Property Type

University of Washington Bothell Phase 1 Residential Village

P3 Completes Phase I of Residential Village at the University of Washington Bothell

by Amy Works November 2, 2023

BOTHELL, WASH. — A public-private partnership between the University of Washington (UW) Bothell, Capstone Development Partners and Harrison Street has completed the development of Phase I of its on-campus Residential Village project. The initial phase of the project included the delivery of two new buildings: Summit Hall and Terrace Dining Pavilion. Summit Hall offers 380 beds of housing for first-year students in double-occupancy units, alongside 14,000 square feet of office space on the ground level for university enrollment services. The 15,000-square-foot dining pavilion seats 485 students and offers multiple dining options for students, as well as faculty and staff. Phase II of the development is currently under construction and will include a 300,000-square-foot residence hall offering 1,055 beds for undergraduate and graduate students. The project is scheduled for completion in summer 2024. The development team includes Mahlum Architects and Andersen Construction. Capstone Management Partners will provide operations and management services for the facilities in conjunction with UW Bothell’s residential life team. Bothell is a suburb north of Seattle.

November 2, 2023

Acquisitions California Industrial Western

Harbor Associates, F&F Capital Buy Industrial Portfolio in Carlsbad, California for $21.2M

by Amy Works November 2, 2023

CARLSBAD, CALIF. — A joint venture between Harbor Associates and F&F Capital Group has acquired two industrial buildings at 5801 and 5807 Van Allen Way in Carlsbad, approximately 30 miles north of San Diego. An undisclosed seller sold the portfolio for $21.2 million, or $208 per square foot. Situated within Carlsbad Research Center, the 102,360-square-foot portfolio features passive solar cooling with operable windows, two dock-high doors, three grade-level doors and street frontage along Faraday Avenue. The sale included a leaseback with the seller at 5807 Van Allen Way. The buyers will market 5801 Van Allen Way to traditional industrial and life science users. Dennis Visser and Matt Pourcho of CBRE advised the seller in the deal.

November 2, 2023

Industrial Leasing Activity New York Northeast

Fleet Pump & Service Group Signs 31,255 SF Industrial Lease Renewal in White Plains, New York

by Taylor Williams November 2, 2023

WHITE PLAINS, N.Y. — Fleet Pump & Service Group has signed a full-building, 31,255-square-foot industrial lease renewal at 455 Knollwood Road in White Plains, a northern suburb of Manhattan. Rick Rakow of Rakow Commercial Realty Group represented the tenant in the lease negotiations. Josh Gopan and Sean Heneghan represented the landlord, Simone Development, on an internal basis.

November 2, 2023

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers Sale of 3,200 SF Retail Property in Glendale, Arizona

by Amy Works November 2, 2023

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a ground lease at SWC Loop 101 and Northern Avenue in Glendale. A limited liability company sold the asset to a limited liability company for $2.3 million. The asset includes a 3,200-square-foot Slim Chickens location, which has an absolute triple-net ground lease with 20 years remaining. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

November 2, 2023

Industrial Leasing Activity Northeast Pennsylvania

TRUE Commercial Negotiates 15,100 SF Lease at BURLE Corporate Park in Lancaster, Pennsylvania

by Taylor Williams November 2, 2023

LANCASTER, PA. — Locally based brokerage firm TRUE Commercial Real Estate has negotiated a 15,100-square-foot lease at BURLE Corporate Park, a commercial facility located about 80 miles west of Philadelphia in Lancaster. Althea Ramsay Carrigan of TRUE Commercial represented the landlord in the lease negotiations. The tenant was HealthDirect Pharmacy Services.

November 2, 2023

Acquisitions Company News Data Centers New York Northeast Top Stories

Brookfield Agrees to Purchase Cyxtera’s Assets for $775M, Including Seven US Data Centers

by John Nelson November 2, 2023

NEW YORK CITY AND MIAMI — Brookfield Infrastructure Partners LP (NYSE: BIP) and its institutional partners have entered into an asset purchase agreement (APA) with Miami-based data center owner-operator Cyxtera. Brookfield will acquire “substantially all” of Cyxtera’s assets for $775 million. As part of the agreement, the New York City-based investment firm will purchase the real estate supporting seven Cyxtera data centers in the United States. The locations of the affected properties were not disclosed. According to the company’s website, Cyxtera operates facilities in Albuquerque, Atlanta, Boston, Chicago, Columbus, Dallas/Fort Worth, Denver, Los Angeles, Minneapolis, New York/New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Canada. Brookfield will purchase the real estate that supports the data centers from several landlords, including Digital Realty Trust Inc. (NYSE: DLR) and Digital Core REIT. The court-supervised process stems from Cyxtera’s Chapter 11 bankruptcy proceedings. The company cited financial challenges and lack of funding when it filed for bankruptcy this past summer, about two years after it went public. Cyxtera’s stock price peaked at $14.60 per share in May 2022 before dipping below $1.80 by December 2022. “We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our …

