NEW YORK CITY — Social media platform Praxis has signed a 7,462-square-foot office lease at 446 Broadway in Manhattan. The lease term is five years, and the space encompasses the entire third floor. Greg Herman of Cushman & Wakefield represented Praxis in the lease negotiations. David Malawer of Newmark represented the landlord, KPG Funds. The building is now fully leased.
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As Affordability Crisis Deepens, Policies and Market Shift to Assist the Underserved
By Omar Eltorai, Arbor Realty Trust To understand the affordable housing market in spring 2022, one needs to first assess how this sector weathered the pandemic and then assess the current state of housing affordability across the country. In-depth findings on these trends are included in the Arbor Realty Trust-Chandan Economics Affordable Housing Trends Report, from which this article is excerpted. Weathering the Pandemic When it comes to the pandemic response, federal policymakers proved effective at defusing a large-scale increase in homelessness from financially insecure households. The Center for Disease Control and Prevention’s (CDC) eviction moratorium, while unpopular among industry advocates, prevented an estimated 1.6 million evictions, according to an analysis by Eviction Lab. After the Supreme Court struck down the federal moratorium in August 2021[1], the wave of evictions that many were forecasting did not immediately materialize. Nationally, tracked eviction filings ticked up but remained well below their pre-pandemic averages, according to Eviction Lab. A key reason why many at-risk renters have remained in their homes is the deployment of funds allocated in the Emergency Rental Assistance Program (ERA) — a funding pool designed to assist households that are unable to pay rent or utilities. The ERA Program was …
BROOMFIELD, COLO. — Lincoln Property Co. (LPC) and FCP, both privately held real estate investment companies, have unveiled plans for the Colorado Research Exchange (CoRE), a 450,000-square-foot life sciences campus in Broomfield. Construction is scheduled to begin this fall for completion in early 2024. Located approximately midway between Denver and Boulder, CoRE will comprise four buildings, three of which will be four- to five-story tenant buildings ranging from approximately 110,000 to nearly 200,000 square feet. The fourth property, a shared amenity center for all tenants, will total 15,960 square feet and feature a fitness center, locker rooms, bike storage, tenant lounge with fireplace, outdoor terrace, conference/training facility and a food market. Each tenant building boasts views of the Front Range section of the Rocky Mountains, while green space connects each of the properties. Development cost estimates were not disclosed. The developers selected Broomfield due to its highly educated workforce and close proximity to two major metro areas. Current demand for life sciences space in this area has reached over 1.4 million square feet and continues to grow as companies focus on the market for its access to talent, capital and business-friendly environment, according to the developers. The partnership expects CoRE …
LAS VEGAS; SCOTTSDALE, ARIZ.; AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired three multifamily communities totaling 1,110 units in three separate off-market transactions for $418 million, excluding closing costs. The properties are Palms at Peccole Ranch in Las Vegas, La Privada in Scottsdale and San Miguel del Bosque in Albuquerque. The company invested $255 million of total equity in the three communities, which are expected to generate approximately $15 million of initial annual net operating income to Kennedy Wilson. Beginning immediately, Kennedy Wilson will implement a $19 million value-add asset management plan, including renovating more than 65 percent of existing units, refreshing common areas and enhancing amenities to further grow net operating income.
SAN DIEGO — Majestic Realty Co. and Sunroad Enterprises have started construction on the second half of their four-building Landmark at Otay development, located at the intersection of state routes 905 and 125 in San Diego. Construction is underway on 50 acres of the 67-acre master-planned development, including a 240,975-square-foot building at 1610 Landmark Road and a 235,085-square-foot building at 1910 Landmark Road. Both buildings will feature 36-foot ceiling clearance and 185-foot secure truck courtyards with individual trailer storage. Additionally, the buildings will offer ESFR fire systems, 51 trailer parking stalls, 40 dock-high doors and two ground-level doors with ramps, as well as Superflat warehouse floors and building-wide clerestory windows. Mark Lewkowitz, Chris Holder and Will Holder of Colliers San Diego are marketing and leasing Phase II of the project. Completion is slated for February 2023. The development team plans to break ground on Phase III, a two-building component including 150,000-square-foot and 115,000-square-foot buildings, this summer.
FRENCH VALLEY, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center development in French Valley. The nonrecourse loan will provide funds to complete the horizontal and vertical construction of the project. A partnership between Texas-based Trinity Investors and Pasadena-based Halftery Development Co. are leading the fully entitled, 22-acre project. Current tenants include Grocery Outlet, Rite Aid, EoS Fitness, McDonald’s, AutoZone and 7-Eleven. Brandon Wilhite of MMCC and Sunny Sajnani and Todd McNeill of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing. The origination team is based out of MMCC’s Dallas office. Trez Capital operated as the lender for the transaction.
SAN BERNARDINO, CALIF. — Marcus & Millichap has brokered the sale of Golden Sands Plaza, a retail property located at 1090 W. Highland Ave. in San Bernardino. Built in 1962, the 10,057-square-foot property was 90.3 percent leased at the time of sale. A Northern California-based limited liability company sold the asset to another Northern California-based limited liability company for $1.1 million. Julia Evinger of Marcus & Millichap’s Indianapolis office represented the seller and secured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s Los Angeles office served as broker of record for the transaction.
PHOENIX — Ready Capital has closed on $13.3 million in financing for the acquisition, renovation and stabilization of a 105-unit apartment community in Phoenix’s Midtown submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan consisting of interior and exterior upgrades. The nonrecourse, interest-only, floating-rate loan features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.
SCHERTZ, TEXAS — Atlanta-based Core5 Industrial Partners has acquired 164 acres in Schertz, a northeastern suburb of San Antonio, for the development of a 1.8 million-square-foot project. Construction of Phase I, which will comprise two buildings totaling roughly 1 million square feet, is set to begin later this year. Carlos Marquez and Brett Lum of NAI Partners represented Core5 Industrial in its acquisition of the land and have also been retained to lease the development. Corbin Barker of Endura Advisory Group represented the land seller, an entity doing business as Boeck Farm Co. Ltd.
AUSTIN, TEXAS — Newmark has brokered the sale of 823 Congress, a 190,254-square-foot office building in downtown Austin. The recently renovated building was 71 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a fund backed by New York-based DRA Advisors, in the transaction. David Milestone, Brett Green and Josh Francis of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, Dallas-based Pillar Commercial. The sale included a six-story parking garage located at 900 Brazos St. The building was recently renovated to the tune of $15 million.