DURHAM, N.C. — IBM Corp. (NYSE: IBM) has sold a portion of the IBM 500 Campus in Durham, a city near Raleigh. The Armonk, New York-based computer hardware giant sold the property in a sale-leaseback deal. The price was not disclosed, but the Triad Business Journal reports it traded for $66 million. Located at 4205 S. Miami Blvd., the four-building property spans 774,000 square feet and is 100 percent leased to IBM. No plans were announced, but multiple media outlets report that the property is suited for future mixed-use redevelopment opportunities. The IBM 500 Campus sits on 146 acres next to Research Triangle Park (RTP), the largest research park in the United States. RTP is a district in the Raleigh-Durham metropolitan area that houses 375 private companies in technology and life sciences sectors who can draw talent from three established research universities: Duke University, University of North Carolina at Chapel Hill and North Carolina State University. IBM has had a presence in the RTP since the mid-1960s. Hines Global Income Trust Inc., a REIT managed by Houston-based Hines, purchased the IBM 500 facilities and leased them back to IBM. In addition to this acquisition, the firm is a partner developer on …
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By Richard Ross, CEO of Quinn Residences Climate change is an enormous topic with implications so expansive that it can be difficult to understand how — or even if — we can make a positive impact. While companies and individuals can make essential changes on the margins, like advocating for public policies that promote better climate outcomes, there is one place where everyone can make a distinct difference: at home. The built environment is one of the most significant contributors to climate change, and our residences account for much of our carbon footprint. Changing how we build and what we buy or rent can alter this dynamic, and for new builds, this process starts on day one. Here are five ways in which developers, builders, buyers and renters can make that possible. Implement a Solar Program Rooftop solar panel adoption is soaring, setting installation records for six consecutive years. More than 700,000 homeowners installed solar panels in 2022, and over half of U.S. adults say they “want to power their home with solar panels in the future.” Meanwhile, the costs of installing and maintaining solar panels have never been lower, thanks to cheaper material costs, streamlined permitting processes and workforce …
KeyBank Secures $77.5M Refinancing for Ocean Walk Apartment Community in Key West, Florida
by John Nelson
KEY WEST, FLA. — KeyBank Real Estate Capital has secured a $77.5 million Fannie Mae non-recourse loan for the refinancing of Ocean Walk, an apartment community located in Key West. Built in 1991 and renovated in 2016, the property comprises 297 units across two buildings situated on 17 acres. Amenities at the community include a clubhouse, swimming pool, tennis courts and a basketball court. Caleb Marten and Chris Neil of KeyBank arranged the financing on behalf of the borrower, Passco Cos., which acquired the community in 2017 for $101.5 million. The 10-year loan features a seven-year interest-only period and will amortize on a 30-year schedule.
MIAMI — CBRE has brokered the $68 million sale of 5505 Waterford, an office building located in the Waterford Business District of Miami. The property totals 213,182 square feet and recently underwent a renovation that includes a new grand lobby, tenant lounge, 5,000-square-foot fitness center and the addition of a new level to the parking structure. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the undisclosed seller in the transaction. The buyer was also not disclosed.
GTIS, Collett Industrial Acquire 107-Acre Development Site in Cherokee County, South Carolina
by John Nelson
CHEROKEE COUNTY, S.C. — A joint venture between GTIS Partners and Collett Industrial has acquired a 107-acre site located on Tribal Road in Cherokee County, midway between Charlotte and Greenville, S.C. Plans for the site include the development of 850,000 to 930,000 square feet of industrial warehouse space across two phases. Phase I will comprise a 200,000- to 225,000-square-foot rear-load building, and Phase II will include either a single 510,000-square-foot cross-dock building or two rear-load buildings totaling roughly 423,000 square feet. GTIS and Collett also plan to widen and implement improvements to a portion of Tribal Road. Construction is scheduled to begin in February 2024.
T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units
by John Nelson
HALLANDALE BEACH AND MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking trails. A timeline for the project was not disclosed.
HUNTSVILLE, ALA. — General contractor Jim Chapman Construction Group (JCCG) has broken ground on Nestledown Farm, a build-to-rent (BTR) residential community in Huntsville. Upon completion, the development will feature 201 attached townhomes in two- and three-bedroom layouts ranging from 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center, dog park, illuminated sidewalks, gated entrance and 24-hour emergency maintenance services. Move-ins are scheduled to begin in fall 2024.
DALLAS — Locally based hospitality development firm Sava Holdings has purchased Stemmons Towers, a 285,312-square-foot office complex in West Dallas, with plans to convert the property to multifamily use. Stemmons Towers consists of two 12-story buildings that were originally developed in the 1960s by Trammell Crow and John Stemmons, and Sava plans to add a 13th floor to each building as part of the project. The 13-acre site also includes open space for a residential pocket park and greenbelt area. Sava will rebrand the property as Lumiere. Construction is scheduled to begin in mid- to late 2024. John St. Clair and Trae Anderson of Dallas-based brokerage firm Younger Partners represented the seller in the disposition of the property.
TOMBALL, TEXAS — Accelerated Solutions Group, a supplier of automotive accessories, has opened an 80,000-square-foot manufacturing facility in the northwestern Houston suburb of Tomball. The company plans to hire about 50 people to work at the facility. The seven-acre site is located within Interchange 249, a 250-acre development that comprises 3.1 million square feet across 10 buildings. Powers Brown Architecture designed the facility, which features 30-foot clear heights and 100 parking spaces. A partnership between Houston-based Lovett Industrial and New York-based Clarion Partners owns Interchange 249.
EL PASO, TEXAS — CBRE has brokered the sale of 5 Points Plaza Shopping Center, a 23,300-square-foot retail property in El Paso. The center, which was vacant for the previous two decades, is currently in the midst of being renovated and will have a new anchor tenant, Mexican restaurant Morra Mia, beginning in the second quarter of next year. Rebecca Rojas of CBRE, who serves as the leasing agent, represented the buyer, an entity doing business as 2900 Pershing LLC, in the transaction. The seller was not disclosed.