Property Type

CBRE Arranges $16.1M HUD Loan for Apartment Conversion in North Carolina

by John Nelson May 11, 2015

MEBANE, N.C. — CBRE Capital Markets has arranged $16.1 million in financing for White Furniture Mill Apartments in Mebane. The 157-unit apartment community is a substantial rehab of a historic furniture mill that implemented federal and state historic tax credits. Monica Newman of CBRE’s Capital Markets’ Denver office originated the loan through HUD’s 221(d)(4) rehabilitation mortgage insurance program. The loan provides an interest-only construction period of 16 months that transitions into a 40-year, fully amortizing permanent loan. CBRE arranged the loan on behalf of the borrowers, WFP LLC and D3 Development Inc. The project team includes Raleigh-based JDavis Architects and Winston-Salem-based Rehab Builders Inc.

May 11, 2015

Alabama Market Reports Retail Southeast Southeast Market Reports

Birmingham’s Retail Market Bolstered by New Grocers, Mixed-Use Projects

by John Nelson May 11, 2015

Birmingham’s retail market remained steady in 2014, with approximately 10 percent of the total 24 million square feet available for lease. Birmingham is tracking above national averages relative to new ground-up and rehab projects that are announced or underway. Downward pressure on rents have challenged developers pro-formas, though the very friendly city and state incentives environment has allowed developers to creatively meet tenants conservative occupancy cost requirements. While the Birmingham metro area is challenged by the threat of major closings by retailers like JC Penney, Sears and Kmart, there is a pipeline of first-to-market national retailers eyeing the growth submarkets, including Highway 280, Hoover/ Riverchase and Trussville. New Grocers Enter Market Trader Joe’s recently unveiled plans to open a 12,600-square-foot store at The Summit shopping center in the second half of 2015. Trader Joe’s provides a destination food option for the market. The Summit is leased and managed by Bayer Properties. Arizona-based Sprouts Farmers Market recently announced it would be entering the Birmingham metro as well. Sprouts’ first local offering will be at Brook Highland Plaza on U.S. 280. The 22,457-square-foot store will serve an array of fresh produce and meats. Additionally, GBT Realty is developing a 25,000-square-foot Sprouts location …

May 11, 2015

Arizona Multifamily Western

Tesoro Apartments in Phoenix Sells for $8.9M

by Nellie Day May 11, 2015

PHOENIX – The 150-unit Tesoro apartments in Phoenix has sold to Werner Investments for $8.9 million. The community is located at 8603 North 22nd Ave. It was built in 1983. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, AION Partners, in this transaction.

May 11, 2015

California Industrial Western

Custom Goods Renews Lease for Industrial Space in Rancho Cucamonga

by Nellie Day May 11, 2015

RANCHO CUCAMONGA, CALIF. – Custom Goods has renewed its lease for 240,249 square feet of industrial space in Rancho Cucamonga. The warehouse and distribution center is located at 12200 Arrow Route. The third-party logistics firm was represented by JLL’s Louis Tomaselli and Jordan Quinn. The landlord was not named.

May 11, 2015

California Multifamily Western

Southwinds Apartments in San Diego Sells for $3.7M

by Nellie Day May 11, 2015

SAN DIEGO – The 22-unit Southwinds Apartments in the San Diego submarket of El Cajon has sold to the Johnson Family Trust for $3.7 million. The community is located at 909 Sunshine Ave. The fully occupied property was built in 1977. The trust was represented by Dave Plunter of DP Properties. The seller, Southwinds Apartments LLC, was represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group.

May 11, 2015

California Multifamily Western

Oxnard Art Lofts Sells for $2.9M

by Nellie Day May 11, 2015

OXNARD, CALIF. – The 18-unit Oxnard Art Lofts has sold to 2201 Statham LLC for $2.9 million. The live-work complex is located at 2201 Statham Blvd. The project was 90 percent vacant at the time of sale. The project was an adaptive reuse of an old industrial building. The 25,610-square-foot complex contains units ranging from 978 square feet to 1,615 square feet.

May 11, 2015

California Industrial Western

Power Edge Solutions Buys Anaheim Industrial Facility for $2.1M

by Nellie Day May 11, 2015

ANAHEIM, CALIF. – Power Edge Solutions has purchased a 12,000-square-foot industrial building in Anaheim for $2.1 million. The building is located at 1910 East Via Burton. This is the highest price paid per square foot within this building size range since 2008, according to CBRE, which represented the seller, the Huber Family Trust. The trust was represented by the firm’s Steve Young and Tom Dorman. Gibson Company also provided advisory services to the trust.

May 11, 2015

Arizona Office Western

BH Properties Buys Office, Industrial Portfolio in Phoenix for $22.8M

by Nellie Day May 10, 2015

PHOENIX – BH Properties has acquired a three-property office and industrial portfolio in the Phoenix area for $22.8 million. The portfolio, known as DMC Portfolio, contains two office buildings and an industrial park that total 230,524 square feet. The 65,857-square-foot Tempe Commerce Park is located at 7420 S. Kyrene Road in Tempe. The 62,115-square-foot ADP Building is located at 7474 W. Chandler Blvd. in Chandler. The 102,552-square-foot Ocotillo Business Center is located at 7910, 7970 and 8060 S. Kyrene Road in Tempe. The portfolio was 72.2 percent occupied at the time of sale. The seller, Buchanan Street Partners, was represented by DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan.

May 10, 2015

Market Reports Multifamily Texas Texas Market Reports

Several Houston Submarkets Ripe for New Development

by Haisten Willis May 8, 2015

This year, Forbes listed Houston as the fastest growing city in America, which is no surprise considering its 4.5 percent year-over-year job growth rate. Having created 667,800 new jobs and counting since 2005, Forbes considers Houston an economic powerhouse. Professionals old and new are drawn to the city not only for its positive economy, but for its diverse demographic and cultural scene. Due to the growing population, there is a demand for multifamily and mixed-use properties, and although the city has current concerns about dynamics and pricing of the oil and gas industry, there are several Houston submarkets that have been more resilient than others and continue to be ripe for development: The Galleria/Uptown Park, Greenway Plaza/Upper Kirby, downtown Houston and the Museum District/Montrose. The Galleria/Uptown Park The Galleria/Uptown Park submarket is home to some of Houston’s most prominent mid- and high-rise multifamily developments, with the highest net effective rent for greater Houston nearing $2.90 per square foot. The area is characterized by its blend of distinguished businesses and residential addresses with some of the area’s finest shopping, hotels, dining and night life. It’s a charismatic, urban community with an average per capita income higher than areas such as Buckhead …

May 8, 2015

Multifamily Texas

Hunt Breaks Ground on Apartment Complex in Metro Dallas

by Haisten Willis May 8, 2015

RICHARDSON, TEXAS — Hunt Cos. has broken ground on a transit-oriented development located in Richardson. The 250,000-square-foot project is scheduled for completion in the summer of 2016. The development will include 280 market-rate apartments in a mix of one- and two-bedroom apartments and lofts. Situated within the Dallas-Fort Worth Metroplex and home to the Telecom Corridor,the five-acre site is located near the North Central Expressway and Campbell Road. This project will be the first of many where Hunt is leading the development with support of its affiliates Moss & Associates, as general contractor, and Pinnacle Property Management Services, as the property manager.

May 8, 2015

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