Property Type

Drawbridge Realty Buys 157,000 SF Uber-Leased Office Building in Sunnyvale, California

by Amy Works November 4, 2022

SUNNYVALE, CALIF. — Drawbridge Realty has acquired 200 S. Mathilda Avenue, a five-story, Class A office/engineering building and parking structure in downtown Sunnyvale. JP Morgan sold the asset for an undisclosed price. Completed in 2010, the property features 157,000 square feet with subterranean parking. Uber occupies the building as an engineering hub as part of its Bay Area global headquarters. The transit-oriented, LEED Silver-certified building is walkable to Sunnyvale’s Caltrain station and is surrounded by residential, retail and lifestyle amenities. Eastdil Secured represented the seller in the transaction.

November 4, 2022

Three-Buildings-Victory-Logistics-District-Fernley-NV

Development Industrial Nevada Western

Mark IV Capital Breaks Ground on Three-Building Distribution Complex Near Reno, Nevada

by Amy Works November 4, 2022

FERNLEY, NEV. — Mark IV Capital, with Premier Design + Build as general contractor, has broken ground on a three-building distribution project totaling more than 1 million square feet in Fernley, 30 miles east of Reno. Known as Victory Logistics District Buildings B, C and D-2, the new facilities are part of Victory Logistics District, a master-planned industrial development on 4,300 acres owned by Mark IV Capital. Victory Logistics District has direct access to two transcontinental highways (Interstate 80 and U.S. Highway 50) and a rail line serviced by Union Pacific and BNSF. The 634,520-square-foot Building D-2 will feature 40-foot clear heights, 120 dock doors, four drive-in doors and state-of-the-art mechanical and electrical systems. Additionally, the Premier team will add parking for 332 autos and 312 trailers to the project. Totaling 217,447, Building C will offer 26 dock doors, two drive-in doors, state-of-the-art mechanical and electrical systems, 36-foot clear heights and parking for 191 autos and 42 trailers. The 169,820-square-foot Building B will feature 36-foot clear heights, 26 dock doors, two drive-in doors, state-of-the-art mechanical and electrical systems, a speculative office tenant improvement and parking for 172 autos and 43 trailers. The Premier project team includes Jeramy Mahfet, Greg Lew, …

November 4, 2022

Acquisitions Colorado Multifamily Western

MIG Real Estate Sells 168-Unit Ascent Apartments in Denver to Avanath Capital Management

by Amy Works November 4, 2022

DENVER — MIG Real Estate has completed the disposition of Ascent Apartments, a garden-style multifamily property in Southwest Denver, to Avanath Capital Management. The price was not released. Located at 8400 E. Yale Ave., the nine-building community features 168 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a fitness center, resort-style pool, barbecue and picnic areas, a playground and package lockers. Andy Hellman, Justin Hunt, Kevin Mckenna, Saul Levy, Chris Hart and Jessica Graham of CBRE’s Denver office represented the seller in the transaction.

November 4, 2022

Windplay-Business-Center-El-Dorado-Hills-CA

Acquisitions California Industrial Western

Dunleer Acquires Nine-Building Windplay Business Center Industrial Park Near Sacramento for $14.9M

by Amy Works November 4, 2022

EL DORADO HILLS, CALIF. — Los Angeles-based Dunleer has purchased Windplay Business Center, a nine-building industrial park in El Dorado Hills, for $14.9 million, or $147 per square foot, in an off-market transaction. Located at 5001-5009 Windplay Drive and 1100-1106 Windfield Way, the asset features 101,169 square feet spread across 21 units. Built between 1991 and 1994, the asset features 18- to 24-foot clear heights and is easily divisible for various tenant needs. At the time of sale, the park was 97 percent occupied. Sean Merold and Mike Metzger of JLL represented the buyer and undisclosed seller in the deal.

November 4, 2022

Development Mixed-Use New York Northeast Retail Top Stories

Joint Venture Explores Mixed-Use Redevelopment Options for 10-Acre The Galleria at White Plains

by Jeff Shaw November 4, 2022

WHITE PLAINS, N.Y. — Pacific Retail Capital Partners (PRCP) and Aareal Bank have formed a new joint venture with SL Green Realty Corp. and the Cappelli Organization to consider redevelopment options for The Galleria at White Plains, a 10-acre indoor shopping mall in the New York City suburb of White Plains. The envisioned renovations to The Galleria are part of a larger renaissance for the area. The mall is part of a qualified Opportunity Zone, meaning that new investments in the area may be eligible for preferential tax treatment under certain conditions. Built in 1980 by Canadian developer Cadillac Fairview, the mall currently rises four stories and features approximately 865,000 square feet of retail space. The property, including its parking garages, spans two blocks adjacent to the White Plains train station, providing easy access to New York City. The Galleria is located at the intersection of Main Street and Dr. Martin Luther King Boulevard, and sits in proximity to multiple high-rise residential towers and office buildings, as well as Pace University’s Westchester campus and the White Plains City and Westchester County courthouses. According to the Galleria’s website, the mall currently includes retailers such as Forever 21, American Eagle and H&M, …

