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FeaturesLeasing ActivityOffice

Savills: US Office Market Sees Post-Pandemic Record Levels of Leasing Activity

by John Nelson

LONDON — The U.S. office market is in need of time and sustained levels of leasing activity to overcome the robust amount of space given back since the COVID-19 pandemic, concludes Savills’ third-quarter “State of the U.S. Office Market” report. If the third quarter is any indication, the U.S. office market is beginning its long road to recovery. According to Savills, the market recorded 57.7 million square feet of leasing activity this past quarter, which is a nearly 19 percent increase from 48.6 million square feet in second-quarter 2024 and a 25.4 percent increase from 46 million square feet in third-quarter 2023. The third-quarter 2024 total represents the largest quarterly leasing volume since the pandemic, according to Savills. The firm also projects that this year is on track to have the most office leasing activity since 2019, surpassing the previous post-pandemic high of 205.8 million square feet recorded in 2022. Additionally, the amount of available sublease space is on the decline. Sublease space on the market totaled 164.7 million square feet at the end of the third quarter, a 6.6 percent decrease from 176.4 million square feet in third-quarter 2023. Savills reports that sublease availability has declined for four consecutive quarters. …

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Lakeshore-Mall-Redevelopment_Gainesville-Ga
DevelopmentGeorgiaMixed-UseRetailSoutheastTop Stories

Branch Properties Plans Mixed-Use Redevelopment of 492,798 SF Lakeshore Mall in Gainesville, Georgia

by Hayden Spiess

GAINESVILLE, GA. — Branch Properties has announced plans for the redevelopment of Lakeshore Mall, a 492,798-square-foot retail property located in Gainesville, roughly 55 miles northeast of Atlanta.  Plans for the mixed-use redevelopment include 305,444 square feet of retail space, as well as 652 multifamily units and 38,200 square feet of outdoor community greenspace. The property will also have the capacity for the future development of a hotel and townhomes.   Current Lakeshore Mall anchors Dick’s Sporting Goods and Belk will remain open throughout the project, with the former relocating to a new space within the development.  The Atlanta-based developer, which acquired the property in 2022, will soon initiate the development of regional impact (DRI) process with the Georgia Department of Community Affairs (DCA), with the groundbreaking scheduled for late 2026. Len Erickson of Franklin Street will handle retail leasing at the development in partnership with Branch Properties.  Originally opened in 1970, Lakeshore Mall is located off Dawsonville Highway near Lake Lanier. According to the U.S. Census Bureau, Gainesville has seen a population increase of roughly 15 percent since 2020.  “This reimagined mixed-use destination redefines Lakeshore as a dynamic, pedestrian-friendly community hub tailored to meet the needs of Gainesville, one of Georgia’s …

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Rasha-at-Audubon-Magnolia-Texas
DevelopmentLoansMultifamilyTexas

HALL Structured Finance Provides $58.9M Construction Loan for Metro Houston Multifamily Project

by Taylor Williams

MAGNOLIA, TEXAS — HALL Structured Finance, a Dallas-based lender, has provided a $58.9 million construction loan for Rasha at Audubon, a 326-unit multifamily project in Magnolia, a northwestern suburb of Houston. The site is located within the 3,000-acre Audubon master-planned development, and the garden-style property will consist of five three-story buildings and two four-story buildings. Information on floor plans was not disclosed, but units will be furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios/yards in select residences. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park. Cullen Atchison of The Houston Group Realty Advisors arranged the loan on behalf of the borrower, locally based developer XAG Group.

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Palladium-Park-Row-Katy-Living
Affordable HousingDevelopmentMultifamilyTexas

Palladium USA Breaks Ground on $33M Affordable Housing Project in Metro Houston

by Taylor Williams

KATY, TEXAS — Palladium USA has broken ground on Palladium Park Row Katy Living, a $33 million affordable housing project in the western Houston suburb of Katy. The property will feature 93 units in one-, two- and three-bedroom layouts. Amenities will include a pool, fitness center, conference center, dog park, business center, children’s playroom and clubhouse with a mini kitchen. Palladium expects to deliver the first units next December. Palladium is developing the property in a public-private partnership with the Harris County Housing Finance Corp. HEDK Architects designed the community, and Brownstone Group is serving as the general contractor. Financing for the project includes $15 million of 9 percent housing tax credits from the Texas Department of Housing & Community Affairs; $13.3 million of equity and $12 million of long-term debt from PNC Bank; and $5 million of ARPA funding from Harris County.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Arranges $100.6M Sale of New Bulk Industrial Building in Savannah

