Property Type

Alexandria Real Estate Equities Sells Stake in $700M Life Sciences Facility in Boston

by Taylor Williams April 13, 2023

BOSTON — California-based REIT Alexandria Real Estate Equities (NYSE: ARE) has sold a stake in a $700 million life sciences facility located at 15 Necco St. in Boston’s Seaport District. The percentage of the interest, which was sold to a U.S. affiliate of Japanese developer Mori Trust Co., was not disclosed. Alexandria is developing the 346,000-square-foot facility in partnership with National Development as a build-to-suit for pharmaceutical giant Eli Lilly & Co. The facility will house retail and restaurant space on the ground floor and a terrace with green spaces and flexible workstations on the rooftop. Construction began in early 2022, and the development team expects to complete the project before the end of the year. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Alex Foshay and William Sleeper of Newmark structured the recapitalization.

April 13, 2023

Pine-Run-Retirement-Community-Doylestown-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Agrees to Acquire 532-Unit Community in Doylestown, Pennsylvania

by Taylor Williams April 13, 2023

DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has entered into a non-binding letter of intent to acquire Pine Run Retirement Community, a 532-unit continuing care retirement community (CCRC) in Doylestown, about 25 miles north of Philadelphia. Pine Run features 272 independent living cottages and 24 apartments on a 43-acre campus. The development is home to Pine Run Health Center, which offers rehabilitation services and 90 skilled nursing beds; a 40-bed memory care neighborhood on the top floor known as The Garden; and an intimate setting for palliative services known as The Willows. If the deal closes, PSL will assume ownership of Pine Run from Doylestown Hospital. PSL intends to continue operating Pine Run as a CCRC.

April 13, 2023

Development Massachusetts Multifamily Northeast Seniors Housing

2Life Communities Breaks Ground on 174-Unit Seniors Housing Project in Metro Boston

by Taylor Williams April 13, 2023

NEWTON, MASS. — Locally based owner-operator 2Life Communities has broken ground on Opus Newton, a seniors housing project that will be located on the western outskirts of Boston. The site is situated adjacent to 2Life’s Coleman House on the Jewish Community Center Greater Boston campus. Construction is slated for a summer 2025 completion. According to the developer, 95 percent of the residences are already preleased.

April 13, 2023

Industrial Leasing Activity New Jersey Northeast

Newmark Negotiates 46,000 SF Industrial Lease in Secaucus, New Jersey

by Taylor Williams April 13, 2023

SECAUCUS, N.J. — Newmark has negotiated a 46,000-square-foot industrial lease at 60 Metro Way in the Northern New Jersey community of Secaucus. The facility features 8,000 square feet of office, space seven loading docks and one drive-in door. David Simson and Dan Reider of Newark represented the tenant, Creative Technology Inc., which supplies technical equipment for sports and entertainment events, in the lease negotiations. Locally based investment firm Hartz Mountain Industries owns the building.

April 13, 2023

Leasing Activity Life Sciences New York Northeast

Trinity Solar Signs 17,731 SF Life Sciences Lease in Plainview, New York

by Taylor Williams April 13, 2023

PLAINVIEW, N.Y. — Trinity Solar Inc., a provider of panels for residential homes, has signed a 17,731-square-foot life sciences lease in the Long Island community of Plainview. The building at 137 Commercial St. spans 40,660 square feet and houses research and development facilities. Robert Kuppersmith, Connor Sullivan, Scott Schubert and Dan Johnsen of Cushman & Wakefield represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

April 13, 2023

Arizona Development Mixed-Use Top Stories Western

RED Development, Globe Corp. Plan 150-Acre GSQ Mixed-Use Project in Goodyear, Arizona

by Katie Sloan April 13, 2023

GOODYEAR, ARIZ. — A joint venture between RED Development and Globe Corp. has released plans for GSQ, a 150-acre mixed-use development located in Goodyear, approximately 15 miles west of Phoenix. Groundbreaking on the project is proposed for next year. Plans include retail and entertainment space, restaurants, multifamily communities, office space and a hotel. GSQ will complement the Goodyear Civic Square at GSQ development, which Globe Corp. completed in August 2022. Goodyear Civic Square features a new city hall building, two-story library, two-acre community park, office space and retail space. “Our dream of a downtown is one step closer to becoming reality,” says Goodyear Mayor Joe Pizzillo. “We have all the right partners working together to create a very special walkable district for our residents — and the greater Southwest Valley region — to enjoy as they bring quality shopping, dining and entertainment to this area.” A number of new developments have been announced in Goodyear this year, including build-to-rent projects by UrbanStreet Group and a joint venture between Blue Vista Capital Management and Family Development; and several industrial projects, including a warehouse for Sub-Zero Group and the $360 million first phase of AirPark, located adjacent to the Phoenix-Goodyear airport. Phoenix-based RED …

