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Cushman & Wakefield Arranges $24M Sale of Lexington Park Apartment Community in Metro Atlanta

by John Nelson March 13, 2023

SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Lexington Park, a 156-unit multifamily community located in Smyrna, roughly 16 miles northwest of Atlanta. Travis Presnell, Nathan Swenson and James Wilber of Cushman & Wakefield represented the seller, Castlegate Property Group, in the $24 million transaction. Knickerbocker Asset Management acquired the property. Built in 1963, Lexington Park features amenities including a grill area, swimming pool, dog park and play area, laundry facility and a business center. Castlegate previously completed $500,000 in exterior renovations at the property.

March 13, 2023

Conference Coverage Features Multifamily Seniors Housing

Despite Challenging Economy, Seniors Housing Developers Find Creative Ways to Push Projects Forward

by Taylor Williams March 7, 2023

By Nellie Day LOS ANGELES — The advice offered by a panel of developers at InterFace Seniors Housing West, held Feb. 2 at the Omni Los Angeles, mirrors the advice many would give to their senior residents. Namely, “stay active and stay creative.” But these verbs take on a slightly different meaning when you’re talking about the smartest plays for seniors housing developers during a time in which key economic conditions are changing. “The smarter operators and developers have been developing pipelines,” said panelist Paul Mullin, principal at Flatiron Development Group. “The key is momentum. Keep momentum going. Keep the pipeline going. Don’t stop because bankers aren’t lending. We’ll all get out of this; it’s just a short-term issue we have to overcome.” The issue of the current market conditions may be short term, but it’s also multifaceted, as David Waite, partner at Cox, Castle & Nicholson, pointed out. “The challenges are real,” he said. “You’ve got the spread between bid and ask and a rising-cap-rate environment. To go in and buy an asset today in this market is super challenging because you know it’s going in the wrong direction in terms of the valuation.” The solution, according to Waite, …

March 7, 2023

California Development Industrial Western

First Industrial Plans $126M First Stockton Logistics Center in Stockton, California

by Amy Works February 28, 2023

STOCKTON, CALIF. — First Industrial Realty Trust has released plans for First Stockton Logistics Center, a cross-dock distribution center at 6201 Newcastle Road in Stockton. Completion is slated for early 2024. The 1 million-square-foot facility will feature 42-foot clear heights, 204 loading docks, 509 trailer stalls, 590 auto spaces, ESFR sprinklers and LED lighting. Total investment for the distribution center is estimated to be $126 million. The site offers immediate access to Highway 99 and Interstate 5 and proximity to BNSF & Union Pacific intermodal facilities, Stockton Metro Airport and the Port of Stockton. The project team includes Millie and Severson as general contractor, HPA as architect and Keir + Wright as civil engineer. Mike Goldstein, Ryan McShane and Gregory O’Leary of Colliers will assist with leasing the project.

February 28, 2023

California Development Industrial Western

First Industrial Plans 1 MSF First Stockton Logistics Center in Stockton, California

by Amy Works February 28, 2023

STOCKTON, CALIF. — First Industrial Realty Trust has released plans for First Stockton Logistics Center, a cross-dock distribution center at 6201 Newcastle Road in Stockton. Completion for the project is slated for early 2024. The 1 million-square-foot facility will feature 42-foot clear heights, 204 loading docks, 509 trailer stalls, 590 auto spaces, ESFR sprinklers and LED lighting. Total investment for the distribution center is estimated to be $126 million. The site offers immediate access to Highway 99 and Interstate 5 and proximity to BNSF & Union Pacific Intermodal Facilities, Stockton Metro Airport and the Port of Stockton. The project team includes Millie and Severson as general contractor, HPA as architect and Keir + Wright as civil engineer. Mike Goldstein, Ryan McShane and Gregory O’Leary of Colliers will assist with leasing the project.

February 28, 2023

Acquisitions Arizona Development Mixed-Use Multifamily Retail Top Stories Western

Joint Venture Completes Acquisition of Metrocenter Mall in Phoenix, Begins $850M Redevelopment

by Jeff Shaw January 24, 2023

PHOENIX — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial space and 4,100 surface and garage-deck parking spaces. The development team has also signed agreements with the City of Phoenix for a public-private partnership for public improvements. The purchase includes both the Dillard’s building and U-Haul building, which formerly housed a Macy’s. Developers confirmed the planned $850 million redevelopment of the property will begin immediately. The redeveloped Metrocenter will be designed as a transit-oriented community, encompassing the city’s new light rail station currently under construction on the site. The City of Phoenix invested approximately $150 million to build the station, which is scheduled for completion …

