Property Type

Jackson-Shaw to Develop 1.8 MSF Industrial Park in Metro Dallas

by John Nelson January 30, 2024

ROWLETT, TEXAS — Jackson-Shaw, a national real estate development firm based in North Texas, plans to develop Lakeview Business District, an industrial park in the Dallas-Fort Worth metroplex city of Rowlett. The development will feature seven buildings spanning more than 1.8 million square feet at full build-out. Jackson-Shaw plans to develop Lakeview Business District in two phases. Situated near I-30 in Rowlett’s North Shore area, the park will span 165 acres along President George Bush Turnpike, with one phase situated at the Merritt Road intersection and the other at Liberty Grove Road. “Lakeview is a prime location in the middle of the nation’s fastest-growing counties and adjacent to the Garland labor pool,” says Miles Terry, vice president of development at Jackson-Shaw. “Combined with strong market fundamentals and a need for product in this area, Lakeview is poised to become a major economic hub.” Phase I will consist of five buildings totaling more than 1 million square feet of Class A industrial space, with a mix of front- and rear-load facilities, as well as cross-docks. The facilities will feature oversized glass entries and ample car and truck parking. Building sizes will range from 88,000 to 417,000 square feet, and construction is set …

January 30, 2024

California Industrial Market Reports Office Western Western Market Reports

Orange County’s Industrial Market Thrives, but Office Market Struggles

by Jeff Shaw January 30, 2024

— By Robert Ritschel and Andrew Herron, Senior Vice Presidents, The Saywitz Company — The industrial sector for Orange County commercial real estate continues to be one of the strongest in the country. Vacancy rates in Orange County for industrial space remain at approximately 2 percent. What this means for tenants out in the marketplace is a continued struggle to find viable space. When combining limited availability with the fact that some of the buildings are older or obsolete, or may have lower ceiling height or reduced power, this makes the challenge even more difficult. With that said, we have seen the sales prices for industrial space level off and we have also now, for the first time in the past several years, begun to see landlords offer free rent and move-in concessions, and come off of their asking prices. The days of five or 10 different tenants looking at one available space in the marketplace seem to be over, and those with good credit looking to sign long-term leases clearly stand out from the mom-and-pop operator that may be looking to sign a short-term lease. Landlords on the industrial side appear to be much more conscious of the changing …

January 30, 2024

Acquisitions Content Partner Development Features Industrial Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

Affordable Housing Development Georgia Multifamily Southeast

Tribridge Residential Underway on 209-Unit Goat Farm Apartment Development in Atlanta

by John Nelson January 29, 2024

ATLANTA — Tribridge Residential is underway on the development of The Goat Farm, a 209-unit apartment community located in Atlanta. Situated on four acres within the 12-acre The Goat Farm arts complex, the development is a collaboration with the arts-based social enterprise of the same name. In addition to apartments in studio, one- and two-bedroom layouts, the property will feature 24,000 square feet of artist studio and exhibition space, and 32 units will be reserved as affordable housing for households earning 80 percent or less of the area median income (AMI). Amenities will include a rooftop pool, fitness center and a dog washing station. Move-ins are scheduled to begin this spring. The partnership between Tribridge and The Goat Farm will comprise additional phases, including the restoration of historic structures at the complex.

January 29, 2024

Development Georgia Mixed-Use Multifamily Office Southeast

Alliance Residential Opens Broadstone Peachtree Corners Mixed-Use Community in Metro Atlanta

by John Nelson January 29, 2024

PEACHTREE CORNERS, GA. — Alliance Residential Co. has opened Broadstone Peachtree Corners, a mixed-use community located at 5672 Peachtree Parkway in Peachtree Corners, roughly 20 miles outside of downtown Atlanta in Gwinnett County. Situated on 9.2 acres, the property features a five-story residential building with apartments in studio, one- and two-bedroom layouts. The property also features 7,760 square feet of furnished for-rent office space located on the second floor of Broadstone Peachtree Corner’s amenity building. Alliance Residential is branding the office space as Second Story, A Private Office Collective. The space features offices ranging from 90 to 250 square feet, as well as two reservable conference rooms, a coworking lounge with an adjoining private outdoor terrace, a community kitchen and access to on-property electric vehicle charging stations. Amenities at the residential community include a pool, fitness center, game lounge, pet spa and dog run, clubroom, landscaped courtyard, grilling station and a fire pit. Rental rates begin at $1,549 per month for a studio apartment, according to the property website.

