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Centerpointe-Commerce-Center-Moreno-Valley-CA

Rockefeller Group to Develop 203,000 SF Centerpointe Commerce Center in California

by Amy Works April 26, 2019

MORENO VALLEY, CALIF. — Rockefeller Group has acquired an 8.8-acre industrial land site in Moreno Valley for the development of Centerpointe Commerce Center, an industrial distribution facility. The company plans to begin construction of a 203,000-square-foot project this fall, with completion expected in summer 2020. Located on Cactus Avenue, the cross-docked building will feature 32-foot clear ceiling heights, 8,000 square feet of speculative office improvements, 109 auto parking stalls and 27 trailer parking stalls. Rockefeller Group acquired the property fully entitled and zoned from Newcastle Partners for $5.9 million.

April 26, 2019

Acquisitions Multifamily Texas

American Landmark Acquires $311M Multifamily Portfolio in Texas

by Taylor Williams April 16, 2019

HOUSTON, AUSTIN, IRVING AND SAN ANTONIO — Tampa-based American Landmark has acquired a portfolio of six multifamily properties totaling 2,284 units located throughout the Big Four Texas markets. The sales price was $311 million. The properties include: Hyde Park at Wells Branch and Hyde Park at Ribelin Ranch in Austin; Hyde Park at Lake Wyndemere and Hyde Park at Enclave in Houston; Lakepointe at Las Colinas in Irving; and Manor at Castle Hills in San Antonio. All properties will be rebranded, and a $14.7 million capital improvement program will be implemented across the portfolio, which was about 96 percent occupied at the time of sale. The seller was not disclosed. The acquisition brings the size of American Landmark’s Texas portfolio to 33 properties and its total volume of holdings to more than 25,000 units across Texas and the Southeast.

April 16, 2019

Acquisitions Multifamily New York Northeast

Hodges Ward Elliot Brokers $88M Sale of Two Multifamily Buildings in the Bronx

by David Cohen April 15, 2019

NEW YORK CITY — Hodges Ward Elliot has brokered the $88 million sale of two multifamily buildings in the Bronx. The 10-story properties span a combined 400,000 square feet and are located at 2001-2045 Story Ave. in the Castle Hill section of the Bronx. Daniel Parker, Paul Gillen and Ariel Tambor of Hodges Ward Elliot represented the seller, Related Fund Management, in the transaction. The buyer was Abraham Fruchthandler.

April 15, 2019

Acquisitions Midwest Minnesota Office

Starwood Capital Purchases Wells Fargo Center in Minneapolis for $315M

by Kristin Harlow April 3, 2019

MINNEAPOLIS — Starwood Capital Group has purchased the 57-story Wells Fargo Center in downtown Minneapolis for $315 million. Blackstone and Hines sold the office tower, which was designed by Cesar Pelli and completed in 1987. The property is home to an indoor pedestrian promenade with a 100-foot-high ceiling rotunda and a lobby. Tenants include a Wells Fargo branch bank, accounting firm KPMG and investment firm Castlelake LP. Starwood plans to renovate the building and add amenities.

April 3, 2019

Market Reports Mixed-Use Texas Texas Market Reports

Making ‘Live, Work, Play’ A Reality

by Taylor Williams April 2, 2019

Mixed-use properties come in all shapes, sizes and locations, but developers say the most effective projects are those that transform multi-use real estate developments into unique destinations with vibrant social scenes. In Texas’ biggest markets, robust job and population growth have bolstered demand for more apartments and hotels, as well as office, retail and restaurant space. But it takes a developer that understands human psychology and social behaviors to successfully combine three or more of these uses into a final product that receives equal levels of demand for each use. To that end, the “live, work, play” notion has become a catchphrase that to some extent figures into the branding and marketing campaigns of virtually every mixed-use project that comes out of the ground. However, the developments that become real hubs for social gathering, new experiences and the general passing of time are those in which uses complement one another, and in which the site supports all uses evenly. “The concept behind ‘mixed-use’ — a smaller environment where uses aren’t as clearly separated and people conduct their home, work and entertainment lives in the same place — really defines how people live in many other parts of the world,” says …

April 2, 2019

Acquisitions California Industrial Western

CT Realty Sells 1.1 MSF NorCal Logistics Center Building for $105.3M

by Amy Works March 27, 2019

STOCKTON, CALIF. — CT Realty has sold a newly built, 1.1 million-square-foot industrial facility in Stockton. Bentall Kennedy Limited Partnership, on behalf of its U.S. Core Fund, acquired the asset for $105.3 million. The property is the first phase of development at the 342-acre NorCal Logistics Center. Located at 4532 Newcastle Road, the facility was fully leased to Amazon at the time of sale. The second phase of the NorCal Logistics is under construction and includes 2.7 million square feet spread across five buildings in a mix of speculative and build-to-suit projects. The next building — a 709,556-square-foot facility — is slated for completion at the end of August.

