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TA Realty Sells National Industrial Portfolio in Two Transactions Totaling $1B

by John Nelson September 3, 2019

BOSTON — TA Realty, a real estate investor based in Boston, has sold off a national industrial portfolio in two separate deals for a little over $1 billion. The portfolio spans 8.3 million square feet of multi-tenant distribution space in 96 separate properties. Situated across 14 markets, the portfolio was 91 percent leased to more than 325 tenants as of July 1. In one transaction, AEW Capital Management acquired 28 facilities in the state of Texas from TA Realty. In the other transaction, funds managed by Blackstone Group (NYSE: BX) acquired 68 properties that are situated in 10 separate markets across the United States. Blackstone has a strong appetite for logistics space, having recently agreed to purchase GLP’s 179 million-square-foot industrial portfolio for nearly $19 billion. “Logistics remains our highest conviction investment theme,” says Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone. “The portfolio we are acquiring from TA Realty is another example of last-mile logistics assets that will help meet the growing e-commerce demand.” The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners represented TA Realty in transaction negotiations. Specific properties and markets …

September 3, 2019

Market Reports Multifamily Texas Texas Market Reports

Up To the Challenge: Dallas Apartment Market Absorbs Record Levels of New Supply

by Taylor Williams September 2, 2019

In 2019, Dallas/Fort Worth (DFW) once again represents the nation’s top metro for job creation and net migration. These market conditions are occurring at an opportune time as more than 26,000 multifamily units have been completed throughout the market this year, marking a record wave of annual deliveries. This influx of new apartments will increase the metro’s rental inventory by 3.3 percent, yet robust demand for new supply allows net absorption to match delivery volume, lowering overall vacancy by 20 basis points. Prolonged Absorption Over the past three years ending in June, DFW’s apartment stock expanded by 10 percent, or 74,000 units, yet vacancy adjusted moderately during this period. Unit availability hovered in the high-4 to high-5 percent range, with demand supported by the creation of 400,000 jobs, robust in-migration and the widening gap between a monthly mortgage payment and average rent. The extended period of strong leasing velocity was highlighted by the second quarter of 2019, when a record 12,000 apartments were absorbed. Performance during this three-month stretch lowered vacancy by 90 basis points on a quarter-over-quarter basis. With employment growth slated to further improve during the second half of this year — the result of corporate relocations and …

September 2, 2019

Features

No Indication Recession is Imminent, Says Economist Roger Tutterow

by Jeff Shaw August 30, 2019

ATLANTA — Expect the U.S. economy to remain in an expansion mode through early 2020, effectively staving off the threat of recession, but look for the pace of growth to continue to slow. That’s the message Roger Tutterow, professor of economics at Kennesaw State University (KSU), is delivering to the commercial real estate industry based in part on the Leading Economic Index compiled by the Conference Board, a non-governmental organization. The monthly index, which is used to determine future economic activity, tracks 10 key components, some of which include building permits, stock prices, new orders for capital goods and initial jobless claims. “Over the last six months the leading indicators were up eight-tenths of a percent, so we’re not getting a recession-is-imminent signal from the leading economic indicators,” emphasized Tutterow. “What we are getting is a signal that says economic growth remains in place, but at a more timid pace than what we’ve enjoyed in the past couple of years.” Tutterow’s comments came Wednesday morning, Aug. 28, during his keynote presentation at InterFace Seniors Housing Southeast. Hosted by France Media’s InterFace Conference Group and Seniors Housing Business at the InterContinental Buckhead Atlanta, the one-day conference attracted 436 professionals from all corners …

August 30, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Spanish Investor Buys 216,786 SF Office Building in D.C. for $231.3M

by Alex Tostado August 30, 2019

WASHINGTON, D.C. — Ponte Gadea has acquired 815 Connecticut Ave. NW, a 216,786-square-foot office building in Washington, D.C., for $231.3 million. The sale was recorded with the D.C. Recorder of Deeds on Thursday, Aug. 29. The Blackstone Group (NYSE: BX) was the seller. According to multiple media reports, Blackstone bought the building in late 2016 for $190 million. The asset was built in 1964 and is situated across the street from The White House. In 2011, former presidents Barack Obama and Bill Clinton visited 815 Connecticut Ave. as part of Obama’s Better Building Initiative, according to the Washington Business Journal. Under the initiative, the building’s owner at the time, an affiliate of Swedish pension fund Alecta Real Estate Investment LLC, and general contractor Forrester Construction Co. completed a $30 million renovation. That project included an extensive update to the building’s mechanical systems, common areas and exterior facade that earned the building a LEED Gold certification, the Business Journal reported at the time. Ponte Gadea also purchased an 800,000-square-foot office building in Seattle for $740 million in March. Miami-based Ponte Gadea is led by Spanish billionaire Amancio Ortega, a fashion mogul whose company is parent to retail brand Zara. Ortega’s net …

August 30, 2019

Acquisitions Office Southeast Top Stories Virginia

Hines, Oaktree Acquire 178,700 SF Office Building in Metro D.C. for $93.2M

by Kristin Harlow August 28, 2019

BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia. The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles. Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at 4075 Wilson Blvd., five miles west of downtown Washington, D.C. Ballston is home to new developments such as Ballston Quarter and Ballston Exchange, which are slated to include approximately 500,000 square feet of retail and entertainment options as well as 2,000 residential units. Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley of JLL represented the seller, Westbrook Partners, in the transaction. Susan Carras, Rob Carey and Drake Greer, also of JLL, arranged $67.6 million in acquisition financing for the buyer. Bank of America provided the seven-year, floating-rate loan. New York City-based Westbrook is a privately owned real estate investment management company. Houston-based Hines is a privately owned real estate investment, development and management firm with …

