Property Type

CP Group, Monarch Ink 50,000 SF of Office Leases at Citigroup Center in Downtown Miami

by John Nelson May 23, 2023

MIAMI — CP Group and Monarch Alternative Capital have announced more than 50,000 square feet of office leasing activity at Citigroup Center, a 34-story office tower in downtown Miami. All four leases at the 810,000-square-foot property closed in the first quarter. The deals include wealth management firm Larch Capital Partners signing for 5,466 square feet; real estate development and investment firm Bazbaz Development signing for 5,357 square feet; hotel operator Strategic Hotel Funding LLC renewing its 14,418-square-foot lease; and an undisclosed tenant signing a 21,928-square-foot lease. Steven Hurwitz, Doug Okun and Madeline Fine of JLL represented CP Group and Monarch in the leasing transactions. Grant Killingsworth and Thomas Haughton of CBRE represented Larch Capital, and Randy Carballo, also with CBRE, represented Bazbaz. In addition to the new leases, the ownership is also developing 37,000 square feet of speculative suites at Citigroup Center.

May 23, 2023

Development Life Sciences New Jersey Northeast Top Stories

SJP Properties Unveils Plans for Next Phases of $731M Life Sciences Development in New Brunswick, New Jersey

by Taylor Williams May 23, 2023

NEW BRUNSWICK, N.J. — New York City-based SJP Properties has unveiled plans for the second and third phases of the HELIX Health + Life Science Exchange, a $731 million life sciences development in New Brunswick, about 45 miles south of Manhattan. Developed in partnership with New Brunswick Development Corp., Phase II of the project will be known as H-2 and will feature 600,000 square feet of build-to-suit lab and office space that can accommodate a range of users. The final phase of HELIX, H-3, will include a 42-story mixed-use building that will have traditional office space and 220 units of housing in addition to life sciences space. The first phase of HELIX, known as H-1, is currently under construction adjacent to Rutgers University’s campus in the downtown area. Totaling 574,000 square feet, H-1 will house the New Jersey Innovation HUB, the new home of Rutgers Robert Wood Johnson Medical School and a Rutgers translational research facility equipped with a variety of labs. The initial phase of the project will also have a 10,000-square-foot market hall with food options and a 3,000-square-foot restaurant that opens onto a 70-foot-wide plaza. The site of the four-acre innovation district is across the street from …

May 23, 2023

Content Partner Features Loans Midwest Multifamily Northeast Office Southeast Texas Walker & Dunlop Western

“State of CRE” Webcast Frames Market Trends in Face of Potential Downturn

by Sarah Daniels May 23, 2023

By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …

May 23, 2023

Acquisitions Industrial Texas

CBRE Brokers Sale of 1.2 MSF Industrial Portfolio in Houston

by Taylor Williams May 22, 2023

HOUSTON — CBRE has brokered the sale of a portfolio of eight industrial buildings totaling approximately 1.2 million square feet that are located throughout the Houston area. The buildings feature a mix of front-load and cross-dock configurations and clear heights ranging from 20 to 34 feet. At the time of sale, the properties were fully leased to a roster of tenants with a weighted average remaining lease term of 3.75 years. ATCAP Partners purchased the portfolio from CenterPoint Properties for an undisclosed price. Nathan Wynne, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal.

May 22, 2023

Acquisitions Healthcare Texas

HCA Healthcare Agrees to Buy 41 Urgent Care Centers in Texas from FastMed

by Taylor Williams May 22, 2023

NASHVILLE, TENN. — Nashville-based provider HCA Healthcare has entered into an agreement to purchase 41 urgent care centers located throughout Texas from regional owner-operator FastMed. The addition of the clinics, which are located throughout the metro areas of Dallas, Austin, San Antonio, Houston and El Paso, will raise HCA Healthcare’s national portfolio count of urgent care centers to 268. The deal is expected to close this summer.

