Top Stories

W.P. Carey Acquires 1.5 MSF National Portfolio of Net-Leased Properties for $149M

by Taylor Williams February 15, 2021

NEW YORK CITY — W.P. Carey Inc. (NYSE: WPC) has acquired a 1.5 million-square-foot portfolio of net-leased properties for $149 million. The acquisition comprises three separate deals involving industrial and retail properties in various markets, including California, New Jersey and Pennsylvania. In the first deal, the New York City-based REIT acquired two cold storage production and distribution facilities in California’s Central Valley region. The tenant, a summer fruit grower, sold the properties to W.P. Carey for $75 million in a sale-leaseback transaction. The tenant signed a 25-year, triple-net lease with fixed annual rent increases. In the second transaction, W.P. Carey purchased seven auto dealerships totaling 170,000 square feet that were net leased to Auto Lenders, a retailer of used vehicles, for $55 million. Located in New Jersey and Pennsylvania, the facilities comprise the entirety of Auto Lenders’ operating footprint, including dealerships, servicing centers and headquarters for each of its business segments. The seller was not disclosed. In the third deal, the firm acquired two industrial facilities totaling 296,300 square feet that were net leased to a global plastics distributor. The tenant, which has committed to a 20-year, triple-net lease with fixed annual rent increases, sold the properties to W.P. Carey …

February 15, 2021

Development Multifamily Texas Top Stories

ZOM Living Completes 41-Story Atelier Multifamily Tower in Dallas Arts District

by Jeff Shaw February 12, 2021

DALLAS — ZOM Living has completed construction of Atelier, a 41-story apartment tower in the Dallas Arts District. The property features 417 luxury multifamily units, including 53 lofts, near Klyde Warren Park. Units range from 500 to 2,300 square feet with panoramic views of uptown and downtown Dallas. The property also features two levels of underground parking and 15,000 square feet of retail space, with CBRE handling the retail leasing. The location is walking distance from the AT&T Performing Arts Center, Dallas Museum of Art, Crow Museum of Asian Art and Nasher Sculpture Center. Atelier’s main lobby is designed as an art gallery and the tower features resort-style amenities, including an expansive amenity deck with infinity edge pool and sun deck, custom cabanas, yoga lawn, outdoor lounge with grilling area for al fresco dining, a bar and a fire pit. Interior amenities include a fitness area, coworking space with private conference rooms, private wine lockers, entertainment lounge, catering kitchen with harvest table, grab-n-go resident market and a pet spa. Stantec was the architect on the project, which general contractor Balfour Beatty built. ZRS Management, an affiliate of ZOM, is managing the community. Orlando-based ZOM is developing heavily in the Dallas …

February 12, 2021

Development Hospitality Southeast Top Stories Virginia

Marriott International Plans $250M Hotel in Reston Station Near Washington, D.C.

by Jeff Shaw February 11, 2021

RESTON, Va. — Marriott International (NASDAQ: MAR) has unveiled plans for a $250 million luxury JW Marriott hotel in Reston, located between Washington, D.C. and Dulles International Airport. The building will rise 26 stories, featuring 250 guestrooms, 90 for-sale residential units, 15,000 square feet of meeting space, two restaurants, an executive lounge, swimming pool and fitness center. Marriott reached a franchise agreement with Comstock Holdings Cos. (NASDAQ: CHCI) to make the hotel the centerpiece for the next phase of Comstock’s Reston Station development. The hotel will anchor the Reston Row District, the newest section of the 60-acre, mixed-use, transit-oriented project. Reston Row District is located adjacent to Reston’s first Silver Line station, offering public transportation to D.C. via the Washington Metropolitan Area Transit Authority. When completed, Reston Row District will feature two office towers totaling approximately 500,000 square feet; a 350-unit multifamily building; 65,000 square feet of retail, service and fitness spaces; and a 2,500-space underground parking garage, all surrounding a 1.2-acre central park. The for-sale JW Marriott Residences Reston units will be served by a separate residential lobby entrance and located on the upper floors of the tower. This portion of the building will offer separate spaces and amenities …

February 11, 2021

Loans New York Northeast Office Top Stories Walker & Dunlop

Walker & Dunlop Arranges $205M Refinancing for Hudson Research Center in Manhattan

by Kristin Harlow February 10, 2021

NEW YORK CITY — Walker & Dunlop Inc. has arranged a $205 million loan for the refinancing of Hudson Research Center in Manhattan’s Midtown West neighborhood. Located along the Hudson River at 619 W. 54th St., the Class A life sciences and medical office property spans 320,000 rentable square feet. Originally built in 1930 as a film-editing house for Warner Brothers Pictures, the Art Deco property came to be known as The Movie Lab Building. Taconic Partners purchased the asset in October 2012 and undertook a capital improvement plan, including creating several floors of research space; updating the building’s façade, interior and crown; and adding tenant amenities such as bike storage and private showers. In 2017, Taconic recapitalized the asset with Silverstein Properties Inc. Since the end of 2013, the number of life sciences jobs nationally has increased by 70,000 per year, according to Walker & Dunlop. Demand for well-located, modernized life sciences and medical office space has soared nationally amid industry growth and lack of available product, adds the finance company. A Walker & Dunlop team led by Aaron Appel and Keith Kurland arranged the loan, with Square Mile providing the funds. The interest-only financing features a floating rate, …

