Author: Sarah

JLL Acquires Metropolitan Valuation Services

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JLL has acquired Metropolitan Valuation Services, one of the largest independent commercial property appraisal and real estate consulting firms in the greater New York metropolitan area.

The addition of 20 valuations professionals to JLL’s existing team of 10 creates an advisory powerhouse during a period of intensive pricing discovery. MVS’s core competency extends to multi-housing, CBD and suburban office buildings, industrial/warehouse and shopping/retail properties, land, property transfers and market rent studies and appraisals for HUD section 8 properties.

MVS was founded in 2003 by Principal and Co-Founder Steven Schleider. Clients include major financial institutions, Fortune 500 corporations, REITs, commercial real estate developers, investors, insurance companies, law firms, City of New York and government agencies.

Executive Vice President Ross Friedman and the existing JLL NYC Tri-State team will join forces with MVS Executive Vice Presidents Peter Rastetter and David Lyon under the leadership of Steven Schleider.

As the top investment market globally over the last decade and a top-two market for cross-border investment over this time period, New York remains a key gateway city for national portfolios and global capital. As economic conditions, mobility patterns, consumer spending and tourism are improving in New York, the market is increasingly solidifying its position as a leading global hub for talent and resilient market for investment.

JLL’s 2,000 qualified valuation professionals are connected across more than 50 countries, sharing insights and real-time data to advise on changing market dynamics and trends before they happen. A global community of sector-based specialists, the team delivers tailored client solutions for your real estate and business asset interests, giving an accurate picture of value and risk across any opportunity.

U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

Colliers Sells DaVita Anchored Medical Building Near Cy-Fair Hospital in Houston

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Davita is one of the largest kidney care companies in the U.S. with a network of 2,753 outpatient dialysis clinics in 46 states serving a total of 207,000 patients. DaVita will continue to lease their portion of the building under a 10-year primary term.

“This was a great transaction for both the buyer and seller,” said Todd Moore, Principal of Colliers. “The property has tremendous value add potential in leasing up the vacancy, while benefiting from long term, investment grade tenancy in place.”

Houston’s medical office market totals 43.6 million square feet of medical office space, which is currently 88.0% occupied. Rent growth is up 1.9% over the quarter and there are 2.2 million square feet of new product under construction.

For further information please contact:
Todd Moore | Principal
+1 713 830 2191 todd.moore@colliers.com

For further information please contact:
Connor Duffy | Associate
+1 713 830 4010 connor.duffy@colliers.com

Transitional Care Facility Southwest of Dallas Sells

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JLL Capital Markets announced today that it has closed the sale of Methodist Transitional Care Center, a 100-bed, 66-unit, transitional care facility in the Dallas suburb of DeSoto.

JLL represented the seller, Madison Marquette, in the sale to LFI Real Estate. The absolute net lease had just over 13 years of primary term remaining at sale, but there are also two five-year renewal options. The cap rate based on year one rent is 6.8%.

Methodist Transitional Care Center is leased to a joint venture between Methodist Health Systems and HMG Healthcare. The facility is equipped with advanced technologies and specialized resources for patients needing intravenous therapy, physical therapy, speech therapy, occupational therapy, wound care, pulmonary care and many other treatments and services. The center features a large state of the art therapy gym, resident dining area, full bathrooms with showers in all resident rooms, a fully outfitted commercial kitchen and a centrally located administration area with offices, storage and a conference room.

The facility is situated at 109 Methodist Way and is well located to serve discharges from the four Methodist Health Systems hospitals within 15 miles of the property. Developed by Madison Marquette in 2020, the facility is licensed as a skilled nursing facility and is Medicare certified.

The JLL Capital Markets team representing the seller was led by Managing Directors Charles Bissell and Evan Kovac.

TradeLane Acquires Former Retail Facility for Industrial

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TradeLane Properties announced the acquisition of 1650 S. Cherry Lane, a former “big box’ retail facility totaling 120,200 square feet in Fort Worth. This facility is situated on 8.52 acres with three drive-in doors, four dock doors, 18-foot clear height, 1,600 amps of power, 201 auto stalls and a 370-foot deep truck court.

Purchased within the TradeLane Properties U.S. Industrial Fund II, a value-add investment fund focused on key Central U.S. logistics markets, this investment was 100% vacant upon acquisition. As part of its investment strategy, TradeLane Properties has rezoned the premises to warehouse/distribution and will redevelop the facility to an industrial facility offering significant outside storage. Improvements include new LED lighting, significant asphalt and concrete work, security fencing, exterior and interior building paint, additional dock doors and new spec office space. The redeveloped asset is listed for lease with Todd Hubbard and Jake Blankenship with NAI Robert Lynn.

TradeLane Properties would like to thank Todd Hubbard and Jake Blankenship with NAI Robert Lynn, Wintrust Bank, and Barack Ferrazzano Kirschbaum & Nagelberg LLP for their assistance in this transaction.

S2 Capital Surpasses Blackstone As Most Active Buyer of Multifamily in DFW

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Dallas-based national multifamily investor, S2 Capital has added 14 properties to its portfolio that spans both Dallas-Fort Worth and Houston—totaling 4,455 units with a total of 11 properties based here in North Texas.

According to Real Capital Analytics, S2 Capital is now the No. 1 most active buyer of multifamily in Dallas-Fort Worth in the past five years with its latest acquisition.

Each of the 14 properties was built between 1979 and 1987, and S2 has already begun planning renovations for the exterior and interior of each asset. In an attempt to “offer current and prospective residents an enhanced community experience,” some of the exterior renovations will include enhanced pools, fitness centers, leasing offices, clubhouses, and fresh paint and siding. Similarly, it plans to give each interior a facelift with new flooring, countertops, kitchen and shower tile, light fixtures, hardware, and appliances.

Scott Everett, founder and CEO of S2, told D CEO: “We believe DFW is now the best multifamily investment market in the country. You have to be bullish about a market with record in-migration, a business-friendly climate, household income growth, manageable inventory levels, and strong housing demand. We are very excited about the future of Dallas.” Click to read more at www.dmagazine.com.

Regional Power Center in Houston Sells to Local Investor

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JLL Capital Markets has closed the sale of Market Square at Eldridge, a 262,556-square-foot regional power center anchored by a slate of tenants in Houston.

JLL marketed the property on behalf of the seller, Walton Street Capital, L.L.C. Houston-based Wu Properties acquired the asset.

According to Placer.Ai, Market Square at Eldridge center is in the top 5% of all U.S. shopping centers. The high-performing center is 98 percent leased to a robust mix of national tenants, including Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. A Target and popular membership-only retail warehouse serve as shadow anchors.

Market Square at Eldridge is positioned on 32.52 acres at 2660 Eldridge Pkwy S. in a high-traffic infill Houston location at the intersection of Westheimer Road and Eldridge Parkway, which sees more than 99,000 vehicles per day. The property is near Houston’s Energy Corridor, a major employment center. Surrounded by residential and multi-housing development, more than 161,182 residents earning an average annual household income of $90,716 live within a three-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West, Associate Erin Lazarus and Analyst Megan Babovec.