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IndustrialMidwestWisconsin

Colliers Brokers Sale of 146,532 SF Industrial Building in Milwaukee

by Kristin Harlow

MILWAUKEE — Colliers International has brokered the sale of Canal Street Commerce Center in the Menomonee Valley near downtown Milwaukee. The sales price was not disclosed. The 146,532-square-foot infill industrial building is located at 1301 W. Canal St. Milsco Manufacturing and Stamm Technologies recently signed anchor leases, bringing the property to 100 percent occupancy. Other tenants include Prolitec, Pittsburgh Glassworks, Rexnord, Industrial Controls and Bence-Build. A group led by LCM Funds Real Estate LLC acquired the building. Tom Shepherd and Mark Schnoll of Colliers represented the seller, Ziegler/Bence Partners 5 LLC, which developed the property in 2007. The site had previously been part of the Milwaukee stockyards.

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CaliforniaIndustrialTop StoriesWestern

Duke Realty Buys 3.5 MSF Industrial Portfolio for $515M

by Nellie Day

CHICAGO — Duke Realty Corp. (NYSE: DRE) has purchased a 10-building industrial portfolio totaling nearly 3.5 million square feet, plus two additional land parcels, for $515 million. The assets are situated in Southern California, Northern New Jersey and South Florida. The two parcels will eventually contain two buildings totaling 852,745 square feet. Construction on these projects will commence later this year. The total value of the portfolio will be approximately $700 million once construction is completed. The seller, Bridge Development Partners, has completed more than $2 billion in developments and acquisitions since its joint venture with Dallas-based Banner Oak Capital Partners in 2013. Bridge’s current pipeline contains more than 10.3 million square feet valued at $1.3 billion in the most supply constrained U.S. core industrial markets, including Chicago, Miami, New Jersey, Los Angeles, San Francisco and Seattle. “This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” says Steve Poulos, the company’s founder and CEO. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.” Though the exact properties included in this transaction were not disclosed, some of Bridge’s assets include the 306,466-square-foot Bridge Point I-95 in …

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MidwestOhioRetailTop Stories

QIC to Acquire Forest City’s Interest in Regional Mall Portfolio for $1.55B

by John Nelson

BRISBANE, AUSTRALIA AND CLEVELAND — QIC, an Australian institutional investment management firm, has agreed to purchase Forest City Realty Trust Inc.’s (NYSE: FCE.A) interest in a 10-property regional mall portfolio. The overall transaction values the portfolio at approximately $3.18 billion, or $1.55 billion for Forest City’s share. The assets include: The Shops at Northfield Stapleton in Denver; Westchester’s Ridge Hill in Yonkers, N.Y.; The Shops at Wiregrass in Tampa, Fla.; Mall at Robinson in Pittsburgh; Antelope Valley Mall in Palmdale, Calif.; South Bay Galleria in Redondo Beach, Calif.; Victoria Gardens in Rancho Cucamonga, Calif.; Galleria at Sunset in Henderson, Nev.; Promenade Temecula in Temecula, Calif.; and Short Pump Town Centre in Richmond, Va. One additional mall, Charleston Town Center in Charleston, W.Va,, was originally part of the negotiations, but QIC subsequently made the decision not to acquire Forest City’s ownership interest. “This transaction is a win-win for all parties, as we continue to focus our business on urban residential, office and mixed-use assets, and QIC acquires full ownership of a U.S. retail presence with high-quality regional malls in strong markets,” says David LaRue, president and CEO of Forest City. Forest City provided $150 million of seller financing to QIC for a …

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CaliforniaMultifamilySeniors HousingWestern

Sabra Buys Skilled Nursing Portfolio for $430M, Seeks to Divest Genesis Properties

by Nellie Day

IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) has acquired 21 skilled nursing facilities in a sale-leaseback transaction with an undisclosed West Coast operator for $378 million. The Irvine-based, publicly traded REIT plans to buy the operator’s three remaining facilities before the end of the year for $52 million, for an expected total purchase price of $430 million. The acquisitions are one of several mega-deals for Sabra this year. In August, the company completed its acquisition of skilled nursing owner and former Ventas spinoff Care Capital Properties. Just last week, Sabra also announced it had agreed to buy minority interest in a 183-property portfolio of Enlivant-operated seniors housing communities for $371 million. Sabra plans to eventually acquire 100 percent interest in the portfolio. Sabra was the 21st largest owner of seniors housing in the U.S. with 74 communities and 7,624 units as of June 1, according to the American Seniors Housing Association’s 2017 tally. However, that ranking was before any of these three major acquisitions. Concurrent with the new sale-leaseback transaction, Sabra also announced that it has begun the process of marketing for sale the remaining 43 facilities that the company leases to Genesis Healthcare Inc. Sabra predicts the sales …

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CaliforniaMultifamilyTop StoriesWestern

