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Industrial Real Estate and the Pennsylvania Pangaea

by Taylor Williams September 13, 2017

Eastern Pennsylvania’s industrial markets continue to thrive due to low vacancy rates, increased barriers to entry, demand by occupiers and the institutional capital community’s ever-increasing appetite for industrial product. While the specific submarkets have unique nuances associated with the local economic drivers, highway networks, taxation, and labor base, the overall demand by tenants and the capital community alike is driven by elementary economic rules of supply versus demand met by supply chain demand drivers. In a world that is buying a higher percentage of its goods online each and every year, this geography offers the unique ability to reach almost half of the U.S. population within a one-day truck drive and better one-day or two-day delivery service from the two major providers, UPS and FedEx. This thriving market is technically four distinct submarkets inclusive of the Lehigh Valley, Northeastern, Central and Southeastern Pennsylvania. For those less familiar with the nomenclature of this geography, it’s easiest to think of the Lehigh Valley as the general vicinity of Easton through Bethlehem and Allentown and along I-78 past Hamburg. Central Pennsylvania is the region inclusive of Harrisburg, York, Carlisle, Chambersburg, Greencastle and Lancaster. Northeastern Pennsylvania is the combination of the MSAs including Pottsville, …

September 13, 2017

Delaware Features Northeast

Delaware Court Unlocks Opportunities to Reduce Property Tax Burden

by Kristin Harlow August 18, 2017

Reducing property tax assessments can be challenging under the best of circumstances, and distinctions between state tax systems make minimizing that burden across an office or industrial portfolio especially daunting. But a recent Delaware Supreme Court decision provides taxpayers with a new, yet surprisingly familiar, opportunity to ease the tax burden on properties in The First State. Delaware’s Tax Assessment System Shows its Age Under Delaware law, property must be valued at its “true value in money,” a term interpreted to mean the property’s “present actual market value.” However, in order to implement the Delaware Constitution’s mandate of tax uniformity, the state applies a base-year method of assessing property. That means that all property in a jurisdiction is assessed in terms of its value as of a certain date, and that value remains on the books indefinitely until the jurisdiction performs a general reassessment. For Delaware’s northernmost county, New Castle County, the last reassessment occurred in 1983, so all property therein is valued as of July 1, 1983. A major challenge to contesting assessments in Delaware is that a taxpayer must determine the property’s 1983 market value. Determining what a property is worth today is not always easy, but proving …

August 18, 2017

Illinois Midwest Office

Spaces Signs 27,110 SF Office Lease in Chicago

by Kristin Harlow August 15, 2017

CHICAGO — Spaces has signed a 27,110-square-foot office lease in Chicago’s Lincoln Park. The creative workspace company will occupy the second through fourth floors of the building, located at 1500 N. Halsted St. Spaces Lincoln Park is slated to open in early 2018 and will offer tenants a contemporary loft-style design with large windows. This will be the 14th location in North America for the Amsterdam-based company. Chad Schroedl of SVN | Chicago Commercial represented the landlord, Newcastle Limited, in the lease transaction. Bill Rogers and Kerry Gilar of JLL represented Spaces.

August 15, 2017

Office Texas

Oldham Goodwin Negotiates Sale of 19,888 SF Office Building in Metro San Antonio

by Taylor Williams August 15, 2017

CASTLE HILLS, TEXAS — Oldham Goodwin Group LLC has negotiated the sale of The Gallery, a 19,888-square-foot office building located in the San Antonio suburb of Castle Hills. The three-story property is situated on the east side of Northwest Military Highway, just north of Loop 410. Steve Monroe and Ben Berry of Oldham Goodwin represented the buyer, a San Antonio-based investment firm, in the transaction. Jonathan Haag and Guyla Sineni of JLL represented the seller.

August 15, 2017

Indiana Midwest Multifamily

Covenant Capital Acquires 398-Unit Multifamily Property in Indianapolis for $30.2M

by Kristin Harlow August 4, 2017

INDIANAPOLIS — Covenant Capital Group LLC has acquired Columns of Castleton in Indianapolis for $30.2 million. The 398-unit multifamily property is located at 7615 Ivywood Drive. Covenant plans to invest over $4.7 million to modernize the property. In addition to renovating the apartment interiors and amenities, Covenant will implement a green program by installing energy-efficient appliances and LED lighting. The purchase price amounts to $76,005 per unit.

