Home Prices Continue Rising in Two-Third of Opportunity Zones in First Quarter 2020

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its first-quarter 2020 special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017.

ATTOM looked at about 3,000 zones with sufficient sales data to analyze, meaning they had at least five home sales in each quarter from 2005 through the first quarter of 2020.

 The report found that 45 percent of the zones saw median home prices rise by more than the national increase of 11.3 percent from the first quarter of 2019 to the first quarter of 2020, where sufficient data was available.

That was down slightly from the 47 percent of zones that bested the 9.4 percent annual change from the fourth quarter of 2018 to the same period in 2019.

The report also shows that 78 percent of the zones had median home prices in the first quarter of 2020 that were less than the national median of $265,900.

 Data in the report forms the last snapshot of Opportunity Zone home prices before the major economic impact of the worldwide Coronavirus pandemic.

Todd Teta

 “Home prices in designated Opportunity Zones around the country keep showing strong gains, tracking the housing market boom now in its ninth year,"  said Todd Teta, chief product officer with ATTOM Data Solutions.

"Nearly half did even better in the first quarter of 2020 than the nation as a whole – a notable trend in some of the country’s most distressed neighborhoods.

"As with other recent ATTOM reports, this one needs to be taken in the context of the looming impact of the Coronavirus pandemic, which could cut the legs out from under the housing market.

 "For now, though, home prices are going strong in Opportunity Zones, which offers significant hope to current and potential homeowners and investors.”

 CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

ATTOM Data Solutions Reports Dollar Volume of Residential Refinance Originations Doubles Annually in First Quarter of 2020; Total Loan Origination Dollar Volume Up 54 Percent from Last Year

Todd Teta

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its first-quarter 2020 U.S. Residential Property Mortgage Origination Report, which shows that 1.07 million refinance mortgages secured by residential property (1 to 4 units) were originated in the first quarter of 2020 in the United States.

That figure was down 16 percent from the fourth quarter of 2019 but up 87 percent from the first quarter of 2019.

With interest rates continuing near all-time lows, refinance mortgages originated in the first quarter of 2020 represented an estimated $328.5 billion in total dollar volume, down 16 percent from the previous quarter but up 105 percent from a year ago.

Refinance loans accounted for 55.7 percent of all 1.92 million home loans in the first quarter of 2020, virtually the same as the 55.9 percent of loans in the fourth quarter of 2019, but up from 41.3 percent in the first quarter of 2019.

  

“Home-loan data was way up again in the first quarter of the year, with refinancing activity again accounting for more than half the total volume of mortgages," said Todd Teta, chief product officer at ATTOM Data Solutions.

Rob Barber 

"The number and dollar value of home loans marked yet another sign of the how charged up the U.S. housing market continued to be in the early months of the year when everything was still pointing in the right direction.

“Unfortunately, that is all uncertain now due to the economic fallout from the virus pandemic that could throw the market into a downturn. But at least the market heads that uncertainty with some of the strongest home loans – and by extension, overall market – numbers since the aftermath of the last recession.”

ATTOM also reports CEO Rob Barber has been named a 2020 Maverick of the Year by the American Business Awards®.

This award recognizes individual executives who have affected the most positive change on his or her company and/or industry since the beginning of 2019.

CONTACTS:

Christine Stricker

949.748.8428

christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313

datareports@attomdata.com

JLL secures $20 million refinancing for cold storage facility near Port Newark-Elizabeth, NJ

Michael Klein 

MORRISTOWN, NJ – JLL Capital Markets announced it has arranged a $20 million refinancing for 735 Dowd Ave., a 175,000-square-foot cold-storage facility near Port Newark-Elizabeth in the suburban New York City community of Elizabeth, New Jersey.

JLL worked on behalf of the borrower, Elberon Development Group, to place the 20-year, fixed-rate loan with a life insurance company. Loan proceeds were used to refinance the existing debt on the property.

Completed in 2013, the property was a build-to-suit cold storage facility for Seafrigo, a France-based food distributor specializing in handling chilled, frozen and ambient products.

The cold storage building features 40-foot clear heights, 16,000 square feet of two-story office space, 25 tailboards and temperature-controlled rooms ranging from -10 degrees up to 55 degrees.

The property is strategically located within one mile off Exit 13A on Interstate 95 (The New Jersey Turnpike), less than one mile from Route 9 and just south of North Avenue.

Jon Mikula 

735 Dowd Ave. is within two miles from Newark Liberty International Airport and five miles from Port Newark-Elizabeth, one of the largest container ports in the country.

 The facility is located within the Elizabeth Northern NJ industrial submarket, which had a vacancy rate of 3.4 percent at the end of Q1 2020, and cold storage product in the submarket is fully leased.

The submarket has continued to demonstrate excellent fundamentals over the years as vacancy rates have remained below five percent since Q4 2015, and triple-net direct rents have grown 2.2 percent quarter-over-quarter in the same timeframe.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Analyst Carlos Silva.

