Property Type

BH Properties Sells Tempe Commerce Center Flex Office Property in Arizona for $14.1M

by Amy Works October 13, 2022

TEMPE, ARIZ. — BH Properties has completed the disposition of Tempe Commerce Center, a flex office property in Tempe. JLNI LLC, a company formed by a private individual based in San Diego, purchased the asset for $14.1 million, or $215 per square foot. Located at 6420 S. Kyrene Road, Tempe Commerce Center offers 65,857 square feet of flex office space. At the time of sale, the building was 53 percent leased to a mix of commercial users. Situated on more than 5.5 acres, the property features a 5/1,000 parking ratio, 24-foot clear heights and floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building. Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 13, 2022

Acquisitions Multifamily Utah Western

Nella Invest, Brinkman Real Estate Buy Onyx Apartments in Midvale, Utah

by Amy Works October 13, 2022

MIDVALE, UTAH — Colorado-based Brinkman Real Estate has partnered with Nella Invest to acquire Onyx Apartments, a boutique multifamily community in Midvale. Terms of the transaction were not released. Built in 2021, Onyx Apartments features 48 one- and two-bedroom residences with in-unit laundry, stainless steel appliances, walk-in closets and balconies.

October 13, 2022

Development Seniors Housing Southeast Virginia

Erickson Opens Phase I of $500M Seniors Housing Community in Short Pump, Virginia

by John Nelson October 13, 2022

SHORT PUMP, VA. — Erickson Senior Living has opened the first phase of Avery Point, a $500 million continuing care retirement community in Short Pump, a suburb of Richmond. The community is situated on a 94-acre campus and currently features 216 independent living units. A second phase currently under construction will add 107 more independent living units. Upon full buildout, plans call for 1,160 independent living units in addition to an onsite continuing care neighborhood offering assisted living, memory care and skilled nursing services. The property is Erickson Senior Living’s third in Virginia. The design-building team includes Moseley Architects and Brinkmann Constructors.

October 13, 2022

Development Loans Mixed-Use North Carolina Office Southeast

Avison Young Arranges $139M Construction Loan for 1000 Social Office Project at Exchange Raleigh

by John Nelson October 13, 2022

RALEIGH, N.C. — Avison Young has arranged a $139 million loan for the construction of 1000 Social, a 12-story trophy office building in Raleigh. The 350,000-square-foot project represents the first phase of vertical construction at The Exchange Raleigh, a $1 billion, 40-acre mixed-use development that will feature nearly 1 million square feet of trophy office space, a park, apartments, stores and restaurants upon full buildout. Wes Boatwright, Michael Yavinsky, Jon Goldstein and Connor Burke of Avison Young’s Structured Finance Group arranged the financing on behalf of the developer, Dewitt Carolinas. The direct lender was not disclosed. The groundbreaking for 1000 Social took place last month, with construction expected to be completed in about 18 months. The new landmark tower will offer 20,000 square feet of ground-floor retail space, outdoor patios, individual bathroom pods on every floor, event center and a parking structure with over 1,500 spaces.

October 13, 2022

Development Kentucky Southeast Student Housing

Investment Property Advisors, University of Louisville Complete 128-Bed Residence Hall

by John Nelson October 13, 2022

LOUISVILLE, KY. — A public-private partnership between the University of Louisville (UofL), UofL Athletics, the UofL Foundation and Investment Property Advisors has completed Denny Crum Hall. The residence hall, named after former UofL basketball coach Denny Crum, offers 128 beds across 67 apartment-style units with bed-to-bath parity. Each unit includes a full kitchen and living room and is fully furnished. Shared amenities include a rooftop deck, event lounge, two theaters, billiards and gaming lounge, café, study area, conference room, outdoor patio and a pickleball court. The majority of Denny Crum Hall’s units are occupied by the university’s lacrosse and men’s and women’s basketball teams. L&N Credit Union provided special-term construction/permanent financing for the project. Private equity was also contributed, incorporating Opportunity Zone compliant funding and donor funding from UofL Athletics.

October 13, 2022

Development Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 200,147 SF Lease for Warehouse Underway in South Florida

by John Nelson October 13, 2022

TAMARAC, FLA. — Cushman & Wakefield has arranged a new lease totaling 200,147 square feet for Sonny’s Enterprises LLC to fully occupy a new industrial warehouse being developed at Tamarac Business Center. Sonny’s Enterprises is the parent company of car wash chain Sonny’s The CarWash Factory. The locally based company already leases 345,000 square feet of space within Tamarac Business Center. Upon completion in 2023, the industrial warehouse will sit on a 12-acre site located at 5601 N Hiatus Rd. in Tamarac. The land currently houses a 100,000-square-foot office building that will be demolished. Chris Metzger, Rick Etner Jr., Christopher Thomson and Matt McAllister of Cushman & Wakefield’s South Florida Industrial Team represented the landlord, Hiatus Industrial Venture LLC, which is a joint venture between BlackRock and Butters Construction & Development.

