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Walker & Dunlop Arranges $134M Sale of Multifamily Property in Metro Denver

by Katie Sloan October 21, 2021

LITTLETON, COLO. — Walker & Dunlop (NYSE: WD) has arranged the $134 million sale of Griffis Marston Lake, a 332-unit multifamily community in Littleton. Built in 2002, the garden-style community was marketed as a value-add investment. The property offers a mix of one-, two- and three-bedroom units near major employers including the Swedish Medical Center, Denver Federal Center and Lockheed Martin. The community is also located roughly 10 miles south of downtown Denver and the Denver Tech Center. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop brokered the transaction on behalf of the seller, a partnership between Denver-based Griffis Residential and Pacific Coast Capital Partners. Trevor Fase, also of Walker & Dunlop, secured fixed-rate, interest-only acquisition financing through Fannie Mae on behalf of the buyer, Kennedy Wilson. This transaction follows a number of major multifamily deals in the Denver area during the month of October, including the sale of a five-building multifamily portfolio in Aurora; the funding of a 252-unit development and the $64.5 million sale of Mesa Verde Apartments in Arvada; and the $108.2 million acquisition of Neon Local Apartments in Denver. Griffis Residential owns a portfolio of multifamily communities across Colorado, Texas, Oregon, Washington …

October 21, 2021

Acquisitions Arizona Development Mixed-Use Top Stories Western

Howard Hughes Corp., Jerry Colangelo Buy 37,000 Acres in Phoenix for Massive Douglas Ranch Mixed-Use Project

by John Nelson October 19, 2021

PHOENIX — The Howard Hughes Corp. (NYSE: HHC) and local business magnate Jerry Colangelo are partnering to develop Douglas Ranch, a large-scale, master-planned community in Phoenix. HHC and Colangelo have purchased 37,000 acres for the project in Phoenix’s West Valley region for $600 million. Upon full buildout, Douglas Ranch will comprise 100,000 homes for 300,000 residents, as well as 55 million square feet of commercial development. The partnership plans to launch residential lot sales at Douglas Ranch in the first half of 2022. “We are creating a city of the future — leveraging HHC’s development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation,” says Colangelo, a longtime Phoenix resident and former owner of the Phoenix Suns NBA franchise. The land sellers, locally based JDM Partners and Scottsdale-based El Dorado Holdings, will remain as joint venture partners for Douglas Ranch’s first phase, which is a 3,000-acre village called Trillium located in the city of Buckeye. Colangelo is a partner at JDM Partners, along with David Eaton and Mel Shultz. The firm is one of the largest owners of entitled land in Arizona. HHC and Colangelo are launching Douglas Ranch to tap into …

October 19, 2021

Florida Life Sciences Market Reports Retail Southeast Southeast Market Reports

Orlando Retail Market Experiencing Record Investor Demand and Pricing

by John Nelson October 18, 2021

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows. According to data from CoStar Group, the metro’s average rental rate of $15.84 per square foot in the second quarter is more than 7 percent higher than the pre-pandemic peak. And occupancy rates are 40 basis point higher than the pre-COVID-19 peak, currently standing at 96.4 percent. With escalating land prices and shortages in raw materials and labor, we anticipate overall construction costs will continue to increase, stalling deliveries and further advancing rental and occupancy rates. Last year, some retail owners (sellers) and investors (buyers) focused on asset management within their portfolios and reevaluated the perceived investment risk due to the pandemic, which caused a sharp dropoff in 2020 investment activity, despite an abundance of capital available to invest. After a couple quarters of fundamentals bottoming out, owners and investors had confidence in their …

October 18, 2021

Acquisitions California Office Top Stories Western

IRA Capital Acquires Live Nation Headquarters Building in Beverly Hills for $153M

by Taylor Williams October 18, 2021

BEVERLY HILLS, CALIF. — IRA Capital, a private equity firm based in Southern California, has acquired The Post, an office complex in Beverly Hills, for $153 million. The seller was not disclosed. The 102,500-square-foot property serves as the headquarters of promotion and ticketing company Live Nation Entertainment (NYSE: LYV), which occupies 92 percent (94,300 square feet) of the space. The U.S. Postal Service occupies the other 8 percent (8,200 square feet) of the four-story building. The Post underwent a $44 million capital improvement program in 2019 to reposition the building to attract more creative office users. The project incorporated an open-floor workspace that features 22-foot ceilings, an open stairway and outdoor patio spaces. “The property’s irreplaceable location and thriving tenant align with IRA’s investment thesis of pursuing best-in-class properties,” says Samir Patel, IRA Capital’s co-founder. “Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.” The stock price of Live Nation, which employs more than 44,000 people worldwide, opened at $100.80 per share on Monday, Oct. 18, up nearly 100 percent from $54.59 per share a year ago. IRA Capital, which expects to exceed $1 billion of commercial acquisitions by the end of …

October 18, 2021

Alabama Arizona District of Columbia Florida Georgia Healthcare Kansas Midwest Southeast Tennessee Texas Top Stories Western