Essex Apartment Homes Acquires 24-Story Mixed-Use Property in San Jose

by Nellie Day

SAN JOSE, CALIF. — An affiliate of Essex Apartment Homes (NYSE: ESS) has purchased 360 Residences, a 24-story, mixed-use residential and retail tower in downtown San Jose. The purchase price was $133.5 million, according to Silicon Valley Business Journal. The mixed-use asset is located at 360 Market St., situated one mile from Google’s proposed office campus as well as the future downtown San Jose and Diridon BART stations. The transit-oriented property also provides access to Interstates 280, 680 and 880, U.S. Highway 101 and State Highway 87. 360 Residences was built in 2010. It features 213 ultra-luxury condominium units with high-end finishes and floor plans that average 1,320 square feet. Community amenities include a resort-style pool, fitness center, community lounge with chef’s kitchen, and executive business center with conference room and concierge services. The asset also contains 10,167 square feet of ground-floor retail that is fully leased. The seller, Capri Capital Partners LLC, purchased 360 Residences from Kennedy Wilson for $118 million in April 2012. HFF’s Scott Bales, Peter Yorck and Miles Kersten represented Capri in this transaction. San Mateo, Calif.-based Essex Apartment Homes is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops apartment communities …

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ArizonaColoradoIndianaMichiganMidwestMultifamilyOregonStudent HousingTop StoriesWashingtonWesternWisconsin

American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M

by Taylor Williams

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …

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FloridaMarket ReportsRetailSoutheastSoutheast Market Reports

Regeneration of Retail Spurring New Development, Investment Activity in Orlando

by John Nelson

Orlando’s retail market is experiencing renewed vigor. Construction cranes are rising in key areas due to increasingly high demand, and low vacancies are fueling rental rate growth, which has been somewhat stagnant over the last several years. There is also demand for larger vacated boxes as a result of the downsizing and bankruptcies of retailers. Spaces once occupied by Sears, Sports Authority and hhgregg, for example, are being filled by retailers entering or expanding their presence in the market, such as Luckys Market, Earth Fare, Orchard Supply, Ollie’s, 24 Hour Fitness and At Home. The activity is both resulting in and benefitting from exciting new developments and infrastructure improvements in the market. Development, Infrastructure Current development activity in Orlando is in direct response to considerable consumer demand, with many major retail projects recently completed or under construction. Lake Nona Landings, a 53-acre development in Tavistock’s master-planned Lake Nona community, opened in early 2017 with the area’s first Walmart Supercenter and Sam’s Club, and will serve as an anchor for the growing Narcoossee corridor south of State Road 417. Horizons West/Four Corners is a thriving residential area encompassing parts of western Orange and north Osceola counties where retail, restaurant and multifamily …

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GeorgiaRetailSoutheast

Franklin Street Arranges $4.1M Sale of Shopping Center in Metro Atlanta

by Camren Skelton

WOODSTOCK, GA. — Franklin Street has brokered the $4.1 million sale of The Shops at Eagle Pointe, a 26,960-square-foot retail center located in the Atlanta suburb of Woodstock. John Tennant and Bryan Belk of Franklin Street represented the seller, Indianapolis-based Alpha Opportunity Fund I LLC, in the transaction. D2D Holdings Inc. purchased the asset. At the time of sale, the property was leased to tenants including a gym, dry cleaner, doctor’s office and restaurants.

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IndustrialMarket ReportsSelf-StorageTexasTexas Market Reports

Texas Flirts With Oversupply of Self-Storage

by Taylor Williams

Speaking to a panel of real estate professionals in the 1980s on the dangers of overbuilding during a period of economic expansion, Dallas real estate magnate Trammell Crow offered lenders in the crowd a simple proposition: “If you stop lending, I’ll stop developing.” Thirty-one years later, the nature of that relationship has manifested in the Texas self-storage market. After minimal delivery of self-storage properties in 2012 and 2013, development began to surge in 2014. The Texas Self Storage Association (TSSA) estimates that there are now roughly 6,500 facilities statewide, and local sources concur that unit growth from 2014 to the present has been somewhere in the neighborhood of 350 new facilities per year. This development boom has occurred in the face of rising land prices, high property taxes and a constricting pool of skilled labor that has driven up construction costs. Overall economic growth is contributing to the concern as well. Lenders are still lending, thus developers are still developing, betting that the pent-up demand for self-storage properties in Texas still has some gas left in the tank. The bullish perspective on self-storage appears to go beyond the Lone Star State. Tennessee-based hotel data and research firm STR, which has …

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GeorgiaMultifamilySoutheastTop Stories

Independence Realty Trust to Acquire Nine-Property Multifamily Portfolio for $228.1M

by Nellie Day

PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) has agreed to acquire a nine-property multifamily portfolio for $228.1 million. The portfolio contains 2,353 units across the U.S. The seller was not disclosed. This acquisition will allow IRT to further develop its presence in core markets like Atlanta, Indianapolis and Columbus, Ohio. It will also allow the REIT to enter two new markets, though further information regarding the assets’ locations was not disclosed. IRT maintains a large multifamily portfolio in the South and Midwest, particularly in Arkansas, Georgia, Florida, Kentucky, Missouri, North Carolina, Oklahoma, Tennessee and Texas. Rents range from $455 per month at Raindance Apartments in Oklahoma City to more than $1,265 per month at Sabal Key in Naples, Fla. The communities within the new portfolio were built or renovated between 2000 and 2011 and feature an average occupancy of 95 percent. Average effective rent per unit was $884 for the three months that ended July 31, 2017. “This acquisition represents another key milestone for IRT, bolstering our current portfolio with a collection of high-quality communities located in amenity-rich, non-gateway markets that are core to our investment thesis,” says Scott Schaeffer, chairman and CEO of IRT. “This is a tremendous …

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