Property Type

The Wilson Co. Sells Affordable Housing Portfolio in Florida to Starwood for $563.5M

by John Nelson June 16, 2016

TAMPA, FLA. – The Wilson Co., a Tampa-based affordable housing developer and manager, has sold a 31-property portfolio of affordable housing communities in Florida for $563.5 million. Totaling 8,498 units, the portfolio is heavily concentrated in Orlando and Tampa. Starwood Property Trust (NYSE: STWD), an affiliate of Starwood Capital Group, purchased the assets, which were developed between 1995 and 2004 using Low Income Housing Tax Credits (LIHTC). On average, maximum allowable rents across the portfolio are approximately $350 below average rents at nearby market-rate communities. The portfolio was more than 97 percent occupied at the time of sale. “This transaction represents the beginning of a new era for LIHTC investment sales,” says Doug Childers, managing director of HFF’s investment sales team, which represented The Wilson Co. in the transaction. “Traditionally, LIHTC transactions have attracted primarily private, regional capital providers. HFF’s affordable housing experts were able to educate institutional investors regarding the portfolio’s relatively low cash-flow volatility and the regulatory and operational nuances associated with LIHTC communities. As a result, we were able to create a competitive bidding process that included large, institutional investors,” added Childers. Childers led HFF’s investment sales team in the transaction, along with HFF’s senior managing director …

June 16, 2016

cbre-research-change-in-construction-employment-2005-2015

Features Industrial Top Stories

Labor Shortages Are Driving Up Construction Costs, Says CBRE

by Haisten Willis June 16, 2016

A new research report from CBRE says that despite the global collapse of commodity prices — including many key inputs to construction — overall construction costs continue to rise nationwide. This is largely because of worker shortages that have driven up labor costs, offsetting any savings on materials. In January, average total construction costs in the United States registered a year-over-year increase of 1.8 percent, according to the RSMeans Construction Cost Index (CCI). Since January 2011, the national CCI has increased by an annual average of 2.3 percent, resulting in a cumulative 11.8 percent increase during that period. “The price of materials is just one driver of overall construction costs,” says Andrea Cross, head of research for the Americas at CBRE and co-author of the report. “The cost of construction labor tends to be much more variable across geographies and over time, so it typically has a larger impact on overall cost trends.” Cross also notes that the collapse of the housing market and subsequent recession affected supply-side dynamics for new construction throughout the country, as a substantial number of construction workers left the industry during the downturn and never returned. Nationally, the number of workers employed in construction-related occupations …

June 16, 2016

Illinois Market Reports Midwest Midwest Market Reports Office Uncategorized

Market Conditions Ripe for Office Acquisitions by Single-Tenant Users

by Christina Cannon June 16, 2016

Across the country, and specifically in the Chicago corridor that leads to the northwestern suburbs, a wide range of businesses are debunking the commonly held notion that urban migration is diminishing the suburban marketplace. The evidence is indisputable. While Fortune 500 firms are leasing hundreds of thousands of square feet in Chicago’s suburbs, small to midsize firms are facilitating the expansion of their businesses by acquiring single-tenant facilities in the burbs as well. Since 2014, 20 businesses in Chicago’s northwest suburbs have acquired buildings totaling more than 1.3 million square feet of space, according to Colliers International. The cumulative purchase price of these assets exceeds $97.1 million. This level of activity compares favorably to statistics for the entire suburban marketplace that show 63 buildings totaling approximately 4.7 million square feet and valued in excess of $307.7 million were sold during that time (see table). Four driving factors This healthy level of activity can be attributed to a variety of factors, four of which we highlight in this piece. • Access to capital — Banks are lending again and exhibiting greater levels of caution after years of retreating to the sidelines. Additionally, the cost of capital is very reasonable, in spite …

June 16, 2016

Retail Texas

Simon to Expand, Renovate Allen Premium Outlets in Metro Dallas

by Haisten Willis June 15, 2016

ALLEN, TEXAS — Simon has launched the expansion of Allen Premium Outlets, a shopping destination in the Dallas suburb of Allen. The expansion is expected to include an estimated 30 new specialty retailers that will be added at the heart of the shopping center near Neiman Marcus Last Call. Simon will also renovate Allen Premium Outlets with new features and amenities including updated seating, a new play area, Wi-Fi, landscaping and architectural adornments to match the new structures. In addition, a 22-acre plot northeast of the current shopping center has been rezoned to allow for the future inclusion of restaurants and hotels. Allen Premium Outlets currently includes retailers such as Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren and Under Armour. The expansion is expected to be complete by fall 2017.