March 27, 2019

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Philadelphia Warehouse Inventory Fails to Keep Up with Demand

by David Cohen March 21, 2019

The combined greater Philadelphia industrial markets closed 2018 with 718,266 square feet of positive absorption, according to research from NKF. Year-over-year, overall vacancy declined 20 basis points to 5.5 percent, while warehouse vacancy increased 140 basis points to 6.3 percent. 3.4 million square feet delivered over the past twelve months with 2.3 million square feet designated as warehouse space. The Southeastern Pennsylvania industrial market closed the year with a total of 264,511 square feet in negative absorption. Year-over-year, total vacancy for all property types increased 70 basis points to 6.2 percent. Philadelphia County accounted for a majority of Southeastern Pennsylvania’s occupancy gains, closing the year with 854,488 square feet of positive absorption. This was largely due to significant gains in occupancy that occurred in the first quarter. During the first three months of the year, Dependable Distribution moved into 332,640 square feet at 9801 Blue Grass Road and 185,000 square feet at 11200 Roosevelt Boulevard. In addition, Rainbow moved into 365,000 square feet at 2951 Grant Avenue, also in the first quarter. The negative absorption in the Southeastern Pennsylvania suburban market is not a sign that demand has slowed, quite the opposite. Ecommerce and distribution companies are aggressively seeking high-bay …

March 21, 2019

Illinois Leasing Activity Midwest Retail

Rumble Selects Gold Coast Neighborhood for its First Chicago Location

by Kristin Harlow March 5, 2019

CHICAGO — Rumble, a boxing-inspired workout concept, has selected its first Chicago location at 1139 N. State St. in the Gold Coast neighborhood. Nicole Cardot and Adam Secher of Baum Realty Group assisted Rumble in selecting the location. Expected to open in late summer, the 8,000-square-foot facility will be Rumble’s sixth location nationwide. Rumble classes are 45 minutes and feature full-body strength training and conditioning workouts. The company is known for its aqua training bags, which are tear drop-shaped, water-filled punching bags. Baum represented Rumble in negotiations with the landlord, Newcastle Limited. Danny Jacobson, Luke Molloy and Stephen Ansani of CBRE represented Newcastle.

March 5, 2019

Acquisitions Indiana Midwest Multifamily

Sinatra & Co., L5 Investments Acquire 740-Unit Multifamily Property in South Bend for $56M

by Kristin Harlow February 27, 2019

SOUTH BEND, IND. — Sinatra & Co. Real Estate and L5 Investments, along with Odyssey Properties Group Inc., have acquired Castle Point in South Bend for $56 million. The 740-unit multifamily property is comprised of 32 two-story buildings. A 25,000-square-foot amenity area features a fitness center, basketball courts, racket ball courts and pool. Sinatra & Co. plans to implement a value-add program, including unit and common area upgrades with a focus on fitness and technology. Sinatra & Co. Management will manage the property. Cushman & Wakefield brokered the sale. The seller was not disclosed. Pennybacker Credit I LP provided a preferred equity investment.

February 27, 2019

Georgia Hospitality Loans Southeast

Hall Structured Finance Provides $37.5M Construction Loan for New Hotel in Downtown Atlanta

by Alex Tostado February 1, 2019

ATLANTA — Hall Structured Finance has provided a $37.5 million construction loan for a new Reverb Hotel in downtown Atlanta. Amenities will include a five-story parking garage; meeting space, a restaurant and a business center on the ground floor; and a rooftop bar with observation deck on the 11th floor. The 195-room hotel is expected to be delivered in February 2020 and will become part of Castleberry Park, a mixed-use development adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. Reverb Hotel is a Hardrock Hotels product. Will James of NorthMarq Capital arranged the loan on behalf of the borrower, Bolton Atlanta LP, a hotel owner and developer based in Atlanta.

February 1, 2019

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