Property Type

Ryan Cos., Alidade Capital Break Ground on Innovate48 Industrial Park in Phoenix

by Amy Works June 4, 2024

PHOENIX — A joint venture between Ryan Cos. and Alidade Capital has broken ground on Innovate48 Industrial Park, located at the southeast corner of 48th and Washington streets in Phoenix. Slated for completion in second-quarter 2025, Innovate48 will feature a 163,000-square-foot Class A industrial facility. The development will offer 25 dock-high doors, 18 trailer stalls, four grade-level doors and a fully secured concrete truck court. Additionally, the fully air-conditioned building will feature LED lighting and a 3,500-square-foot speculative office suite. Ryan Cos. is the developer and builder on the project. Butler Design Group is serving as architect of record. JLL’s Steve Larsen, Pat Harlan, Kyle Westfall and Jason Moore are handling marketing and leasing for the project.

June 4, 2024

Acquisitions Loans Multifamily Oregon Student Housing Western

JLL Provides Acquisition Financing for K14 Campus Flats Student Housing Near the University of Oregon

by Amy Works June 4, 2024

EUGENE, ORE. — JLL has provided an undisclosed amount of acquisition financing for K14 Campus Flats, a student housing community located across the street from the University of Oregon campus in Eugene. Patricia Heminger, Dan Kearns, Stephen VanLeer, Rebecca Brielmaier, Sam Tarter and Merrick Evans of JLL worked on behalf of the borrower, Waterway Family Funds, to place the 10-year acquisition financing with Freddie Mac. JLL Real Estate Capital will service the loan. The seller in the transaction was not disclosed. Located at 1414 Kincaid St., K14 Campus Flats offers 45 units in two-, three- and four-bedroom configurations. The property was fully leased at the time of sale. Shared amenities include a community courtyard, lounge, grilling station and onsite bicycle storage.

June 4, 2024

Acquisitions Colorado Retail Western

Pinnacle Real Estate Advisors Brokers Sale of 5,885 SF Retail Building in Denver

by Amy Works June 4, 2024

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a 5,885-square-foot retail building located at 4923 W. 38th Ave. in Denver. The asset traded for $1.5 million. Levi Saxen and Keith Lenz of the Sandberg Monette Team of Pinnacle Real Estate Advisors facilitated the transaction for the undisclosed buyer and seller.

June 4, 2024

Features Multifamily Office

Designers Transform Urban Landscapes by Converting Office Spaces to Affordable Housing

by Taylor Williams June 4, 2024

By Blima Ehrentreu, founder and CEO, The Designers Group The urban real estate landscape is undergoing a remarkable transformation. With shifting work patterns and changing societal needs, design and development teams are working to convert underutilized office buildings into vibrant residential spaces. As office vacancy rates rise in cities like New York, San Francisco and Chicago, this challenge drives creative solutions that blend design innovation, virtual planning and sustainability. This dynamic landscape provides an exciting platform to reimagine urban living and meet the evolving demands of residents. At The Designers Group (TDG), we embrace the concept of adaptive reuse. Rather than tearing down old buildings and starting from scratch, we see value in maintaining existing structures and repurposing them in innovative ways. This approach not only aligns with our commitment to sustainability but also offers a chance to preserve the character and history of urban landscapes. Industrial elements such as exposed brick, concrete pillars and high ceilings can be integrated into residential designs, creating unique and compelling aesthetics. This focus on adaptive reuse means less waste and smaller carbon footprints, which is critical in today’s environmentally conscious world. By working with what already exists, we minimize the need for new …

June 4, 2024

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada Industrial Continues to Attract, Retain Globally Recognized Businesses

by Jeff Shaw June 4, 2024

— By Greg Tassi, vice chair, and Jason Griffis, senior director, Cushman & Wakefield — Southern Nevada continues to distinguish itself through economic diversity. Sports and entertainment, along with a robust industrial real estate market, play a key role in keeping Las Vegas relevant. Formula 1 Racing, the MSG Sphere, MLB’s Athletics and recent discussions around a potential NBA expansion team add to the local excitement. Meanwhile, a compelling industrial real estate market continues to attract and retain globally recognized businesses. The industrial segment in the Las Vegas Valley remains a safe bet for national developers and institutional capital partners, many of which have a healthy appetite to either enter the market or expand their holdings. Land scarcity is the primary barrier to entry for new groups entering the market. Infill sites have become increasingly scarce with very few parcels of more than five acres suitable for industrial development. The bulk of the new inventory will continue to push to the periphery of the Valley, including Sloan and Jean to the south, El Dorado Valley to the southeast and Apex to the north — home to Prologis’ recent 879-acre purchase. Henderson’s recently annexed El Dorado Valley attracted attention with a …

