CAPRE’s Commercial Real Estate Headlines for October 9, 2019
Check out the latest deals and developments in commercial real estate for October 9, 2019:
- Marcus & Millichap, Inc. Closes Form Real Estate Advisors Inc. Acquisition: Marcus & Millichap has acquired Form Real Estate Advisors, a leading commercial real estate services firm based in Vancouver, British Columbia, specializing in retail transactions and advisory services. Founded in 2010, Form Real Estate Advisors has developed a highly respected brand and extensive market presence in the retail segment. The addition will be synergistic with Marcus & Millichap’s retail brokerage business in the U.S. and other Canadian markets. Form’s top-tier team of 11 real estate professionals including its founding partners, David Morris, Derick Fluker, Jon Buckley and Jack Allpress are joining MMI to further the Company’s penetration of Western Canada. Marcus & Millichap is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of June 2019, the Company had over 1,900 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 4,485 transactions for the first six months ended June 30, 2019, with a sales volume of approximately $22.8 Billion USD.
- Greystar Acquires 400-Unit Multifamily Property in Atlanta Suburb: Greystar Real Estate Partners has announced the acquisition of The Columns at Akers Mill, a 400-unit, garden-style multifamily community situated in the popular Atlanta suburb of Vinings, on behalf of its affiliates. The purchase presents an opportunity to acquire a well-located asset with value-add potential in a top-performing southeastern market where Greystar has built a sizeable portfolio. Originally completed in 1968 and significantly upgraded in 1994, The Columns at Akers Mill is located at 2383 Akers Mill Road SE, in close proximity to major employment hubs including Cumberland/Galleria, Buckhead, Midtown and Perimeter Center. Large corporations such as Home Depot, Thyssenkrupp, HD Supply, Delta Community Credit Union and Genuine Parts have headquarters in the Cumberland/Galleria area, which is located just two miles from the Property.
- Nuveen Real Estate Buys $3 Billion US Industrial Portfolio From Blackstone: Nuveen Real Estate announced October 7 that it acquired 100 U.S. logistics properties from Blackstone Group’s real estate arm valued at $3 billion, a move that significantly expands Nuveen Real Estate’s U.S. logistics real estate portfolio. Nuveen Real Estate said it acquired 29 million square feet of property encompassing 12 markets, expanding its logistics real estate exposure to 80 million square feet nationwide. The properties are concentrated in southern California, Dallas, Chicago, northern New Jersey, Baltimore and Washington, D.C. The properties’ composition is a blend of urban “infill” properties in densely populated areas designed to support last-mile delivery, as well as bulk logistics assets, the latter being industry lingo for traditional warehouses. Urban facilities of less than 75,000 square feet are in very strong demand as e-commerce continues to grow. Nuveen Real Estate, which has been involved in the industrial sector since 1953, said it manages approximately $17.2 billion of logistics properties globally. Its U.S. industrial exposure is relatively small. ProLogis, the world leader by size, has 461 million square feet of U.S. logistics property under management.
- Avison Young acquires Phoenix-based Strategic Retail Group: Mark E. Rose, Chair and CEO of Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has acquired Phoenix-based Strategic Retail Group (SRG). The purchase establishes Avison Young’s retail brokerage practice in Arizona and complements the firm’s existing retail property management services in the state. The acquisition also enhances the company’s U.S. and global retail real estate services as well as its full-service platform. Founded in 2006, SRG has advised local and regional clients, and negotiated transactions on their behalf, in relation to retail project leasing, new developments, tenant representation, landlord advisory services and investment sales services. SRG has also successfully implemented strategic site-selection and expansion plans for national and regional retail tenants in large and small markets throughout Arizona. Effective immediately, SRG is rebranded as Avison Young and nine members from SRG join Avison Young Phoenix.Matt Milinovich, James DeCremer and David Jarand become Principals of Avison Young with a mandate to manage and grow the company’s retail brokerage practice in Arizona. In addition, they will continue to service existing and new clients.
- Logistics Property Co. Forges Forward in the Pacific Northwest with an Experienced Commercial Real Estate Project Management Hire: Logistics Property Company, a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets, today announces the addition of Joe Sandhu, an experienced commercial real estate project management professional, to its growing team. Based in Seattle as Senior Project Manager – West Region, Mr. Sandhu is responsible for all aspects of pre-construction, design and construction activities for new developments of logistics properties. Joe brings over 19 years of project management experience to LPC. Prior to joining LPC, Joe spent 14 years at Lendlease, where he most recently served six years as a Senior Project Manager in the multi-site unit working on program rollouts for national clients. Joe possesses extensive construction industry knowledge and program management skills and also has over 10 years of retail entrepreneurial experience in both the UK and the US.
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