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"Mullen"

1500-E-Walnut-Ave-Fullerton-CA

FULLERTON, CALIF. — Mullen Automotive, an electronic vehicle manufacturer, has signed a lease to occupy a 121,615-square-foot industrial building at 1500 E. Walnut Ave. in Fullerton, from landlord Link Industrial. Situated on 5.4 acres, the industrial facility features 6,234 square feet of office space, 32-foot clear heights in the warehouse space, 17 dock-high doors and two grade-level doors, as well as a large, secured, fenced yard. Ben Seybold and Sean Ward of CBRE represented the landlord in the lease negotiations.

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ANN ARBOR, MICH. — Oxford Cos. has acquired McMullen Properties, a 704,000-square-foot portfolio of office properties located on the south side of Ann Arbor, from a local undisclosed seller. Valued at more than $100 million, the portfolio includes 22 buildings in three separate business parks: Atrium Office Center, Eisenhower Commerce Center and Valley Ranch Business Park. At the time of sale, the portfolio was 98 percent occupied by a variety of tenants, including University of Michigan, St. Joe’s, Nexient and Google. Additional terms of the transaction were not released.

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RICHMOND, VA. — Thalhimer, a member of the Cushman & Wakefield Alliance, has brokered three leases, totaling 29,984 square feet, at Williams Mullen Center in Richmond. Located at 200 S. 10th St., the property offers 210,807 square feet of Class A office space. Cherry, Bekaert & Holland CPA signed a lease for 21,004 square feet; Agincourt Capital Management inked a deal for 6,630 square feet; and La Parisienne took 2,350 square feet at the center. Jeffrey Cooke, Connie Jordan Nielsen and Brian Berkey of Thalhimer brokered the lease transactions. Terms of the transactions were not released.

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BOSTON — Mullen, a full-service advertising agency, has leased 100,000 square feet of office space at 40 Broad St. in Boston for their new corporate headquarters. Mullen will occupy the top four floors of the building, which is currently undergoing capital improvements with completion slated for February 2008. William Collins and Bradley McGill of Jones Lang LaSalle represented the owner, Chicago-based Transwestern. James Brady, Edward Weiss, Robert Romano and Melisa Schneider of Cushman & Wakefield represented Mullen in the transaction.

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STILLWATER, MINN. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater. The seven-story building totals 55,800 square feet. Amenities include a game room, library and private garden patio. Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, Standard Communities. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early, Ken Dayton and Pat McMullen of JLL arranged acquisition financing through Freddie Mac.

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ORLANDO, FLA. — Piedmont Office Realty Trust Inc. has signed Travel + Leisure Co., a timeshare hospitality giant, to a lease at 501 W. Church in downtown Orlando. The publicly traded tenant will occupy the entirety of the five-story, 182,000-square-foot building and utilize the space for its new corporate headquarters through at least 2040. Alex Valente and Ben Mullenix represented Piedmont Office internally in the lease transaction along with Michael Phipps and Colin Morrison of CBRE. Greg Katz and Jason Warren of Stream Realty Partners, along with Mike Hopper of Newmark, represented the tenant. According to Valente, the Travel + Leisure lease represents the largest lease in downtown Orlando since 2019. Piedmont Office plans to renovate and rebrand the building ahead of the tenant’s occupancy in 2025. Preparations will include adding signage and modern amenities — including a new fitness center, conference center and café — to create a experience tailored for Travel + Leisure’s 900 expected employees.

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By Gib Laite, Esq. of Williams Mullen Multifamily investors are accustomed to paying property taxes based on an assessor’s opinion of their asset’s income-based market value. But for the growing number of developers and investors assembling communities of single-family homes and townhomes for rent, tax assessment is more complex and potentially troublesome. The difficulty for these taxpayers is that most assessors shun the income approach to valuing single-family rental properties. In the following paragraphs, we examine the roots of this common assessor stance, and explore strategies that may help taxpayers argue for a more predictable, apartment-like treatment for their single-family rental communities. Similar, but different Multifamily construction has delivered a tremendous volume of apartment properties over the past decade. Once stabilized, these assets have been relatively simple to value by relying on market rents, occupancy, expenses, and cap rates. On the heels of this apartment construction, the nation is seeing a proliferation of investor-backed, single-family construction and acquisitions of large blocks of homes and townhouses for use as rental properties. This may take the form of constructing a multitude of homes or townhomes in a single development. Alternatively, it may involve the acquisition of many existing homes or townhomes in …

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ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.

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North Carolina taxes both real estate and personal property, but differing valuation schedules and processes for the two types can lead to confusion and inflated tax bills for industrial property owners. Understanding how assessors value industrial properties can help those taxpayers detect issues and contest unfair assessments. Dual processes North Carolina requires assessors to revalue real property at least every eight years. The value as of Jan. 1 of the valuation year then remains constant until the next valuation, unless specified changes in the property occur to trigger a change in the assessment. Many counties revalue every four years, and a few, even more frequently. Assessors use a market analysis to determine real property’s taxable or fair market value. This involves applying one or more of the three valuation approaches: cost, comparable sales, or income. The state requires annual valuation of personal property based on installed cost, which is subject to the applicable trending and depreciation schedules. For the most part, taxing authorities rely on the taxpayer’s annual business personal property listing to determine what items of personal property are present, the installed cost, and the trending and depreciation schedule applied. The counties follow schedules for auditing the property tax …

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Kroger_Banks-Crossing_Fayetteville

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington, D.C., as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties that Kroger or Albertsons operate, as well as five private label brands. No store closures are expected to occur as a result of this selloff. The brands that will change ownership include Quality Food Centers (QFC), a regional operator in the Pacific Northwest; Mariano’s, which operates 44 stores in Illinois; and Alaska-based Carrs. Kroger owns QFC and Mariano’s, while Albertsons owns Carrs after acquiring the brand from Safeway and changing the name to Carrs-Safeway. Lastly, under the terms of the agreement, C&S will receive exclusive licensing rights to the Albertsons brand name in four states: Arizona, California, Colorado and Wyoming. In addition, Kroger will divest the …

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