Property Type

By Chris Curran and Alexa Strickler, R&R Realty Group It’s no secret that the past couple of years have been dramatically different for us all. We’ve had to adjust to new routines, new practices and new ways of getting work done. Some of these new things will be here to stay while others have already receded into memory. No matter the amount of change though, one thing remains the same. That’s the need for human connections and relationships. And, ultimately, that’s what physical office space provides.  It seems many organizations are starting to understand just how valuable this connection truly is. Across various submarkets within the Des Moines metro area, companies large and small are returning to in-person work. And it’s not just existing customers returning to their spaces. There has been a marked uptick in office leasing activity in locations ranging from downtown to the western suburbs. From advertising agencies to accounting firms and more, the vacancy rate across the entirety of central Iowa is beginning to be chipped away. Why are so many companies across a wide variety of industries heading back to the office? Well, like we mentioned earlier, there’s a sense of connection and an ability …

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MIAMI — OKO Group and Cain International have topped off construction at 830 Brickell, a 55-story office tower underway in Miami’s Brickell Financial District. The 724-foot building is the first standalone office tower to break ground in Brickell in over a decade, according to the developers. Project partners include general contractor Civic Construction, architectural firm Adrian Smith + Gordon Gill and interior designer Iosa Ghini Associati. 830 Brickell will include a rooftop bar/lounge and restaurant, as well as a health and wellness center, conferencing facilities, an outdoor terrace, cafés and street-level retail space. 830 Brickell is more than 60 percent preleased ahead of its projected completion later this year. Cushman & Wakefield has executed leases with Microsoft, Thoma Bravo, A-CAP, CI Financial, Marsh Insurance, AerCap and WeWork.

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LOUISVILLE, KY. — Skilken Gold has broken ground on Terra Crossing, a shopping center located on 10 acres at 2500 Terra Crossing Blvd. in Louisville. The grocery anchor, a 55,071-square-foot Publix, represents the first Publix location in Kentucky, the Lakeland, Fla.-based grocer’s eighth state of operation. The adjacent 3,200-square-foot Publix Liquors store at Terra Crossing is also the first location outside the state of Florida. Publix plans to open a second Publix grocery store and Publix Liquors store in Louisville in early 2024 at the northeast corner of Ballardsville and Brownsboro roads. In addition to the Terra Crossing groundbreaking, Publix announced it has signed a lease to anchor The Fountains at Palomar shopping center in Lexington, marking the third location announced in Kentucky for Publix. The 55,701-square-foot Publix store and 3,200-square-foot Publix Liquors store are set to open in late 2024.

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CHARLOTTE, N.C. — CBRE has brokered the $37 million sale of Cordage, a Class A warehouse and distribution center located at 11540 Cordage St. in Charlotte’s Arrowood district. Boston-based TA Realty purchased the 212,000-square-foot property from local developer Childress Klein. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Grayson Hawkins, Robert Hardaway, Frank Fallon and Trey Barry of CBRE represented the seller in the transaction. Built in 2020, Cordage features 15,519 square feet of office space, 30-foot clear heights, an ESFR sprinkler system, LED lights, 56 dock doors (including six drive-in doors) and 50- by 50-foot column spacing with a 60-foot speed bay. The property also includes a 130-foot truck court with a 60-foot concrete apron and 223 parking spaces. Cordage was fully leased to eight tenants at the time of sale.

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MACON, GA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of North Macon Plaza, a newly built, 151,987-square-foot shopping center in Macon. Chase Acquisitions LLC purchased the center from a joint venture between The Sembler Co. and Berkeley Development for $26.1 million. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented. Built in 2019, North Macon Plaza’s tenant roster includes Marshalls/HomeGoods, Michaels, Old Navy and Bealls Outlet. Situated on 18.8 acres along the Bass Road exit of I-75, the shopping center is located across the street from the only Bass Pro Shops in 100 miles, according to SRS.

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TAMPA, FLA. — A joint venture between Vesper Holdings and funds managed by affiliates of Fortress Investment Group has acquired ON50 Tampa, a 444-bed student housing community located near the University of South Florida. The property offers a mix of three- and four-bedroom, fully furnished units. Shared amenities include a swimming pool, computer lab, study lounge, movie and entertainment center, hammock garden, community kitchenette, coffee bar and shuttle service to the university’s campus. The community is the joint venture’s fourth acquisition over the past 13 months. The seller and sales price were not disclosed.

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IRVING, TEXAS — JLL has arranged the sale of DFW Park 161, a 1 million-square-foot industrial development in Irving. The property comprises three buildings on a 91-acre site just east of Dallas-Fort Worth International Airport. Building features include 32- to 36-foot clear heights, 227 dock-high doors, eight drive-in doors, low office finishes, ESFR fire protection, LED lighting and ample trailer and vehicle parking spaces. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher of JLL represented the seller, a partnership between Invesco Real Estate and Perot Development Co., in the transaction. Global institutional investment firm BentallGreenOak purchased DFW Park 161, which was fully leased at the time of sale, for an undisclosed price.

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SAN ANTONIO — Point Acquisitions, an investment firm with offices in South Florida and Philadelphia, has purchased a 700-unit self-storage facility located at 18975 Marbach Lane in San Antonio. The site, which is located just off I-35 on the city’s northeast side, spans 65 acres, including 20 acres for additional expansion. The facility currently spans approximately 362,000 net rentable square feet. The seller and sales price were not disclosed.

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CORPUS CHRISTI, TEXAS — Florida-based investment and development firm DLP Capital has acquired Harbor House on Saratoga, a 252-unit multifamily property in Corpus Christi. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas, a basketball court, media room, clubhouse and a dog park. DLP Capital plans to upgrade the unit interiors with stainless steel appliances, granite countertops, vinyl floors and other high-end finishes. The company will also rebrand the property as DLP Saratoga. The seller was not disclosed.

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MIDLAND, TEXAS — General contractor Adolfson & Peterson has broken ground on a 60,000-square-foot early education center at Midland College in West Texas. The two-story building will be an expansion of the existing pre-K campus, allowing for an enrollment increase of more than 200 students. Parkhill is designing the project, which is expected to be complete in time for the fall 2023 semester.

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