August 4, 2017

Hawaii Market Reports Retail Western Western Market Reports

Hawaii: Ground-Up Shopping Centers on Rise Despite High Construction Costs

by Camren Skelton August 1, 2017

Construction costs in Hawaii are beginning to plateau after seeing year-over-year increases for the past several years. The market has seen gray shell retail building costs of about $275 per square foot; and to vanilla shell, another $80 per square foot to $100. Restaurants range from $300 per square foot to $350 to take them from gray to finished shell without fixtures. Remarkably, even with escalating construction costs, retail leasing and development are both extremely active. This, combined with retail vacancy of about 3 percent and record rents, has spurred a wave of new projects. Some of the new retail projects currently under construction are: Kilauea Lighthouse Village, Kilauea Town, Kauai — The center is a 47,000-square-foot development anchored by a 10,000-square-foot Market at Kilauea. Construction on Kilauea Lighthouse Village has begun and is expected to be complete in late 2017. It is owned by Hunt Development and leased by Colliers International. Kahala Bowl Shopping Center, Honolulu – Anchored by McDonald’s, the 10,000-square-foot center is owned by Kamehameha Schools and leased by JLL. Kealanani Shopping Center, Kapolei — This 20,000-square-foot center, anchored by Panda Express, is an outparcel of the Walmart in Kapolei. It is owned by Panda RG Inc. …

August 1, 2017

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Arranges $2.5M in Financing for Apartments in Morristown, Pennsylvania

by Amy Works June 20, 2017

MORRISTOWN, PA. — NorthMarq Capital has arranged $2.5 million in supplemental financing for Castle Club Apartments in Morristown. The property features 158 multifamily units. Robert Ranieri of NorthMarq secured the six-year loan, which features a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.

June 20, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $11.3M Sale of Apartment Complex in East Orange, New Jersey

by Haisten Willis May 18, 2017

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $11.3 million sale of 44 apartment units at 75 Prospect St. in East Orange. The property is known as Castle on Prospect. Gebroe-Hammer’s David Oropeza represented the seller and procured the buyer, a longtime East Orange investor, in the transaction. Built in the late 1920s, the property includes three two bedroom/one bath units, three two bedroom/two bath units, 21 three bedroom/two bath units, 17 four bedroom/three bath units and one five bedroom/four bath unit.

May 18, 2017

Multifamily Texas

Marcus & Millichap Arranges $45.6M Sale of Five-Property, 705-Unit Portfolio in North Texas

by Jeff Shaw May 12, 2017

DALLAS — Marcus & Millichap has brokered the sale of five multifamily communities in the Dallas-Fort Worth area for $45.6 million. The company’s Dallas-based Fluellen|Hoover Multifamily investment sales team, led by Nick Fluellen and Bard Hoover, arranged the transaction. The portfolio totals 705 units and includes West Wind, 160 units, Irving; La Jolla Terrace, 340 units, Fort Worth; Castle Glen, 48 units, Garland; Northridge Court, 85 units, Cleburne; and Social House, 72 units, Nacogdoches.

May 12, 2017

District of Columbia Office Southeast

NGKF Arranges Three Office Leases in D.C.’s Capitol Riverfront District

by John Nelson May 10, 2017

WASHINGTON, D.C. — Newmark Grubb Knight Frank (NGKF) has arranged three lease deals totaling 26,332 square feet at a 10-story office building located at 1100 New Jersey Ave. S.E. in Washington, D.C.’s Capitol Riverfront district. The new tenants include The African Wildlife Foundation (AWF), law firm Watkinson & Miller and defense and government contractor Assett Inc. AWF has leased 15,024 square feet on the ninth floor, relocating from 1400 16th Street N.W.; Watkinson & Miller leased the remaining 8,630 square feet on the ninth floor, relocating from One Massachusetts Avenue N.W.; and Assett Inc. leased the remaining 2,678 square feet on the seventh floor. Owned by WC Smith, the newly renovated office building overlooks the Potomac River, U.S. Capitol, Canal Park and Nationals Park. WC Smith’s recent renovations at the Class A building include a new fitness center, bicycle storage and a new conference center. Brendan Owen, Rafael Notario and Morgan Monroe of NGKF represented WC Smith in the lease negotiations. Bill Zonghetti and David Hardcastle of NGKF represented AWF, Terry Amling of Lincoln Property Co. represented Watkinson & Miller and Neil Narcisenfeld and Sarah Frick of Ezra Co. represented Assett Inc.

May 10, 2017

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