November 2, 2023

Data Centers Development Georgia Southeast

DC Blox Breaks Ground on $1.2B Data Center Campus in Douglasville, Georgia

by John Nelson November 1, 2023

DOUGLASVILLE, GA. — Data center developer and operator DC Blox has broken ground on a $1.2 billion data center campus in Douglasville, about 22 miles west of Atlanta. Situated on a 55-acre site, the two-story data center campus will feature 12 data halls totaling 750,000 square feet. Tenants will have access to 180 megawatts of power and will be connected to DC Blox’s nearly 500-mile dark fiber route, which is slated for completion before the end of the year. The east-west fiber path will connect the company’s major hubs in Atlanta to its holdings in Augusta and on to its newly opened DC Blox Cable Landing Station in Myrtle Beach. Initial customer move-ins at the Douglasville campus is expected for third-quarter 2025. DC Blox is using tax incentives coordinated by Elevate Douglas Economic Partnership to help fund the development. The design-build team includes Evans General Contractors, DLB Associates, Bennett & Pless and Corgan, Thomas & Hutton.

November 1, 2023

Development Georgia Southeast Student Housing

Joint Venture Underway on 798-Bed Student Housing Tower Near Georgia Tech in Midtown Atlanta

by John Nelson November 1, 2023

ATLANTA — A joint venture between LV Collective, Kayne Anderson Real Estate and Pacific Life is underway on a new student housing tower in Atlanta. Dubbed Rambler Atlanta, the property will house 798 student housing beds in 215 units comprising one-, two-, four-, five- and six-bedroom configurations. The 457,000-square-foot property will be located at 736 Peachtree St. NE in Midtown Atlanta, which is within the Tech Square neighborhood opposite the interstate from the Georgia Tech campus. Amenities at Rambler Atlanta will include the second location of the Daydreamer café, a “study mezzanine” with coworking space and private study rooms, a resident lounge, fitness center and a rooftop pool and hot tub. The joint venture plans to deliver Rambler Atlanta by fall 2025. Project partners include architect Niles Bolton Associates, general contractor JE Dunn, interior designer Archie Bolden, Michael Hsu Office of Architecture and landscape architect Ironwood DDG. TSB Capital Advisors consulted on the joint partnership and construction financing. Pacific Life is providing debt for the project. Earlier this year, LV Collective delivered the nearby Whistler, a 565-bed student housing community at 859 Spring St. NW.

November 1, 2023

Affordable Housing Development Florida Multifamily Southeast

Related Urban Opens Two Affordable Housing Communities in Miami Totaling 497 Units

by John Nelson November 1, 2023

MIAMI — Related Urban, the affordable housing and mixed-income division of Related Group, has opened Robert King High and Paseo Del Rio, two newly completed affordable housing communities in Miami’s Little Havana neighborhood. The 315-unit Robert King High project is the substantial rehab of an elderly public housing high-rise built in 1964. The property is reserved for low-income seniors housing citizens and comprises residential towers, a one-story clubhouse that was also overhauled and a 1,500-square-foot convenience store. Paseo del Rio is a 182-unit, seven-story residential tower reserved for households earning 30, 60 and 80 percent of the area median income (AMI). Amenities will include a multipurpose room, fitness center, business center, dog park, bike storage, outdoor grill areas, resident courtyard and a 3,000-square-foot Pinecrest Bakery shop, which is set to open in early 2024. Robert King High and Paseo del Rio are now fully leased and occupied. The properties represent the fourth and fifth phases of the River Parc master plan, which will ultimately comprise 2,500 affordable housing, workforce housing and market-rate apartments. Full completion of the master plan’s 10 phases is slated for 2027.

November 1, 2023

Leasing Activity Louisiana Retail Southeast

Five Below, Ross Dress for Less Join Tenant Roster at Northlake Shopping Center in Mandeville, Louisiana

by John Nelson November 1, 2023

MANDEVILLE, LA. — National retailers Five Below and Ross Dress for Less have joined Northlake Shopping Center, a 166,371-square-foot retail center located at the intersection of Louisiana Highway 22 and U.S. Route 190 in Mandeville. Situated across Lake Pontchartrain from New Orleans, Northlake’s tenant roster also includes Fresh Market, Total Wine & More, Office Depot and PetSmart. The landlord, Epic Real Estate Partners, has recently completed exterior renovations to the shopping center. Jonathan Fawer and Austin Lavin of Corporate Realty represented the landlord in the lease negotiations.

November 1, 2023

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