Property Type

GBT Realty Opens $140M Office Tower in Nashville’s Gulch District

by John Nelson August 30, 2022

NASHVILLE, TENN. — GBT Realty Corp., a locally based commercial real estate developer, has opened One22One, a $140 million office tower in Nashville. Situated at 1221 Broadway in the city’s Gulch neighborhood, the building rises 24 stories and totals 373,000 square feet. FirstBank occupies 52,000 square feet of office space on floors 13 and 14 that will include the headquarters of FB Financial Corp. (NYSE: FBK), the parent company of FirstBank. Additional, soon-to-be-announced tenants have reserved 120,000 square feet of space, according to GBT Realty. One22One will also house an 11,000-square-foot restaurant, Chotto Matte, that will be situated on the first and second floors. The exterior of One22One features a glass façade and a porte-cochère (entryway), as well as an outdoor amenity deck overlooking downtown Nashville’s skyline. Interior amenities include an upscale fitness center with showers and lockers; tenant lounge with workspaces and a grab-and-go market; wellness room; and a conference facility. The property also features a nearly touchless elevator system, gateless parking technology and high-end, independent HVAC systems. Frank Thomasson, Taylor Hillenmeyer, Janelle Gallagher and Byran Fort are the exclusive listing agents for One22One, which has about 200,000 square feet of office space available to lease. An additional 1,700 …

August 30, 2022

Features Multifamily

Gap in Median Asking Rents Between Urban, Suburban Markets Narrows, New Report Shows

by Jeff Shaw August 30, 2022

SANTA CLARA, CALIF. — During the pandemic, moving to the suburbs could save apartment renters more than $600 per month. Today, that difference is only $100. Regardless of location, rents everywhere reached an all-time high in July. Avail, a subsidiary of Realtor.com, recently released its Quarterly Landlord and Renter Survey, which collected and analyzed rental data from about 50 metros and suburbs. The study found that median asking rents in cities were $1,928 per month in July, while suburban rents averaged $1,821. That’s a stark difference from just a few years ago, when lower rents lured many remote workers to the suburbs to save money during the pandemic. A report published by Yield PRO in September 2020 estimated median urban asking rents to be $1,955 per month while suburban apartments were a much better bargain at an average of $1,349. Nationally, asking rents are about 23 percent higher today than they were in July 2020, according to Realtor.com, which also claims the latest across-the-board average of $1,879 is the highest rate in the past 17 months. Rent growth in the double digits is historically significant, but landlords are expected to lay off rent hikes in coming months while tenants grapple with inflation. …

August 30, 2022

Market Reports Retail Southeast Southeast Market Reports Virginia

Residential Growth in Scott’s Addition, Manchester Drive Richmond’s Retail Market

by John Nelson August 30, 2022

With a 20 percent increase in population in the City of Richmond over the past half decade, and more to come, the city still struggles to attract national retail tenants such as The TJX Cos., Williams-Sonoma and Ann Taylor LOFT, as well as other soft and hard goods users. What Richmond does not struggle attracting are breweries, distilleries, regional and local restaurant operators and many start-up retailers dipping their toes into the growing 22 to 35 demographic calling Scott’s Addition and Manchester home. The food-and-beverage scene in Greater Scott’s Addition is blowing up with the addition of restaurant operations such as ZZQ (rated the best BBQ in Richmond), Lucky AF (from EAT Restaurant Partners), Wood & Iron, Tazza Kitchen and the James Beard Award-winning Peter Chang’s. When coupled more than 15 breweries, distilleries and the city’s only meadery, this energy is attracting ‘retailtainment’ such as River City Roll, Bingo Beer, The Circuit, Tang & Biscuit, Movieland by Bow Tie Cinema and Brambly Park. TRP (Thalhimer Realty Partners), Historic Housing (Louis Salomonsky’s firm) and Capital Square 1031 are local companies leading the developments, and Greystar and Bonaventure have come in from out of town to plant their flag as well. The …

