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Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels

Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …

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Market ReportsMidwestMidwest Market ReportsNebraskaOffice

Omaha, Nebraska’s Office Market Holds Steady

by Kristin Harlow

Omaha’s office market saw more total lease transactions in 2021 for more total space than in any year since our firm has tracked it — 281 transactions for nearly 1.8 million square feet. In a typical year, Omaha usually sees approximately 200 transactions for 1 million square feet. In addition to leasing activity, net absorption was positive at 310,391 square feet, and Omaha’s overall vacancy rate contracted slightly over the year.  In turn, year-over-year market rent growth reached its highest point since pre-COVID-19. “Though slow-moving compared with other major U.S. metros, Omaha’s office market is showing early signs of a recovery thanks to its diversified employment base,” states CoStar. It seems fair to describe the market as stable as we are not seeing large swings in space availability and pricing, but it feels tenuous, just as corporate office space decision-makers are dealing with uncertainty. We continue to see office users choosing to wait and see on decisions affecting demands for office space. Most of the numbers are trending the right way, albeit slowly, but Omaha’s vacancy rate is more than 300 basis points higher than seen in many years before the pandemic, and we finished 2021 with 324,398 square feet …

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AcquisitionsCompany NewsIndustrialOfficeTexasTop Stories

Mirae Asset Global Purchases Academy Sports Headquarters Campus in Metro Houston for $190M

by John Nelson

KATY, TEXAS — Mirae Asset Global Investments, a global investment firm based in Seoul, South Korea, has purchased the headquarters campus of sporting goods retail giant Academy Sports + Outdoors (Nasdaq: ASO) in the west Houston suburb of Katy. Phoenix-based Tratt Properties sold the 1.5 million-square-foot campus, which is triple-net leased to Academy Sports on a long-term lease, for $190 million. The 93-acre campus includes a little over 1.2 million square feet of warehouse space, 250,000 square feet of flexible office space and mezzanine space totaling approximately 800,000 square feet. Located at 1800 N. Mason Road, the site has immediate access to Interstate 10 and Texas Highway 99, which circles Houston. “From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions,” says Ken Hedrick, executive managing director of Newmark. “The scarcity and increasing value of land in the west Houston area further enhance the property’s value.” Hedrick, along with Newmark colleagues Jerry Hopkins, Andrew Ragsdale, Alex Foshay and Kristian Nielsen, represented Tratt Properties in the sale. Dustin Stolly, Jordan Roeschlaub and Nick Scribani, also with Newmark, arranged acquisition financing on behalf of Mirae Asset Global. Tratt Properties is an active logistics real estate investor …

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AcquisitionsColoradoOfficeWestern

Drawbridge Realty Buys Arrow Electronics Headquarters Property in Englewood, Colorado for $106M

by Amy Works

ENGLEWOOD, COLO. — Drawbridge Realty has purchased one of the Arrow Buildings at Dry Creek Station in Englewood for $106 million. The acquisition is Drawbridge’s first since completing a $1.7 billion recapitalization of its national portfolio in February with institutional investors KKR and General Atlantic. Arrow Electronics (NYSE: ARW) fully occupies the 223,177-square-foot, Class A headquarters building, located at 9151 E. Panorama, on a long-term basis. Constructed in 2017, the property enabled Arrow to consolidate its more than 1,600 local employees spread across nine buildings into one campus-style location. The seven-story building offers parking for more than 1,300 cars and is adjacent to Interstate 25 and near the Dry Creek light rail station. The acquired building is adjacent to Arrow’s other worldwide headquarters building. Terms of the transaction were not released.

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AcquisitionsColoradoHealthcareOfficeWestern

Cushman & Wakefield Brokers Sale of 241,200 SF Flex Portfolio in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of Interquest I-IV, a four-building flex, office and healthcare portfolio located at 9925, 9945, 9950 and 9960 Federal Drive in Colorado Springs. An undisclosed seller sold the asset to a Denver-based private partnership for an undisclosed price. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller. Constructed in phases in 2001 and 2008/2009, the buildings offer a total of 241,232 square feet of flex, office and healthcare space. At the time of sale, the portfolio was 76 percent leased to a healthcare and technology tenants. Interquest I (9945 Federal Drive) and Interquest II (9925 Federal Drive) have LEED Silver certification.

