Property Type

Capstone Apartment Partners Brokers $12.8M Sale of Charlotte Apartment Community

by John Nelson May 27, 2015

CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $12.8 million sale of Hunter’s Pointe, a 394-unit apartment community located in Charlotte. The property is located roughly five miles from Uptown Charlotte. ACRE purchased the asset from Hunter’s Apartments LLC for roughly $32,616 per unit. The apartment community has received approximately $3 million in upgrades over the past 10 years and was 85 percent occupied at the time of sale. Brian Ford, Beau McIntosh and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.

May 27, 2015

Maryland Mixed-Use Southeast

Medical Office Tenant, Package Store Join Gateway at UTC in Metro D.C.

by John Nelson May 27, 2015

HYATTSVILLE, MD. — ECHO Realty and Bernstein Cos. have signed two new tenants to their Gateway at UTC mixed-use development in Hyattsville, a Maryland suburb seven miles northeast of Washington, D.C. The Gateway at UTC development is currently under construction and will be located along East-West Highway, between America Boulevard and Democracy Avenue. The two new tenants joining the development are MedStar Health and Town Center Wine & Spirits. MedStar will operate a primary care office and a MedStar PromptCare urgent care facility comprising 10,000 square feet on the second level of the commercial development. With the majority of parking situated on the second story, patrons will have drive-up access to both MedStar and Phenix Salon Suites, the other tenant to occupy the project’s upper level. On the first floor, Town Center Wine & Spirits will occupy 3,600 square feet at the north end of the street-level retail lining America Boulevard. The mixed-use development is currently 95 percent pre-leased to tenants such as Safeway, Unleashed by Petco and Le’s Nails. Safeway is on schedule to open this fall with other retailers opening soon thereafter.

May 27, 2015

Industrial Market Reports Michigan Midwest Midwest Market Reports

Convergence of Factors Puts a Charge in Southeast Michigan’s Industrial Market

by Jaime Lackey May 27, 2015

A trifecta shaped by six years of a bull market, historically low interest rates and oil around $50 a barrel is benefitting one business sector arguably more than any other industry in the United States: automotive. Researcher AutoData Corp. estimates that, seasonally adjusted, the annual vehicle sales rate topped 17.1 million in March of this year, indicating the industry is on pace to have its best year in more than a decade. Further, the industry’s 5.6 percent sales increase in the first quarter has come entirely on gains of sales of trucks and sport-utility vehicles, two categories that do well when gas prices are low. Ford Motor Co. is forecasting that between 17 million and 17.5 million light vehicles — from all automakers — will be sold in the United States this year. The estimate is similar to competitor estimates. If it comes to pass, 2015 would be the best year for unit sales since 2006. Approximately 16.5 million cars and light trucks were sold nationally in 2014, according to AutoData. Consequently, it has been shocking to see how quickly so many vacant Detroit industrial buildings have been occupied in such a short period of time. Vacancy Rates Tumble The …

May 27, 2015

Office Texas

Gaedeke Group Unveils Design for 327,856 SF One Legacy West in Metro Dallas

by Haisten Willis May 26, 2015

PLANO, TEXAS — Gaedeke Group LLC has unveiled the design of One Legacy West, the first of two Class A office buildings planned for its 11-acre site at the southeast corner of Sam Rayburn Tollway and Legacy Drive in Plano. Gaedeke’s 14-story project will be the first multi-tenant office space to deliver in the $2 billion Legacy West, a 240-acre mixed-use development underway by Karahan Companies, KDC and Columbus Realty Partners. Gaedeke Group will break ground this summer and deliver the project in the fourth quarter of 2016. One Legacy West will feature a six-level parking structure and will be surrounded on three sides by a reflecting pool. The Class A tower will feature a 25-foot white marble lobby, elevators and floor-to-ceiling glass. Tenant amenities will include an outdoor terrace with fireplaces and seating areas, tenant lounge/game area, Wi-Fi in common areas, a conference center, fitness center, electric car charging stations and secure bike storage in the garage. Additional services include concierge service, courtesy shuttle service to local restaurants and shops, an on-site management and engineering service team, 24-hour security officer, car detailing/washing and shoe shine services.

