CAPRE’s Commercial Real Estate Headlines for August 28, 2019
Check out the latest deals and developments in commercial real estate for Aug 28, 2019:
- 3PL Industry to Grow 7.5% CAGR through 2025: Grand View Research has released a report on the state of the third-party logistics market, and finds a rosy outlook. “The global third party logistics market size was valued at $728.6 Billion USD in 2018 and is expected to register a CAGR of 7.5% from 2019 to 2025,” reads the summary. “Service providers have emphasized on enhancing their supply chain activities to address the growing demand for shopping. They are also harnessing the benefits of automated freight payment and audit services for minimizing costs….Demand for efficient inventory management and improved working capital is expected to increase the dependence on 3PL providers. Growth of the e-commerce industry across several regions has increased freight transportation, thus creating new opportunities for 3PL providers.”
- Starwood Capital Group Acquires Multifamily Affordable Housing Portfolio in Texas and Florida: Starwood Capital Group, a global private investment firm focused on real estate and energy investments, has acquired through a controlled affiliate a stabilized multifamily affordable housing portfolio with 4,448 units located in 21 communities. The acquired portfolio is 96% occupied and located predominantly in Dallas-Fort Worth, Houston and across Florida. The portfolio’s high-quality garden-style residential units feature top-tier amenities, including swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities. The properties in the portfolio have an average vintage of 2004, boast low vacancy rates, and offer affordable options for renters in attractive Texas and Florida markets.
- CBRE Arranges Florida’s Biggest CRE Deal: The Commercial Property Executive is reporting that CBRE has arranged the sale of Centergate at Gratigny, 1.6 million-square-foot metro Miami industrial park in Hialeah, Fla., for an undisclosed price. “The industrial park comprises three buildings located at 5801 and 6301 E. 10th Ave. The Class A industrial property includes a 979,000-square-foot distribution and light assembly warehouse that was built in 1999 with varying clear span heights of 32 feet, 17 feet and 13 feet. The warehouse also offers 1.7 parking spaces for every 1,000 square feet, 140 trailer parking spots and a 7 percent overall office finish. The other two buildings have been recently constructed and total 603,000 square feet, while offering 32-foot clear span heights and a dock-high rear load configuration,” CPE writes. “The large property is anchored by promotional products supplier Bullet Line, and is also home to Carnival Cruise Lines that services ships from Port Miami and Port Everglades, as well as to a business-to-business packaging distributor, Veritiv.”
- Mack-Cali Purchases Jersey City Lot for $65 Million USD: The 1.4 acre parking lot located at 107 Morgan St in New Jersey bordering Steuben and Warren streets has been purchased by Mack-Cali for $65 Million USD. The Garden State real estate regular plans to build 804 apartments on the parcel. The current parking lot has been run by Little Man Parking.
- JLL Income Property Trust Acquires Class A Industrial Asset in Suburban Boston: JLL Income Property Trust has acquired theTaunton Distribution Center, a 200,000 square foot Class A industrial asset located in Myles Standish Industrial Park, one of Greater Boston’s premier industrial “super parks.” The purchase price was $25.7 Million USD. The property is in close proximity to New England’s primary transportation corridors and population centers enjoying excellent access to the I-495 highway system with direct connectivity to service Boston, Providence, Worchester and the greater New England region. This is in line with JLL Income Property Trust’s strategic approach to invest in modern, strategically located properties. Set in Boston’s largest industrial submarket, the property is part of the Myles Standish Industrial Park which features more than six million square feet of warehouse, distribution, manufacturing and office space.