Property Type

Hampton, Lenzini & Renwick Signs 15,129 SF Office Lease at Fisher Corporate Center in Elgin, Illinois

by Kristin Harlow July 28, 2023

ELGIN, ILL. — Civil engineering firm Hampton, Lenzini & Renwick has signed a 15,129-square-foot office headquarters lease at Fisher Corporate Center in Elgin. The firm will relocate its executive team and office functions from its current space at 380 Shepard Drive in Elgin once the new lease begins in September. The company will continue to use 380 Shepard Drive as a field office. Built in 1993 and located at 1707 N. Randall Road, Fisher Corporate Center rises four stories and totals 436,000 square feet. Amenities include onsite food service, a fitness center and conference center. Jonathon Connor and Steve Kling of Colliers represented the owner, John B. Sanfilippo & Son Inc. David Rogers of RVG Commercial Real Estate represented the tenant.

July 28, 2023

Development Florida Multifamily Southeast

Terra Delivers 460-Unit Natura Gardens Apartments in Metro Miami

by John Nelson July 28, 2023

HIALEAH, FLA. — Terra has delivered Natura Gardens, a 460-unit, garden-style apartment community located on the west side of Hialeah, a suburb in northwest Miami-Dade County. The 23-acre property comprises 12 residential buildings with units ranging from one to three-bedrooms. Units range in size from 727 to 1,603 square feet and rental rates range from $2,000 to $3,350 per month. Natura Gardens is situated directly south of the planned American Dream mall in Miami Lakes and between I-75 and the Florida Turnpike. Amenities include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables and umbrellas, and lounge chairs on beach sand; a media room, billiards and children’s playroom; a lounge with a bar and kitchen; modern fitness center with yoga, aerobics and spinning studios; a business center with coworking spaces and a coffee bar; a children’s “tot-lot: with recreational equipment and electronic charging stations; residents-only dog park and outdoor spaces including open lawns, lakes, preserves and mobile device charging stations throughout the entire community. The design team includes Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units designed by …

July 28, 2023

Acquisitions Florida Southeast Student Housing

Balfour Beatty Acquires 592-Bed Student Housing Community Near Florida State University

by John Nelson July 28, 2023

TALLAHASSEE, FLA. — Balfour Beatty has acquired The Quarters at Tallahassee, a 592-bed student housing community located one mile from the Florida State University campus in Tallahassee. The property, which offers 168 units in a mix of six floor plans, has been rebranded Oktiv by the new ownership. Shared amenities at the community include a business center, clubhouse, fitness center, resort-style swimming pool, hot tub, sauna, study rooms and a yoga studio with on-demand classes. Berkadia secured acquisition financing for the transaction through an affiliate of Walton Street Capital. The seller and terms of the transaction were not disclosed. The community will be managed by Balfour Beatty’s internal residential management division, Balfour Beatty Communities.

July 28, 2023

Development Multifamily North Carolina Southeast

Wood Partners, GTIS Open 308-Unit Alta West Morehead Apartment Community in Uptown Charlotte

by John Nelson July 28, 2023

CHARLOTTE, N.C. — Wood Partners and GTIS Partners have completed the development of Alta West Morehead, a 308-unit apartment community located in Uptown Charlotte. The joint venture announced the project in September 2021. Located at 2020 W. Morehead St., the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities at the property include a pool, pet spa and a clubhouse with a fitness center, coworking space, lounge and game room. Monthly rents begin at $1,560, according to the community website. Wood Residential, an affiliate of Wood Partners, manages the property.

July 28, 2023

Development Industrial South Carolina Southeast

Hunt Midwest Delivers 258,801 SF Industrial Building in Anderson, South Carolina

by John Nelson July 28, 2023

ANDERSON, S.C. — Kansas City-based Hunt Midwest has completed the construction of a speculative industrial building located within Evergreen Logistics Park at I-85 in Anderson. Located at 1105 Scotts Bridge Road, Evergreen Logistics I totals 258,801 square feet and features 32-foot clear heights, 26 dock positions, 32 additional knock outs with capacity for expansion to 48, 60-foot-deep staging bays, LED lighting, an ESFR sprinkler system and speculative office space. The property also includes a 185-foot-deep truck court with 77 trailer parking stalls and 200 vehicle parking spaces. This marks Hunt Midwest’s second industrial project in the Greenville-Spartanburg industrial corridor, following the development of Fort Prince Logistics Center in Lyman, S.C.