June 15, 2016

hoya-corp-651-east-corporate-drive-lewisville-texas

Industrial Texas

Mohr Capital Acquires 90,000 SF Industrial Facility in Metro Dallas

by Haisten Willis June 15, 2016

LEWISVILLE, TEXAS — Mohr Capital has acquired a 90,000-square-foot industrial building in the northwest Dallas suburb of Lewisville. The building, located at 651 E. Corporate Drive, is the U.S. headquarters for HOYA Corp., a Forbes Global 2000 company and a supplier of medical and optical products. Cushman & Wakefield’s Randy Baird, Jud Clements and Robby Rieke represented the seller, Cohen Asset Management, in this transaction.

June 15, 2016

Retail Texas

Baker Katz Completes Redevelopment of Retail Property in Beaumont

by Haisten Willis June 15, 2016

BEAUMONT, TEXAS — Baker Katz has redeveloped a fully leased retail site in Beaumont. The company demolished a building that had been located on the property to create five new spaces for retail tenants. Starbucks, Mattress One and Wingstop will occupy a 6,100-square-foot building at the site, and T-Mobile and Access Dental will each lease 2,800 square feet in the second building. The property is located at the northeast corner of I-10 and College Street.

June 15, 2016

Multifamily Texas

M&M Arranges Sale of 31-Unit Apartment Building in Dallas

by Haisten Willis June 15, 2016

DALLAS — Marcus & Millichap has arranged the sale of Shawnee Sevilla Apartments, a 31-unit apartment property located in Dallas. John Barker and Daniel Burton of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Barker and Burton also secured the buyer, a limited liability company. The Shawnee Sevilla Apartments was built in 1972 and is a Class C multifamily asset located in a residential neighborhood at 9633 Old Seagoville Road. The property is located near two Dallas Area Rapid Transit (DART) bus stops, along with Crawford Memorial Park and Fireside Park. The Southeast Dallas Health Center is less than one mile from the property. The property includes 28 two-bedroom units, two one-bedroom units and one three-bedroom unit. Shawnee Sevilla has a total rentable square footage of 29,810, with an average unit size of 962 square feet. The building is constructed with wood siding and brick with concrete slab foundations. On-site amenities include storage, a mechanical room and an on-site laundry facility totaling 2,046 square feet.

June 15, 2016

Industrial Texas

NAI Partners Negotiates 30,721 SF Industrial Lease in Houston

by Haisten Willis June 15, 2016

HOUSTON — NAI Partners has represented landlord Carson Cos. in the lease of a 30,721-square-foot industrial warehouse facility located at 7618 Bluff Point in Houston. Travis Land and Nick Peterson of NAI Partners represented Carson Cos. during the negotiations, while David Carter of Colliers International represented the tenant, Akurate Dynamics LLC.

June 15, 2016

Florida Multifamily Southeast

Berkadia Brokers $54M Sale of Apartment Community in Metro Tampa

by John Nelson June 15, 2016

LARGO, FLA. — Berkadia has brokered the $54 million sale of Madison at Largo, a 444-unit property located at 601 E. Rosemary Road N.E. in Largo, a city in the Tampa Bay area roughly five miles from downtown Clearwater. Since purchasing the property in 2011 for $14.3 million, the seller, West Springfield, Mass.-based Largo Landry LLC, completed major interior and exterior renovations of Madison at Largo. Jason Stanton, Cole Whitaker, Hal Warren and Tal Frydman of Berkadia brokered the transaction. Community amenities include three resort-style pools, a 24-hour fitness center and a lounge with pool tables and bistro seating. Individual residences include breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies.

June 15, 2016

Georgia Multifamily Southeast

Pollack Shores to Develop Multifamily Community in Midtown Atlanta

by John Nelson June 15, 2016

ATLANTA — Pollack Shores Real Estate Group plans to develop a new luxury apartment community located at 1270 Spring St. in Midtown Atlanta. The new 259-unit property, known as 1270 Spring Street, will feature 14,000 square feet of retail space and 3,000 square feet of live/work space. The one-, two- and three-bedroom apartments will feature large balconies, plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. Pollack Shores plans to have the community’s first units available by March 2018 with full completion set for early summer 2018. Upon completion, Matrix Residential, the multifamily residential management division of Pollack Shores, will manage 1270 Spring Street. Pollack Shores’ other recent developments in Atlanta include the residential portion of The Battery Atlanta around SunTrust Park, Steelworks near Atlantic Station and Millworks, The Jane and The Monroe in Buckhead.

June 15, 2016

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