Property Type

Could Casa Grande Be the Next Tier II Retail Market in 2025 for Phoenix?

by John Nelson February 25, 2025

— By John K. Jackson of Colliers Phoenix — Casa Grande, Ariz., stands at a pivotal juncture that could see it transition into a Tier II retail market this year. Phoenix’s Greater Metropolitan Area has been characterized by historically low retail vacancy rates, prompting retailers and developers to explore opportunities outside the urban core. Casa Grande’s strategic location less than 50 miles south of Phoenix Sky Harbor International Airport makes it well-positioned to capitalize on this migration. The Dynamics of Casa Grande’s Growth Casa Grande has experienced notable growth in recent years. It was the seventh fastest-growing U.S. city in 2021, experiencing a remarkable 24 percent population increase since 2016. This growth, paired with job creation across sectors, is attracting major employers, including Lucid, LG Energy Solution and Kohler. These three firms promise to collectively bring more than 6,400 jobs to the area. Such economic development lays a solid foundation for retail expansion. After all, a growing workforce typically leads to increased consumer demand. The significant investments being made in the area further bolster Casa Grande’s potential as a retail hub. Lucid has recently expanded its manufacturing complex to 4 million square feet, with plans for additional land acquisition to support …

February 25, 2025

Features Office

Emerging Tech, Workplace Design Are Top Priorities for Office Executives, Says Envoy Survey

by John Nelson February 25, 2025

SAN FRANCISCO — Employers around the country are monitoring modern office trends as the country’s return-to-office (RTO) movement gains some momentum. Envoy, a San Francisco-based tech company specializing in workplace solutions for office workers and their clients, has produced its annual Workplace Predictions report, which found that the U.S. office sector is a “workplace in flux.” The company surveyed nearly 500 executives from across various roles, including HR, IT and management, as well as across generations — from Gen Z to baby boomers — to collate the data. Envoy partnered with Hanover Research for the report. The Workplace Predictions survey found that participants expect for emerging technologies such as AI and machine learning to play a key role in reshaping office environments — both physical and virtual — moving forward. Another key finding is that different generations of office workers have different needs when it comes to how they value their physical office environments. Larry Gadea, founder and CEO at Envoy, said that modern workplaces are “rapidly evolving,” thus the findings from this report are “critical” for companies that are rethinking how to boost morale, work culture and employee engagement at the property level. “The conversation about the workplace of tomorrow …

February 25, 2025

California Market Reports Mixed-Use Western

South Coast Metro: A Case Study in Urban Mixed-Use Development

by John Nelson February 25, 2025

A notable shift in the way we live, work and play has occurred since the pandemic — one that emphasizes efficiency, multi-functionality and convenience. The result has been an increase in the demand and popularity of mixed-use developments. Developers love them for their efficiency. Investors love them for their diversity. And consumers love them for their ability to achieve said live-work-play trifecta all under one roof. Within Orange County, South Coast Metro stands out as an area that fosters this type of urban development, blending retail, multifamily, office and cultural assets in a way that fosters economic growth and community engagement. Adjacent to John Wayne Airport, this 2,500-acre district shows how strategic development can create a self-sustaining urban environment. A Retail Powerhouse with Expanding Opportunities South Coast Metro is arguably most known for being the home of South Coast Plaza. The West Coast’s largest luxury shopping destination saw record annual sales exceeding $2.3 billion in 2023. While luxury retail remains a major draw, the broader South Coast Metro caters to a diverse range of shopping experiences, which includes the boutique-driven OC Mix and SoBECA District, as well as major national retailers. This variety underscores a key trend in commercial real estate: …

February 25, 2025

Acquisitions Industrial Maryland Minnesota Top Stories

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess February 25, 2025

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties. The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed. “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.” According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc. Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

February 25, 2025

Acquisitions Industrial Texas

JLL Brokers Sale of 1.6 MSF Industrial Complex in Lancaster, Texas

by Taylor Williams February 24, 2025

LANCASTER, TEXAS — JLL has brokered the sale of Midpoint Logistics Center, an approximately 1.6 million-square-foot industrial complex in Lancaster, a southern suburb of Dallas. Completed in 2023, Midpoint Logistics Center comprises two cross-dock distribution facilities with 38- to 40-foot clear heights, ESFR sprinkler systems, LED lighting and ample trailer and vehicle parking. Midpoint Logistics Center was 100 percent leased at the time of sale to two global firms: logistics provider DSV Solutions and appliance manufacturer Electrolux Consumer Products. Trent Agnew, Tom Weber, Parker McCormack, Pauli Kerr, Matthew Barge and Brennan Fewin of JLL represented the seller, California-based Panattoni Development, in the transaction. The buyer and sales price were not disclosed.