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AcquisitionsArizonaHealthcareOfficeWestern

Meridian Sells Grunow Memorial Medical Center in Phoenix for $17.9M

by Amy Works

PHOENIX — Meridian has completed the sale of Grunow Memorial Medical Center, a medical office property located in Phoenix. A private Canadian investor acquired the asset for $17.9 million. Located at 925 E. McDowell, Grunow Memorial Medical Center features 53,000 square feet of medical office space. At the time of sale, the building was 90 percent leased to 12 tenants, including DaVita Dialysis. Lester A. Bryon designed the property, which was constructed in 1931. Mindy Berman of JLL represented Meridian in the transaction.

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DevelopmentOfficeTexas

MetroNational Underway on 190,000 SF Office Project in Houston’s Memorial City District

by Taylor Williams

HOUSTON — Locally based developer MetroNational is underway on construction of a 190,000-square-foot office project at 9753 Katy Freeway in Houston’s Memorial City District. Designed by Kirksey Architecture, the nine-story building marks the latest addition to the 10 million-square-foot mixed-use campus and will be situated adjacent to The McKinley, a newly built high-rise apartment tower. Completion is scheduled for the second quarter of 2023.

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AcquisitionsNew YorkNortheastOfficeRetail

IPA Arranges $35M Loan for Leasehold Acquisition of Manhattan Office, Retail Building

by Taylor Williams

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $35 million loan for the leasehold acquisition of 580 Broadway, a 141,645-square-foot office and retail building in Manhattan. Originally constructed in 1898, the 12-story building consists of 8,442 square feet of grade-level retail space, 7,292 square feet of below-grade retail space and 125,911 square feet of office space. Matthew Polci of Marcus & Millichap Capital Corp. and Steven Buchwald of IPA arranged the financing through Miami-based lender BridgeInvest. Justin Natalizio of The Anton Group negotiated the sale of the property via a long-term ground lease.

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Leasing ActivityNew YorkNortheastOffice

Bain Capital Signs 14,765 SF Office Lease Expansion at 535 Madison Avenue in Manhattan

by Taylor Williams

NEW YORK CITY — Boston-based private investment firm Bain Capital has signed a 14,765-square-foot office lease expansion at 535 Madison Avenue, a 37-story building in Manhattan’s Plaza District. The firm is essentially doubling its footprint and leasing one additional floor of space. The execution of this lease, along with deals with FTV Management Co. and Garda Capital Partners, brings the 480,000-square-foot building to full occupancy. Bryan Boisi and Connor Barnes of Cushman & Wakefield represented Bain Capital in the lease negotiations. Brian Gell and Laurence Briody of CBRE represented the landlord, Park Tower Group.

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DevelopmentOfficeTexasTop Stories

Lincoln Property Co., Phoenix Property Co. Partner with DivcoWest to Build 48-Story Office Tower in Austin

by Kristin Harlow

AUSTIN, TEXAS — Lincoln Property Co. (LPC) and co-developer Phoenix Property Co. (PPC) have partnered with DivcoWest to develop The Republic, a 48-story office tower in downtown Austin. The developers say they have secured the building’s first major tenant, enabling construction to move forward. The developers expect to break ground on the project in the second quarter of this year. Located at 401 W. 4th St. and spanning 833,000 square feet, The Republic will overlook Lady Bird Lake and offer a direct connection to Republic Square Park. The office tower will feature a green public plaza at its main entrance that will act as an extension of the park. A 19th-floor amenity level will boast more than 50,000 square feet of indoor-outdoor space, including conference rooms, a fitness center, clubroom and a 25,000-square-foot outdoor terrace covered by canopies. In addition to the 20,000-square-foot public plaza, the ground floor will feature restaurant and retail space. Floor plates will average 29,000 square feet, and each floor will feature a private terrace. The building design by Duda Paine Architects emphasizes both outdoor space and health and wellness. Features include touchless access technology and enhanced air-filtration systems. The developers are pursuing WELLv2 Core certification, …

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