HONOLULU — A subsidiary of Avalon Group, a real estate investment company, has purchased an 11.1-acre land parcel at 2707 and 2715 Pamoa Road in Honolulu for $23.3 million. Adjacent to the University of Hawaii at Manoa and three private schools, the site served as the Saint Francis School campus until 2019. The existing infrastructure totals more than 130,597 square feet, including classrooms, a meeting facility, dormitory, commercial kitchen, gymnasium, sports field and a large parking area. Norb Buelsing, Laurie Lustig-Bower, Peter Grossman, Scott Crockfield and Kadie Presley Wilson of CBRE represented the seller, Sisters of St. Francis of the Neumann Communities, in the transaction.
PCCP Provides $25M Acquisition Loan for The Reserve at Woodinville Industrial Building in Washington
WOODINVILLE, WASH. — PCCP has provided a $25 million loan to CapRock Partners for the acquisition of The Reserve at Woodinville, a Class A industrial asset located at 15902 Woodinville-Redmond Road NE in Woodinville, northeast of Seattle. Built in 2018 on 8.8 acres, the 159,869-square-foot property features 30-foot clear heights, 19 dock-high doors, four grade-level doors, 137 auto spaces, T-5 energy-efficient warehouse lighting and ESFR sprinklers. At the time of sale, the property was fully occupied by four tenants. Greg Brown, Peter Thompson and Kaden Eichmeier of JLL Capital Markets Debt Advisory secured the non-recourse loan for the borrower.
HAILEY, IDAHO — Seattle-based BearRock Investments LLC has purchased Silvercreek Living, an assisted living community in Hailey, for $6.4 million. The buyer plans to convert the property into workforce housing. Hailey is a small city of fewer than 10,000 residents south of the Sun Valley-Ketchum metro area in Central Idaho. Located on McKercher Boulevard, the 24,600-square-foot asset consists of two 12,000-square-foot buildings, each offering 16 studio apartments and a large commercial kitchen. Paul Kenny of Paul Kenny & Matt Bogue Commercial Real Estate represented the buyer and undisclosed seller in the deal.
BEAR, DEL. — Locally based developer and general contractor Reybold Group is underway on vertical construction of a new, 16,893-square-foot retail center in Bear, about 10 miles south of Wilmington. The site is adjacent to the St. Andrews residential community. Upon completion, which is scheduled for later this year, the property will feature eight storefronts. One undisclosed tenant has signed a lease at the development.
NEW YORK CITY — JPMorgan Chase & Co. (NYSE: JPM) announced plans today to expand its brick-and-mortar footprint by adding 500 Chase bank branches over the next three years. The New York City-based institution also plans to renovate 1,700 existing bank locations across the United States. New branches will expand JPMorgan Chase’s footprint in existing markets like Boston; Washington, D.C.; Charlotte, N.C.; Philadelphia; and Minneapolis. The company will also enter several new markets, including low- to moderate-income rural communities that previously had little access to traditional banking service. The multi-billion-dollar expansion effort will also contribute to local economic growth through the addition of 3,500 new employees, including construction jobs and local hiring upon completion, according to the company. JPMorgan first announced expansion efforts in 2018 with a $20 billion economic growth effort that included the addition of 400 new Chase branches over the subsequent five years. Since that time, the company has added more than 650 new branches, including 400 locations in 25 new states. Brick-and-mortar expansion efforts by JPMorgan have marked a stark shift in strategy, as a number of rival banks have been closing branches over the past few years and shifting more toward digital banking efforts. This year, Chase …
By Adam Wolfson and Darryl Kasper of Wolfson Development Co. Against a backdrop of recently proposed (though unlikely to pass) legislation aimed at forcing large build-to-rent (BTR) and single-family-rental investors to shed units and convert them to for-sale housing, BTR fundamentals — and the investment case for the sector — remain strong as ever. While debatably well-intentioned, the legislation mistakes correlation for causation. The BTR sector is indeed benefitting from problems in the housing market. However, these problems pre-dated the industry and are more likely caused by factors such as inflation, high interest rates and limited supply. These forces are at play throughout the United States, but they are especially prevalent in the Southeast, where they align to create what could be the perfect storm for BTR rent growth. Inflation, Wage Growth Will Drive Rent Growth Inflation has run rampant since mid-2021 for a variety of reasons, including economic dislocation caused by the pandemic and the subsequent stimulus packages the U.S. government provided in response, as well as high gasoline prices and a supply chain crisis. According to U.S. Inflation Calculator, the annual inflation rate skyrocketed from 1.4 percent in 2020 to 7 percent in 2021, then fell slightly to …
HOCKLEY, TEXAS — Industrial suppliers provider Grainger (NYSE: GWW) will open a 1.2 million-square-foot distribution facility in Hockley, about 40 miles northwest of Houston. Houston-based Hines will develop the build-to-suit facility, which will be situated on a 108-acre site that is currently vacant. Grainger expects the project to add about 400 jobs to the local economy. Construction is scheduled to begin this spring, and the facility is expected to be operational by 2026. Grainger already operates more than 45 locations in Texas, including six branches within the city of Houston and a 374,000-square-foot distribution center and 441,000-square-foot bulk warehouse, both of which are located outside of Dallas.
SPICEWOOD, TEXAS — Wasatch Premier Properties has acquired 58 acres within the Thomas Ranch master-planned community in Spicewood, about 35 miles west of Austin, for the development of a 600-unit multifamily project. Designed by Dallas-based Hensley Lamkin Rachel Inc., the development currently calls for 100 townhomes and 500 apartments. Townhomes will come in two- and three-bedroom formats and range in size from 1,400 to 1,700 square feet. Apartments will come in one-, two- and three-bedroom floor plans and range in size from 650 to 1,400 square feet. Amenities will include a pool, fitness center, clubhouse and a dog park. Areté Collective, the master developer of Thomas Ranch, sold the land to Wasatch Premier. A construction timeline was not disclosed.
ADDISON, TEXAS — CheckSammy has signed a 45,098-square-foot office lease renewal and expansion in the northern Dallas metro of Addison. The waste management services provider is taking an additional 22,549 square feet at The Madison, a 288,000-square-foot building located at 15851 N. Dallas Parkway. Travis Boothe, Hanna Henley and Robbie Baty of Cushman & Wakefield represented the tenant in the lease negotiations. Michael Foster and Chris Andler represented the landlord, Property Advisers Realty, on an internal basis.
GARLAND, TEXAS — Lee & Associates has brokered the sale of a 27,161-square-foot industrial building in the northeastern Dallas suburb of Garland. According to LoopNet Inc., the building at 2025 Wall St. was constructed on 1.4 acres in 2004 and features 18-foot clear heights. Taylor Stell and Brett Lewis of Lee & Associates represented the undisclosed seller in the transaction. The buyer was also not disclosed.