Property Type

StarPoint Properties Nears Completion of 157,473 SF Point Central Business Park in Denver

by Amy Works March 1, 2024

DENVER — StarPoint Properties is nearing completion of Point Central Business Park, a speculative industrial project situated on more than 9.5 acres in Denver. Commencing construction last summer, the park is scheduled for completion in the second quarter of this year. Located at 1051 E. 73 Ave., the 157,473-square-foot park features a 74,618-square-foot building and an 82,855-square-foot building. The development can accommodate occupier sizes ranging from 13,000 square feet to 157,000 square feet. Each building offers 2,358 square feet of high-end speculative office space, 2,000A/480V electrical and 32-foot clear heights. The park features 225 parking spaces, 27 dock-high truck doors (with the ability to add an additional 23 doors) and eight drive-in doors. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield are marketing the property for lease.

March 1, 2024

California Loans Retail Western

Marcus & Millichap Arranges $96M Refinancing for Three Shopping Centers in Southern California

by Amy Works March 1, 2024

BAKERSFIELD, NORTH HOLLYWOOD AND VENTURA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $96 million loan refinancing for three shopping centers in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent.

March 1, 2024

Acquisitions California Life Sciences Western

Biotest Acquires 42,547 SF R&D Facility in San Diego’s Sorrento Mesa for $23M

by Amy Works March 1, 2024

SAN DIEGO — Biotest Inc. has purchased a research and development (R&D) facility, located at 10140 Mesa Rim in the Sorrento Mesa neighborhood of San Diego, for $23 million. The China-based life sciences company plans to use the 42,547-square-foot property for product development and distribution. Todd Holley of Voit Real Estate Services represented the buyer in the transaction. The name of the seller was not released.

March 1, 2024

Acquisitions California Restaurant Retail Western

Hanley Brokers $3.4M Sale of Starbucks-Occupied Property in Visalia, California

by Amy Works March 1, 2024

VISALIA, CALIF.— Hanley Investment Group Real Estate Advisors has brokered the $3.4 million sale of a 2,000-square-foot, single-tenant property in Visalia, located in the San Joaquin Valley between Fresno and Bakersfield. Starbucks Coffee occupies the building, which was constructed on 0.6 acres in 2023 and features a double drive-thru. Sean Cox, Alexander Moore, Bill Asher and Kevin Fryman of Hanley represented the developer and seller, Stock Five Development, in the transaction. David Mouallem of D.M. Realty Inc. represented the buyer, a Los Angeles-based private investor.

March 1, 2024

Data Centers Development Industrial Office Texas Top Stories

Morales Capital Group Plans Redevelopment of 2.3 MSF Former Compaq Campus in Houston

by Jeff Shaw March 1, 2024

HOUSTON — Morales Capital Group, an affiliate of Mexcor International, has unveiled redevelopment plans for Viva Center, a 2.3 million-square-foot office and warehouse complex on a 66-acre site in Houston. The developer plans to revitalize the facility to support the research and development of liquid-cooled IT equipment for supercomputing. Eduardo Morales, CEO of Mexcor International and Morales Capital Group, says he envisions the newly rebranded Viva Center as “a transformative tech hub that seamlessly blends Houston’s rich history with futuristic innovations. With a focus on integrating cutting-edge infrastructure and next-gen application platforms, Viva Center aims to lead the charge in shaping Houston’s technological landscape for years to come.” Morales bought the property in 2022. The asset is part of a larger, sprawling, 300-acre campus that once served as the headquarters of Compaq, which was the largest home computer manufacturer of the 1990s. Fellow tech giant Hewlett-Packard bought Compaq in 2002 and has gradually sold off pieces of the campus, finally leaving the site entirely for a newly built, smaller building in the suburbs in 2022. For example, in 2009, Lone Star College purchased 1.2 million square feet of the property and turned it into a branch of the college. VivaVerse Solutions LLC will lead …

