NEW YORK CITY — Bold Charter School will open a 10,000-square-foot learning center at 1093 Southern Blvd. in The Bronx. The school, which will open in time for the 2022-2023 academic year, will have eight classrooms and will be able to support about 240 students in grades K-4. Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Tom Hines and Casey Noel of Transwestern, represented Bold Charter School in its site selection and lease negotiations. David Israeli and Joseph Israeli represented the landlord, Meyerson Management LLC, on an internal basis.
EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.6 million sale of a 17-unit multifamily property in the Northern New Jersey community of East Orange. The property includes three retail spaces. Julie Gralla of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak represented the buyer. Both parties requested anonymity.
COLORADO SPRINGS, COLO. — Matthews Southwest Hospitality (MSWH) has unveiled plans for a United States Air Force Academy Hotel in Colorado Springs. The development site is located at the U.S. Air Force Academy (USAFA) campus beneath Pikes Peak and the Rocky Mountains. The 317,000-square-foot resort-style hotel will feature 375 guest rooms with 19 suites; 26,000 square feet of meeting space and flexible banquet space with exterior terraces; a 12,000-square-foot grand ballroom and 6,000-square-foot junior ballroom; a signature rooftop bar and restaurant; six food and beverage outlets; fitness and spa facilities; an elevated pool; event lawn; and numerous outdoor spaces. The hotel will be part of TrueNorth Commons, a mixed-use development at the North Entrance of the U.S. Air Force Academy, which will include a USAFA visitor campus and commercial retail and office space. MSWH is developing the property with owner Provident Group – Falcon Properties. Atlanta-based BLUR Workshop is serving as architect and interior designer and GE Johnson will serve as general contractor. CoralTree Hospitality will manage the hotel. Construction is slated to begin this spring, with completion scheduled for 2024.
SCOTTSDALE, ARIZ. — Cottonwood Group has closed a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale. Florida-based Driftwood Capital acquired the asset. The Scottsdale Resort at McCormick Ranch features 278 guest rooms, six meeting rooms and a total of 23,245 square feet of meeting space.
Consolidated Contracting Completes 122-Unit WellQuest Seniors Housing Project in Menifee, California
MENIFEE, CALIF. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; Nelson Structural Engineers, structural engineer; Bam Consulting Engineers, civil engineer; United Brothers Concrete, sitework contractor; A Good Plumbing, plumbing; Edge Mechanical, mechanical engineer; Cattrac, grading; Hondo Framing, framing; AME Design Group, mechanical engineer; and Wilson Associates Landscape Architecture, landscape architect. FJ Management was the developer.
HUNTINGTON BEACH, CALIF. — JLL Capital Markets has arranged the sale of Goldenwest & Bolsa, a retail center located at 15031 Goldenwest St. in Huntington Beach. A private equity fund sold the property to a local private investor for $23.5 million. Constructed in 1974 on six acres, Goldenwest & Bolsa features 63,269 square feet of retail space. At the time of sale, the property was 95.4 percent leased to a mix of daily needs and internet-resistant tenants. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in the transaction.
LACEY, WASH. — Matthews Real Estate Investment Services has arranged the sale of a healthcare building located at 5180 Yelm Highway in Lacey. An undisclosed seller sold the property to an undisclosed buyer for $8.2 million. DaVita occupies the property. Melanie Selleck and Devon Dykstra of Matthews Real Estate Investment Services represented the seller, while Lee & Associates represented the buyer in the deal.
SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …
By Pat Harlan, Managing Director, JLL Labor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year. As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total 8.5 million square feet. Nearly 94 percent of that activity was generated from ecommerce and food and beverage users. Vacancy had also dipped to pre-pandemic levels, falling by 100 basis points year-over-year to just 6.8 percent as of the end of the third quarter of 2021. Construction continues to ramp up, trying to meet a seemingly unending stream of demand. As of the end of the third quarter, there was 16.6 million square feet of metro Phoenix industrial space under development. The West Valley accounts for about 11.3 million square feet of this activity. The Southeast Valley represents an additional 3.4 million square feet. Two of the largest buildings underway in the market right now are the Cubes Glendale, totaling 1.2 million square feet, and Building …
EL PASO, TEXAS — Kansas City-based developer VanTrust Real Estate has completed Phase I of El Paso Logistics Park, a speculative project that consisted of four industrial buildings totaling 514,135 square feet. VanTrust has also executed three new leases at these buildings totaling roughly 187,000 square feet. David Hingst of PIRES International represented OLA Logistics LLC, which leased 76,848 square feet at Building 3; Steve Berger and Chad McCleskey of CBRE represented Interceramic Inc., which inked a deal for 44,410 square feet at Building 3; and Andres Sandoval of CBRE represented Buckland Global Trade Services Inc, which committed to 66,065 square feet at Building 4. Bill Caparis and Arturo De La Mora of CBRE El Paso represented VanTrust in each of those deals.