TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 9,363-square-foot retail space located at 1028, 1034, 1040, 1046 E. Broadway Blvd. and 18, 70 and 110 S. Fremont Ave. in Tucson. Wildcat Smoke Shop Inc. acquired the property from Belmont Brothers LLC for $1.2 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the seller, while Mark Hays of Tierra Antigua Realty represented the buyer in the deal.
NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …
— By Brian C. Childs, Executive Managing Director, NAI Capital Commercial — Orange County office has historically been last in and first out of any recession or economic setback. That trend continues as an office recovery is in sight in this post-COVID marketplace. The challenge of encouraging workers to return to the office post-pandemic has slowed considerably. The rate of space being vacated in Orange County’s office market slowed to less than a 1 percent increase quarter over quarter in vacant space in the second quarter of 2023. This is compared to the 17 percent year-over-year rise, resulting in a total of 20.9 million square feet of vacant office space. Similarly, the growth rate of available sublease space also experienced a slower pace of 0.2 percent quarter over quarter, compared to a 23.4 percent year-over-year increase, reaching 4.6 million square feet. The second-quarter office vacancy rate sits at 13.3 percent, versus 13.2 percent in the first quarter. Overall office vacancy was at 11.5 percent a year ago. As the availability of office space has begun to stabilize, the average asking rent remained unchanged compared to the previous quarter. There was a minor decline of …
Location’s importance to commercial real estate has become a cliché. But in logistics and industrial considerations, the idea is new again — it’s not about where you are but where customers need to go and the primacy of transportation. If you’re not at the place and time that clients need, it doesn’t matter how theoretically fine the setting or how impressive the facilities are. “Transportation is roughly 12 times the cost of industrial real estate,” says Adam Roth, executive vice president at NAI Hiffman. Finished products, goods and materials are sent into and out of facilities over and over again. Shipping and trucking are a stiffly recurring expense and a much higher spend than real estate. “If I can impact your transportation spend, the real estate is a much smaller factor in the supply chain. If you can address the current concern of transportation, real estate rates almost doesn’t matter, due to a location’s supply chain advantages. Real estate can be one of the best ways to combat transportation costs.” The Rule of 1.5 In practical terms, customers’ plans for transportation are a series of changes, starting at factories, going to ports or warehouses for inventory, on to major and …
HOUSTON — McCord Development will build a 45-acre life sciences campus at Generation Park, the company’s 4,300-acre master-planned development in northeast Houston. Known as BioHub Two, the 500,000-square-foot campus represents the first phase of a larger life sciences development initiative at Generation Park and will house manufacturing, lab and traditional office space. McCord has concurrently invested $30 million in infrastructural upgrades to support the site. The construction timeline is contingent upon McCord securing a tenant or buyer for the site. Once a deal is secured, McCord could have buildings ready for occupancy within 18 to 24 months.
GREENSBORO, N.C. — Life Care Services (LCS) has completed the first phase of a $75 million expansion project at WhiteStone, a continuing care retirement community (CCRC) in Greensboro. LCS manages the Masonic and Eastern Star community. This phase of the expansion added 67 one- and two-bedroom independent living units to the property. In addition, the Care and Wellness Center renovations include a rehabilitation gym, courtyard and gardens, and enhanced salon and spa. WhiteStone partnered with SFCS Architects and Blum Construction to execute the project. The community expects to add more than 45 new employees in Greensboro due to the expansion. The final phase of the expansion project is scheduled for completion in the fall and will include 24 assisted living residences and 12 memory care suites.
LAURENS, S.C. — Patterson Real Estate Advisory Group has secured an undisclosed amount of joint venture equity for the development of Building A at Hunter Industrial Park in Laurens, a new industrial development situated roughly 35 miles southeast of Greenville and Spartanburg. The financial intermediary arranged the financing through The Guardian Life Insurance Co. of America on behalf of the borrower, Appian Investments/NAI Earle Furman. Patterson also arranged construction financing through First Carolina Bank on behalf of the borrower. Construction is scheduled to begin immediately.
COLLEGE STATION, TEXAS — Arizona-based lender Arriba Capital has provided a $28.5 million construction loan for a new student housing project that will serve students at Texas A&M University in College Station. The complex will feature 339 beds across 199 units, each of which will have a full kitchen, study desks and washer and dryer. Communal amenities will include a pool, fitness center, study lounges and a game room. BKV Group is the project architect, and McGough is the general contractor. The borrower was not disclosed.
CENTERVILLE, GA. — Forman Capital has provided a $22.5 million loan for the lot acquisition and construction of a build-to-rent (BTR) residential community located at 3930 US Highway 41 in Centerville, about 21 miles south of Macon, Ga. Upon completion, the first phase of the development will comprise 109 single-family rental homes in two-, three- and four-bedroom layouts, with monthly rents expected to range from $1,900 to $2,400. Parkland Homebuilders, an affiliate of Alpharetta, Ga.-based Parkland Communities, is the borrower and developer. Plans for the community include four phases and a total of 317 homes.
SALISBURY, MD. — KLNB has brokered the $14.2 million sale of College Square Shopping Center in Salisbury. Tenants at the center, which was 97 percent leased at the time of sale, include Dollar Tree, BioLife Plasma, Ace Hardware and Planet Fitness. Chris Burnham, Vito Lupo, Andy Stape and Jake Furnary of KLNB’s Retail Capital Markets team arranged the sale on behalf of the seller, Rockford Capital Partners, which has owned the property since 2015. The buyer was not disclosed.