February 24, 2025

Development Multifamily Texas

Rosewood Property Co. Breaks Ground on 370-Unit Multifamily Project in Irving

by Taylor Williams February 24, 2025

IRVING, TEXAS — Locally based developer Rosewood Property Co. has broken ground on The Gilman, a 370-unit multifamily project in Irving. The Gilman will be situated on a 6.8-acre site in the Las Colinas district, and the development will feature studio, one-, two- and three-bedroom units that will range in size from 615 to 1,460 square feet. Amenities will include a pool, fitness center, dog park, clubroom, coworking lounge, courtyards and a sky lounge. Hensley, Lamkin, Rachel Inc. is designing the project, and Blackland Partners is serving as the general contractor. Completion is slated for early 2027.

February 24, 2025

Development Industrial Texas

Apple to Open 250,000 SF Manufacturing Facility in Houston

by Taylor Williams February 24, 2025

HOUSTON — Apple (NASDAQ: AAPL) will open a 250,000-square-foot manufacturing facility in Houston. Apple plans to use its new Houston facility, which is expected to come on line in 2026, to manufacture servers that support the company’s artificial intelligence projects and programs. The development of the facility represents part of a larger initiative in which the Silicon Valley-based tech giant has pledged to invest $500 billion in U.S. innovation and technological infrastructure, creating about 20,000 new jobs in the process. That initiative also calls for the creation of a training academy in Michigan.

February 24, 2025

Industrial Leasing Activity Texas

Expal USA Renews Lease at TexAmericas Center in Texarkana, Texas

by Taylor Williams February 24, 2025

TEXARKANA, TEXAS — Expal USA, a weapons and armaments manufacturer, has renewed its lease at TexAmericas Center (TAC), a development in Texarkana that comprises more than 10,000 development-ready acres and 3.5 million square feet of commercial and industrial product and serves four states. Expal USA is a long-term tenant at TAC, occupying approximately 156,000 square feet across three campuses, and this renewal is for bunkers located on TAC’s 2,900-acre West Campus in unincorporated Bowie County. Eric Voyles of TAC directly negotiated the renewal with Expal USA.

February 24, 2025

Arizona Build-to-Rent Colorado Loans Multifamily Single-Family Rental Western

JLL Arranges $271.9M Recapitalization of Build-to-Rent Portfolio for NexMetro

by John Nelson February 24, 2025

PHOENIX — JLL has arranged a $271.9 million recapitalization of an eight-property build-to-rent (BTR) residential portfolio in Arizona, Colorado and Texas. Kevin MacKenzie, Michael Joseph, Brad Miner, Matthew Putterman, Chris Shea, Caroline Novak and Weston Nearon of JLL arranged the debt and equity financing placements on behalf of the borrower, NexMetro, a Phoenix-based BTR developer behind the Avilla Homes brand. The new financing infusions include the assumption of $206 million in agency financing and $65.9 million of preferred equity from Stockbridge. The properties were developed between 2018 and 2019 and include Avilla Camelback Ranch, Avilla Centerra Crossing, Avilla Deer Valley, Avilla Lehi Crossing and Avilla Meadows in Arizona; Avilla Buffalo Run in Commerce City, Colo.; and Avilla Northside and Avilla Heritage in the Dallas-Forth metroplex markets of McKinney and Grand Prairie, respectively. The eight properties total 1,061 units. The most recent recapitalization allows NexMetro to return capital to investors while continuing to tackle its development pipeline, which comprises 60 projects across the Sun Belt in various stages of completion. JLL also closed a previously announced round of financing that included a $78.7 million equity investment from Artemis and $160 million of debt from Blackstone for four NexMetro BTR properties in Arizona …

February 24, 2025

Irvine-High-School-Performing-Arts-Center-Irvine-CA

California Civic Development Western

C.W. Driver Cos. Completes $35M Irvine High School Performing Arts Center in California

by Amy Works February 24, 2025

IRVINE, CALIF. — C.W. Driver Cos. has completed Irvine High School Performing Arts Center, a facility designed to inspire creativity and support the performing arts. The $35 million, 25,000-square-foot complex opened to the community in early February. The state-of-the-art venue features a 650-seat main theater equipped with advanced sound, lighting and rigging systems, providing students and the community with a professional-grade performance experience. Additionally, the center includes a Black Box theater, scene shop, dressing rooms and a modern lobby. The single-story complex consists of a steel and metal frame diaphragm building featuring a combination of metal panels, plaster and curtain wall system finishes. The ground-up construction began in January 2023. Ruhnau Clarke Architects served as architect for the project.

February 24, 2025

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