March 1, 2024

Arizona Industrial Market Reports Western Western Market Reports

The Infinite Potential of Nearshoring in Phoenix

by Jeff Shaw March 1, 2024

— By Anthony Lydon, Executive Managing Director, JLL — At $403 billion in annual gross domestic product, Arizona is now the nation’s 18th largest GDP economy, recently passing Minnesota and Indiana. With its expected growth over the next 24 months, the state is on track to become the nation’s 16th largest GDP economy, surpassing Tennessee and Maryland. Like a shortlist of other fortunate U.S. markets, Arizona can credit a portion of this growth to its thriving logistics sector. The potential that industrial real estate offers for nearshoring — that commanding force with the power to rapidly diversify and expand a local economy. In Arizona alone, every $1 spent in the logistics industry has a $2 to $2.50 “multiplier effect” in the categories of earnings, revenue and jobs. The ability to capture that growth has been transformed in recent years by the CHIPS Act. This has provided, among other things, a 25 percent tax credit for investing in facilities that manufacture semiconductors or related manufacturing equipment. The Inflation Reduction Act has also provided more than $270 million in tax credits for clean energy projects involving solar, wind, hydrogen, carbon sequestration and EV charging. These programs played a role in attracting TSMC, …

March 1, 2024

Features Multifamily

How Multifamily Owners Can Strike A Balance Between Technology Use, Human Connection

by Taylor Williams March 1, 2024

By Heather Drennan, senior director of talent development, and Kory Nelson, marketing director, of Birge & Held The use of proptech is a factor that is sure to come up regularly in conversations among executive teams, regional vice presidents and local property teams, simply because the capabilities of modern technology and innovations are endless. For example, consider this article by Fast Company, a publication at the forefront of technology, innovation and leadership. The article cites how the implementation of proptech can have an all-encompassing, positive effect at the resident, community, societal and even environmental level. From innovations that reimagine the way residents tour an apartment complex and gain access to their units to those that redefine how property management and maintenance teams complete trainings and respond to residents’ requests, it’s clear that technologies bolstering automation and artificial intelligence (AI) are here to stay. But that’s not to say there isn’t any pushback. The multifamily space is rooted in relationships that are essential to building and maintaining community, and for many renters, the presence of a human connection remains key. This poses a clear dilemma — how should multifamily owners and operators strike a balance between reaping the benefits of proptech …

March 1, 2024

Acquisitions Industrial Texas

Younger Partners Arranges Sale of 58-Acre Industrial Development Site in Fort Worth

by Taylor Williams February 29, 2024

FORT WORTH, TEXAS — Locally based brokerage firm Younger Partners has arranged the sale of a 58-acre industrial development site in Fort Worth. The site at 5921 South Freeway is located on the city’s southwest side near the junction of Interstates 20 and 35. Carter Crow and Michael Ytem of Younger Partners represented the seller in the transaction. Justin Toon of Industrial Reserve represented the buyer, which plans to start construction in 2025. Both parties requested anonymity.

February 29, 2024

Cold-Storage-Innovation-Business-Park-Hutto

Development Industrial Texas

Titan, Sansone to Develop 208,560 SF Spec Cold Storage Facility in Hutto, Texas

by Taylor Williams February 29, 2024

HUTTO, TEXAS — A partnership between regional firm Titan Development and St. Louis-based Sansone Group will develop a 208,560-square-foot speculative cold storage facility in the northern Austin suburb of Hutto. The facility will be located within Titan’s Innovation Business Park and will feature 50-foot clear heights. Construction is slated to begin in the second quarter. CBRE and locally based brokerage firm AQUILA Commercial have been tapped as co-leasing agents for the facility.

February 29, 2024

Industrial Leasing Activity Texas

Colliers Negotiates 142,100 SF Industrial Lease in Metro Houston

by Taylor Williams February 29, 2024

CYPRESS, TEXAS — Colliers has negotiated a 142,100-square-foot industrial lease in the northwestern Houston suburb of Cypress. The tenant, 84 Lumber Co., will occupy the entirety of Barker Cypress Distribution Center. According to commercialsearch.com, the building sits on 12 acres and features 149 parking spaces and 3,574 square feet of office space. Wes Williams of Colliers and Conrad Bernard of Boyd Commercial represented the landlord, Molto Properties, in the lease negotiations. The tenant was self-represented.

February 29, 2024

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