Property Type

UHC to Develop Apartment Complex Near University of Oklahoma

by Haisten Willis May 22, 2015

NORMAN, OKLA. — University House Communities (UHC), formerly known as Inland American Communities Group, will develop a new University House community on the site of the current Bishop’s Landing apartments near the University of Oklahoma. Construction will begin on the apartment community this fall, with a scheduled opening of August 2017. Leasing will begin by August 2016. The five-story, 388-unit development will feature 917 beds with studio, one-, two-, three- and four-bedroom floor plans, all fully furnished. The community will also include amenities such as three outdoor courtyard areas, a clubroom, lounge, pool, 24-hour fitness center, parking and on-site management. Residents of University House will also have easy access to campus via the Norman CART bus system, with a transit hub directly across the street from the property. The project team consists of Humphrey’s & Partners Architects as the architect and Huitt-Zollars as the civil engineer. University House will be located near Brooks and Classen at 333 E. Brooks St. in Norman.

May 22, 2015

Multifamily Texas

Presidium Group, St. Croix Capital Acquire Hunterwood Apartments in Austin

by Haisten Willis May 22, 2015

AUSTIN, TEXAS — Presidium Group LLC, in partnership with St. Croix Capital Advisory Services Group, has acquired Hunterwood Apartments, a 160-unit apartment complex in Austin. The property was built in 1983. Presidium plans to implement value-add upgrades that will consist of aesthetic and finish improvements. Interior renovations will include the addition of granite countertops, tile backsplashes, faux wood flooring, new door and cabinet hardware, new plumbing and electrical fixtures, new appliances and a new paint scheme. Exterior upgrades will include modernizing the leasing center, the addition of a fitness center, pool area upgrades, landscaping additions and a new exterior paint scheme. Hunterwood is located in south Austin within a mile of South First Street and South Congress Avenue, two of the major access ways into downtown Austin. The property is a 15-minute drive from downtown Austin, Bergstrom Airport, the Sunset Valley shopping area, Barton Creek Square Mall and Circuit of the Americas. Hunterwood’s current amenities include a swimming pool, laundry facilities and a leasing center.

May 22, 2015

Office Texas

KDC, SH Holdings to Develop 100-Acre Office Complex in Austin

by Haisten Willis May 22, 2015

AUSTIN, TEXAS — KDC, in a joint venture with SH 71-130 Holdings GP, will develop a 100-acre parcel for build-to-suit office space in southeast Austin. The new office space will be part of a planned 390-acre mixed-use project at the intersection of Texas Highway 71 and State Highway 130. In addition to the office component, the mixed-use project will also include retail, multifamily, industrial and educational elements. It has received the Triple Freeport Designation, which allows schools, cities and counties to exempt business inventory from taxes if goods are shipped out of state within 175 days. Page is coordinating the architectural planning, and Kimley-Horn is the engineer.

May 22, 2015

Multifamily Texas

IPA Sells 279-Unit Apartment Complex in Austin

by Haisten Willis May 22, 2015

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Kenzie at The Domain, a 279-unit, six-story multifamily complex in Austin. Will Balthrope and Drew Kile of IPA advised the seller, StreetLights Residential, and procured the buyer, an institutional investor. The Kenzie is located at 3201 Esperanza Crossing in The Domain, a master-planned development. The Domain includes 1 million square feet of retail, dining and entertainment options and 2.5 million square feet of office space. The Kenzie’s community amenities include a large fitness center, 17,000-square-foot resident entertainment area and a pool and fireside social area. Apartments include 10- or 13-foot ceilings, granite countertops, stainless steel sinks, Energy Star appliances and urban mud rooms.

