Property Type

Retail Real Estate is All About Creating the ‘Place to Be’

by Jeff Shaw May 17, 2022

By Greg Lyon, Chairman and Principal, Nadel Architects The appearance of retail is always evolving in terms of space and function. Today, however, it is becoming increasingly important to ensure a shopping center is the “place to be” in a community to achieve long-term success. This strategy allows developers to consistently deliver retail projects that attract crowds, encourage increased length of stay and repeat visits, and set the bar for the next evolution of retail. But how can retail designers work with developers to create this go-to destination within a community? Use Demographics, Psychographics to Inform Design Plans When you’re creating authenticity, you want to analyze not just a region’s demographics, but its psychographics as well. Every, single community is different and there is no one-size-fits-all approach when it comes to creating a center that resonates. For example, Trails at Silverdale, a 35-acre shopping and dining destination in Silverdale, Wash., speaks to the very distinct lifestyle of the region. Pacific Northwest shoppers enjoy the outdoors, are dedicated to sustainable living, and are drawn to authentic architectural elements that are innovative and youthful, while still conveying an elevated and sophisticated experience. Having a diverse, complementary mix of tenants, programmed common areas, pop-up experiences, and experiential retail alongside traditional tenants are …

May 17, 2022

California Market Reports Office Western Western Market Reports

LA Office Market Struggles, but Tenants, Investors See Opportunity

by Jeff Shaw May 17, 2022

By Jerry Holdner, Southern California Region Lead, Avison Young The Greater Los Angeles office sector is experiencing a fragmented and slow recovery post-pandemic as the fallout is being addressed in various ways by office tenants, investors and owners. The first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It is also up from the previous high of 13.1 percent that was recorded in 2010. We started to see several companies require their employees to return to work at least in some capacity in the first quarter, which typically included a hybrid schedule. With gas prices soaring and an extremely competitive job market, hybrid situations have been significant bargaining chips for employers to attract and retain employees. That said, we don’t see leasing demand returning to pre-COVID levels for at least 12 to 24 months or longer. Office occupiers have and will continue to evaluate both their short- and long-term occupancy strategies. With all indicators pointing to hybrid work remaining indefinitely, office users are seeking to reduce their footprints. This typically involves a flight to quality as office rents are low and concessions are consistently on the table for new leases …

May 17, 2022

Acquisitions Development Life Sciences Northeast Pennsylvania Top Stories

Tishman Speyer, Bellco Capital to Develop 200,000 SF Life Sciences Campus in Philadelphia

by John Nelson May 17, 2022

PHILADELPHIA — A joint venture between Tishman Speyer and Bellco Capital has purchased a development site at the 2300 Market Street city block in Philadelphia’s Center City district. The joint venture, which goes by the name Breakthrough Properties, plans to redevelop the site into 200,000 square feet of life sciences space. The site is located adjacent to the University of Pennsylvania and Drexel University and within walking distance to several academic medical centers. The property will sit between the city’s Rittenhouse Square and University City neighborhoods, as well as near the 30th Street Transit Station that is serviced by SEPTA, Amtrak and trolley and commuter rail lines. The development team plans to deliver the laboratory and research and development spaces by 2024. Breakthrough has enlisted KieranTimberlake, a Philadelphia-based architectural firm, as the project architect and Cushman & Wakefield as the exclusive leasing agent. All Breakthrough properties are designed to achieve LEED Gold certification, according to the developer’s website. Philadelphia has emerged as one of the leading life sciences clusters in the country. Greater Philadelphia ranks No. 1 nationally for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and has attracted over $3.8 billion in venture …

May 17, 2022

Development Mixed-Use New York Northeast Top Stories

Public-Private Partnership to Develop $2.8B Mixed-Use Project on Long Island

by Taylor Williams May 16, 2022

ISLIP, N.Y. — A public-private partnership between The Town of Islip, Suffolk County and JLL has unveiled plans for Midway Crossing, a $2.8 billion mixed-use project that will be located on Long Island. The Long Island Regional Planning Council approved the project, which will be the largest commercial or residential development on Long Island in the last 50 years, on the evening of Thursday, May 12. Midway Crossing will span approximately 2.7 million square feet across 179 acres. Plans currently call for a variety of uses, including life sciences, healthcare and hospitality, as well as a convention center and traditional retail, restaurant and entertainment space. The development team expects these uses to collectively generate more than $4.5 billion in annual economic impact upon completion. The location is near Long Island MacArthur Airport, as well as the Ronkonkoma Station of the Long Island Rail Road (LIRR), establishing Midway Crossing as a multimodal transit hub. Under the current development plan, the airport and train station would be connected via an 1,800-foot corridor. The development team also plans to make various infrastructural improvements at the airport that could have as much as $1.9 billion in additional economic impact. Beyond the economic benefits, the …