November 4, 2022

Colorado Market Reports Multifamily Western Western Market Reports

Population, Absorption, New Construction Offer Opportunities in the Denver Multifamily Market

by Jeff Shaw November 4, 2022

By Chris Mitton, Advisor, Pinnacle Real Estate Advisors Denver has been seeing major growth of new residents from 2020 through the second quarter of 2022. Denver is gaining many residents from coastal cities due to our lower cost of living, and gains of such tech giants as Conga, RingCentral, Xactly, Slack, and Angi. Since 2020, Denver has added 8,100 jobs in business services and 2,900 jobs in the financial activities sector. Over the last five years population growth in Denver has increased 8 percent compared to the 3.8 percent national average. The multifamily market has benefited from this population growth. Denver has absorbed 6,400 units over the past 12 months, placing it in the top 15 metro areas in the country. Colorado has seen record high prices in single family homes as well, which is pricing out many first-time homebuyers. This is forcing many renters to stay in multifamily apartments. However, if you haven’t been living under a rock, you know that the Federal Reserve has been increasing interest rates at a record pace. The single-family market has seen an increase from 1,200 homes for sale during the start of the year to 7,300 homes in August. With this increase in supply …

November 4, 2022

Development Office Southeast Virginia

CoStar Group Breaks Ground on 750,000 SF Office Campus Expansion in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — CoStar Group has broken ground on an expansion to its corporate campus in Richmond that will bring two new buildings totaling 750,000 square feet. CoStar plans to add 2,000 new jobs to staff the new buildings, specifically in research, technology, operations, software development, marketing and sales roles. Situated on the banks of the James River, the new 21-story tower and five-story multipurpose building, which will house employee and community amenities, will expand the campus to 1 million square feet. CoStar’s current tower is located on the site at 501 S. 5th St. Planned amenities for the campus hub include conference space, fitness and wellness capabilities, an auditorium, more than 2.6 acres of outdoor green space and retail and restaurant options. The new tower is designed to achieve LEED certification and will feature 50,000 square feet of elevated green terraces. Once the site is fully complete, CoStar Group is poised to become the largest tech company and one of the largest private employers in Richmond. The firm currently employs more than 5,300 people in 80 cities across 14 countries.

November 3, 2022

Affordable Housing Development Multifamily North Carolina Southeast

Annex Group to Build 200-Unit Affordable Housing Community in Charlotte

by John Nelson November 3, 2022

CHARLOTTE, N.C. — The Annex Group has plans to develop Union at Tryon, a 200-unit affordable housing community located at 614 Rocco Road in Charlotte. Situated on more than seven acres, the $44 million property will feature studio, one-, two- and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). Amenities will include a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Annex Group’s partners on the project include architect KTGY, civil engineer Tarr Group and LIHTC consultant Shelter Investments Development Corp. Financial partners include Merchants Capital, which directly provided a $31 million construction loan and a $20.8 million Freddie Mac loan; tax credit equity partner Aegon Asset Management, which provided $18 million in equity; and INLIVIAN (Charlotte’s housing authority) that issued $20.8 million in bonds. The Annex Group is providing property management services for Union at Tryon, which is expected to open in spring 2025.

November 3, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

Acquisitions Hospitality Louisiana Southeast

HREC Arranges Sale of 319-Room Hilton New Orleans Airport Hotel in Kenner, Louisiana

by John Nelson November 3, 2022

KENNER, LA. — HREC Investment Advisors has arranged the sale of the Hilton New Orleans Airport, a 319-room hotel located at 901 Airline Drive in Kenner. Situated near the new terminal at Louis Armstrong New Orleans International Airport, the hotel features an onsite restaurant, airport shuttle, outdoor pool, fitness center, business center and meeting rooms. An entity doing business as NOLA Airport 319 LLC purchased the hotel for an undisclosed price. Scott Stephens, Len Wormser and Ketan Patel of HREC Investment Advisors represented the unnamed seller in the transaction. Greg Porter and Mike Armstrong of HREC Capital Markets Group arranged an undisclosed amount of acquisition financing on behalf of the buyer.

November 3, 2022

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