Property Type

FDIC Signs 6,000 SF Office Lease in Wixom, Michigan

by Kristin Harlow June 29, 2022

WIXOM, MICH. — Federal Deposit Insurance Corp. (FDIC) has signed a 6,000-square-foot office lease at 38000 Assembly Park Drive in Wixom, a western suburb of Detroit. FDIC will vacate offices in Livonia and Grand Rapids. The 36,000-square-foot office building is one of two office locations within Assembly Park, a mixed-use development. Construction of FDIC’s tenant buildout is expected to begin this month, with completion slated for the fall. Kelly Fisher and Neal Warling of JLL represented the landlord, General RV.

June 29, 2022

Colorado Development Multifamily Western

Legacy Partners, KTGY Break Ground on 236-Unit Araceli Multifamily Community in Denver

by Amy Works June 29, 2022

DENVER — Developer Legacy Partners and architect KTGY have broken ground on Araceli, an apartment property located within the Tech Center district of Denver. Designed as a 13-story wing and a 12-story wing, Araceli will feature 236 one-, two- and three-bedroom plus den units with built-in desks and workspaces and an amenity deck with a pool, grills, fireplaces and covered and exposed seating. Additional amenities include an event space with kitchen, gathering area and outdoor deck for residential gatherings, a coworking space, fitness center, pool deck, clubhouse and leasing office. The project team includes Catamount Constructors, Prescient, Jordan & Skala Engineers, Studio 10 Interior Design, S.A.Miro, Terracon and Kimley-Horn.

June 29, 2022

Acquisitions Retail Washington Western

CBRE Negotiates $32.7M Sale of Alderwood Towne Center in Lynnwood, Washington

by Amy Works June 29, 2022

LYNNWOOD, WASH. — CBRE has arranged the sale of Alderwood Towne Center, a retail center in Lynnwood. Bellevue-based Tri-Western Syndicated Investments, a private holding company controlled by the Radford family, acquired the asset from Alderwood Shopping Center 04 E LLC, a private investor, for $32.7 million. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal. Jack Standeford with CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. Located at 3105-3225 Alderwood Mall Blvd., Alderwood Towne Center features 105,357 square feet of retail space leased to 20 businesses, including anchor tenants Marshalls and Michaels. Other retailers include Almost Golf, Mattress Depot, Pure Hockey and Precor Fitness. The property was constructed in 1986.

June 29, 2022

California Development Multifamily Student Housing Western

Landmark Properties to Start Construction of 166-Bed Student Housing Development Near UCLA

by Amy Works June 29, 2022

LOS ANGELES — Landmark Properties is set to break ground on The Mark at Los Angeles, a 166-bed student housing development located adjacent to the University of California, Los Angeles (UCLA) campus at 10915 Strathmore Drive. The community will offer two- through five-bedroom units, including five affordable units offering 21 beds. Shared amenities will include an outdoor courtyard, private and shared rooftop terraces, and a resort-style swimming pool. Landmark purchased the development site from the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS), which owned the land and an existing building on the property since the mid-1950s. Foundry Commercial represented the seller in the transaction. Construction on the community is scheduled for completion by September 2024.

June 29, 2022

Acquisitions Multifamily Washington Western

Goodman Real Estate Sells Coventry Court Apartment Property in Tacoma, Washington for $21.1M

by Amy Works June 29, 2022

TACOMA, WASH. — Goodman Real Estate has completed the disposition of Coventry Court IV Apartments, a multifamily community located at 908 76th Street Court East in Tacoma. Jordan Fisher with Next Wave Investors acquired the asset for $21.1 million, or $211,000 per unit. The transaction included the buyer assuming the loan on the property. Built in 1990, Coventry Court IV Apartments features 100 garden-style apartments. Brandon Lewis, Dylan Simon and Jerrid Anderson of The Simon and Anderson Team of Kidder Mathews’ Seattle office represented the seller in the transaction. Kidder Mathews was the only broker involved in the deal. A separate 20-unit property, Coventry Court Annex, recently sold for $3.4 million to the same purchaser. Kidder Mathews also brokered the transaction.