May 16, 2022

Acquisitions Multifamily Texas

Vision & Beyond Capital Buys Three Houston Apartment Communities for $73M

by Taylor Williams May 16, 2022

HOUSTON — Cincinnati-based Vision & Beyond Capital Investments has purchased three Houston apartment communities totaling 460 units for a combined price of $73 million. Pine Lake Village totals 96 units and is located in the Greenpoint area. Ridge Point is situated within Texas Medical Center and comprises 168 units. Green Tree Place totals 196 units and is located on the city’s north side. The investment is the first in Houston for the new ownership, which plans to implement a value-add program. The seller(s) was not disclosed.

May 16, 2022

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 445-Unit Self-Storage Facility in Longview, Texas

by Taylor Williams May 16, 2022

LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of 80 West Self Storage, a 445-unit facility in Longview, located about 120 miles east of Dallas. The facility spans 76,814 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured a privately held investment group as the buyer. Both parties requested anonymity.

May 16, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 210-Unit Sofia Apartments in East Austin

by Taylor Williams May 16, 2022

AUSTIN, TEXAS — Newmark has arranged the sale of The Sofia, a 210-unit apartment community in East Austin. Built in phases between 1973 and 1983 and renovated in 2019, The Sofia features one- and two-bedroom units with an average size of 723 square feet. Amenities include a pool, outdoor grilling and dining areas, a business center, fitness center, basketball court and a dog park. Jim Young and Chase Easley of Newmark represented the seller, a partnership between Dallas-based Lion Real Estate Group and Los Angeles-based Marble Partners Management LLC, in the transaction. Matt Greer and Andrew Wilson of Newmark arranged acquisition financing through Bridge Investment Group on behalf of the buyer, New York-based RockFarmer Properties.

May 16, 2022

Acquisitions Office Texas

Arc Capital Acquires 100,166 SF Office Building in Downtown Austin

by Taylor Williams May 16, 2022

AUSTIN, TEXAS — Dallas-based investment firm Arc Capital Partners has acquired Westview, a 100,166-square-foot office building located at the corner of 12th and Guadalupe streets in downtown Austin. The recently renovated property was 93 percent leased at the time of sale. Amenities include a café, conference room, fitness center, bike lockers and a rooftop terrace. Andrew Levy, Todd Savage, Kelsey Shebay and Jeff Coddington of JLL represented the seller, Dallas-based Prescott Group, in the transaction. Jeff Sause, Casey Wenzel and Matthew Ctvrtlik, also with JLL, arranged acquisition financing on behalf of Arc Capital Partners.

May 16, 2022

Development Multifamily Seniors Housing Texas

SilverPoint, Journey Capital to Develop 101-Unit Seniors Housing Project in Fort Worth

by Taylor Williams May 16, 2022

FORT WORTH, TEXAS — Two Texas-based firms, SilverPoint Senior Living and Journey Capital, have unveiled plans for the development of Edition Senior Living of Fort Worth. Initial plans call for 101 assisted living and memory care units set in a 100,000-square-foot community on nine acres. There are also long-term plans to expand and add independent living facilities. This community will be the fifth collaboration between SilverPoint and Journey Capital. Construction is scheduled to begin toward the end of this year.

May 16, 2022

Acquisitions Loans Multifamily New York Northeast

Midwood Acquires Candela Tower Apartments in Manhattan for $102M

by Taylor Williams May 16, 2022

NEW YORK CITY — Locally based firm Midwood Investment & Development has acquired Candela Tower, a 158-unit apartment building in Manhattan’s West Village area, for $102 million. Named after its designer, Rosario Candela, the 20-story building was originally constructed in 1931 and includes 6,721 square feet of retail space. Cushman & Wakefield’s Adam Spies, Adam Doneger and Marcella Fasulo represented the seller, BlackRock, in the deal. MetLife Investment Management provided $63.5 million in acquisition financing to Midwood, which plans to upgrade the unit interiors and amenity spaces.

May 16, 2022

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