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Crestview-Garden-Apartments-Tryko-Partners

Tryko Partners Acquires 184-Unit Multifamily Community

by Amy Works October 3, 2014

NEW CASTLE, PA. — Brick, N.J.-based Tryko Partners has acquired Crestview Garden Apartments, located at 1139 Pin Oak Dr. in New Castle, for an undisclosed price. The apartment community features 184 affordable residential units. Tryko plans to immediately invest $1 million in improvements to the property, including common area renovations, a new property-wide security system, and kitchen and bathroom improvements in individual units. CBRE Capital Market’s Philadelphia office arranged financing for the acquisition through TriState Capital Bank. Tryko Partners is a private equity real estate group that specializes in project-based Section 8 Homeowners Assistance Program transaction and property repositionings.

October 3, 2014

Multifamily Texas

ARA ARRANGES SALE OF APARTMENT COMPLEXES IN SAN ANTONIO

by admin September 22, 2014

SAN ANTONIO — ARA has arranged the sale of Park West & Parliament Bend, two apartment complexes totaling 559 units in San Antonio. Pat Jones and Matt Michelson of ARA represented the seller, Regional Investment & Management, in the transaction. Regional Investment & Management is a California-based owner and operator of multifamily communities throughout Texas. The buyer is a private owner/operator. Park West consists of 327 units and was built in 1979. Parliament Bend consists of 232 units and was built in 1981. Both Class B complexes are located in the Castle Hills submarket in north-central San Antonio. The complexes were 95 percent occupied at the time of sale.

September 22, 2014

Industrial Northeast

NFI BREAKS GROUND FOR 1 MILLION SF DISTRIBUTION FACILITY

by admin September 15, 2014

OLDMANS TOWNSHIP, N.J. — Cherry Hill, N.J.-based NFI has broken ground for the development of a build-to-suit distribution center in Oldmans Township. The 1 million-square-foot facility will feature energy-efficient warehouse space, Class A concrete tilt wall construction, cross-dock load configuration and an ESFR sprinkler system. Five Below, a retailer of merchandise for pre-teens and teens, will initially occupy 715,000 square feet of the facility, which will replace the company’s existing facility in New Castle, Del. Construction is slated for completion in early summer 2015. The build-to-suit distribution center will support the continued growth and expansion of Five Below on the East Coast.

September 15, 2014

Multifamily Texas

CANTRELL BROKERS SALE OF TOWNHOMES IN METRO DALLAS

by admin August 20, 2014

GARLAND, TEXAS — Cantrell Co. has brokered the sale of the 77-unit Castleglen Townhomes in Dallas. A California-based investment group bought the homes and assumed a Fannie Mae loan. The property was 97 percent leased at the time of sale and sits on just under nine acres at 1004 Castleglen Drive in Garland, northeast of Dallas. Rents range from $710 per month to $1,030 per month. The seller was Tweden Garland Properties LLC of Austin. The townhomes are a mix of two- and three-bedroom units. The average size of the units is 1,079 square feet and the complex was built between 1973 and 1983. Castleglen sits along the service road of Interstate 30 and is also accessible to I-635. Nearby amenities include Audubon Park, Duck Creek Greenbelt Trail and Town East Mall.

August 20, 2014

Market Reports Midwest Midwest Market Reports Ohio

Dayton Industrial Market Experiences Flurry of Build-to-Suit Activity

by admin July 2, 2014

Dayton, Ohio, has had its struggles over the years transitioning from a predominantly automotive manufacturing economy to one with a more diverse base of industries such as transportation and logistics, aerospace technology, medical device manufacturing and unmanned aerial vehicle (UAV) development. Throughout this tumultuous period, Dayton’s industrial commercial real estate market has had to adapt to the evolving needs of the new tenant mix. Part of that adaptation has led to the construction of several build-to-suits over the last 18 months. This construction trend is being driven by companies opting for build-to-suit projects instead of purchasing existing properties due to their age, inadequate size or functional obsolescence such as inadequate ceiling heights. The trend is evident in the large amount of industrial space that has been delivered in recent years or is currently under construction in the Dayton market. The impact of this trend is an elevated vacancy rate when compared to other Midwest markets. Dayton’s overall industrial vacancy rate at the end of the first quarter of 2014 stood at 14.8 percent compared with 5.8 percent for Cincinnati. Drivers of New Construction Like much of the industrial market throughout the country, the transportation and logistics industry is driving development …

