Property Type

Omaha’s Thriving Industrial Market Shows No Signs of Slowing Down

by Christina Cannon April 7, 2016

It is difficult to find one aspect of the Omaha industrial market to highlight when recapping 2015. Quite frankly, about every single facet of the market improved last year: sale prices ticked up, land prices rose, absorption was positive, the vacancy rate was low, asking rental rates climbed, and there was plenty of new construction. There are no signs of this momentum slowing. What is even more telling is the steady trend in the same direction — the market has shown signs of improvement each of the last five years. There have not been one or two transactions skewing the metric. Sales prices of existing industrial property averaged $56 per square foot in 2015, and over 2 million square feet of inventory was sold. This is quite a jump over the average of $47 per square foot in 2014. We believe this uptick in sales prices is due to a number of factors, but most notably a combination of high demand, low inventory of platted industrial lots and high construction costs. Users have been forced to make a choice — build new product or rehab existing buildings. This dilemma has created a bit of an odd and possibly concerning scenario: …

April 7, 2016

Features Multifamily Top Stories

Alden Torch Financial Claims No. 1 Spot in NMHC’s Ranking of 50 Largest U.S. Apartment Owners

by Jeff Shaw April 6, 2016

WASHINGTON, D.C. — Alden Torch Financial, which spun off from Hunt Cos. last year in a management buyout deal, has burst onto the multifamily scene to become the largest multifamily housing owner in the United States. As of Jan. 1, 2016, Alden Torch owned 191,759 multifamily units, topping the next largest owner by more than 57,000 units, according to the National Multifamily Housing Council (NMHC). The Washington, D.C-based organization this week released the 2016 edition of the NMHC 50, which ranks the top owners, managers, developers and contractors in the U.S. multifamily sector. The rankings are based on the number of units owned and managed at the start of 2016, or units of new construction started in 2015 for developers and contractors. “The apartment industry continued its bull run in 2015, as demand for both apartment homes and apartment properties intensified,” says Mark Obrinsky, NMHC’s senior vice president of research and chief economist. “Big transactions were more common than usual, causing some noteworthy changes in the NMHC 50 rankings.” Hunt Cos. was the top multifamily owner for two years running before spinning off its multifamily portfolio, so it’s no surprise that Alden Torch leads owners despite being a brand-new company. …

April 6, 2016

Multifamily New York Northeast

Anbau Enterprises Acquires Three Multifamily Buildings in Manhattan for $58M

by Amy Works April 6, 2016

NEW YORK CITY — Anbau Enterprises has acquired three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village for $58 million. The three-building portfolio features 71 rental units and totals more than 52,000 gross square feet. The name of the seller was not released.

April 6, 2016

Loans Massachusetts Northeast Office

Griffith Properties, Artemis Receive $30.3M in Refinancing for Cambridge Office Building

by Amy Works April 6, 2016

CAMBRIDGE, MASS. — Griffith Properties and Artemis Real Estate Partners have received $30.3 million in refinancing for an office building located at 10 Fawcett St. in Cambridge. Greg LaBine and Porter Terry of HFF arranged the three-year, floating-rate loan through Eastern Bank for the borrowers. Renovated in 2011, the six-story 134,561-square-foot building is fully leased to multiple tenants, including General Services Administration, Raytheon BBN Technologies and Accion International.

April 6, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $23.5M in Refinancing for Cabot Crossing in Massachusetts

by Amy Works April 6, 2016

LOWELL, MASS. — CBRE/New England has secured a $23.5 million first mortgage loan to refinance the existing debt on Cabot Crossing, a multifamily property located in Lowell. The borrower is Taurus CD 165 Bowden Street MA LP, an affiliate of Taurus Investment Holdings and PhilMor Real Estate Investments. The owner originally acquired the property in 2013 and implemented a successful unit upgrade and capital improvement plan. Located at 130 Bowden St., the multifamily community features 252 apartment units in a mix of 28 studio units, 168 one-bedroom layouts and 56 two-bedroom units. On-site amenities include a clubhouse with multi-station exercise room, TV lounge, saunas, Jacuzzi, locker rooms, outdoor swimming pool and picnic areas. John Kelly and Sam Dylag of CBRE/NE Multifamily Debt & Structured Finance arranged the financing for the borrower.

