CAPRE’s Commercial Real Estate Headlines for September 4, 2019
Check out the latest deals and developments in commercial real estate for September 4, 2019:
- Thor Equities Announces Logistics Division: Thor Equities, the global real estate development, leasing and management firm, specializing in commercial, office, retail, hotel, residential and mixed-use assets in urban markets, has announced the launch of ThorLogis, a division which will specialize in the logistics sector. The announcement coincides with Thor Equities’ recent acquisition of a Dutch industrial property as well as the appointment of David Hunt-Cuadrado, who will serve as the Managing Director of Europe and Head of Logistics Acquisitions for ThorLogis. Hunt-Cuadrado was previously the European director for Logicor, which is The Blackstone Group’s European logistics platform.
- CBRE Sells 311-Unit Affordable Yonkers Housing Community for $48 Million: CBRE Affordable Housing and CBRE’s New York Institutional Group is pleased to announce the sale of the 311- unit, affordable housing community Parkledge in Yonkers, NY. The property sold to Hudson Valley Property Group (HVPG) for $48.3 million. Tim Flint, Executive Vice President of CBRE Affordable Housing, along with Jeff Dunne, Gene Pride and Eric A pfel represented the seller in the transaction. The property has maintained a high occupancy of over 97% since 2016 and 90% of Parkledge’s units are kept affordable by a LIHTC Land Use Restrictive Agreement. The property has a desirable mix of one-, two-, three-, and four-bedroom apartments, making Parkledge an attractive location for families. The property is a short 30-minute commute from downtown Manhattan. Equity for the transaction was provided by Hudson Valley Preservation Fund.
- Inland Private Capital Corporation Completes Sale of 59-Unit Chicago Multifamily Property for $15.24 Million: Inland Private Capital Corporation (“IPC”) today announced the $15.24 million sale of Kimball Station, a 59-unit apartment property with 6,118 square feet of ground-floor retail space, located in Chicago. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of Chicagoland Multifamily DST, one of its 1031 investment programs. Located in the growing Albany Park neighborhood on Chicago’s northwest side, the property consists of a five-story building constructed in 2009 and provides a mix of one-, two- and three-bedroom apartments with upscale contemporary finishes. Ideally positioned directly across from the Brown Line Commuter Rail Station, which serves more than 1.3 million passengers per year, Kimball Station is approximately eight miles north of Chicago’s Central Business District.
- TA Realty Sells National Logistics Portfolio for $1.04 Billion: TA Realty LLC, a leading provider of real estate investment management services to institutional and private investors, today announced that it sold an 8.3 million-square-foot, 96-property logistics portfolio for $1.04 billion in two separate transactions on behalf of one of its closed-end value-added funds. In one transaction, AEW Capital Management acquired the portfolio’s 28 Texas-based properties. In the other transaction, funds managed by Blackstone acquired the portfolio’s 68 properties, which are situated in ten high-growth markets across the United States. The multi-tenant distribution properties are located across 14 high-growth markets that are served by substantial infrastructure and benefit from convenient access to major transportation arteries. The portfolio contains more than 325 tenants and was 91 percent occupied as of July 1, 2019.
- Rexford Industrial Acquires Five Industrial Properties For $110.3 Million; Sells Two Properties for $12.8 Million: ReRexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the acquisition of five industrial properties for a total of $110.3 million and the disposition of two properties for $12.8 million. The acquisitions were funded using cash-on-hand as well as the reinvestment of disposition proceeds. The Company acquired 3150 E. Ana Street, located in Rancho Dominguez in the LA – South Bay submarket, for $18.8 million, or $177 per square foot. The site was purchased through an off-market sale-leaseback transaction for a price approximating land value and contains 105,970 square feet of improvements on 6.06 acres of land. At lease expiration, the Company intends to reposition the property into a high throughput, low coverage logistics facility, as favorable zoning allows for trailer parking on excess land. According to CBRE, the vacancy rate in the 223 million LA – South Bay submarket was 0.6% at the end of the second quarter 2019.
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