Property Type

Cushman & Wakefield Industrial Market Report

Cushman & Wakefield: U.S. Industrial Vacancy Drops to 14-Year Low

by John Nelson January 27, 2015

CHICAGO — The U.S. industrial vacancy rate dropped to its lowest level in nearly 14 years during the last months of 2014, according to Cushman & Wakefield. The overall industrial vacancy rate ended 2014 at 6.8 percent — the lowest level since the first quarter of 2001. Vacancies dropped 70 basis points year-over-year and 400 basis points from the recent peak of 10.8 percent in early 2010, according to the commercial real estate services firm. Today, four markets boast vacancy rates below 4 percent: the San Francisco Peninsula (3 percent); Greater Los Angeles (3.4 percent); Lakeland, Fla (3.7 percent); and Orange County, Calif. (3.7 percent). To view the rest of the top 10 with lowest fourth-quarter vacancy rates, view the chart above. “The industrial real estate market expansion has been driven, in part, by the ongoing evolution of demand-driven and information-enabled supply chains,” says John Morris, leader of Cushman & Wakefield’s Industrial Services for the Americas. “Responding to dynamic changes to how people shop, where they work, and how and where they live, new models and new requirements continue to emerge. An improving economy, the expansion of e-commerce and the growth of domestic manufacturing further fueled the rapid advancement we …

January 27, 2015

California Market Reports Multifamily Western Market Reports

LA’S Multifamily Market Continues Upward Trend

by Nellie Day January 27, 2015

The multifamily market in Los Angeles continues to be a hot property sector as the economy improves and jobs are added throughout the region. I believe we’ll hear much of the same buzz about the market in 2015 that we’ve heard for the past few years. This includes statements like vacancy rates are very low and demand outweighs supply. This results in rising rents, strong demand for multifamily investment property, climbing prices climbing and cap rates that continue to compress. Los Angeles County ended the third quarter of 2014 with a vacancy rate of just 3.2 percent. Asking rents continued to increase, with third-quarter rents coming in at an average rate of $1,521 per month. This is up 0.9 percent from the second quarter of this year, according to Reis. On the investment side, properties are trading at sub-4 percent cap rates. There were 80 apartment sales totaling $693 million in the third quarter, with an average per-unit price of $300,000. Some of LA’s hottest multifamily submarkets include the Westside, Beverly Hills, West Hollywood, Hollywood, Echo Park, Silverlake and Downtown LA. The most in-demand and promising submarket for multifamily is likely Playa Vista, however. Google recently announced it purchased 12 …

January 27, 2015

Multifamily Texas

ARA Arranges Sale of Apartment Complex in Austin

by Haisten Willis January 26, 2015

AUSTIN — ARA has arranged the sale of Elan East, a 251-unit, Class A apartment complex located in Austin. Patton Jones of ARA represented the sellers, South Carolina-based Greystar, and Washington, D.C.-based The Carlyle Group, in the transaction. A Boston- based institutional buyer purchased the property. Built in 2014, Elan East is an urban, garden-style community that includes one- and two-bedroom units. Amenities include a pool with outdoor lounge area and full kitchen with grilling stations/prep space, a gym, business center and club lounge. The property was 95 percent occupied at the time of sale.

January 26, 2015

Illinois Midwest Multifamily

Essex Brokers $17M Sale of 254-Unit Apartment Property in Palos Hills, Ill.

by Danielle Everson January 26, 2015

PALOS HILLS, ILL. — Essex Realty Group Inc. has brokered the $17.1 million sale of 254 units within Scenic Tree Condominiums in Palos Hills. The property is located at 10205 S. 86th Terrace. Scenic Tree Condominiums is a multifamily garden unit community consisting of a total of 448 units. The property is within walking distance of the Green Hills Public Library, Oak Ridge Elementary School and Osborne Park. Doug Fisher of Essex Realty Group represented the undisclosed buyer. Matt Welke and Jason Fishleder of Essex represented the undisclosed seller.

January 26, 2015

Retail Texas

The Center at Pearland Parkway Retail Development Opens in Metro Houston

by Haisten Willis January 26, 2015

PEARLAND, TEXAS — The Center at Pearland Parkway has opened in Houston. Located at the intersection of FM 518 and Pearland Parkway, Stream Realty Partners’ newest retail development provides 165,000 square feet of anchor and junior-anchor, inline and pad site space. Located in Pearland, The Center at Pearland Parkway includes tenants such as T.J. Maxx, Ross Dress for Less, Petco, Palais Royal, Five Below, Rack Room Shoes, rue21 and Salons by JC.