May 22, 2015

Market Reports Office Texas Texas Market Reports

Demand for Energy, and Houston Office Product, Will Remain

by Haisten Willis May 22, 2015

The real estate capital markets are a funny thing — one minute you’re up and the next you’re down. The debt market starts making investors bring more equity to the table, reserves tied to energy-related tenancy are mandated, the four-letter word “recourse” is thrown around and more scrutiny is placed on every detail. No one wants to be laughed out of a committee meeting for trying to push through a multi-million dollar loan on an office building in the Energy Capital of the World. The same holds true in the equity market. Return requirements that fluctuate along the risk/return spectrum haven’t changed, but underwriting scrutiny has. Market rent growth has been scaled back or even gone negative, energy-related tenancy is being given a lower retention ratio or being downsized, downstream tenancy is more favorable than upstream tenancy, mark-to-market value-add strategies have been replaced with income preservation strategies, etc. Individually, these various reactions in the debt and equity market don’t have a huge impact on values. Combined, they have a material impact. You would think that this environment would bring about great opportunities for investors with a long-term, bullish view on Houston’s office market. Instead, most owners will be patient, electing …

May 22, 2015

Arizona Industrial Western

FedEx Ground Distribution Center Portfolio Receives $52M in Financing

by Nellie Day May 22, 2015

CHANDLER, ARIZ. — A trio of FedEx Ground distribution centers has received $52 million in acquisition financing. The portfolio includes a 312,539-square-foot facility in Chandler, Ariz., a 254,353-square-foot facility in Spartanburg, S.C., and a 151,088-square-foot facility in Wichita Falls, Texas. The borrower was TIC – RI Pullman LLC, RI Cascade LLC, RI Elk Grove LLC (Rood TICs). The portfolio acquisition satisfied a 1031 exchange. The properties received $31.2 million, $12.2 million and $8.6 million, respectively. Financing was arranged by Todd B. Harding and Mick Stapleton of NBS Financial Services. It was provided by State Farm Insurance Company through the firm’s correspondent relationship. The loans featured 10-year terms with 30-year amortization schedules.

May 22, 2015

Hawaii Retail Western

Burnham USA Buys Shops on the Green in Maui

by Nellie Day May 22, 2015

MAUI, HAWAII — Burnham USA has purchased Shops on the Green, a 6.3-acre shopping center on Maui, for an undisclosed sum. The center is located at 100 Wailea Ike Drive in Wailea. Shops on the Green will soon undergo a renovation and a rebranding. It will be renamed Wailea Village Center. The transaction also includes about 22,000 square feet of retail and office buildings, as well as golf-related facilities. Burnham has also secured entitlements to expand the center for an additional 23,000 square feet of retail, which the firm plans to develop immediately. The project is situated directly across from Grand Wailea Resort, the Four Seasons Resort Maui at Wailea and the new Andaz Maui at Wailea Resort. It sits adjacent to the Marriott Residence Inn. The center includes the main facilities for Wailea’s flagship golf course and club, called Old Blue. The seller, Ronald Allred, is best known as the founder and developer of Telluride Ski Mountain Village in Colorado.

May 22, 2015

California Industrial Western

National Stores Leases Distribution Facility in Perris

by Nellie Day May 22, 2015

PERRIS, CALIF. — National Stores has signed a 10-year lease at a 579,708-square-foot distribution facility in Perris. The lease is valued at $26 million. The facility is located at 3900 Indian Ave. in the Riverside submarket. The clothing, shoes and home décor merchandiser operates 325 stores in 22 states. National Stores was represented by CBRE’s Tres Reid and Rich Rizika. The landlord, Sares-Regis Group (SRG), was represented by Tom Taylor and Steve Bellitti of Colliers International.

May 22, 2015

Colorado Multifamily Western

Plaza on Broadway Apartments in Boulder Sells for $24M

by Nellie Day May 22, 2015

BOULDER, COLO. – The 39-unit Plaza on Broadway apartments in Boulder has sold to an unnamed buyer for $24 million. The community is located at 955 Broadway Street. It was built in 2013. Plaza on Broadway is situated directly across from the University of Colorado-Boulder. The property sits on a 60-year ground lease. The sale was executed by Jacob and Nick Steele of Marcus & Millichap’s Denver office.

May 22, 2015

Retail Utah Western

New Starbucks Premieres in Utah

by Nellie Day May 22, 2015

DRAPER, UTAH – Wadsworth Development Group has completed a 1,920-square-foot Starbucks in the Salt Lake City submarket of American Fork. The new outpost is located at 496 E. State Road, just north of Orem. Starbucks fully occupies the new space. It was developed by Starbucks Coffee Company.

May 22, 2015

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