LOS ANGELES — Ware Malcomb has completed the interior design build-out of a pharmacy location at the University of Southern California (USC) in Los Angeles. The firm provided interior architecture and design services for the tenant improvement project, totaling 2,819 square feet. HC Olson Construction served as general contractor for the project. The redesign enabled the university’s pharmacy services at the USC University Park Campus in Los Angeles to move into a larger location that is near other health services to better serve students, staff and the public. The pharmacy includes a retail area with product display, two consultation rooms, a waiting area, dedicated receiving area for deliveries, compliant staff restroom and a break room. Additionally, the building’s footprint can accommodate Script Pro, a pharmacy robot that fills prescriptions, and its infrastructure includes uninterruptible power supply (UPS) battery backups for pharmacological systems and technology.
BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills. Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space. One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces. The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …
By Randy Shearin Deals are getting done in the net lease retail sector, just not with the volume or velocity that industry veterans would like to see. Higher interest rates have hampered transactions in most commercial real estate sectors, leading to a slowdown in 1031 exchange deals, which this sector is extremely dependent upon. Those in the industry are positive about 2025, however. With the Federal Reserve Bank cutting interest rates in late 2024 — and potentially embracing further cuts ahead — the winds appear to be in favor for the sector. To learn more, Shopping Center Business recently spoke with a number of net lease industry executives for its annual roundup. Putting Wind In The Sails For the past two years, the net lease retail market has been somewhat stymied by higher interest rates. Because most assets in the sector sell for under $15 million, the sector is heavily dependent on 1031 buyers — those selling from a commercial real estate asset and moving to another — and financing to lever those acquisitions. Because transaction volume has slowed in sectors like multifamily and office, 1031 transactions have slowed their pace. Higher interest rates directly impact an investor’s yield, often …
ATLANTA — Battery manufacturer Duracell has selected Science Square in Midtown Atlanta for its new global headquarters for research-and-development (R&D). Trammell Crow Co. and Georgia Institute of Technology (Georgia Tech) jointly own the 18-acre Science Square development, which sits adjacent to Georgia Tech’s campus. Duracell plans to invest approximately $56 million into its new space at 101 Nerem St. NW and create 110 jobs. Civic and utility partners that helped Duracell in its site selection include the Georgia Department of Economic Development’s Global Commerce team, Invest Atlanta, Select Fulton, Metro Atlanta Chamber, Georgia Power and the University System of Georgia. Duracell has had a footprint in Georgia for years. The company currently has a manufacturing facility in LaGrange that has been in operation since 1980 and a logistics and distribution plant in Fairburn that began operations in 2020.
GREENVILLE, S.C. — JLL has negotiated the $45.4 million sale of Water Tower Apartments, a luxury multifamily community located at 1000 Water Tower Circle in Greenville. Built in 2024, the 233-unit property is situated with direct access to the 28-mile Swamp Rabbit Trail. Hathaway Cos. purchased Water Tower Apartments from Urban Realty Partners. John Gavigan, John Mikels and Chase Monroe of JLL represented the seller in the transaction. Additionally, Brad Woolard and Taylor Allison of JLL arranged an undisclosed amount of acquisition financing for the buyer. Water Tower Apartments features a mix of studio, one-, two- and three-bedroom residences averaging 741 square feet in size. The property was 10 percent occupied at the time of sale as the previous owner received its certificate of occupancy (CO) in December 2024.
MIAMI — Digiacomo Group and JLL have negotiated the $25.8 million sale-leaseback of a cold storage facility located at 2323 N.W. 72nd Ave. in Miami. The seller, produce distributor Sun Belle LLC, will lease back the 82,261-square-foot property from the new owner, locally based Iconic Equities LLC, which specializes in industrial outdoor storage (IOS) and traditional industrial development. Built in 1978 and renovated in 2019, the cold storage facility sits on a 3.3-acre lot near Milam Dairy Road on the outskirts of the Miami International Airport campus. The property features 30.5-foot clear heights in the warehouse space, 24-foot clear heights in the cooler space, 11 dock-high doors and one grade-level door. Roger Zuniga of Digiacomo Group, along with Cody Brais, Luis Castillo and Taylor Osborne of JLL, represented Sun Belle in the sale-leaseback transaction. Additionally, Christopher Drew, Michael DiCosimo and Jovi Rodriguez of JLL arranged an undisclosed amount of acquisition financing for Iconic Equities.
GEORGETOWN, KY. — The Kirkland Co. has brokered the sale of Crown Pointe, an 84-unit apartment community located at 1100 W. Main St. in Georgetown, about 15 miles north of Lexington, Ky. Brandon Wilson, Brian Devlin and John Seale of Kirkland brokered the transaction. The seller, buyer and sales price were not disclosed. Built in 1994, Crown Pointe features two-bedroom apartments averaging 1,035 in size, with units recently renovated with updated flooring, kitchen backsplashes, appliances, painted cabinets, washer/dryer connections and bathroom vanities.
ARLINGTON, VA. — Cresa has secured the sale of the Portsmouth Building, a vacant 30,000-square-foot office building located at 3138 10th St. N in Arlington. BRB Development Group paid approximately $200 per square foot for the property, with plans to demolish the building to make way for a new self-storage development. Gene Sachs, Jonathan Harms and Natalie Gosnell of Cresa represented the seller, America’s Credit Unions (ACU), in the transaction. ACU is a merger of the Credit Union National Association (CUNA) with National Association of Federally-Insured Credit Unions (NAFCU). ACU consolidated the two companies into new office space at 99 M St. SE in the metro’s Navy Yard submarket.
HOUSTON — The James Campbell Co., a Hawaii-based investment firm, has acquired Beltway Crossing Northwest, a 663,882-square-foot industrial park in northwest Houston. The development comprises three buildings that were fully leased at the time of sale, as well as a 7.4-acre parcel that can support about 150,000 square feet of additional development. Buildings range in size from 67,200 to 441,000 square feet and feature 24- to 32-foot clear heights. The seller and sales price were not disclosed.
LAREDO, TEXAS — A partnership between industrial investment firm Axis and Silicon Valley-based Menlo Equities has broken ground on a 213,781-square-foot project in the Rio Grande Valley city of Laredo. The building will feature 32-foot clear heights, 87 dock-high doors, two drive-in ramps, 130-foot truck court depths and 354 truck trailer stalls. The site also houses 12 acres of undeveloped land for additional trailer parking or outdoor storage. Lee & Associates is leasing the project, which is slated for a third-quarter completion.