January 29, 2024

Acquisitions Industrial North Carolina Southeast

Stonemont Purchases 154,096 SF Industrial Facility in Cary, North Carolina

by John Nelson January 29, 2024

CARY, N.C. — Atlanta-based Stonemont Financial Group has acquired a 154,096-square-foot industrial facility located at 101 Stamford Drive in Cary, a suburb of Raleigh. Built in 1994, the building is situated on 15.9 acres and features 24-foot clear heights, 50 car parking spaces, 12 exterior dock doors and 5,086 square feet of office space. Stonemont plans to renovate the property on behalf of a consumer goods company, which will occupy the building beginning this year. Planned improvements include a new roof, interior upgrades and expansion of trailer parking. The project team includes general contractor Choate Construction and civil engineer WithersRavenel. Joe Messina and Jon Vanderplough of JLL represented the tenant in the lease negotiations.

January 29, 2024

Acquisitions Multifamily Southeast Virginia

Jones Street Acquires 296-Unit Multifamily Community in Suburban Richmond

by John Nelson January 29, 2024

BON AIR, VA. — Jones Street Investment Partners has acquired Summit at Bon Air, a 296-unit multifamily community located at 1701 Irondale Road in the Richmond suburb of Bon Air. Locally based Capital Square sold the property for an undisclosed price. Residences at the 28-acre community include one-, two- and three-bedroom apartments across 37 two-story buildings. Amenities at the property include a resident lounge, business center, dog park, fitness enter, swimming pool with a sun deck and a playground. A majority of units have recent undergone renovations, and the buyer plans to implement improvements to the remaining 77 units.

January 29, 2024

Affordable Housing Company News Maryland Multifamily Southeast Student Housing

Walker & Dunlop Named Top Fannie Mae Multifamily Lender by Volume in 2023

by John Nelson January 29, 2024

BETHESDA, MD. — Walker & Dunlop has been recognized as the largest Fannie Mae DUS (Delegated Underwriting and Servicing) lender by volume for last year, with $6.6 billion in multifamily originations in 2023. Additionally, Fannie Mae has named the Bethesda-based firm as the top producer for green financing and for student housing. Walker & Dunlop also took the third places amongst producers of multifamily affordable housing and as a producer for small loans. Freddie Mac also recognized Walker & Dunlop as the third biggest Optigo lender in 2023, with a volume of $4.6 billion. “With rate cuts expected in 2024, and banks and other capital sources still reluctant to lend, it is our expectation that the need for GSE [government-sponsored enterprise] capital…remains strong in the coming year,” says Willy Walker, chairman and CEO of Walker & Dunlop.

January 29, 2024

Development Multifamily Texas

Fein to Develop 326-Unit Multifamily Project in North Houston

by Taylor Williams January 29, 2024

HOUSTON — Locally based developer Fein will build Echo Lake, a 326-unit multifamily project that will be located at 2002 Spring Stuebner Road in North Houston. The site spans 21.4 acres within the CityPlace mixed-use development. Designed by Steinberg Dickey Collaborative, Echo Lake will offer one-, two- and three-bedroom units that will range in size from 556 to 1,824 square feet. Amenities will include a pool, fitness center, clubroom, outdoor grilling and dining stations and access to a 1.3-acre lake and surrounding walking trails. Fein purchased the land from CDC Houston, a subsidiary of Coventry Development Corp. and the master developer of CityPlace. Construction is scheduled to begin later this year.

January 29, 2024

Acquisitions Multifamily Texas

IPA Negotiates Sale of 276-Unit Apartment Community in Metro Dallas

by Taylor Williams January 29, 2024

MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cypress Apartments, a 276-unit multifamily community located in the northern Dallas suburb of McKinney. Built on 21 acres in 2007, Cypress Apartments primarily offers two- and three-bedroom units with an average size of 1,082 square feet and amenities such as a pool, outdoor kitchen, playground and business and car care centers. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello, Cameron Purse and Will Balthrope of IPA represented the seller, Rockport Equity, in the transaction and procured the buyer, Dallas-based Knightvest Capital.

January 29, 2024

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