May 22, 2023

Leasing Activity Office Texas

RWE Renewables Signs 69,000 SF Office Lease at Centro in Austin

by Taylor Williams May 22, 2023

AUSTIN, TEXAS — RWE Renewables, which develops and operates renewable energy plants, has signed a 69,000-square-foot office lease at Centro, a mixed-use development in Austin that is owned by locally based investment firm Riverside Resources. John Gump, Nate Stricklen and Jon Milonas of CBRE represented RWE Renewables in the lease negotiations. Riverside Resources was self-represented. A quartet of merchandisers and restaurants also recently signed leases to occupy the development’s 15,000 square feet of retail space.

May 22, 2023

Industrial Leasing Activity Texas

Finial Group Negotiates 16,400 SF Industrial Lease in Webster, Texas

by Taylor Williams May 22, 2023

WEBSTER, TEXAS — Locally based brokerage firm Finial Group has negotiated a 16,400-square-foot industrial lease in Webster, a southeastern suburb of Houston. According to LoopNet Inc., the building at 16920 Texas Ave. was built in 1981, totals 53,290 square feet and features 18-foot clear heights. Jason Gibbons and Doc Perrier of Finial Group represented the tenant, Pennsylvania Tool Sales & Services, which supplies heavy industrial and manufacturing companies, in the lease negotiations. The landlord was not disclosed.

May 22, 2023

Affordable Housing Development Georgia Multifamily Southeast

McShane Completes Construction of 117-Unit Affordable Housing Community in Atlanta

by John Nelson May 22, 2023

ATLANTA — McShane Construction Co. has completed the construction of Thrive Sweet Auburn, a 117-unit affordable housing development located in Atlanta’s Sweet Auburn district. The developers are Mercy Housing Southeast and Project Community Connections Inc. (PCCI). In addition to apartments in one-, two- and three-bedroom layouts for residents earning 30 to 80 percent of area median income (AMI), the property features 11,400 square feet of ground-floor office space. Designed by Goode Van Slyke Architecture, Thrive Sweet Auburn’s amenities include community rooms, an outdoor pavilion, community garden, coffee shop and wellness rooms. Thrive Sweet Auburn also offers supportive services including a medical clinic, nutrition education and case management. The first floor serves as PCCI’s headquarters and holds offices for First Step Staffing, which provides job coaching and employment opportunities for those experiencing homelessness, previously incarcerated individuals and military veterans.

May 22, 2023

Acquisitions Multifamily Southeast Virginia

Cushman & Wakefield |Thalhimer Brokers $14.8M Sale of Richmond Apartment Community

by John Nelson May 22, 2023

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $14.8 million sale of The Mill at Manchester Lofts, a 70-unit apartment community located at 815 Perry St. in Richmond. The property, a former paper mill and warehouse, offers apartments in studio, one-, two- and three-bedroom layouts. Jenny Stoner and John Pritzlaff of Cushman & Wakefield | Thalhimer represented the undisclosed buyer, which plans to implement a value-add program, in the transaction. The seller was also not disclosed.

May 22, 2023

Acquisitions North Carolina Retail Southeast

Providence Acquires Two Retail Parcels in Charlotte’s South End

by John Nelson May 22, 2023

CHARLOTTE, N.C. — Providence Group Capital (PGC) has acquired two parcels located at 2429 and 2511 South Tryon St. in Charlotte’s South End neighborhood. Totaling roughly 1.3 acres, the sites feature three existing buildings comprising more than 17,500 square feet. Tenants at the buildings include Euro Cars South End, A&T Auto Body Shop and Paws Whiskers & Wags. PGC has purchased 15 sites in the same section of South End over the past 18 months. Hayes Faulkenberry of Land Advisors represented PGC in the acquisition of 2429 South Tryon St., and Lauren Bremer of The Nichols Co. represented the seller in the sale of 2501 South Tryon St. Providence Group Management Services will manage both properties.

May 22, 2023

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