Property Type

Boston Properties Sells 601 Massachusetts Avenue Office Building in D.C. for $531M

by John Nelson September 6, 2022

WASHINGTON, D.C. — Boston Properties Inc. (NYSE: BXP) has sold 601 Massachusetts Avenue, an approximately 480,000-square-foot office building in Washington, D.C., for $531 million. The buyer was not disclosed, but the Washington Business Journal reports that it was an affiliate of Mori Trust Co., a real estate development and investment firm based in Tokyo. Boston Properties originally developed the 11-story property in 2015. The firm will continue to provide property management services at 601 Massachusetts, which was 98 percent leased at the time of sale. 601 Massachusetts Avenue is situated in Washington, D.C.’s Mount Vernon Triangle neighborhood. Nearby attractions include the White House, Capital One Arena, Metro stations and the Walter E. Washington Convention Center. According to online property listings, the property includes a nine-story glass atrium, onsite fitness center, roof terrace and retail space leased to RPM Italian, Soul Cycle and lunch restaurant Devon & Blakely. Boston Properties structured the disposition as part of a reverse like-kind exchange under Section 1031 of the Internal Revenue Code with its $730 million acquisition in May of Madison Centre, a 37-story office tower in Seattle. “This disposition demonstrates continued investor demand for premier, well-leased office properties,” says Owen Thomas, chairman and CEO …

September 6, 2022

Market Reports Office Southeast Southeast Market Reports Virginia

Smart Office Development Poises Richmond for Further Investment and Growth

by John Nelson September 6, 2022

The high quality of life and relatively low cost of living in Richmond, coupled with sustained investment in live-work-play infrastructure, has led to population growth and a surge in investor interest in the city. The job market is showing strong signs of recovery with an unemployment rate of 3.2 percent, which is 40 basis points below the national average. Although office-using employment remains elevated at 3 percent from pre-pandemic levels, office vacancy rates remain relatively stable at 11.2 percent. Live-work-play rules the day Richmond has become a hot spot for millennials, boasting a low cost of living, high quality of life and amenity-rich neighborhoods. While the broader Richmond market has recorded 10 percent population growth since 2010, key submarkets in the urban core are growing at a faster pace, with Scott’s Addition recording 23 percent population growth during the same period. Developers have capitalized on this increased demand for city living, building out the urban core with multifamily and mixed-use developments in trendy submarkets. Scott’s Addition and Manchester — which have more breweries per capita than any other neighborhood — have added a combined 3,000 apartment units in the last five years, with an additional 1,300 units currently under construction. …

September 6, 2022

Development Industrial Texas

EastGroup Properties Breaks Ground on 292,000 SF Industrial Project in Spring, Texas

by Taylor Williams September 2, 2022

SPRING, TEXAS — EastGroup Properties (NYSE: EGP), a Mississippi-based REIT, has broken ground on Springwood Business Park, a 292,000-square-foot industrial project that will be located in the northern Houston suburb of Spring. Springwood Business Park will consist of two Class A distribution buildings that can support tenants with requirements from 10,000 to 168,000 square feet. Building features will include 28- to 32-foot clear heights and combined parking for 300 cars and 57 trailers. Construction is slated for a second-quarter 2023 completion. JLL will market the development for lease.

September 2, 2022

Acquisitions Multifamily Texas

Catalyst Equity Partners Buys 280-Unit Addison at Sugar Land Apartments in Metro Houston

by Taylor Williams September 2, 2022

SUGAR LAND, TEXAS — Texas-based investment firm Catalyst Equity Partners has purchased The Addison at Sugar Land, a 280-unit apartment community located on the southwestern fringe of Houston. According to Apartments.com, the property was built in 2004, features one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, spa, business center, volleyball court and package handling services. The seller and sales price were not disclosed.

September 2, 2022

Acquisitions Multifamily Texas

RightQuest Residential Sells 198-Unit Siena Round Rock Apartments in Metro Austin

by Taylor Williams September 2, 2022

ROUND ROCK, TEXAS — Dallas-based RightQuest Residential has sold Siena Round Rock, a 198-unit apartment complex located on the northern outskirts of Austin. The property offers studio, one- and two-bedroom units ranging in size from 597 to 1,137 square feet. Most residences feature upgraded appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, clubhouse, business center, outdoor grilling stations and a dog park. CBRE brokered the sale of Siena Round Rock, which was 97 percent occupied at the time of sale. Judah Hammer and Daniel Neiss of Meridian Capital Group arranged $35.3 million in acquisition financing through NewPoint Real Estate Capital on behalf of the buyer, River Rock Capital.

