Property Type

New York City Council Approves Two Life Sciences Projects in Manhattan Totaling 2.5 MSF

by Taylor Williams February 17, 2025

NEW YORK CITY — The New York City Council has approved two life sciences projects representing hundreds of millions of dollars in capital investment and thousands of new jobs, according to a press release issued by New York City Mayor Eric Adams and the New York City Economic Development Corp. The first project is known as Science Park and Research Campus (SPARC) Kips Bay and will be located on the current site of Hunter College’s Brookdale Campus on the east side of Manhattan. SPARC Kips Bay will encompass an entire city block and will feature more than 2 million square feet of academic, public health and life sciences space. SPARC Kips Bay is expected to generate more than $42 billion in economic impact over the next 30 years and to account for the creation of more than 15,000 total jobs (12,000 unionized construction jobs and 3,100 permanent jobs). Construction is expected to begin before the end of year in the form of decommissioning and demolishing of existing structures on the future site of the campus. International developer Skanska has been named construction manager of SPARC Kips Bay. The development team will also make public infrastructure improvements, including the creation of …

February 17, 2025

Acquisitions Florida Office Southeast

Partnership Acquires Bank of America Plaza Office Tower in Fort Lauderdale for $220M

by John Nelson February 14, 2025

FORT LAUDERDALE, FLA. — A partnership between affiliates of locally based firms Square2 Capital and Highline Real Estate Capital and Dallas-based Lone Star Funds has acquired Bank of America Plaza, a 410,561-square-foot office tower located at 401 East Las Olas Blvd. in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for more than $220 million. The 23-story tower — which was 94 percent leased at the time of sale — is situated on a full city block in the city’s Las Olas Financial District. Tenants at the property include Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions and UBS. CBRE represented the seller, a global investment manager, in the transaction, and arranged acquisition financing on behalf of the buyer. Mike Manno of Square2 Capital will lead the property management responsibilities at Bank of America Plaza on behalf of the new ownership.

February 14, 2025

Acquisitions Florida Office Southeast

Bradford Allen Buys Fort Lauderdale Office Complex for $208M, Plans to Invest $25M for Upgrades

by John Nelson February 14, 2025

FORT LAUDERDALE, FLA. — Chicago-based Bradford Allen Investment Advisors has acquired Las Olas Centre I and II, a 470,810-square-foot luxury office complex located in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for $208 million. Originally built in 1997, Bradford Allen will invest $25 million in renovations for the property, including new office lobbies, technologically advanced conference rooms, a fitness center and outdoor space. Situated at 350 and 450 E. Las Olas Blvd., the complex offers easy access to I-95, as well as the Brightline train line and several bus routes. The properties — which stand 15 and 18 stories tall — were 69 percent occupied at the time of sale. Amenities at the complex include casual and fine-dining restaurants, Starbucks Coffee, onsite property management, concierge and 24/7 security services and a variety of bank branches. Jon Blunk and Laurel Oswald of Tower Commercial Real Estate (TCRE) will provide leasing efforts for the complex. Bradford Allen will provide asset and property management services. Las Olas Centre marks Bradford Allen’s first acquisition in the South Florida region.

February 14, 2025

Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

Coastal Ridge Begins Construction on 277-Unit Build-to-Rent Community Near Tampa

by John Nelson February 14, 2025

SAN ANTONIO, FLA. — Coastal Ridge has broken ground on Stillwell Pasco Station, a 277-unit build-to-rent community located in San Antonio, about 30 miles north of Tampa. The development will feature a mix of one-, two and three-bedroom homes measuring up to 1,300 square feet. The single-bedroom units will be designed as attached duplex-style homes, while the two- and three-bedroom houses will be detached. The carriage-style units will feature private one-car garages. Amenities will include a 5,000-square-foot clubhouse and fitness center, lounge, game room, resort-style pool, fire pits, grilling areas, outdoor walking trails and dog parks. BBL is serving as the general contractor, the project architect is KTGY, the engineering and landscape architect is Kimley-Horn and the interior designer is HPA. The first homes are slated for completion in early 2026.

February 14, 2025

Development Industrial Southeast Virginia

Brinkmann, Crescent Communities Break Ground on 331,000 SF Industrial Project in Rockville, Virginia

by John Nelson February 14, 2025

ROCKVILLE, VA. — A partnership between Brinkmann Constructors and Crescent Communities has broken ground on Axial Rockville 64, a 331,000-square-foot industrial project located just under two miles from I-64 and Va. Highway 288 in Rockville. The project is situated on 29 acres and will feature two rear-load buildings that measure 154,100 square feet and 181,220 square feet. Additionally, the development will include 301 auto parking spaces, 53 trailer parking spaces, 81 dock-high doors and expansive truck courts. DMA Architecture PLLC is the project architect.

