Property Type

Art Avenue Apartment Homes Orlando Florida

CBRE Brokers $47.1M Sale of New Apartment Community in Orlando

by John Nelson January 27, 2015

ORLANDO, FLA. — CBRE has brokered the $47.1 million sale of Art Avenue Apartment Homes, a new 300-unit luxury apartment community located at 10201 Lee Vista Blvd. in Orlando. An undisclosed entity purchased the property from the Rohdie Group, a residential real estate management firm. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction. Completed in 2014, the community features a large clubhouse, computer lounge, TV lounge, coffee bar, fitness center, children’s art room, outdoor fire pit and resort-style pool.

January 27, 2015

Riverside Distribution Center Aaron's Baltimore

Industrial Maryland Southeast

DTZ Represents Aaron’s in 100,000 SF Warehouse Lease Renewal in Maryland

by John Nelson January 27, 2015

BELCAMP, MD. — DTZ has arranged a 100,000-square-foot lease renewal of warehouse space at Riverside Distribution Center in Belcamp, roughly 26 miles northeast of Baltimore along I-95. Exeter Property Group owns the 599,000-square-foot Riverside Distribution Center. The tenant, Aaron’s, a furniture and home appliances retailer, will use the warehouse for distribution and fulfillment purposes for the Mid-Atlantic region. Michael Walsh, Kirk Diamond and Erin Smith of DTZ represented Aaron’s in the lease transaction.

January 27, 2015

Florida Loans Multifamily Southeast

Oak Grove Capital Arranges $26.1M in Refinancing for San Marco Villas I & II

by John Nelson January 27, 2015

LAKE PARK, FLA. — Oak Grove Capital has arranged two refinance loans totaling $26.1 million for San Marco Villas I and II, two affordable housing communities. The two apartment communities in Lake Park span 400 units. Tim Leonhard of Oak Grove Capital arranged the two loans through Freddie Mac.

January 27, 2015

Hospitality Louisiana Southeast

HREC Brokers Sale of Hampton Inn & Suites Portfolio in New Orleans

by John Nelson January 27, 2015

NEW ORLEANS — HREC Investment Advisors has brokered the portfolio sale of three Hampton Inn & Suites hotels and one parking garage in downtown New Orleans. The hotel portfolio includes the 288-unit Hampton Inn & Suites – Convention Center; the 210-unit Hampton Inn & Suites – Downtown/French Quarter Area; the 100-unit Hampton Inn – Garden District/St. Charles Avenue; and the 529-space EZ Park Garage. Paul Sexton, Geoff Davis, Scott Stephens and Mike Cahill of HREC, along with Hayden Wren of New Orleans-based Corporate Realty Inc., represented the seller in the transaction. Highpointe Hotel Corp. will continue to operate the three hotels. The buyer was an entity related to an unnamed major international equity fund.

January 27, 2015

Cushman & Wakefield Industrial Market Report

Features Industrial Top Stories

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

Newer Posts

Older Posts