September 2, 2022

Development Multifamily Southeast Tennessee

Subtext Breaks Ground on 15-Story Multifamily Property in Midtown Nashville

by John Nelson September 2, 2022

NASHVILLE, TENN. — Subtext, a residential development firm, has broken ground on LOCAL Midtown, a 15-story apartment building located at 1904 Hayes St. in Nashville’s Midtown district. The property will comprise 307 apartments in a mix of studios, one-, two- and three-bedroom layouts. Designed by Dynamik Design, LOCAL Midtown will feature 10,000 square feet of amenity space, including a coffee bar and micro-market on the first floor, music studio and recording booth on the fifth floor and several spaces on the sixth floor, such as a media lounge, speakeasy, collaboration spaces, gaming room, fitness center with coach-led classes, library and outdoor amenity deck with a swimming pool. The 15th floor will feature a sky lounge and deck with views of downtown Nashville. A five-level covered parking garage will also be available to residents. The general contractor, Brinkmann Constructors, expects to deliver LOCAL Midtown in 2024. Subtext and Brinkmann recently completed LOCAL Boise in Idaho. The new venture is the first Nashville project for both St. Louis-based firms.

September 2, 2022

Development Industrial North Carolina Southeast

Choate Begins Construction on NASCAR Broadcast Facility in Metro Charlotte

by John Nelson September 2, 2022

CONCORD, N.C. — Choate Construction has broken ground on a new broadcast facility for NASCAR in Concord, a northeast suburb of Charlotte. The racing organization is moving its live event productions operations from Charlotte to the new 58,000-square-foot facility, which is situated near NASCAR’s existing research-and-development property. The new tilt-wall concrete facility will house NASCAR’s TV and radio production studios, as well as a broadcast equipment room, mechanical system and chemical fire suppression systems. NASCAR’s live event production operation has more than doubled in size since 2018, according to the organization. The project team includes Redline Design Group, ACRO Development Services, Barrett Woodyard and Associates Inc. and Bennett & Pless Inc.

September 2, 2022

Development Hospitality Loans Texas

HALL Structured Finance Provides $15.3M Construction Loan for Shenandoah, Texas Hotel

by Taylor Williams September 2, 2022

SHENANDOAH, TEXAS — Dallas-based private lender HALL Structured Finance (HSF) has provided a $15.3 million construction loan for a new Hampton Inn & Suites hotel in Shenandoah, about 40 miles north of Houston. The five-story, 106-room hotel will house a fitness center, lobby workstation, outdoor pool, dining area with a full bar and more than 1,000 square feet of meeting and event space. The borrower, Texas-based hospitality developer K&K Hotel Group, expects to complete construction in late 2023. Matt Mitchell of HSF originated the financing.

September 2, 2022

Development Florida Industrial Southeast

Graham & Co. to Develop 250,800 SF Industrial Project in Jacksonville

by John Nelson September 2, 2022

JACKSONVILLE, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres in Jacksonville’s Westside submarket for the development of a two-building, 250,800-square-foot warehouse and distribution center project. Named after its location, W. 12th/Edgewood Logistics Center is slated to break ground in early 2023 and wrap up construction by the end of the year. Equity partners in the deal include private equity firm Graham Capital and a local investment group led by Sam Easton. The industrial facilities will feature 32-foot clear heights, ESFR sprinklers and a concrete tilt-wall construction and can accommodate tenants from 25,000 square feet to full-building occupiers, according to Graham & Co. The project team includes The Conlan Co. and Randall-Paulson Architects as the project’s design/build team, and England-Thims & Miller will serve as the civil engineer. SouthState Bank is providing construction financing. Mark Scott, John Cole and Andrew Hawkins of Foundry Commercial will market the property for lease. The land acquisition marks the third transaction by Graham & Co. in Jacksonville’s Westside submarket since 2021.

September 2, 2022

Acquisitions Retail Texas

National Asset Services Arranges Sale of 30,038 SF Retail Property in Metro Houston

by Taylor Williams September 2, 2022

BAYTOWN, TEXAS — Los Angeles-based brokerage firm National Asset Services has arranged the sale of a 30,038-square-foot retail property in the eastern Houston suburb of Baytown. The property was built in 2005 and is fully leased to electronics retailer Best Buy. National Asset Services represented the buyer in the transaction. Mark Raines, Donna Kolias and Pierce Owens of JLL represented the seller. Both parties requested anonymity.

September 2, 2022

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