February 14, 2025

Development Louisiana Mixed-Use Office Retail Southeast

Public-Private Partnership Opens Primary Workspace Venue at Former Schoolhouse in Gretna, Louisiana

by John Nelson February 14, 2025

GRETNA, LA. — The City of Gretna, Jefferson Parish and Formwork Development will host a grand opening today for Primary Workspace, a coworking and event venue built within a historic 1911 schoolhouse in downtown Gretna. The development was conducted in a public-private partnership between Jefferson Facilities Inc. and Formwork Development on behalf of Jefferson Parish and the City of Gretna. Architect and interior designer Studio BKA followed a three-part approval process to preserve the building’s historical integrity while incorporating modern updates and collaborated with the Louisiana Historic Preservation Office to ensure the renovation met the Secretary of Interior’s Guidelines for Historic Preservation. The $3.5 million renovation was funded with $2.7 million in funding from the American Rescue Plan Act and $800,000 of Louisiana State Historic Tax Credits. Located at 519 Huey P Long Ave., the nearly 20,000-square-foot development offers flexible coworking office space and special event rental options within the repurposed primary school, which features original architectural details and updated systems and amenities such as a revived two-story auditorium, rebuilt proscenium arch and stage, private offices, meeting rooms and hot desks. An additional 2,800 square feet is available for lease on the first floor alongside the German-American Cultural Center & Museum, …

February 14, 2025

Industrial Loans Texas

PCCP Provides $72.4M Acquisition Loan for Two Industrial Buildings in North Fort Worth

by Taylor Williams February 14, 2025

FORT WORTH, TEXAS — Los Angeles-based PCCP LLC has provided a $72.4 million acquisition loan for a pair of industrial buildings totaling roughly 1.1 million square feet in North Fort Worth. The structures, which were constructed in 2021 within the Elizabeth Creek Gateway development, are known as Buildings D and E and feature 36-foot clear heights in addition to excess trailer parking. The buildings were both fully leased at the time of the loan closing to three total tenants. The sponsor is an affiliate of Minneapolis-based WPT Capital Advisors. Trent Agnew, Senior Director Tom Weber, Director Pauli Kerr and Analyst Andrew Griffin. Trent Agnew, Tom Weber, Pauli Kerr and Andrew Griffin of JLL represented the undisclosed seller in the disposition of the buildings.

February 14, 2025

Acquisitions California Multifamily Western

Clear Capital Sells 125-Unit Multifamily Community in Ontario, California for $46.3M

by Amy Works February 14, 2025

ONTARIO, CALIF. — Clear Capital has completed the disposition of Rancho Vista Apartments in Ontario to Convenient Holdings for $46.3 million, or $370,200 per unit. Built in 1984, the community offers 125 two- and three-bedroom apartments, averaging 1,022 square feet. Unit amenities include direct access to two-car garages with washer and dryer connections, private balconies off the primary bedrooms, central conditioning and heat. Community amenities include a cardio and weight training center, swimming pool, picnic area, private yards, fully furnished sundecks, a children’s park and on-site maintenance. Additionally, the previous owner installed a solar panel electric system that offsets residents’ energy bills. Alexander Garcia Jr., Kyle Pinkalla, Chris Zorbas, Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

February 14, 2025

California Loans Retail Western

JLL Arranges $32M Loan for Crenshaw Plaza Retail Center in Los Angeles

by Amy Works February 14, 2025

LOS ANGELES — JLL Capital Markets has secured a $32 million senior loan for Crenshaw Plaza, a shopping center located at 3210 W. Slauson Ave. in Los Angeles. The borrower is a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate. Originally built in 1967 and renovated in 2004, Crenshaw Plaza offers 146,901 square feet of retail space. The asset is currently 97 percent leased and anchored by a new 15-year lease with Vallarta Supermarkets. Additional tenants include Planet Fitness, Foot Locker and AutoZone. Spencer Bergthold, Charles Halladay and Daniel Skerrett of JLL Capital Markets Debt Advisory arranged the three-year, floating-rate loan through Forbright Bank. Loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.

February 14, 2025

Arizona Loans Retail Western

Common Bond Development Receives $16.5M in Financing for Sterling Grove Shopping Center in Surprise, Arizona

by Amy Works February 14, 2025

SURPRISE, ARIZ. — Common Bond Development Group has received $16.5 million in senior financing for Sterling Grove Shopping Center, a grocery-anchored retail property located at 17124 W. Peoria Ave. in Surprise. Developed by the borrower in 2023, Sterling Grove is fully occupied by a mix of national and regional tenants, including Safeway as anchor tenant. Other tenants include a Safeway Fuel station, McDonald’s, Starbucks Coffee and Taco Bell. Jason Carlos of JLL Capital Markets led the Debt Advisory team in securing the permanent financing through a correspondent relationship with Nationwide on behalf of the borrower.

February 14, 2025

Newer Posts

Older Posts