On the Market: 5 Interesting CRE Listings for the Week of 5/6
- May 06, 2016
On the Market is a new department curating the week’s most interesting for-sale CRE assets. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Mallory Bulman, Associate Editor.
Location: Houston, Texas
Year Built: 1978
Avg. rent: $786 ($0.99/SF)
Rentable SF: 356,458
Avg. unit size: 796 SF
Highlights: Strong historical occupancy and rent growth; 5 percent year-over-year income growth in 2015; well positioned for value-add upgrades; close proximity to major employers like a new ExxonMobil campus, the Southwestern Energy headquarters and the Woodlands Hospital.
Contact: David Wylie, ARA Newmark, 713-425-5410
Location: Pensacola, Fla.
Year Built: 2003
2015 Rent Growth: 17 percent
2015 NOI Growth: 19 percent
Highlights: Building rents are an average of $125 less than similar buildings, allowing for increases; location is near four of the area’s five military facilities; employers nearby include Baptist Healthcare, Sacred Heart Health System, Navy Federal Credit Union; community amenities include a business center, fitness center, coffee bar, swimming pool, tennis courts, dog-walk area and storage units; unit amenities include central heating and air conditioning, screened-in patios and a garden tub.
Contact: Byron Moger, Cushman & Wakefield, 813-204-5316
Location: Mesa, Ariz.
Year Built: 1986
Average Unit Size: 836 SF
Highlights: Location provides exposure to more than 250,000 cars per day; close proximity to employment, shopping, dining, entertainment venues and the Heritage District in Downtown Gilbert; community amenities include two swimming pools, spa, clubhouse, basketball court, children’s playhouse, pet park, exterior storage and covered parking; unit amenities include dishwashers, refrigerators, washer/dryers, private storage and private balconies; select units include fireplaces, vaulted ceilings and built-in microwaves.
Contact: David Fogler, Cushman & Wakefield, 602-224-4443
Creve Coeur Portfolio
Location: Creve Coeur, Mo.
Year Built: early 1980s
Occupancy: 96 percent
Avg. Unit Size: 913 SF
Highlights: Newly renovated kitchens and bathrooms; prime location near shopping, entertainment and dining; centrally located off of Route 340, near Interstate 270, Interstate 170, Interstate 64 and Interstate 70; residents have easy access to employment hubs in St. Louis; Lambert St. Louis International Airport is located within a 20-minute drive of each community in the portfolio.
Contact: Brian Margerum, CBRE, 410-244-3135
Location: Savannah, Ga.
Year Built: 1972
Total SF: 58,780
Highlights: Located close to historic downtown Savannah, Savannah Mall and Armstrong State University; unit amenities include dishwashers, refrigerators, central heat and air, patios and reserved parking; community amenities include swimming pool, playground and picnic areas.
Contact: Will Mathews, Colliers International, 404-877-9285