August 28, 2019

Acquisitions Georgia Office Southeast Top Stories

Piedmont Office Realty Trust Buys Two Office Towers in Atlanta’s Cumberland-Galleria Area for $231M

by John Nelson August 27, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has purchased the remainder of Atlanta Galleria Office Park in northwest Atlanta. The $231 million acquisition consolidates Atlanta Galleria’s multi-tenant office buildings and 6,000-space structured parking facilities under a single owner for the first time. Situated in the city’s Cumberland-Galleria submarket near SunTrust Park and The Battery Atlanta, the acquisition comprises Galleria 400 and Galleria 600, two office towers totaling approximately 860,000 square feet. The purchase also included an adjacent 10.2-acre parcel entitled for 1 million square feet of additional development. The seller was undisclosed. “When we acquired Galleria 300 in 2015, we boldly imagined the environment a single owner could create adjacent to the unique amenity set evolving in The Battery,” says Brent Smith, president and CEO of Piedmont Office Realty Trust. “Today, the first step of that vision becomes a reality and marks the beginning of Piedmont’s transformation of this prominent Atlanta mixed-use development.” Piedmont Office Realty Trust purchased Galleria 100 and an additional 1.5-acre parcel in May for $95.1 million. The company’s total investment in The Galleria is just under $500 million. The 2.1 million square feet of office space within the master-planned development is spread across five …

August 27, 2019

Industrial Leasing Activity Texas

Benjamin Moore Signs 237,926 SF Industrial Lease in Metro Dallas

by Taylor Williams August 26, 2019

LEWISVILLE, TEXAS — Paint supplier Benjamin Moore & Co. has signed a 237,926-square-foot industrial lease at 121 Lakepointe Crossing Building 1 in Lewisville. The property is located along State Highway 121 on the north side of the metroplex. Blake Kendrick and Mac Hall of Stream Realty Partners represented the landlord, Stockbridge Real Estate, in the lease negotiations. Mark Collins of Cushman & Wakefield represented Benjamin Moore.

August 26, 2019

Conference Coverage Development Features Georgia Mixed-Use Southeast Southeast Feature Archive

Community Involvement is Necessary for Successful Mixed-Use Projects, Says InterFace Panel

by John Nelson August 26, 2019

It’s not just a good idea for real estate developers to engage the surrounding community as part of their due diligence: It’s essential. While on stage at the close of the InterFace Southeast Mixed-Use conference, some of the Southeast’s most prolific mixed-use developers and owners say community involvement can be the difference between success and failure. “Nowadays, if you want a successful mixed-use project, you have to get in deep with the community and all the stakeholders — whether it’s adjacent landowners, homeowners associations, NPUs [neighborhood planning units] or local architecture committees,” said Jeff Garrison, development partner at S.J. Collins Enterprises, an Atlanta-based commercial real estate developer. “We conducted 50 meetings for The Interlock project before we even submitted for zoning. It’s overboard, but that’s what makes it successful.” The Interlock is an upcoming $450 million mixed-use development in Atlanta’s popular West Midtown district. S.J. Collins recently inked WeWork to lease three stories of its office tower, which will also have Georgia Tech as an anchor. Garrison says that the project’s 145-room Marriott Tribute Portfolio hotel was a direct result of feedback that his team heard from the community. “We didn’t have a hotel in our original design,” said Garrison. …

August 26, 2019

Leasing Activity Office Texas Top Stories

Uber Signs 450,000 SF Lease Within The Epic in Dallas

by Alex Tostado August 21, 2019

DALLAS — Uber (NYSE: UBER) has signed a 450,000-square-foot lease within The Epic, a mixed-use development in Dallas. Uber will move to the second planned 23-story office building, which will total 470,000 square feet, when completed. Westdale Real Estate Investment and Management, the owner and developer of The Epic, plans to break ground in the fourth quarter of this year with delivery slated for the fourth quarter of 2022. In the meantime, Uber will occupy 168,000 square feet on the ninth to 15th floors of the existing Epic office tower beginning in July 2020. The company plans to move about 700 employees to Dallas in July, then more than 3,000 in 2022. Uber plans to begin tenant improvements and buildout in the new tower in the second quarter of 2022. This is the second massive lease signing recently for the transportation company. Earlier this week, Uber announced that it signed a 10-year, 463,000-square-foot lease in Chicago’s Old Post Office. The Epic is located on the eastside of downtown Dallas, adjacent to Deep Ellum. The new tower will complete The Epic, which currently comprises 251,000 square feet of office space, 55,000 square feet of retail and restaurant space, the 164-room Pittman …

August 21, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates Sales of Two Apartment Communities South of Atlanta for $73.9M

by Alex Tostado August 20, 2019

MCDONOUGH AND STOCKBRIDGE, GA. — Cushman & Wakefield has negotiated the sales of Stonegate at Eagles Landing in Stockbridge and Mandalay Villas in McDonough. Mike Kemether, Travis Presnell and Alex Brown of Cushman & Wakefield represented the seller, Bluedog Capital Partners, in the transactions. The RADCO Cos. acquired Stonegate at Eagles Landing, a 167-unit community that was built in 2006, for $25.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, house-sitter services, playground and a car wash area. Rockworth Acquisitions bought Mandalay Villas, a 300-unit property, for $48.8 million. Mandalay Villas offers one- through three-bedroom floor plans. Community amenities include a fitness center, playground, swimming pool, game room, clubhouse and a business center.

August 20, 2019

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