Editors’ Weekly News Roundup December 6 – December 13
Transactions were top of mind for Connect CRE readers this past week, judging by the fact that all five of the week’s most-read stories reported sales/acquisitions or, in one instance, financing. Each story involved a different property type.
Topping the ranking was CRC Spins Off Spring Hill Retail Center, hailing from a suburb approximately 45 miles north of the Tampa/St. Petersburg metro area. The property, a strip center with approximately 20 tenants, saw occupancy increase from 72% to 99% during the five years that Continental Realty Corporation owned it.
Marcus & Millichap’s Institutional Property Advisors arranged the sale, which resulted in CRC pocketing about 75% more than it paid for the property.
The week’s second most-read story was literally on a bigger scale: 40,800 acres compared to 87,000 square feet for the Spring Hill retail. This time, the property sector was commercial timberland.
J.P. Morgan’s Campbell Global Acquires 40K Acres in the PNWreported that the timber investment manager, which J.P. Morgan Asset Management acquired in 2021, advised institutional investors on their acquisition along the Olympic Peninsula in northwest Washington State. The property will be continuously managed for both carbon capture and timber production to meet growing demand for sustainable building products and other uses.
In third and fourth place were two stories out of New England. Ranking third among the best-read stories of the past week was Financing Lined Up for Redeveloping Boston Hotel into Section 8 Housing. The redevelopment of the former lodging property at 900 Morrissey Blvd. In Boston will be spearheaded by the 60-year-old, mission-driven The Community Builders, Inc., while the financing came from a variety of public and private sources, including federal and state Low-Income Housing Tax Credits.
Connect CRE’s fourth most-read story last week focused on the sale of a net-leased industrial property in south central Connecticut. Town Fair Tire Headquarters Sells for $7M detailed a transaction arranged by a Boston-based Marcus & Millichap team for a 207,000-square-foot distribution center with 20,000 square feet of office space and a 176-trailer position industrial outdoor storage (IOS) site.
Marcus & Millichap’s Harrison Klein commented that the sale was “indicative of investors’ desire for quality distribution assets throughout New England.”
Completing the top five was a high-profile multifamily sale in Southern California. The deal reported in Vista Apartments Go For $185M in San Diego’s Second-Largest Multifamily Deal YTD saw the 410-unit Preserve at Melrose trade to Chicago-based Mesirow.
Walker & Dunlop arranged the sale. The firm reported that in addition to ranking as San Diego’s second-largest single-asset multifamily sale thus far in 2024, it’s also the fifth-largest statewide year-to-date. Could its ranking, whether local or state-level, be usurped by an even larger transaction in the traditional year-end blitz of completed deals? If so, you’ll be reading about in Connect CRE.