NORTH KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant property occupied by Starbucks in North Kansas City for $2.3 million. The newly constructed building, which features a drive-thru, is located at 1930 Diamond Parkway near I-35. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Omaha-based Woodsonia Real Estate Inc. A Warrensburg, Mo.-based private investor was the buyer.
SAN JOSE, CALIF. — Newmark has arranged the sale of 1710 Automation Parkway, an industrial property located in San Jose. The asset traded for $103.5 million. The names of the seller and buyer were not released. QuantumScape (NYSE: QS), a manufacturer of lithium batteries for electric cars, fully occupies the 196,647-square-foot building. The tenant and former owner made significant improvements to the property to create a state-of-the-art battery development facility. Steven Golubchik, Nicholas Bicardo, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction.
LOS ANGELES — Boston-based Longpoint Realty Partners has purchased a 13.4-acre industrial park, including five buildings and two vacant land parcels, near the Van Nuys Airport in Los Angeles. A private ownership group sold the property for $85 million. Totaling 95,600 square feet and originally constructed in 1960s and 1970s, the properties are: a 12,000-square-foot restaurant building at 16320 Raymer St. a 14,700-square-foot industrial property at 16300-16310 Raymer St. a 33,000-square-foot industrial facility at 16251 Raymer St. a 20,000-square-foot industrial asset at 16201 Raymer St. a 15,900-square-foot industrial property at 16161 Raymer St. a 2.5-acre land parcel at 16141 Raymer St. a 1.4-acre land parcel at 8085 Woodley Ave. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. Erik Larson, Robin Dodson and Paul Sims of Cushman & Wakefield provided local market advisory for the deal. JLL Capital Markets recently arranged $52 million in acquisition financing for the buyer.
TEMPE, ARIZ. — Western Wealth Capital has acquired Sonesta on University Apartment Homes, a multifamily property located in Tempe. Terms of the transaction were not released. The purchase is Western Wealth Capital’s 78th multifamily acquisition in the Phoenix market. Originally constructed in 1989, Sonesta on University features 212 apartments, two pools, a beach volleyball court, basketball court, putting green and resident clubhouse.
VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of a 50,000-square-foot industrial building located at 980 Elkton Drive in Colorado Springs. The property traded for $6.9 million. The names of the seller and buyer were not released. Cody Stambaugh of The Morgan Stambaugh Group and Peter Sengelmann of The Diesch Sengelmann Team, both of Pinnacle Real Estate Advisors, represented the seller in the transaction.
NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …
By Kimberly Stepp, Principal, Stepp Commercial The strength of the Greater Los Angeles apartment market has exceeded expectations coming out of the pandemic. Despite reports of an exodus from California and population decline in the metro, apartment rental demand is seeing an all-time high, with net absorption of units running at its highest level in decades. As a result, vacancy is at a low 3.4 percent, lower than the pre-COVID level of 4.4 percent. Asking rents have seen a 7.7 percent growth over the past 12 months, while the national rate is 11.1 percent. Average monthly asking rents across LA County stand at $2,130, albeit still lower than the median monthly home payment of $2,659. Los Angeles multifamily market fundamentals remain favorable for investors. The area has one of the highest percentages of renters of any U.S. metro, comprising approximately half of all households. Already hefty housing prices in a highly competitive market have seen even greater increases over the past 20 months, resulting in a median home price of $795,000. This has left a significant part of the population priced out of homeownership. High construction costs, NIMBY sentiment and onerous permitting continue to plague the ability to deliver desperately needed housing units. …
The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …
ARLINGTON, VA. — Boeing (NYSE: BA) has chosen Arlington as the site for its new global headquarters due to the city’s proximity to Washington, D.C., and strong client and talent base in the region. The aerospace and defense giant is moving its headquarters from Chicago, where the firm plans to maintain a significant office presence. In addition to the corporate relocation, Boeing plans to develop a research and tech hub in Arlington to support and train Boeing employees in the areas of cyber security, autonomous operations, quantum sciences and software and systems engineering. Details about the campus and the construction timeline were not disclosed. Boeing’s stock price closed on Thursday, May 5 at $150.47 per share, down from $229.81 a year ago, a 34.5 percent decline.