January 24, 2023

Market Reports Office Texas Texas Market Reports

Texas Office Users Trade Lengthier Terms for Tenant Improvement Dollars

by Taylor Williams December 6, 2022

By Taylor Williams Success in today’s office sector is all about creating incentives. Some companies, from small professional services outfits to tech giants like Salesforce and Airbnb, have completely capitulated to remote work and have aggressively slashed their office footprints. Others remain dogged in their commitments to nonresidential (and nonretail) workspaces. What works for one company may not work for its competitors, and there remains a fundamental need for at least some traditional office space across all major markets. Against this backdrop, what separates the winners from the losers is the ability to create a draw, to give people legitimately good reasons to get up earlier, spend more time getting ready, endure traffic, put costly mileage on their cars, then deal with whatever quirky goings-on define their office experience. Needless to say, this can be a tough sell, especially for employees with families and suburban commutes. Which is why owners, both of businesses and of the office buildings that house them, are getting creative. These corporate leaders and landlords are working in tandem to ensure that the spaces meet the precise needs of their workforces, from design and layout within the suite to access to onsite amenities and surrounding retail, …

December 6, 2022

Breakthru-Beverage-Group-Middletown-Delaware

Delaware Development Industrial Northeast

Breakthru Beverage Group Opens 282,500 SF Distribution Facility in Middletown, Delaware

by Taylor Williams August 22, 2022

MIDDLETOWN, DEL. — Alcohol distributor Breakthru Beverage Group has opened a 282,500-square-foot distribution facility in Middletown, located in Delaware’s New Castle County. The facility features a clear height of 36 feet and a 29,350-square-foot, temperature-controlled room for cold storage, as well as 29,790 square feet of offices, training and break rooms. Lastly, the facility houses an experience center where clients can taste new products. MRP Industrial developed the project, with Ware Malcomb and Penntex Construction respectively serving as the architect and general contractor.

August 22, 2022

Acquisitions Illinois Indiana Midwest Multifamily

Morgan Properties Acquires Two Midwest Multifamily Portfolios for $410M

by Kristin Harlow August 2, 2022

ILLINOIS AND INDIANA — Morgan Properties has acquired two multifamily portfolios totaling eight communities and 2,986 units in Illinois and Indiana for $410 million. With the addition of these new assets, Morgan Properties now owns and operates 2,035 units in Illinois, 3,692 units in Indiana and more than 95,000 units nationwide. The Illinois portfolio consists of The Lakes of Schaumburg in Schaumburg, Blackhawk Apartments in Elgin and The Gates of Deer Grove in Palatine. The Indiana portfolio consists of The Boardwalk at Westlake, Parkside at Castleton Square, Lakeside Crossing at Eagle Creek, The Elliott at College Park and The Preserve on Allisonville. Morgan Properties plans to invest more than $40 million in capital improvements across the two portfolios. The seller was undisclosed.

August 2, 2022

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Boom Continues After Record Year of Leasing, Sales

by John Nelson July 26, 2022

2021 was a banner year for the Memphis industrial market by virtually every measure. Leasing exceeded 32 million square feet, easily doubling the average of 12.8 million square feet per year; annual net absorption reached 12.7 million square feet, the highest ever recorded; 14.6 million square feet of inventory delivered to the market; rental rates reached historic highs; and investment volume topped $2.2 billion. The potent demand that carried the market to such record-setting extremes continued into the beginning of 2022, with leasing activity in the first quarter approaching 6 million square feet and net absorption surpassing 3.3 million square feet. Sustaining the steady upward trend the Memphis market has followed since the beginning of 2019, the direct vacancy rate rose 50 basis points from last year to 6.8 percent, but this increase is largely due to the profusion of spec product rather than any significant moves out of the market. In typical fashion, the bulk of leasing activity occurred in the Southeast, DeSoto County and Marshall/Fayette County submarkets, comprising more than 75 percent of the quarter’s total volume. But even the Northwest submarket has seen more action recently with the delivery of Amazon’s 181,500-square-foot last-mile facility in the Raleigh …

July 26, 2022

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 2,103-Unit Multifamily Portfolio in Indiana

by Kristin Harlow July 19, 2022

INDIANA — Cushman & Wakefield has brokered the sale of a six-property multifamily portfolio totaling 2,103 units in Indiana for an undisclosed price. The portfolio includes Boardwalk at Westlake, Elliot at College Park, Lakeshore Reserve off 86th, Lakeside Crossing at Eagle Creek, Parkside at Castleton Square and Preserve at Allisonville. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, a joint venture between Wilkinson Corp. and Torchlight Investors. Morgan Properties was the buyer. The seller renovated a number of units, and the buyer plans to continue doing so.

July 19, 2022

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