July 2, 2014

Midwest Retail

COLLIERS BROKERS $190,000 SALE OF 11,598 SF RETAIL PROPERTY IN MICHIGAN

by admin May 27, 2014

SOUTHFIELD, MICH. — Colliers International has arranged the $190,000 sale of 11,598 square feet of retail space in Clinton Township, located approximately 25 miles north of Detroit. The address of the one-story building, known as Castle Rock, is 43785 and 43823 Gratiot Ave. Jack Williams of Colliers International represented the seller, a private entity, in the sale.

May 27, 2014

Retail Texas

CENCOR REALTY TO BREAK GROUND ON KROGER-ANCHORED CENTER IN LEWISVILLE

by admin May 6, 2014

LEWISVILLE, TEXAS — Cencor Realty Services will break ground later this week on the first phase of a 350,000-square-foot Kroger-anchored shopping center in the Dallas/Fort Worth suburb of Lewisville. The first phase will include space for the 123,000-square-foot grocery anchor, as well as 40,000 square feet of in-line retail space and several pad sites for restaurants. The Weitzman Group is leasing the property. Kroger is slated to open in the first quarter of 2015. Located on the southwest corner of SH-121 and Josey Lane, the center will serve the Castle Hills master-planned community and surrounding areas.

May 6, 2014

Colorado Market Reports Western Market Reports

Denver's Union Station Area Attracts Retailers Near and Far

by admin May 6, 2014

Despite the continuing economic uncertainty, the Denver market is maintaining its status as a major thriving city with respect to all aspects of growth from commercial real estate sectors. This growth is clearly apparent by all the cranes in operation as you drive down Interstate 25—the main arterial highway that runs north and south bound through the entire state. Though 1.2 million square feet of retail was built in 2013 – and 197,000 square feet was delivered in the first quarter of 2014 – most of the current cranes are working on medical, office and multifamily developments. With all the national retailers setting their sights on the Denver market, there is a definite lack of A-grade retail centers that have availability. B-grade product is now being thoroughly analyzed as the next best option. Several of the national and regional tenants are in bidding wars against each other for the remaining A- and B-grade sites. The challenge of the development process is the growing cost of land and construction, which ultimately drives the rates up, thus limiting a huge pool of potential tenants. The Denver retail market in the first quarter of 2014 experienced a positive net absorption of 820,357 square …

May 6, 2014

Industrial Texas

HENRY S. MILLER BROKERAGE ARRANGES 16,000 SF INDUSTRIAL LEASE IN METRO DFW

by admin April 18, 2014

PONDER, TEXAS — Henry S. Miller Brokerage has arranged the lease of a 16,000-square-foot industrial building in the far north Dallas/Fort Worth suburb of Ponder. Sharewell HDD Drilling Products, a supplier of equipment and services for the drilling industry, will occupy the facility, which is located at the intersection of FM 2449 and South Florance Road. Brett Owens of Transwestern represented the tenant in the negotiations. Grant Brodeur of Henry S. Miller Brokerage represented the landlord, New Castle Properties.

April 18, 2014

Hospitality Northeast

ROCKBRIDGE ACQUIRES CLIFF HOUSE RESORT & SPA IN MAINE

by admin April 16, 2014

OGUNQUIT, MAINE — Rockbridge has acquired The Cliff House Resort & Spa, a historic 142-year-old 166-room resort situated on 70 oceanfront acres atop Bald Head Cliff in Ogunquit. Rockbridge, through a joint venture with Maine-based hoteliers Marc Dugas and Peter Anastos, purchased the resort with plans to complete a comprehensive renovation after the 2015 season. New Castle Hotels will manage The Cliff House for Rockbridge. Amenities at the resort include three dining options ranging from fine to casual, 13,000 square feet of meeting space with a 150-seat amphitheater, a 2,500-square-foot fitness center, vanishing edge swimming pool, 75-foot indoor lap pool, whirlpool, steam room and sauna.

April 16, 2014

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