CAPRE’s Commercial Real Estate Headlines for August 29, 2019
Check out the latest deals and developments in commercial real estate for Aug 29, 2019:
- Phoenix Replaces Las Vegas as Top City for Gains in Home Prices: S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for June2019shows that the rate of home price increases across the U.S. continues to slow. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.1%annual gain in June, down from 3.3% in the previous month. The 10-City Composite annual increase came in at 1.8%,down from 2.2% in the previous month. The 20-City Composite posted a 2.1% year-over-year gain, down from 2.4% in the previous month. Phoenix, Las Vegas and Tampa reported the highest year-over-year gains among the 20 cities. In June, Phoenix led the way with a 5.8% year-over-year price increase, followed by Las Vegas with a5.5%increase,and Tampa with a4.7% increase.Six of the 20 cities reported greater price increases in the year ending June 2019 versus the year ending May 2019.
CBRE Funds $39.7M Acquisition Loan for Apartment Community in Southwest Charlotte: CBRE has provided a $39.7 million Freddie Mac acquisition loan for Arbor Steele Creek, a 384-unit apartment community in southwest Charlotte. The borrower, a joint venture between Charleston, S.C.-based Blaze Partners and Acre Valley Real Estate Capital, plans to continue interior and exterior renovations. The previous owner, a joint venture between Blaze Partners and True North Management Group, acquired the property in 2017 and began renovations. The complex comprises 16 three-story buildings. Communal amenities include a swimming pool, fitness center, business center, picnic areas with grilling stations, pet park, playground and a clubhouse.
- Spartan Logistics Leases Warehouse at 3100 Creekside Parkway in Rickenbacker Area: Spartan Logistics, a Columbus, Ohio regional supply chain solutions company, is pleased to announce that they have leased 257,000 square feet of industrial warehouse space in Lockbourne, OH. The new space is Spartan’s first near the Rickenbacker Global Logistics Park, bringing Spartan’s portfolio to over three million square feet. Built in 2000, the facility located at 3100 Creekside Parkway, encompasses 340,000 secure square feet and Spartan’s portion is equipped with 25 dock doors and one drive-in door. The Lockbourne warehouse will serve as a distribution hub for Spartan Logistics’ newest dedicated contract customer, a national manufacturer of paper products.
Colliers Negotiates $22M Sale of Two Industrial Parks Near Seattle: RE Business Online is reporting that Colliers International has facilitate the sale of two industrial parks in southern King County, Washington. Boston-based TA Realty acquired the assets from a local Puget Sound private investor for $22 Million USD. “Totaling four buildings on 6.3 acres, the properties are Pacific West Business Center in Kent and White River Corporate Park in Auburn. Built in 1979 and located at 18852-18872 72nd Ave. South, Pacific West Business Center features 60,530 square feet of industrial space on a 3.3-acre campus. At the time of sale, the asset was fully leased to nine tenants,” they write. “Located at 2200-2222 W. Valley Highway North, White River Corporate Park offers a total of 60,852 square feet of warehouse space spread across two buildings. Built in 2004, the property was fully leased to five tenants at the time of sale. Bill Condon and Matt McGregor of Colliers International handled the transaction.”
JLL Closes Sale of 264-Unit Garden-Style Apartment Community in Suburban Portland Market: JLL has closed the sale of Avana Orenco Station, a 264-unit, garden-style multi-housing community in Hillsboro, OR. JLL marketed the property on behalf of Greystar and procured the buyer, Jackson Square Properties. The property was acquired free and clear of existing financing. Avana Orenco Station is located at 6710 NE Vinings Way less than half of a mile south of the Intel campus, which is home to 20,000 local jobs, and within walking distance to the MAX Light Rail Blue Line. The community consists of 12 residential buildings comprising a mix of 156 one-bedroom, 100 two-bedroom and eight three-bedroom floor plans averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers and dryers. Common area amenities include a swimming pool and spa, grilling areas, firepit, gazebo, fitness center, community lounge with Wi-Fi and pool table, business center and dog park.