May 26, 2015

Retail Texas

Paragon Outlet Partners to Develop Outlet Mall in Metro Houston

by Haisten Willis May 26, 2015

ROSENBERG, TEXAS — Paragon Outlet Partners, a retail real estate development firm headquartered in Baltimore, has finalized plans to develop Paragon Outlets Houston. Upon completion of Phase I, the ground-up project, which sits 30 miles southwest of Houston, will include more than 283,000 square feet of gross leasable area. Located in the city of Rosenberg along I-69 and Reading Road in Fort Bend County, which has been ranked by Forbes as the fifth fastest growing county in the United States, Paragon Outlets Houston is slated to open in November 2016. The outlet mall is expected to bring 400 construction jobs along with up to 1,000 permanent jobs to the marketplace.

May 26, 2015

Multifamily New Jersey Northeast

The Daten Group to Develop 46-Unit Residential Property in Downtown Hoboken

by Amy Works May 26, 2015

HOBOKEN, N.J. — The Daten Group is developing a seven-story residential building at 600 Harrison St. in downtown Hoboken. Designed by Nastasi Architects, the 67,000-square-foot building will feature 46 apartment units with spacious layouts and in-unit washer/dryers, a virtual doorman, a private gym, an outdoor recreation space and 32-spot parking garage. The rental units will range from $2,900 per month for a one-bedroom, one-bath unit to $4,950 a month for a three-bedroom, two-bath unit. Groundbreaking is scheduled for Thursday, May 28, and construction is estimated to last 18 months.

May 26, 2015

Retail Texas

Coldwell Banker Arranges Land Sale in Houston

by Haisten Willis May 26, 2015

HOUSTON — Coldwell Banker Commercial United Realtors has arranged the sale of 18,500 square feet of land located at 7415 Roswell St. in Houston. David Hummel of Coldwell Banker Commercial United Realtors represented the seller, and A & V Services Inc. was the buyer. The land will be used for a car dealership.

May 26, 2015

Mixed-Use New York Northeast

Cushman & Wakefield Brokers $3.8M Sale of Mixed-Use Buildings in Queens

by Amy Works May 26, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of two contiguous mixed-use buildings in the Bayside neighborhood of Queens. Located at 39-32/34 Bell Blvd., the properties sold for $3.8 million, or $731 per square foot. Totaling 5,200 square feet, the assets feature two retail stores and four residential units. Stephen Preuss of Cushman & Wakefield represented the seller, while Jimmy Ma of Golden Bridge Realty represented the buyer in the transaction. The names of the seller and buyer were not released.

May 26, 2015

Retail Texas

Standridge Cos., Legacy Capital Buy 45 Acres at Monterrey Village in San Antonio

by Haisten Willis May 26, 2015

SAN ANTONIO — Standridge Cos. and Legacy Capital Co. have formed a partnership and acquired multiple tracts totaling 45 acres within the Monterrey Village mixed-use commercial project at the southwest corner of Loop 410 and S.H. 151 in western San Antonio. The tracts are fully entitled and ready for development and sales to end-users and developers. The Monterrey Village acquisition is the second investment partnership between Legacy Capital and Standridge. The two companies recently completed a 33-acre project on the north side of SH 121 between Paige Road and Blair Oaks Drive, just northwest of Nebraska Furniture Mart in The Colony.

May 26, 2015

Connecticut Industrial Northeast

Sentry Commercial Arranges Acquisition of 83,736 SF Warehouse Facility in Connecticut

by Amy Works May 26, 2015

WINDSOR, CONN. — Sentry Commercial has arranged the acquisition of an industrial warehouse facility located at 1050 Kennedy Blvd. in Windsor. TELLING Industries purchased the 83,736-square-foot property for $1.4 million. The buyer is a metal framing and accessory manufacturing company headquartered in Ohio with locations in Arizona and Arkansas.

May 26, 2015

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