April 13, 2023

Market Reports Midwest Midwest Market Reports Office Ohio

Central Ohio’s Office Market Shifts to Accommodate Changing Tenant Demands

by Kristin Harlow April 13, 2023

By Aaron Duncan, CBRE Describing Central Ohio’s current office market conditions is like a kid making the “little bit of everything” drink at the self-serve soda fountain: a lot of ingredients go in and the result is, surprisingly, okay. The office market is filled with polarizing headlines — from the growth and success of suburban Class A+ product versus newly vacated assets, to sublease space swarming the stat line, and everything in between. Moreover, the sector continues to provide pools of negative and positive market conditions. One’s perspective on the market largely depends on which way they’re standing in that month but overall, much like that childhood concoction, it’s okay. The good and the bad For nearly three years, tenants leaned on ownership groups to let them put temporary solutions in place while they fully vetted their return-to-work strategies. Today, the good news is that tenants have finally figured it out and are confident about what their current and future footprints will look like. A strong indicator of this is the volume of headquarters transactions in the market, five of which were completed by our team: • Vertiv: 75,000-square-foot, suburban headquarters lease at 505 N. Cleveland Ave. • Surge Staffing: …

April 13, 2023

Bohler Content Partner Development Features Midwest Multifamily Northeast Retail Southeast Texas Western

Savvy Developers Stay Active Even When the Easy Sites Are Gone

by Sarah Daniels April 13, 2023

As vacant sites become rare and cost-prohibitive, commercial real estate developers need to be creative when it comes to bringing a new project out of the ground. Unconventional development sites offer cost savings and location advantages, and in-depth due diligence and creativity on the part of developers can make for sites that can allow an elegant union of lower costs and strategy. With limited room for delay, how can developers think critically about available sites and leverage existing conditions to their advantage? Katherine Roberts, senior project manager at Bohler’s Warrenton, VA office, and Gregory Roth, principal at Bohler’s Tampa office, offer their expert advice on threading this needle. Bohler specializes in land development, especially making development work when conventional sites aren’t an option. Prioritizing Development Needs When Assessing Red Flags Certain project factors can be red flags if time or cost are obstacles to a developer, including These points of concern are usually knots that can be untangled if a developer has the time, money and appetite to move forward in spite of these interruptions, but each factor does bear watching. “Developers should understand where their limits are and where they’re willing to negotiate. Ideally, anything you’re developing should be …

April 13, 2023

Development Multifamily Texas

Stillwater Capital to Develop Multifamily Community at $1B Link Mixed-Use Project in Metro Dallas

by Taylor Williams April 12, 2023

FRISCO, TEXAS — Locally based developer Stillwater Capital will develop a 352-unit multifamily project at The Link, a 240-acre mixed-use development in Frisco. The Link, which has a total price tag of about $1 billion, connects to the PGA of America’s new, 600-acre headquarters campus via a pedestrian promenade and a network of public green spaces. The new multifamily community will offer townhome- and cottage-style residences and amenities such as a pool, fitness center, golf simulator, putting green and a courtyard with a fire pit. Construction is slated to begin this spring and to be complete in summer 2025.

April 12, 2023

Development Industrial Texas

Pontikes, McNair Interests Break Ground on Two Industrial Facilities Totaling 630,128 SF in Baytown, Texas

by Taylor Williams April 12, 2023

BAYTOWN, TEXAS — A partnership between two locally based firms, Pontikes Development and McNair Interests, has broken ground on a pair of rail-served industrial facilities totaling 630,128 square feet in the eastern Houston suburb of Baytown. Building 3 at Port 10 Logistics Center will span 450,873 square feet and is expected to be complete in the third quarter. Building 5 will total 179,255 square feet and is scheduled for a fourth-quarter delivery. JLL is leasing both projects. A fourth building totaling 452,266 square feet has also been proposed at Port 10 Logistics Park.

April 12, 2023

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