January 26, 2015

Illinois Industrial Midwest

Entre Arranges 30,000 SF Lease in Buffalo Grove, Ill.

by Danielle Everson January 26, 2015

BUFFALO GROVE, ILL. — Entre Commercial Realty has arranged the lease of a 30,000-square-foot industrial building in Buffalo Grove, approximately 33 miles northwest of Chicago. Illinois Masonry Corp. will occupy space located at 1051 Commerce Court. The masonry company is relocating from its current Lake Zurich location to the Northern Builders Buffalo Grove property. The freestanding building features 3,765 square feet of office, a 26.5-foot clear ceiling height, three exterior docks, one drive-in door, and a fenced and secured truck parking lot. In addition to providing a more optimal location for its employees, the site is closer to the interstates. David Bercu and Brendan Green of Colliers International represented the building owner, Northern Builders. Brian Bocci of the firm represented Illinois Masonry Corp.

January 26, 2015

Industrial Texas

ML Realty Partners Arranges Three Leases in Metro Dallas

by Haisten Willis January 26, 2015

CARROLLTON, TEXAS — ML Realty Partners LLC has arranged three leases totaling 96,010 square feet at Crosby Trade Center. The two-building Carrollton development was developed in partnership with Frontier Equity. The leases bring the 295,774-square-foot, multi-tenant development to 32 percent leased. J. Scott More and Jim Brice of Holt Lunsford Commercial represented ML Realty Partners in all transactions. Business Solutions Transport leased the first 31,385 square feet of industrial space in the 110,920-square-foot north end building at 1215 W. Crosby Road. Tyson Erwin of NAI Hiffman represented BST in the transaction. Renewal by Anderson will join BST at 1215 W. Crosby Road with a new lease for 32,179 square feet. Searcy Ferguson of CBRE represented Renewal by Anderson in the transaction. Gunder Associates signed a lease for 32,446 square feet in the 184,854-square-foot south end building. Curt Linn of Avison Young represented Gunder Associates in the transaction.

January 26, 2015

Industrial Texas

Bradford Arranges Sale of 102,732-SF Net-Leased Property in Metro Dallas

by Haisten Willis January 26, 2015

GRAND PRAIRIE, TEXAS – A north Texas-based partnership has sold a 102,732-square-foot, net-leased property in the Upper Great Southwest Industrial District to Conti Warehouses LLC of Fort Worth. The property at 1470 Ave. T in Grand Prairie was developed in 1994 as a build-to-suit for Genesee Stamping & Fabricating Inc. Michael Spain and Jim Ferris of Dallas-based Bradford Commercial Real Estate represented the seller and original owner, NTA Holdings Ltd. Ryan Wood of Conti Warehouses represented the buyer.

January 26, 2015

Illinois Industrial Midwest

Darwin Arranges Sale of 437,910 SF Industrial Building in Bedford Park, Ill.

by Danielle Everson January 26, 2015

BEDFORD PARK, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 437,910-square-foot industrial facility in Bedford Park, a suburb of Chicago. The property is located at 7035 W. 65th St. The buyer, Professional Freezing Services, is relocating and expanding from its current location on 44th St. in Chicago. The firm plans to demolish the existing facility in Bedford Park and build a new, state-of-the-art, 150,000-square-foot freezer/cooler facility on the site, which is in close proximity to I-55 at Harlem and 1st avenues. Adam Haefner and George Cibula of Darwin represented both the buyer and the private seller.

January 26, 2015

Midwest Multifamily Uncategorized

Darland Completes Construction on Jones 13 Apartments in Omaha

by Danielle Everson January 26, 2015

OMAHA, NEB. — Darland Construction has completed the five-story Jones 13 Apartments in downtown Omaha. Darland’s second project with America First Real Estate Group, the property includes 100 units. Apartments range from studios to two-bedroom units, which are built around a central courtyard. The property features a 57-stall parking garage. Additional amenities include a fitness center with a street view; a courtyard with outdoor kitchen, fire pit, and pergola, water feature and planters. Jones 13 is the second multifamily construction project that Darland has completed for America First Real Estate Group.

January 26, 2015

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