon. Delivery of the center, which will span 800,000 square feet, is scheduled for 2018.

March 14, 2017

Restaurant Retail Texas

Kase Group Brokers Sale of 3,896 SF Property Leased to McDonald’s in Fort Worth

by Taylor Williams March 14, 2017

FORT WORTH, TEXAS — The Kase Group has closed the sale of a 3,896-square-foot restaurant property located at 3300 Hulen St. in Fort Worth. The building is currently leased to McDonald’s. Robert Walker of The Kase Group represented the seller, an undisclosed developer, and procured the buyer, a California-based principal.

March 14, 2017

Industrial Office Texas

Bradford Commercial Secures Sport Supplier’s Headquarters in Grand Prairie

by Taylor Williams March 14, 2017

GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has secured a new office hub and industrial distribution center for FloorballPlanet, a supplier of equipment and accessories for floorball, an indoor sport similar to field hockey, in Grand Prairie, a city in the Dallas-Fort Worth metroplex. The company has selected Woodlands Business Center, located at 2005 108th St., as its operating base and has leased 12,818 square feet, including 3,700 square feet for office space. Michael Spain, Brock Wilson and Joe Santaularia of Bradford Commercial represented the landlord, Woodlands Business Center LLC, in the transaction. Bob Gibbons of REATA Commercial Realty LLC represented FloorballPlanet.

March 14, 2017

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