February 10, 2021

Wheelhouse-of-Fair-Oaks-Fairfax-Virginia

Acquisitions Multifamily Southeast Top Stories Virginia

DSF Group Acquires Wheelhouse of Fair Oaks Apartments in Fairfax, Virginia, for $134M

by Taylor Williams February 9, 2021

FAIRFAX, VA. — The DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Wheelhouse of Fair Oaks, a 491-unit apartment community located about 20 miles outside of Washington, D.C. in Fairfax. The price of $134 million equates to roughly $273,000 per unit. The new ownership will rebrand the 13-acre community and operate it under its Halstead brand, which includes a number of Class A multifamily properties that are primarily located in New England. As part of the rebranding, DSF Group will implement a value-add program that will upgrade unit interiors. According to the property website, units are available in one-, two- and three-bedroom floor plans and feature individual washers and dryers, walk-in closets and private balconies. Amenities include a pool, fitness center, dog park, package locker service by Luxer One and an outdoor amenity lawn with bocce ball courts and fire pits. In addition, the property is within walking distance of numerous retail and restaurant options, including the Fair Oaks Promenade shopping mall. The seller was not disclosed. — Taylor Williams

February 9, 2021

Acquisitions Georgia Industrial Mississippi Southeast Tennessee Top Stories

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

by John Nelson February 8, 2021

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …

February 8, 2021

Multifamily Top Stories Washington Western

Berkadia Brokers $279.1M Sale of Hyde Square Apartments Near Microsoft, Facebook Offices in Bellevue

by Katie Sloan February 5, 2021

BELLEVUE, WASH. — Berkadia has brokered the $279.1 million sale of Hyde Square, a 618-unit multifamily community located between the offices of Microsoft and Facebook in the Seattle suburb of Bellevue. Kenny Dudunakis, David Sorensen, Ben Johnson and George Pallis of Berkadia’s Seattle office completed the sale on behalf of the buyer, Illinois-based DWS RREEF Management LLC. The Seattle Daily Journal of Commerce reports that Carmel Partners was the seller in the transaction. Built in 2019, the garden-style property offers a mix of studio, one- and two-bedroom units with quartz countertops, stainless-steel appliances and in-unit washers and dryers. Communal amenities include a fitness and wellness center, business center, outdoor courtyards, barbecue area with fire pits, pet spa, gaming tables and theater room. Located at 2030 155th Place NE, the community also affords residents convenient access to Bellevue College, the Lake Washington Institute of Technology and dining and shopping options along NE 24th St. “This was a record-breaking sale as this was the largest single-asset podium building ever sold in Washington state and the largest apartment deal sold in Washington state over the last six months,” says Sorensen of Berkadia. “This was also the largest apartment deal in the Bellevue area …

February 5, 2021

Development Mixed-Use Multifamily Office Texas Top Stories

Stonelake Capital Partners Plans 50-Story Mixed-Use Tower in Downtown Austin

by Jeff Shaw February 4, 2021

AUSTIN, TEXAS — Stonelake Capital Partners plans to build a 50-story, 465,000-square-foot office and multifamily tower on a half-acre site that it has acquired at the corner of West Fifth and Colorado streets in downtown Austin. Named “5th & Colorado,” plans call for 318 luxury apartments above 100,000 square feet of high-end office space. Stonelake tentatively expects to break ground in first quarter of 2022 with completion slated for early 2025. “Now more than ever, both companies and people are moving to Austin,” says Will Jenkins, the Stonelake principal leading the development. “5th & Colorado’s design will reflect the next generation of vertical mixed-use development, placing emphasis on quality, generous living areas, dedicated workspace and multiple open-air amenity offerings with panoramic views.” Austin was the No. 3 metro area as far as maintaining employment levels during the COVID-19 pandemic, posting a job loss of 1 percent from December 2019 to December 2020, according to the Austin Chamber of Commerce. By contrast, four major metro areas lost more than 10 percent of their jobs in that span. Apartments at 5th & Colorado will average 1,150 square feet, and office floor plates will total 20,000 square feet around a central core. The …

February 4, 2021

Development Hawaii Maryland Mixed-Use Multifamily Nevada Southeast Texas Top Stories Western

Howard Hughes Corp. to Add 2 MSF of New Development Across Four Master-Planned Communities

by Kristin Harlow February 3, 2021

HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …

February 3, 2021

Acquisitions Company News New York Northeast Office Top Stories

Knotel Files for Bankruptcy, Newmark to Acquire Ailing Coworking Provider

by John Nelson February 2, 2021

NEW YORK CITY — Knotel Inc., a New York City-based flexible workspace provider, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Knotel concurrently has agreed to sell the business to an affiliate of commercial real estate services firm Newmark Group Inc. (Nasdaq: NMRK), which is providing Knotel with $20 million of debtor-in-possession (DIP) financing to help fund day-to-operations. The DIP financing, provided by a Newmark-backed entity known as Digiatech LLC, is subject to court approval. Founded in 2016, Knotel provides custom offices for company’s using an in-house team of architects, interior designers and workplace strategists. The total number of existing Knotel locations was not available, but Knotel has a presence in several global cities, including Amsterdam, Atlanta, Berlin, Boston, Dublin, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Toronto and Washington, D.C. Amol Sarva, co-founder and CEO of Knotel, cites the COVID-19 pandemic as a black swan event for his firm, which was hampered by companies opting to work from home during the outbreak. “The pandemic created a uniquely challenging operating environment, with significant impacts on leasing velocity and the rate of renewals in key markets, particularly New York …

February 2, 2021

Newer Posts

Older Posts