GLASTONBURY, CONN. — Cushman & Wakefield has brokered the sale of Buckingham Heights, a 46-unit memory care facility in Glastonbury, a suburb of Hartford. The single-story building was built in 2001 and renovated in 2021. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, Longview Senior Housing, in the transaction. Seniors housing owner-operator Hamister Group purchased the property for an undisclosed price.
NORWELL, MASS. — JLL has negotiated the sale of a 59,519-square-foot, single-tenant retail property in Norwell, located about 20 miles south of Boston, that is leased to grocer Stop & Shop. Nat Heald led the JLL team that represented the undisclosed seller in the transaction. Baillard Real Estate Fund purchased the property for an undisclosed price.
PHILADELPHIA — Capital One Finance Corp. has signed a 22,382-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. The lease term is nine years. Scott Gabrielsen of CBRE represented the tenant, which will relocate to the 37th floor from a suburban office next spring, in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.
Combinations of offices with laboratories, research and development spaces and/or manufacturing areas make life sciences facilities highly customizable. These multipurpose, technical spaces are in high demand from companies seeking first-class facilities for research-based advancements. Low vacancies, high rents and the chance to convert unused office or retail spaces on a faster timeline have prompted some creative approaches to retrofit existing space to fulfill the needs of science and technology tenants. In other instances, facilities must be built from the ground up to conform to best practices. But what factors matter most to the life sciences field? And how can developers increase their speed to market? Read on for tips and checklists for developers hoping to speed up the process of building or retrofitting these facilities. Industry Drivers: Speed to Market and Flexibility Office conversions into life sciences facilities offer a variety of options. Life sciences facilities often do not need to accommodate large trucks (eliminating circulation and loading dock concerns), they use office components and (most importantly) office conversions offer faster speed to market than other types of conversions. “Speed to market is most important for these developers/tenants. There is a shortage of space, so a well-designed, spec building will …
By Jill Rasmussen, Davis The Minneapolis – St. Paul medical office building (MOB) market remains strong with calculated strategic growth from both hospital systems and independent clinics. The MOB sector has been resilient during the pandemic, economic challenges and local civil unrest. Providers have been focused on expanding into new market areas to locate close to their patient base, providing full-service medical hubs offering outpatient surgery and specialty services to communities while offering lower-cost care away from a hospital campus. The overall market remains very stable with a current vacancy rate of 8.6 percent on-campus and 10.6 percent off-campus. There remains high interest in off-campus locations for most non-acute care for location access and cost savings. Base rents continue to increase both on- and off-campus due to demand and higher new construction pricing. Base rates have reached nearly $22 per rentable square foot (rsf) on average on-campus and $21/rsf for off-campus existing product. New MOB construction rates have increased from $24.50/rsf to $28+/rsf due to interest rate hikes and supply chain/labor issues, but new construction projects continue to move ahead based on provider’s strategic initiatives. Annual base rent increases are trending up due to current inflation levels from a historical …
NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) and chef Jean-Georges Vongerichten have opened the Tin Building by Jean-Georges, a 53,000-square-foot food hall at Pier 17 at the Seaport in Lower Manhattan. The new culinary destination is an adaptive reuse of the Tin Building, a historic waterfront property that once served as the site of the Fulton Fish Market. The new food hall features six new full-service restaurant concepts and six fast-casual counters, as well as three specialty retailers and bars serving wine, craft cocktails and craft beers. The eateries and shops surround a central marketplace that sells locally sourced seafood, meat, cheese and produce. “It has been a great privilege to have this opportunity to bring back the Tin Building and reinvent such an iconic New York staple in a new and authentic way — honoring and inspired by the Seaport’s rich history and continuing the legacy of providing a one-of-a-kind experience that pays tribute to the global influences found in New York City,” says Vongerichten. The eateries include a French brasserie, seafood restaurant (Fulton Fish Co.), Asian speakeasy, breakfast counter, several vegetarian options, a bakery and a coffee shop. Vongerichten curated all 20 installments at the …
UCLA Agrees to Acquire Former Marymount California University Campus in Southern California for $80M
RANCHO PALOS VERDES, CALIF. — The University of California Los Angeles, under the advisory of the University of California Board of Regents, has agreed to purchased the former Marymount California University campus in Rancho Palos Verdes for $80 million. The acquisition, which was under a mandate by the University of California Board of Regents for the state’s public universities to educate more students, is slated to close in October. Mike Condon Jr., Kimberly Brown, McKenna Gaskill, Erica Finch, Jacob Kovner and Connor Martin of Cushman & Wakefield represented UCLA in the transaction. Adrienne Barr and Steffan Braunlich of Berkadia represented Marymount California University in the deal. Overlooking the Pacific Ocean and Catalina Island, the coastal property comprises 24.6 acres of developed campus and vacant land, plus a neighboring vacant 86-unit student apartment complex situated on 11 acres in San Pedro. Located at 30800 Palos Verdes Drive East, the campus consists of 10 existing academic buildings totaling 92,268 of gross building area previously used for classroom, administrative and other campus functions. The included apartment complex spans 18 buildings. Known as The Villas, the complex is covenanted for education use that supplements the campus’ academic use. The property also features a pool, tennis …
EL SEGUNDO, CALIF. — Washington Holdings has completed the disposition of Hyatt Place Los Angeles/LAX/El Segundo, a select-service hotel located at 750 N Nash St. in El Segundo. El Segundo-based Welcome Group acquired the asset, which was sold unencumbered by management, for $49 million. Renovated in 2020, Hyatt Place El Segundo features 143 guest rooms, The Placery bar and restaurant, The Market grab-and-go outlet, a fitness center, an outdoor pool and electrical vehicle charging stations. Additionally, the pet-friendly hotel offers a business center and 1,054 square feet of meeting or event space. John Strauss, James Stockdale and Melvin Chu of JLL Hotels & Hospitality represented the seller in the transaction.
LOS ANGELES — Kidder Mathews has arranged the sale of a 54-unit apartment community located at 340 S. Kenmore Ave. in Los Angeles’ Koreatown neighborhood. ROM Residential sold the asset to Landmark Global Management for $15.9 million. Built in 1965, the building features nine studios, 33 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. Robin Ossenbeck of Kidder Mathews represented the seller in the deal.
PHOENIX — A joint venture between Cypress West Partners and an institutional real estate advisor has acquired Simon Medical Plaza, a fully leased medical office building in Phoenix. Completed in 2020, Simon Medical Plaza is a two-story facility that a variety of healthcare tenants occupy. Services available at the property include pediatric healthcare, imaging services, podiatry, dentistry, physical therapy, ophthalmology, chiropractor services, counseling and elder services. Aldon Cole and Aiden Hayes of JLL Capital Markets secured a $7.6 million five-year, floating-rate loan through CIT, a division of First Citizens Bank, for the acquisition.