by John Nelson

SAVANNAH, GA. — JLL has arranged the $100.6 million sale of Rockingham Farms Building 9, a 942,210-square-foot industrial facility located at 125 Feldspar Drive in Savannah. The seller, Scannell Properties, developed the bulk industrial building in 2023 within Rockingham Farms Logistics Park, a 5.8 million-square-foot industrial development approximately nine miles from Port of Savannah’s Garden City terminal. Goldman Sachs Alternatives purchased the facility, which was fully leased at the time of sale to four tenants. Britton Burdette, Matt Wirth, Dennis Mitchell and Jim Freeman of JLL represented the seller in the transaction. The cross-dock building features 40-foot clear heights, 185-foot truck court, 183 dock-high doors, 7,500 square feet of offices and ample automobile and trailer parking.

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CivicDevelopmentTexas

N&T Construction Begins Renovation of Three Schools for Orangefield ISD

by Taylor Williams

ORANGEFIELD, TEXAS — General contractor N&T Construction has begun renovations of three scholastic campuses within the Independent School District of Orangefield, located near the Texas-Louisiana border. The project will replace 21 portables with permanent facilities, enclose previously open areas and add windows to all new classrooms. At the elementary school, the project team will add a two-story structure with 32 classrooms, a new cafeteria and a renovated gym. The junior high school will see expanded classrooms and new support spaces, and the high school will receive a new cafeteria, library, classrooms and career and technical education spaces. Additionally, all campuses will receive upgraded safety features, utility enhancements, flood mitigation measures and new landscaping and walkways. Pfluger Architects designed the renovation projects, which are being funded by a $42.9 million bond approved in 2023.

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IndustrialLeasing ActivityTexas

OKT Lighting USA Signs 43,760 SF Industrial Lease in South Houston

by Taylor Williams

HOUSTON — OKT Lighting USA has signed a 43,760-square-foot industrial lease in South Houston. The manufacturer of LED linear lighting and downlights is taking space at 2304 Reed Road, an industrial building that according to LoopNet Inc. totals 79,072 square feet and features 30-foot clear heights. Will Mason and Tyler Maner of Stream Realty Partners represented the tenant in the lease negotiations. Allison Bergmann and Jim Foreman of Cushman & Wakefield represented the locally based landlord, Hines.

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AcquisitionsRetailTexas

Weitzman Brokers Sale of 17,657 SF Bowling Alley in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Weitzman has brokered the sale of University Lanes, a 17,657-square-foot bowling alley and entertainment venue in the North Texas city of Denton. The venue is located near Texas Woman’s University and includes a snack and alcoholic beverages bar. Kevin Butkus and Guillermo Lopez of Weitzman brokered the deal. The names of the seller and locally based buyer were not disclosed.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Avison Young Brokers Sale of 402,390 SF Distribution Center in Metro Charlotte Leased to Amazon

by John Nelson

CONCORD, N.C. — Avison Young has brokered the sale of a 402,390-square-foot distribution center located at 7040 Northwinds Drive NW in Concord, a suburb of Charlotte along I-85. E-commerce giant Amazon fully occupies the facility for use as a fulfillment center. Texas-based Stonelake Capital Partners purchased the property from SL Industrial Partners, a member of the Silverman Group family of companies. Chris Skibinski, Henry Lobb and Abby Rights of Avison Young brokered the transaction. The sales price was not disclosed, but the Charlotte Business Journal reports the property traded for approximately $51 million. Will Jenkins, Marc Hedrick and Jack Harvey led Stonelake Capital’s team in the transaction on an internal basis.

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DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Related Group, Rockpoint Deliver Mixed-Use Highley House in Miami’s Wynwood District

by John Nelson

MIAMI — A partnership between development firm Related Group and Boston-based private equity firm Rockpoint has delivered The Highley House, a mixed-use project in Miami. Situated at 2150 N. Miami Ave. in the city’s Wynwood district, the development features two towers comprising 304 rental apartments, approximately 72,000 square feet of Class A offices and 18,000 square feet of retail space. The co-developers named the project after Locke Highleyman, a developer behind local projects like Hibiscus and Palm Islands and the judge responsible for christening the area as “Wyndwood” in 1917, which was later streamlined to “Wynwood.” Amenities at The Highley House include a rooftop with a swimming pool, summer kitchen, bar and sky lounge. Other amenities include a private dining and wine room, private cinema and lounge, podcast suites, game room, art murals throughout, electric vehicle charging stations, coworking spaces, package services, storage and a wellness center with a gym, yoga room, spa, steam room, cold plunge and treatment suites. The Highley House’s apartments feature studio to three-bedroom layouts with monthly rental rates ranging from $2,389 to $5,657, according to Apartments.com.

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