COSTA MESA, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial/flex building in Costa Mesa. The property traded for $6.1 million. Located at 3587-3589 Harbor Blvd., the 19,271-square-foot building features a large fenced yard, three ground-level doors and 400 amps, 120/208 volt power. Greg Diab of Lee & Associates Orange represented the buyer in the deal.
GREENVILLE, SPARTANBURG AND COLUMBIA, S.C. — Greystone Affordable Development is serving as development manager four affordable housing properties totaling 855 units in South Carolina. The three properties include: The Park at Sondrio in Greenville, which comprises 271 one- and two-bedroom units. Greystone acquired the property for $38.1 million. The Park at Vietti in Spartanburg, which comprises 204 units. Greystone acquired the property for $26.9 million. According to Apartments.com, the property was originally built in 1986, and offers one- and two-bedroom floor plans. Windsor Shores in Columbia, comprising 176 units, which Greystone acquired for $22.4 million. The Ivy in Greenville, comprising 212 units, was acquired for $30.5 million. For the fourth transaction, Greystone’s Adam Lipkin originated a financing solution through GHI. Greystone Affordable Development will serve as the developer on this renovation project at that property as well. Two nonprofit entities recently acquired the portfolio — Greenville Housing Fund acquired The Ivy and Opportunity South Carolina acquired the other three. The acquisition price was $118 million. Greystone Housing Impact Investors LP (GHI) provided financing for the acquisition and rehabilitation development transactions. Cushman & Wakefield, with which Greystone has a strategic joint venture, provided multifamily investment sales advisement on the transactions. The teams …
— By Rob Martensen, Senior Executive Vice President, Colliers International — There are a lot of questions being asked about the Phoenix industrial market as we turn the calendar to 2023. Having been an industrial broker in this market for 25 years, I have seen many ups and downs, which are historically driven by the residential construction market. Phoenix used to be a one-industry town…and that industry was growth. Sure, we’ve had large companies like Motorola, Avnet and Intel, but the industrial market has been mostly driven by people moving to Arizona and buying houses and household goods. Phoenix has transformed in the past five years into a thriving city that now supports many industries. The largest is advanced manufacturing. This includes semiconductors, battery manufacturing, electric vehicle manufacturing and all supporting businesses. Intel is in the process of a $20 billion expansion to their existing facility, while Taiwan Semiconductor Manufacturing Company (TSMC) is under construction on a $12 billion chip making factory. TSMC recently announced it’s going to immediately start on Phase II of this factory, which will be another $28 billion spent in Phoenix. It is estimated that 160 new companies have moved to Phoenix to support these two new …
AUSTIN, TEXAS — Locally based developer PlaceMKR will undertake a 2 million-square-foot mixed-use redevelopment project at a 22.5-acre site at the intersection of East Riverside Drive and State Highway 71 in Austin. The site currently houses a storage facility and a former mobile home park. Designed by Steinberg Hart on land owned by Artesia Real Estate, East Riverside Gateway will be a seven-building development that will feature residential, office, retail and restaurant uses, as well as some 4,000 onsite parking spaces. More specifically, four of the buildings totaling approximately 1,100 units will be devoted to multifamily usage, with street-level retail connecting all the structures. Construction will occur in phases, with the initial phase expected to begin within 12 months pending the developer’s securing of an equity partner. The development team is also in the processing of obtaining entitlements and permits.
HOUSTON — International developer Skanska has topped out 1550 on the Green, a 28-story, 375,000-square-foot office building located within the Discovery Green area in downtown Houston. Designed by BIG Bjarke Ingels Group, the building will include 7,000 square feet of ground-floor retail space, and tenants will have access to a fitness center and outdoor terraces with event spaces. CBRE is marketing the office space for lease, while SHOP Cos. is leading the lease-up of the retail component. The development team expects to begin welcoming tenants to the building before the end of the year.
CHICAGO — Trammell Crow Co. and Beacon Capital Partners have broken ground on Hyde Park Labs in Chicago’s Hyde Park neighborhood. The project will feature 302,388 square feet of lab and office space as well as ground-floor retail and community space. Completion is slated for late 2024. Project costs are estimated at $225 million, according to Crain’s Chicago Business. The University of Chicago has pre-leased one-and-a-half floors of the building totaling 55,000 square feet, a portion of which will house researchers from the Pritzker School of Molecular Engineering. Space will also be used to develop an incubator program to support startup companies focused on the life sciences. Hyde Park Labs will rise 14 stories. The project marks the second phase of development at Harper Court, which currently features a hotel, office building housing many UChicago administrative offices and retail space. Tenants of Hyde Park Labs will have access to nearly 40,000 square feet of amenities, including a fifth-floor terrace dubbed “The Lawn.” The project team includes Elkus Manfredi Architects, Interactive Design Architects, Power Construction, Ujamaa and Trinal. Dan Lyne and Brandon Green of CBRE are marketing the project for lease.
GRAND PRAIRIE, TEXAS — TriStar Glass has signed a 184,283-square-foot industrial lease in the central metroplex city of Grand Prairie. The Oklahoma-based glass fabricator will occupy the entirety of the facility at 3405 Roy Orr Blvd., which previously served as a Coca-Cola bottling plant. David Eseke and Clay Balch of Cushman & Wakefield represented the tenant, which expects to be operational by the end of the summer, in the lease negotiations. An affiliate of Connecticut-based investment firm CoreOne Industrial owns the property.
CHICAGO — Lendlease has begun pre-leasing at The Reed at Southbank in Chicago’s South Loop. The 41-story residential tower includes both rental units and for-sale homes. The Reed is the second building Lendlease is developing as part of Southbank, a seven-acre master plan community situated along the Chicago River. The Reed features 224 apartment units on floors nine through 22. Floor plans range from 544 to 1,417 square feet and monthly rents start at $2,160. First move-ins are expected in late May. The eighth floor features 15,000 square feet of outdoor amenities, including a pool, cabanas, sunning lawn, fire pits, outdoor kitchens and dining areas. The Reed also features an indoor-outdoor fitness center with dedicated HIIT and yoga spaces, as well as cardio and strength-training equipment. Other eighth-floor amenities include a wet lounge adjacent to the pool deck, lounge room, virtual sports simulation room, massage room and media room. A rooftop garden created in partnership with The Roof Crop will feature fresh flowers, gardens and honey. Bozzuto manages the apartments. At the center of the Southbank master plan is Southbank Park, a two-acre publicly accessible green space that connects the neighborhood’s residents to the Chicago River. Designed by Hoeer Schaudt, …
BENSENVILLE, ILL. — Advanced Metalcraft has purchased industrial space in Bensenville for an undisclosed price. The two adjoining buildings at 110 and 210 Gateway Road total 44,600 square feet. Advanced Metalcraft, a fabricator of precision metal components and assemblies, is relocating and expanding from a 15,000-square-foot space in Franklin Park. Trinity Scurto of Brown Commercial Group represented Advanced Metalcraft, while Brian Carroll of JLL represented the seller, 110 Gateway LLC. Advanced Metalcraft plans to complete building renovations and take occupancy this quarter.
EDEN PRAIRIE, MINN. — Marcus & Millichap has brokered the $2.3 million sale of an 8,276-square-foot restaurant property occupied by Buca Di Beppo in the Minneapolis suburb of Eden Prairie. The net-leased building is located at 7711 Mitchell Road. Tom Gommels of Marcus & Millichap represented the seller, a limited liability company. Alvin Mansour and Sim Liberow of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 exchange.