August 30, 2022

Acquisitions Arizona Multifamily Western

American Landmark Buys 286-Unit The Lotus Apartment Property in Glendale, Arizona

by Amy Works August 29, 2022

GLENDALE, ARIZ. — American Landmark Apartments has purchased Cabana 99th, a multifamily community located at 10000 W. Missouri Ave. in Glendale. The buyer has renamed the 286-unit property as The Lotus. Built in 2022, The Lotus features studio, one- and two-bedroom floor plans ranging from 468 square feet to 828 square feet. Apartments offer dishwashers, full-size washers/dryers, large energy-efficient windows, stainless steel appliances, nine-foot ceiling heights, wood-style vinyl plank flooring and workstation desks in select units. Community amenities include a swimming pool, electric vehicle charging stations, a hammock garden, keyless entry locks, monthly resident events, a business center, multi-purpose lawn, outdoor fitness space, secured bike storage and outdoor barbecue area. Terms of the transaction were not released.

August 29, 2022

Acquisitions California Hospitality Western

Pebblebrook Sells Hotel Spero in San Francisco for $71M

by Amy Works August 29, 2022

SAN FRANCISCO — Pebblebrook Hotel Trust has completed the sale of Hotel Spero, located at 405 Taylor St. in San Francisco. An undisclosed third party acquired the asset for $71 million. The hotel features 236 guest rooms. Proceeds of the sale will be used for general corporate purposes and reducing Pebblebrook’s outstanding debt associated with recent hotel acquisitions.

August 29, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Arranges Sale of 92-Unit Pinewood Terrace Seniors Housing Community in Colville, Washington

by Amy Works August 29, 2022

COLVILLE, WASH. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Pinewood Terrace, a 92-unit skilled nursing facility located in Colville, a tiny city of fewer than 5,000 residents in the northeastern corner of Washington State. Cascadia Healthcare acquired the property for an undisclosed price. The seller was looking to exit Washington for states with more favorable reimbursement rates and lower regulatory hurdles. Cascadia, meanwhile, is growing its regional team in the Washington and northern Idaho markets to help with quality of care and synergy between local buildings.

August 29, 2022

East-Vancouver-Self-Storage-Vancouver-WA

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Brokers $6M Sale of Self-Storage Facility in Vancouver, Washington

by Amy Works August 29, 2022

VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of East Vancouver Self Storage, a self-storage facility at 515 E. 157th Ave. in Vancouver. A limited liability company sold the asset to another limited liability company for $6 million. Totaling 42,780 square feet, East Vancouver Self Storage features 390 units. At the time of sale, the property was 81 percent occupied. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.

August 29, 2022

Acquisitions Colorado Industrial Western

Unique Properties Negotiates $4.8M Acquisition of Flex Property in Parker, Colorado

by Amy Works August 29, 2022

PARKER, COLO. — Unique Properties/TCN Worldwide has arranged the purchase of a flex property located at 10120 Twenty Mile Road in Parker. A California-based buyer acquired the asset from a local owner/developer for $4.8 million, or $365 per square foot. Brett MacDougall and Michael DeSantis of Unique Properties/TCN Worldwide represented the buyer in the deal. The approximately 1,315-square-foot building is fully occupied by two long-term tenants on triple-net leases.

August 29, 2022

Development Mixed-Use Texas

Portman Holdings to Develop Dallas Gateway Mixed-Use Project in City’s Arts District

by Taylor Williams August 29, 2022

DALLAS — Atlanta-based Portman Holdings will develop Dallas Gateway, a mixed-use project in the Dallas Arts District. Plans currently call for 850 residential units in a variety of formats, 400,000 square feet of office space and 45,000 square feet of retail and restaurant space across three towers. The development will also feature 1,800 parking spaces and ample open green space. Construction is set to begin in the second quarter of next year.

August 29, 2022

Development Industrial Texas

Stream Realty Partners Breaks Ground on 689,215 SF Industrial Project in San Antonio

by Taylor Williams August 29, 2022

SAN ANTONIO — Stream Realty Partners has broken ground on Interpark Logistics Center, a 689,215-square-foot industrial project located across the street from San Antonio International Airport. The development will comprise five buildings ranging in size from 119,600 to 155,475 square feet. Each structure will have a minimum of 24 dock doors with two drive-in ramps, 32-foot clear heights, 130-foot truck court depths and ESFR sprinkler systems. Stream is also marketing the development for lease. Completion is slated for August 2023.

August 29, 2022

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