July 28, 2023

Georgia Leasing Activity Office Southeast

Morgan Stanley Signs 100,000 SF Office Lease Expansion in Alpharetta, Georgia

by John Nelson July 28, 2023

ALPHARETTA, GA. — Morgan Stanley has signed an office lease extension including an additional 100,000 square feet at The Edison Alpharetta, an office park roughly 30 miles north of downtown Atlanta. The New York City-based investment bank and financial services provider will now occupy a total 216,000 square feet across Buildings 1 and 3 at the property. Bryan Heller and Peter McGuone of Stream Realty Partners represented the landlord, Invesco Real Estate, in the leasing transaction. JLL represented the tenant.

July 28, 2023

Development District of Columbia Office Southeast Top Stories

Arctaris Impact Investors Opens $152M Northeast Heights Opportunity Zone Office Project in Washington, D.C.

by Jeff Shaw July 28, 2023

WASHINGTON, D.C. — Arctaris Impact Investors LLC has completed Phase I of Northeast Heights, a six-story, 281,000-square-foot office building in Ward 7 of Washington, D.C. The office building is located in a Qualified Opportunity Zone, which is an economically distressed area where new investments may be eligible for preferential tax treatment. The office building is the first phase of a three-phase, $600 million effort to revitalize Ward 7, according to Arctaris’ website. Future phases of Northeast Heights are expected to include a grocery store redevelopment, approximately 1,300 residential units and community spaces. According to Arctaris, the project was catalyzed by D.C. Mayor Muriel Bowser’s mandate for city agencies to use the leasing power of the D.C. government to encourage economic development in historically underserved communities. Northeast Heights was pre-leased to the city’s Department of General Services and will serve as the new headquarters for the agency, which employs approximately 700 people. The Department of General Services was the first city agency to sign a contract for office space east of the Anacostia River under this initiative. “Arctaris is proud to be part of the coalition led by Mayor Bowser, combining forces with like-minded, community-oriented investors to help bring new vitality …

July 28, 2023

Features Student Housing

Where Third-Party Management is Headed for Student Housing

by Katie Sloan July 28, 2023

Where is third-party management headed? This is a loaded question in 2023. The economic environment alone presents its fair share of challenges. An indirect result of fewer properties transacting in the student housing sector is that properties are changing management firms less often. This doesn’t mean that third-party managers are resting on their laurels, however. They are continuing to enhance operations to create a better experience for guests while becoming more efficient for their property owner clients. Instead, operators are using this time to hone their craft, and there is much to ponder. Which COVID-19 protocols should remain from an on-site perspective? Should they look at centralizing some processes? And how can the implementation of AI help streamline processes without taking away the personal element? All of these questions — and more — are currently being assessed by third-party managers heading into the all-important turn season this summer. But unlike the temperatures outside, operators are keeping their cool with a focus on what they do best — customer service. Meeting Current Challenges The sector — and commercial real estate at large — is facing a number of hurdles, many of which are being exacerbated by the looming turn cycle. “It seems each …

July 28, 2023

California Market Reports Office Western Western Market Reports

San Diego’s Office Sector Experiences Elevated Sublease Levels

by Jeff Shaw July 28, 2023

— By Jerry Holdner, Avison Young — Southern California Region Lead, Innovation & Insight, AVANT — The San Diego office market is starting to show signs of weakness. Unemployment remains low, but it is important to highlight that job creation has been uneven. The bright spot is that high-value-added jobs in a broad range of sectors, such as scientific research, medical products and pharmaceutical development continue to grow, which bodes well for San Diego. We are still uncertain about a recession. It could be short and shallow like many are predicting, or we could be in for a period of monumental headwinds. Investment sales have retreated as interest rates increased, and office workers have been reluctant to return to the office. This has created an uncertain picture of our office market going forward. The rise and future uncertainty of the pace of inflation has caused many to take a “pencils down” approach. This has caused many to slow, pause or even halt their dealmaking, growth, capital investment and development efforts as the ability to borrow funds has become difficult. San Diego’s office vacancy currently stands at 12.3 percent, and 18.9 percent of the total office market is available (including sublease …

July 28, 2023

Acquisitions Arizona Multifamily Western

WhiteHaven Buys Clarendon Park Apartments in Phoenix for $37M

by Jeff Shaw July 27, 2023

PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit multifamily community in Phoenix. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the undisclosed seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. Clarendon Park offers one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.

July 27, 2023

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