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

California Development Multifamily Top Stories Western

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Kristin Harlow October 13, 2021

CAMARILLO, CALIF. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI), with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to Kennedy Wilson’s growing pipeline totaling approximately 4,700 multifamily units that are scheduled for completion by 2024. When the Camarillo project is completed, Kennedy Wilson’s global portfolio will total more than 33,000 units. “Developing this new community is an important step in our larger partnership with CSUCI and will meaningfully contribute to a region that is short on supply of high-quality apartments and homes for faculty, staff and local residents,” says Nick Bridges, managing director with Kennedy Wilson. “Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers toward communities that have access to the outdoors, are …

October 13, 2021

Development Leasing Activity Midwest Ohio Top Stories

Kroger, Ocado Announce Five New Customer Fulfillment Centers Around the Country

by John Nelson October 12, 2021

CINCINNATI — The Kroger Co. (NYSE: KR), the largest grocery store chain in the country, has announced five new customer fulfillment centers (CFCs) that the company will operate along with UK-based delivery logistics partner Ocado Group. The new Kroger Delivery facilities include a distribution center in the Northeast, as well as two centers in Southern California and a pair of facilities in South Florida. The vertically integrated CFCs will utilize machine learning and robotics and serve both Kroger customers and regional stores. The locations, size and construction timelines for these fulfillment centers were not disclosed because Kroger’s team members are still in the site selection process, but the Northeast CFC will be the Cincinnati-based grocer’s first in the region. “We feel great about the momentum we’re experiencing with Kroger Delivery and our partnership with Ocado and are strategically leveraging our assets to expand our operations in existing regions, as well as enter new geographies on the East Coast that leverage facilities across a growing range of sizes,” says Rodney McMullen, chairman and CEO of Kroger. “Kroger Delivery is a thriving part of our dynamic ecosystem and is transforming grocery e-commerce and meeting a range of customer needs.” The Southern California …

October 12, 2021

Acquisitions Georgia Retail Southeast

Connolly Acquires 28,000 SF Towne Lake Plaza in Metro Atlanta

by Julia Sanders October 8, 2021

WOODSTOCK, GA. — Connolly has acquired Towne Lake Plaza, a 28,000-square-foot shopping center in downtown Woodstock. Dallas-based Murchison Commercial Real Estate Inc. sold the center for $4.1 million. Built in 1990, Towne Lake Plaza is fully leased to tenants including J. Millers Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique. Located 30 miles northwest of Atlanta, the center is situated on Towne Lake Parkway between Interstate 575 and Main Street. Credit Union Business Services provided acquisition financing for the transaction. The Retail Planning Corp. will manage the center. Connolly’s retail services division will oversee leasing at the property.

October 8, 2021

Company News Texas

Tesla to Relocate Headquarters from Palo Alto, California to Austin

by Taylor Williams October 8, 2021

AUSTIN, TEXAS — Tesla (NYSE: TSLA) will relocate its headquarters from Palo Alto, California, to Austin, CEO Elon Musk announced at a company shareholder meeting on Thursday night. Information on where the company’s new headquarters office will be located and when the move will commence was not immediately available. The electric vehicle manufacturer announced in July 2020 that it had selected a development site near Austin-Bergstrom International Airport for its $1 billion Gigafactory. Vehicle production at the Gigafactory, which will span more than 2,500 acres and employ some 7,000 people, is expected to begin in 2022. Musk’s other signature company, SpaceX, operates a rocket production facility and test site near the South Texas city of Brownsville. In explaining the move, Musk cited rising home prices and lengthy commute times for employees as primary deterrents to the company continuing to operate out of the Silicon Valley. Tesla joins Oracle and Digital Realty Trust as one of the latest major tech firms to announce a relocation from the Bay Area to the Texas state capital. The stock price of Tesla, which was founded in 2003, opened at $785.46 per share on Friday, Oct. 8, following the breaking of the news. The company’s …

October 8, 2021

Industrial Market Reports Midwest Midwest Market Reports Missouri

Spec Industrial Activity in St. Louis Region Rivals Pre-Pandemic Levels

by Kristin Harlow October 7, 2021

World and domestic markets are constantly recalibrating as the global supply chain continues to see a disruption from the COVID-19 pandemic. It has never been more clear though just how important freight logistics and a healthy supply chain are to keep the economy moving. Demand for distribution space continues to grow, and the latest data available reveals the bi-state St. Louis market is rebounding well from the uncertainty of 2020 and 2021, and is positioned to assist distributors and developers to meet the growing demand. The St. Louis region has more than 51 million square feet of modern bulk inventory supported by a strong labor force and an exceptional freight network that provides tremendous optionality to move goods into and out of the region via river, rail, truck and runway. Those advantages are contributing to historic lows in vacancy rates, with only 4.5 percent of modern bulk space (more than 250,000 square feet) available at this time. This follows on the heels of the overall vacancy rate for the entire St. Louis industrial market dropping below 6 percent in 2020, the first time it fell so low in more than 15 years. Fortunately, construction in the bi-state region has rebounded …

October 7, 2021

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