Property Type

NorthMarq Arranges Refinancing for Five-Property Multifamily Portfolio in New Orleans

by John Nelson January 21, 2015

NEW ORLEANS — NorthMarq Capital has arranged refinancing for a portfolio of five multifamily communities located in New Orleans. The properties include Washington Place Apartments (25 units), Liberty Park Apartments (10 units), Forest Park Apartments (20 units), Riverview Apartments (45 units) and Cypress Park Apartments (65 units). Robert Bhat of NorthMarq’s Miami office arranged the loan with 10-year terms and 20-year amortization schedules. Bhat arranged the loans through a Fannie Mae DUS lender on behalf of the borrower, Bruno Inc.

January 21, 2015

Retail Southeast Virginia

C&W|Thalhimer Brokers $2.5M Sale of Starbucks-Anchored Strip Center

by John Nelson January 21, 2015

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the $2.5 million sale of a freestanding retail strip center located at 5824 Northampton Blvd. in Virginia Beach. Boulevard CAF Associates LLP purchased the 7,011-square-foot, Starbucks-anchored property from Megalo LLC. Dean Martin of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.

January 21, 2015

Industrial Maryland Southeast

Pro Transport Signs 51,120 SF Industrial Lease at Baltimore Crossroads

by John Nelson January 21, 2015

BALTIMORE — Pro Transport Inc., a private transportation and logistics company, has signed a lease for 51,120 square feet of industrial space within Baltimore Crossroads, a master-planned 1,200-acre mixed-use business park in the White Marsh area of Baltimore County. Pro Transport will occupy 100 percent of the R&D/flex facility located at 11630 Crossroads Circle, which is currently under construction. The company will relocate to the property upon completion in the spring. The single-story property is being constructed to achieve LEED Gold certification. The landlord, St. John Properties Inc., was internally represented by Matt Lenihan in the lease transaction. Lenihan also represented Pro Transport.

January 21, 2015

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Construction Activity and Rents on the Rise in Connecticut Apartment Market

by Jaime Lackey January 21, 2015

Apartment rents and multifamily asset values are rising while vacancy remains low in Connecticut’s New Haven and Fairfield counties. Young professionals and commuters are moving out of suburban areas to reside in downtown locations so they can take advantage of transit-oriented, live-work-play environments. Costly single-family housing is another factor contributing to new residents seeking rentals rather than buying homes. There is a strong demand for apartments, which keeps vacancy low and prompts new development in the region, so much so that delivery of multifamily housing units this year will more than double those built in 2013. Demand however, outweighs the new supply and the current, record-low vacancy levels will be unaffected. Average prices for apartment assets in New Haven and Fairfield counties rose 3 percent over the last year to $169,000 per unit as the overall quality of listings improved. While the region experiences strong rent growth and higher yields than the likes of New York City and Boston, more foreign investors and institutional buyers continue to emerge with sights set on multifamily assets; and in particular, top-tier assets with more than 250 units in primary markets. Properties near Metro North commuter rail stations and employment centers will generate elevated …

January 21, 2015

California Market Reports Retail Western Western Market Reports

Global Fundamentals Favor OC’s Retail Market

by Nellie Day January 21, 2015

There are many opportunities for Orange County tenants and landlords in this ever-evolving region of more than 3 million residents. The county’s unemployment rate was 6.2 percent in 2013, compared to the nationwide rate of 7.3 percent. Homeowners have also prospered over the past two years as Orange County home values rose a whopping 25.8 percent on average in 2013. The median home price is a stout $560,000 and climbing. What does this spell? Opportunity – for businesses, jobs and investors. Tenants are back full throttle with expansion plans for the Southern California basin. The big issue tenants and developers will have to face is a lack of available entitled land where they can construct and occupy a retail strip center or single-tenant restaurant. Tight governmental regulation and healthy city development fee structures can drive the costs of development too high, thereby stunting development growth. Conversely, if you currently own property, the prospects for continued yield growth are promising due to the lack of supply and a global “uber appetite” to own California commercial real estate. We will see a tremendous transition of generational wealth over the next five years, the magnitude of which we have not seen before. This …

January 21, 2015

Features Office Top Stories

DTZ Reports U.S. Office Sector Posts Huge Fourth Quarter for Absorption

by Jeff Shaw January 20, 2015

The U.S. office sector, already on an upward trend for several years, saw even more gains in absorption during the fourth quarter of 2014, according to a report from DTZ, a global commercial real estate service provider. The country saw a net absorption of 22.4 million square feet of office space, a 48 percent increase from the same time a year prior. Meanwhile vacancy fell 30 basis points to 14.5 percent since last quarter. New construction skyrocketed, with 103.8 million square feet under construction — a 74 percent increase over the same time last year. New York City leads the way, with a net absorption of 9.3 million square feet for 2014, more than 3.5 million of that in the fourth quarter alone. It was the metropolis’ third consecutive year of multi-million-square-foot growth. Houston and San Jose saw the next biggest numbers for 2014, with 6.6 million square feet and 4.4 million square feet, respectively. The report suggests that the positive trends will continue into 2015 as a strong economy and low gas prices stoke the fire. Although the report notes that there are some weak economies globally that could have a slowing effect on the U.S., the country has …

January 20, 2015

Arizona Multifamily Western

Indian Wells Apartments Near Phoenix Sells for $9.6M

by Nellie Day January 20, 2015

PHOENIX – The 176-unit Indian Wells apartment complex near Phoenix has sold to Sonoma Valley LLC for $9.6 million. The community is located at 975 South Royal Palm Road. It was built in 2001. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest Team, represented both the buyer and seller, CSFB 2004-C5 Apache Apartments, in this transaction.

January 20, 2015

California Retail Western

Komar Desert Center in La Quinta Changes Hands

by Nellie Day January 20, 2015

LA QUINTA, CALIF. – Komar Desert Center, a 77,466-square-foot neighborhood retail center in La Quinta, has sold to an affiliate of Capital Square Realty Advisors for an undisclosed sum. The center is located at 79705-79845 Highway 111. It is 95 percent leased to tenants like Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation, Panda Express and Mimi’s Café. It is shadow anchored by Costco. The seller, AEW Capital Management, was represented by HFF’s Ryan Gallagher and CJ Osbrink.

January 20, 2015

California Multifamily Western

Santa Monica Apartment Building Sells for $6M

by Nellie Day January 20, 2015

SANTA MONICA, CALIF. – A 16-unit apartment building in Santa Monica has sold to Unison Investment Company for $6 million. The community is located at 1901 6th Street. It was built in 1969. Unison was represented by John Chu of New Life Properties. The seller, 1626 North Fuller LLC, was represented by Kimberly Roberts Stepp of Charles Dunn Company.

January 20, 2015

California Industrial Western

Updike Distribution Leases Industrial Facility in Sacramento

by Nellie Day January 20, 2015

SACRAMENTO, CALIF. – Updike Distribution Logistics has leased 96,100 square feet of warehouse/distribution space in the Sacramento Valley. The space is located at 2160 Hanson Way in the submarket of Woodland. The third-party logistics provider will utilize the facility for the supply and distribution of Arizona Iced Tea products. The landlord is Sycamore Hanson & Northland Hanson. It was represented by DTZ’s Ken Reiff and Michael Harris.

January 20, 2015

Newer Posts

Older Posts