CAPRE’s Commercial Real Estate Headlines for October 8, 2019

Check out the latest deals and developments in commercial real estate for October 8, 2019:

  • Harbor Capital Partners Closes On Wehner Multifamily In Fifth Platform Acquisition: Configure Partners, a leading middle market investment bank, is pleased to announce the successful completion of a financing in support of Hidden Harbor Capital Partners’ acquisition of Wehner Multifamily, LLC. WMF is a full-service property management company with more than 25,000 residential units under management across Texas and Oklahoma. Wehner Multifamily is a full-service property management company with a mission to establish honest and competent management services for B & C class apartment communities. Hidden Harbor Capital Partners is a private equity firm with an operations soul and intense passion for building great companies.
  • Avison Young acquires San Diego-based McKinney Advisory Group: Avison Young, has acquired San Diego-based brokerage and property management firm McKinney Advisory Group, Inc. The purchase represents Avison Young’s first acquisition in San Diego and further expands the company’s full-service platform across Southern California. The purchase also enhances the firm’s national corporate services, particularly enterprise solutions and property management, as well as its tenant representation and investment sales business-line coverage in San Diego and throughout the United States. Founded in 2010, McKinney Advisory Group ranks among San Diego’s most renowned real estate brokerage and property management firms. Since its inception, the company has represented a variety of local, national and international organizations, ranging from entrepreneurs to Fortune 500 firms, while providing customized solutions that optimize the value of real estate assets.
  • Greystone Arranges $37 Million Refinance for Lions Group’s 82-Unit Rental Project in Astoria: Greystone has announced the closing of a $37,050,000 USD permanent loan made to an affiliate of the Shirian Family’s Lions Group to refinance 14-01 Broadway, a new 82-unit 100% market-rate multifamily rental apartment building located in Astoria, NY. The 10-year fixed-rate Fannie Mae loan replaces a Bank Leumi construction facility. Family-owned and managed, Lions Group leverages its expertise through acquisition, development, construction and management of residential, commercial, and retail properties. Lions Group currently owns and operates over 1,500,000 square feet of luxury condominium, multifamily, and commercial spaces and has excelled in delivering products to Queens, completing over ten projects in the borough within the last fifteen years. Lions Group is run by Albert, Ramin, Aaron, Jake and Allen Shirian. 14-01 Broadway’s superb location in the Astoria neighborhood bordering Long Island City provides residents with breathtaking views of Manhattan, as well as easy access to the neighborhood’s numerous modes of transportation and wide range of amenities.
  • Rexford Industrial Acquires Three Industrial Properties for $76 Million: Rexford Industrial Realty, a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, has announced the acquisition of three industrial properties for $76 million. The acquisitions were funded using cash on hand. The Company acquired Slauson Commerce Center, located in City of Commerce within the LA – Central sub-market, for $41.3 million, or $123 per square foot. The property comprises two divisible distribution buildings totaling 336,085 square feet on 10.51 acres of land. The buildings are 98% leased at rental rates estimated to be materially below-market. Located within one of the most highly supply-constrained sub-markets within infill Southern California, the property features extensive dock loading as well as rail service. According to CBRE, the vacancy rate in the 165 million square foot LA – Central sub-market was 1% at the end of the second quarter 2019.
  • W. P. Carey Announces International Industrial Investments Totaling $124 Million USD: W. P. Carey Inc. (NYSE:WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced three investments totaling approximately $124 Million USD. The investments comprise industrial facilities in the U.S., Mexico and the Netherlands and a build-to-suit commitment for an industrial R&D facility in Germany. The properties are triple-net leased to industry-leading tenants with a weighted-average lease term of approximately 22 years. W. P. Carey Inc. ranks among the largest net lease REITs with an enterprise value of approximately $20 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,198 net lease properties covering approximately 137 million square feet.