June 29, 2022

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Retail Property in Mesa, Arizona

by Amy Works June 29, 2022

MESA, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 1158 S. Crismon Road in Mesa. A limited liability company sold the asset to an undisclosed buyer for $3.3 million. Walgreens occupies the 14,992-square-foot retail building, which was built in 2001, on a triple-net corporate lease with more than four years remaining. Chris Land and Mark Ruble of Marcus & Millichap represented the seller in the deal.

June 29, 2022

Development Mixed-Use Northeast Pennsylvania Top Stories

PIDC, Ensemble/Mosaic Unveil $6B Mixed-Use Redevelopment Plan for Philadelphia’s Navy Yard

by Kristin Harlow June 29, 2022

PHILADELPHIA — PIDC and Ensemble/Mosaic have revealed the “2022 Navy Yard Plan,” a roadmap for $6 billion of new investment for Philadelphia’s Navy Yard over the next 20 years. Plans call for 12,000 new jobs and 8.9 million square feet of new life sciences, commercial, residential, retail and mixed-use development. Of the total $6 billion investment, Ensemble/Mosaic’s development initiatives are slated to generate $4.8 billion. This is the third plan undertaken since PIDC, Philadelphia’s public-private economic development corporation, took ownership of the former military base on behalf of the City of Philadelphia. The original plan was formulated in 2004, followed by an updated one in 2013. “The Navy Yard has been an anchor and economic driver for Philadelphia for more than two centuries, serving in both times of war and peace. Today, the progress it has made and will continue to make as outlined in this plan will help reinforce its role as a leading business and life sciences campus and an unrivaled asset to the city,” says Philadelphia Mayor Jim Kenney. The development team plans to significantly expand the Navy Yard’s cluster of cell and gene therapy firms by building out an additional 4.3 million square feet of lab …

June 29, 2022

Market Reports Nevada Office Western Western Market Reports

Las Vegas Tops List of National Office Performers

by Jeff Shaw June 29, 2022

By Ryan Sarbinoff, First Vice President and Regional Manager, Marcus & Millichap A growing, educated local labor force and lower rents compared to other office hubs in the region are driving office tenants to Las Vegas. The metro registered the largest drop in office vacancy among major U.S. markets over the 12-month span that ended in March, as tenants absorbed more than 2 million square feet. Much of this space was at Class B/C properties, with the subsector noting the strongest four-quarter span for demand on record. The resulting 330-basis-point reduction in overall availability during the year-long period slashed vacancy to a more than 15-year low of 12.4 percent, enhancing the sector’s outlook heading into the second quarter. The metro’s second-largest submarket by inventory, Southwest Las Vegas, exemplifies the strength of the local office sector. During the past year, the area accounted for half of the metro’s 20,000-square-foot-plus lease executions. International Gaming Technology’s sublease of a three-story building highlighted recent activity, with VisCap Media, Agilysys, DraftKings, Kiewit and Molina Healthcare all making notable commitments that dropped vacancy to 9.4 percent in March. Apart from leasing, this submarket is also the center of development. Roughly 60 percent of the space slated for completion …

June 29, 2022

Development Office Texas

Ryan Cos. Breaks Ground on 409,000 SF Office Building at Legacy West in Plano

by Taylor Williams June 28, 2022

PLANO, TEXAS — Ryan Cos. has broken ground on Ryan Tower, a 409,000-square-foot office building within the Legacy West mixed-use development in Plano. Global tax firm Ryan LLC plans to occupy about half of the 23-story building as its new headquarters, and the Minneapolis-based developer has engaged JLL to market the remaining space for lease. ACORE Capital provided construction financing for the project, which Ryan Cos. is developing in a joint venture with the real estate investment arm of Kansas-based conglomerate Koch Industries. Amenities will include a fitness center, multiple conference rooms, tenant lounge and a café. Gensler is the project architect. Construction is slated for a third-quarter 2024 completion.

June 28, 2022

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers Sale of 300-Unit Independent Living Community in Houston

by Taylor Williams June 28, 2022

HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 300-unit independent living community in Houston. The community spans 206,000 square feet across 7.6 acres. The seller was an undisclosed owner-operator that wanted to sell a non-core asset and shift its investment strategy to higher acuity seniors housing assets, including skilled nursing. The buyer was an undisclosed California-based investment firm. Matthew Alley, Vince Viverito, Brad Goodsell and Jason Punzel of SLIB brokered the deal.

June 28, 2022

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