Property Type

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

Development Multifamily Texas

Geyser Group, Sephira Underway on 76-Unit Multifamily Project in Austin

by Taylor Williams June 28, 2022

AUSTIN, TEXAS — Locally based developer The Geyser Group is underway on construction of The Johnny, a 76-unit multifamily project in Austin. Geyser Group is developing the project in partnership with The Sephira Group. Units will come in studio, one- and two-bedroom formats and will be furnished with quartz countertops, stainless steel appliances and individual washers and dryers. In addition, 16 of the residences will be reserved for renters earning 60 percent or less of the area median income. Communal amenities will include a fitness center, and a rooftop deck with an outdoor kitchen. Construction began last November, and completion is slated for January 2023.

June 28, 2022

Loans Multifamily Texas

Thorofare Capital Provides $27M Acquisition Loan for Austin Multifamily Portfolio

by Taylor Williams June 28, 2022

AUSTIN, TEXAS — Los Angeles-based Thorofare Capital has provided a $27 million acquisition loan for a portfolio of four undisclosed multifamily properties totaling 184 units in Austin. The portfolio also includes 20,272 square feet of retail space. The loan carried a floating interest rate and a three-year initial term with an extension option. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

June 28, 2022

Leasing Activity Office Texas

Alto Opens 16,000 SF Headquarters Office in Dallas Design District

by Taylor Williams June 28, 2022

DALLAS — Ridesharing services provider Alto has opened its 16,000-square-foot headquarters office at 141 Manufacturing St. in the Dallas Design District. The space offers a rooftop lounge and kitchen and walking trails. Stream Realty Partners represented Alto in the lease negotiations. Quadrant Investment Properties owns the building, and Transwestern provides leasing services.

June 28, 2022

Loans New York Northeast Office

J.P. Morgan Provides $415M in Financing for 3 Times Square Office Building

by Taylor Williams June 28, 2022

NEW YORK CITY — A consortium of lenders led by J.P. Morgan and including Bank of America and M&T Bank has provided $415 million in financing for 3 Times Square, a 30-story office building in Midtown Manhattan. The borrower, The Rudin Family, launched a renovation program last spring that added new tenant amenities and health and wellness features. In addition to consolidating existing debt, a portion of the proceeds will be used to advance the repositioning, specifically to modernize the lobby and building systems, as well as to activate the outdoor amenity space and fund leasing costs. The 885,000-square-foot building was originally constructed in 2001 as the North American headquarters of Reuters. In addition, earlier this year, Rudin signed Touro College to a 243,305-square-foot lease for a new campus within 3 Times Square.

June 28, 2022

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