“JLL is pleased to have worked on Elberon Development’s behalf to secure very attractive long-term debt on the property,” Klein said.

Carlos Silva

“Demand for high-quality, state-of-the-art refrigerated warehouse properties continues to increase, and the property’s location with immediate access to the port, airport and highway infrastructure made this a highly sought-after loan for the lender.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Kimberly Steele, JLL Senior Associate, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.

elberon.com.

Ackerman & Co. and MDH Partners Unveil Master Plans for Next Phases of Development at Lee + White Mixed-Use Project in Atlanta, GA

Kelly Wilson

Atlanta, GA, May 22, 2020 – Moving forward with their $85-million redevelopment and expansion of Lee + White in Atlanta’s West End, Ackerman & Co. and MDH Partners have released new master plans that include creative loft offices, a food hall, public spaces, additional retail options and multifamily units, all featuring direct and enhanced Atlanta BeltLine access.

Leo Wiener

 “This new phase of development will add a dynamic mix of uses that will heighten activity during the daytime hours while greatly improving the walkability and overall visitor experience throughout the 23-acre site,” said Leo Wiener, President of Ackerman Retail.

“These plans are part of our effort to complement the proven tenant mix of breweries, restaurants, food manufacturers, creative loft-office tenants and retailers that have made Lee + White a go-to live/work/play entertainment destination while we retain the authentic character of this historic West End property.”

Sonia Winfield

 Ackerman & Co. and MDH Partners acquired the 11-building, 433,204-square-foot Lee + White property in September 2019 from Stream Realty Partners.

The initial phase of the redevelopment of the mid-20^th century industrial buildings included the addition of tenants such as Monday Night Brewing, Wild Heaven Beer, Best End Brewing, ASW Distillery and Hop City Craft Beer & Wine, each of which has developed a unique following and enjoyed tremendous success.

Jeff Small

 As Georgia slowly reopens for business, Lee + White retailers and food & beverage tenants have followed suit by reopening with the health and safety of their customers and the community in mind, many offering takeout and outdoor service prior to being able to operate at full-service.

Kris Miller

 “Businesses and property owners are facing new challenges in these times, but we are in the unique position of being able to adapt the design of Lee + White’s further redevelopment to newly evolving social distancing and operational guidelines.

Porter Henritze 

"We plan to take advantage of the existing warehouse volumes, high ceilings and wide-open floor spaces along with direct connectivity to many outdoor spaces, including patios, greenspaces and the Atlanta BeltLine,” said Jeff Small, CEO of MDH Partners.

“We look forward to our current Lee + White tenants being able to safely ramp up their operations as we emerge from the pandemic and move ahead in step with new perspective on our transformative redevelopment plans.”

Rendering of planned $85-million redevelopment and expansion of Lee + White in Atlanta’s West End

Atlanta-based Smith Dalia Architects is the creator of the new master plans. Further capitalizing on the project’s half mile of frontage along the Westside BeltLine, the master plans propose new and enhanced access to the BeltLine, a variety of public spaces overlooking the trail and a path connecting the project’s numerous outdoor spaces.

Construction is slated to begin in the third quarter of 2020 with delivery of the first phase of office space in Building 1050 by the end of 2020, followed by the opening of the new ground-up collective building and second phase of office space in Building 929 expected in mid-2021.

New master plans include creative loft offices, a food hall, public spaces, additional retail options and multifamily units, all featuring direct and enhanced Atlanta BeltLine access.

“We’re excited about the new master plans showcasing distinctive design elements that will improve the appeal of the property while retaining its authentic industrial feel and strong sense of place in the neighborhood,” said Kris Miller, President of Ackerman & Co.

“We look forward to Lee + White becoming an even more vital part of the West End community with the upcoming redevelopment.”  

Ackerman Retail Senior Vice President Kelly Wilson and Leo Wiener are leading the restaurant and retail leasing efforts at the property.

Ackerman & Co. and MDH Partners acquired the 11-building, 433,204-square-foot Lee + White property in September 2019 from Stream Realty Partners

Porter Henritze and Sonia Winfield, Directors at Cushman & Wakefield, are managing office leasing. Pre-leasing has begun for the new and re-developed components of the project with exciting announcements expected soon.

 Lee + White is located directly adjacent to the Atlanta Westside BeltLine, 0.4 miles from the West End MARTA station and is convenient to all of metro Atlanta’s major interstates, I-20, I-75, I-85 and I-285.

 Inaugural tenants at Lee + White include the highly successful and acclaimed mix of Monday Night Brewing, Wild Heaven Beer, Best End Brewing Co., ASW Distillery, Hop City Craft Beer & Wine, Plywood People, Honeysuckle Gelato, Cultured South Fermentation Co., Doux South Pickles, Boxcar restaurant, Overlook Boulder + Fitness and MacStadium.

CONTACT:

 Steve Webb 

swebb@ACKERMANCO.NET