June 4, 2024

Development Michigan Midwest Office Top Stories

Ford to Reopen Michigan Central Station in Detroit After Six-Year Renovation Totaling $950M

by John Nelson June 4, 2024

DETROIT — Following a six-year renovation by Ford Motor Co. (NYSE: F), Michigan Central Station is scheduled to officially open on Thursday, June 6. Ford embarked on the preservation project after acquiring the abandoned train station in 2018 to serve as the centerpiece of Michigan Central, a 30-acre technology and cultural hub in Detroit’s Corktown neighborhood. According to multiple media outlets, the rehabilitation of Michigan Central Station totaled $950 million and included the restoration of the 18-story train station, which is now dubbed The Station. The rehabilitation also included an adjacent 270,000-square-foot former book depository building and other supporting facilities. CNBC reports the project’s funding includes $300 million in state, local and historic rehabilitation tax incentives. Christman-Brinker, a joint venture between Detroit-based firms The Christman Co. and L.S. Brinker, A Brinker Co., led the restoration work of The Station along with Ford. Key collaborators in Michigan Central include Ford, Google, the State of Michigan, the City of Detroit and Newlab, which operates the former book depository building. The Station will provide 640,000 square feet of cultural, technology, community and convening spaces designed for use by established companies such as Ford, as well as universities, growing startups, youth initiatives and students. …

June 4, 2024

Development Florida Multifamily Southeast

Berkadia Arranges $97M Construction Loan for 610-Unit Multifamily Development in Palmetto, Florida

by John Nelson June 3, 2024

PALMETTO, FLA. — Berkadia has arranged a $97 million construction loan to finance the development of The Carlton at Robinson Gateway, a 610-unit multifamily project in Palmetto. The borrower, The Mahaffey Apartment Co., plans to break ground this summer alongside newly contracted general contractor Esterline Construction. Mitch Sinberg, Bryan Brown, Matt Robbins, Scott Wadler and Brad Williamson of Berkadia arranged the financing through Goldman Sachs Private Bank, a division within its Wealth Management platform. Situated in the Sarasota-Bradenton MSA near I-75, The Carlton at Robinson Gateway will comprise one-, two- and three-bedroom apartments ranging in size from 625 to 1,587 square feet. Amenities will include a clubhouse, business center, onsite storage units, community dog park and a resort-style swimming pool.

June 3, 2024

Development Hospitality Southeast Virginia

Hoffman & Associates Opens 146-Room Home2 Suites by Hilton Hotel in Falls Church, Virginia

by John Nelson June 3, 2024

FALLS CHURCH, VA. — Hoffman & Associates has opened Home2 Suites by Hilton Falls Church, a hotel featuring 146 suites within the 10-acre West Falls neighborhood in Northern Virginia. The hotel’s amenities include a 24-hour fitness facility, business center, complimentary Wi-Fi and daily complimentary breakfast. According to the property website, average room rates range from $240 to $259. In addition to the hotel, West Falls features The Alder apartments, The Reserve at Falls Church seniors housing, The Oak Condominiums, The Wellness Center and more than 120,000 square feet of shops and restaurants, including early education and preschool program Tierra Encantada.

June 3, 2024

Acquisitions Multifamily Texas

Anthem Development, ATX Acquisitions Buy 216-Unit Apartment Complex in Dallas

by Taylor Williams June 3, 2024

DALLAS — A joint venture between locally based firm Anthem Development and Austin-based ATX Acquisitions has purchased Eleven600 Apartments, a 216-unit multifamily complex in the Lake Highlands area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center, playground, sports court and outdoor grilling and dining stations. The new ownership plans to implement a value-add program. The seller and sales price were not disclosed.

June 3, 2024

Acquisitions Georgia Industrial Office Southeast

Newmark Brokers $36.3M Sale of Industrial, Office Portfolio in Metro Atlanta

by John Nelson June 3, 2024

DULUTH, GA. — Newmark has brokered the $36.3 million sale of a four-building portfolio within Satellite Place in Duluth, a northeast suburb of Atlanta. Situated near I-85, the portfolio spans nearly 290,000 square feet and includes three industrial buildings at 2405, 2425 and 2450 Commerce Ave. and one single-story office building at 2400 Commerce Ave. Casey Keitchen and Collin BeVier of Newmark represented the sellers, two entities doing business as Satellite Place Property LLC and Satellite Commercial Property LLC, in the transaction. The buyer was an undisclosed industrial fund.

June 3, 2024

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