October 13, 2022

District of Columbia Leasing Activity Office Southeast

Law Firm Signs 21,065 SF Lease at 1601 K Street Office Building in D.C.

by John Nelson October 13, 2022

WASHINGTON, D.C. — Law firm Cravath, Swaine & Moore LLP has signed a 21,065-square-foot office lease at 1601 K St. in Washington, D.C. The firm will occupy the entire third floor of the 11-story office building. The D.C. space will serve as the second domestic location for the law firm, which has offices in New York and London. Kyle Luby, Andy Eichberg and Matt Pacinelli of Stream Realty Partners represented the unnamed landlord in the transaction. Lou Christopher, Asher Inman, Jordan Brainard O’Neil, Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the lease negotiations. Stream also provides property management and construction management services for building ownership, which plans to debut two new speculative suites next year.

October 13, 2022

Arizona Development Industrial Mixed-Use Retail Top Stories Western

Thompson Thrift Breaks Ground on 1 MSF Elliot Tech Center Mixed-Use Campus in Mesa, Arizona

by Katie Sloan October 13, 2022

MESA, ARIZ. — Thompson Thrift has broken ground on Elliot Tech Center, a 1 million-square-foot industrial and retail campus located at the intersection of Elliot and Signal Butte roads within Mesa’s Elliot Road Technology Corridor. At full build-out, the project will span 75 acres and include eight industrial and retail buildings. The project is located northeast of Phoenix-Mesa Gateway Airport, north of Apple’s Global Command Center and east of Meta’s Mesa Data Center, which is currently under construction. Phase I of the development is scheduled for completion in fall 2023 and will include three industrial buildings ranging from 79,000 square feet to 89,000 square feet and five retail pads. The industrial buildings will feature secure truck courts, a variety of bay sizes and clear heights from 28 feet to 32 feet. Black Rock Coffee Bar and an unnamed convenience store are set to open within the retail portion of Phase I, and lease negotiations are currently underway for a 4,000-square-foot, full-service restaurant. Ken McQueen and Chris McClurg of Lee & Associates are handling leasing for the industrial portions of the development, and Phoenix Commercial Advisors is marketing the retail component. The design-build team for Phase I of the project includes Butler …

October 13, 2022

Features Multifamily Seniors Housing

Seniors Housing Occupancy Rate Rebounds to 82.2 Percent After Fifth Consecutive Quarterly Increase

by Jeff Shaw October 13, 2022

ANNAPOLIS, MD. — The national occupancy rate for private-pay seniors housing increased 100 basis points from 81.2 percent in the second quarter of 2022 to 82.2 percent in the third quarter, according to NIC MAP Vision. Occupancy is up 430 basis points from a pandemic low of 77.9 percent in the second quarter of 2021. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. The occupancy increase — the fifth consecutive quarter of increase — is due to a surge in demand, which strongly outpaced growth in inventory. Further, the total number of occupied senior housing units within the primary markets is just 2,400 units shy of its pre-pandemic, all-time high level. Demand has rebounded more strongly for assisted living than independent living, with another quarter of robust gains pushing the number of occupied assisted living units to their highest level ever in the third quarter across the primary markets. Because new inventory was added during the pandemic, the overall assisted living occupancy rate has not yet …

October 13, 2022

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Lack of Multifamily Supply in Chicago Market Is Catalyst for High Rents

by Kristin Harlow October 13, 2022

By Tyler Hague, Colliers A colleague of mine recently had to move out of her West Loop apartment quickly and she faced a conundrum: how much am I willing to pay for a one-bedroom apartment in Chicago? The unfortunate answer: not even close to the $2,700 per month rent she was continually being asked to pay. She ended up renting a studio. The average price for a one-bedroom apartment in the central business district is $2,478 per month, a figure that has grown 9.5 percent in the last year alone and equates to a $235.41 year-over-year rental increase, according to Yardi Matrix. It also translates to a national housing insecurity crisis, not just a local and presumed urbanized problem, and one that has been exacerbated by many of the detrimental housing laws and zoning regulations that exist in Chicago today. Whether it is aldermanic privilege, the Affordable Requirements Ordinance (ARO) or general NIMBYism, it is clear rent is too darn high — and it isn’t the entrepreneurial real estate professional’s doing but rather a major (and obvious) supply dilemma. This summer, for the first time in U.S. history, median rent costs in major cities surpassed $2,000 per month, according to …

October 13, 2022

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