April 6, 2016

Multifamily New York Northeast

Fortis Property, Joy Construction Sell Newly Developed Residential Property in Brooklyn

by Amy Works April 6, 2016

NEW YORK CITY — Fortis Property Group and Joy Construction Corp. have completed the disposition of Atelier Williamsburg, a newly developed residential property located at 239-261 N. Ninth St. in the Williamsburg neighborhood of Brooklyn, for an undisclosed sum. Completed in 2015, the 120-unit property features studio, one-bedroom and two-bedroom apartments, a 24-hour doorman, rooftop deck with barbecues and skyline views, resident lounge with billiards table and entertaining kitchen, landscaped courtyard and a state-of-the-art fitness center. Andrew Scandalios, Jeff Julien and Rob Hinckley of HFF represented the seller in the transaction. The name of the buyer was not released.

April 6, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Brokers $3.1M Sale of Industrial Building in Massachusetts

by Amy Works April 6, 2016

DRACUT, MASS. — The Stubblebine Company has arranged the sale of an industrial building located at 20 Commercial Drive in Dracut. 303 Broadway Nominee Trust acquired the 55,890-square-foot property from LB Investment Group LLC for $3.1 million. Micah Stubblebine of The Stubblebine Company represented the seller and procured the buyer in the transaction.

April 6, 2016

Retail Texas

Disney Investment Group Arranges Sale of Retail Power Center in Metro Austin

by Haisten Willis April 6, 2016

BEE CAVE, TEXAS — Disney Investment Group (DIG) has arranged the sale of Shops at the Galleria, a 537,685-square-foot retail center located in the Austin suburb of Bee Cave. The center was 99 percent leased at the time of sale to tenants including Lowe’s Home Improvement, Best Buy, Marshall’s, HomeGoods, Cost Plus World Market, Michaels, PetSmart, Office Max, Old Navy and Ulta Beauty. DIG procured the buyer, Chicago-based InvenTrust Properties Corp., and CBRE represented the seller, Christopher Commercial Inc., in the transaction.

April 6, 2016

Office Texas

Cielo Property Group Buys Downtown Austin Office Building

by Haisten Willis April 6, 2016

AUSTIN, TEXAS — Cielo Property Group has purchased a five-story office building located at 900 Congress Ave. in downtown Austin. The 64,000-square-foot building includes nine levels of off-site accessory parking at 816 Colorado St. Cielo purchased a 15-story office tower located across the street at 823 Congress Ave. in 2014. The company plans to upgrade the Art Deco-style building with a renovation of the lobby and elevators, as well as improvements to its streetscape and canopy. This is the sixth downtown Austin property that Cielo has acquired since it was founded in 2010. The company also owns three historic mixed-use buildings at 315, 319 and 323 Congress Ave., as well as 601 W. Third St., where it plans to break ground on a 29-story office tower called Third + Shoal later this year.

April 6, 2016

Industrial Office Texas

Binswanger Brokers Sale of 204,346 SF Office/Flex Building in Austin

by Haisten Willis April 6, 2016

AUSTIN, TEXAS — Binswanger has arranged the sale of a 204,346-square-foot office-flex building located on 18.9 acres at 6800 Burleson Road in Austin. Holmes Davis of Binswanger’s Dallas office represented the seller, DivcoWest Real Estate Services Inc. Roger Shipp represented the buyer, Capital Commercial Investments, internally. Built in 1985 and renovated in 1995, the property was a part of the former Lockheed Martin campus near Austin’s-Bergstrom International Airport.

April 6, 2016

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