Property Type

Silver Creek Development Acquires 130,642 SF Office Building in Chandler, Arizona

by Amy Works June 15, 2021

CHANDLER, ARIZ. — Silver Creek Development has purchased Ascend at Chandler Airport Center, a Class A office property located on 11 acres at 1811 E. Northrop Blvd. in Chandler. An undisclosed seller sold the asset for $34.2 million. Build in 2016 and renovated in 2018, the two-story building features 130,642 square feet of office space. At the time of sale, the property was fully leased on a long-term basis as the corporate headquarters of Zovio, a technology services company. Chris Toci and Chad Littell of Cushman & Wakefield represented both parties in the transaction. Greg Mayer, also of Cushman & Wakefield, provided leasing advisory services.

June 15, 2021

Arizona Development Multifamily Western

High Street Residential Completes Construction of 160-Unit Gramercy Scottsdale Multifamily Project

by Amy Works June 15, 2021

SCOTTSDALE, ARIZ. — High Street Residential, the residential subsidiary of Trammell Crow Co., along with Principal Real Estate Investors, has completed the development of Gramercy Scottsdale, an apartment community in downtown Scottsdale. Situated on two acres, the five-story, Class A property features 160 apartments in a mix of studio, one- and two-bedroom units and three-bedroom penthouses, ranging in size from 600 square feet to 1,650 square feet. Units offer high-end finishes, gas stoves, stainless steel appliances, quartz countertops and wine fridges. Community amenities include a chef’s kitchen and private dining room, an indoor/outdoor sky lounge, a fitness center, guest suite, pool, spa and outdoor lounge areas with a fireplace, grilling stations, a water feature and top-floor covered terrace. Wespac Construction served as general contractor and ESG Architects is the architect of record.

June 15, 2021

Features Mixed-Use Retail

Mixed-Use at the Core of Mall Reinvention

by Katie Sloan June 15, 2021

When it comes to mall redevelopment, one of the biggest hurdles is changing the business community’s perception that enclosed malls are only for retail use, says Sean Garrett, president of acquisitions and director of community relations for East Peoria, Illinois-based Cullinan Properties Ltd. “There is no reason an insurance office can’t be right next to a retailer and a neighbor of a dentist,” states Garrett. “Downtowns and Main Streets have been developed this way for generations.” Cullinan recently followed this approach when it rebranded its Quincy Mall in Quincy, Illinois, to Quincy Town Center. One of the anchor tenants is now Quincy Medical Group, which backfilled a former Bergner’s department store. For Garrett, merging retail and medical uses today is a “natural fit.” In addition to enclosed space, Quincy Town Center features more than 88,000 square feet of retail and additional uses on 42 acres of land. Cullinan is currently discussing plans for a hotel and the potential for multifamily units. “The opportunities that lie ahead for this mixed-use property, as opposed to a one-note shopping center, are endless and will help ensure its survival,” says Garrett. “Our experience has shown that a diverse tenant mix and uses that complement …

June 15, 2021

Development Mixed-Use North Carolina Southeast Top Stories

Innovation Quarter Reveals Plans for 2.7 MSF Second Phase of Mixed-Use Campus in Downtown Winston-Salem

by John Nelson June 15, 2021

WINSTON-SALEM, N.C. — Innovation Quarter (iQ), an entity that controls a 2.1 million-square-foot life sciences and higher education campus of the same name, has revealed plans for its second phase. The upcoming project will expand the mixed-use development in downtown Winston-Salem by 2.7 million square feet across 10 buildings. Set on a 28-acre site straddling Research Parkway, Phase II of iQ will include 1 million square feet of clinical, office and laboratory spaces, as well as up to 450 residential units and 30,000 square feet of retail and restaurant spaces. The second phase will also include 15 acres of green space headlined by Fogle Commons, a linear park that is anticipated to host outdoor events, as well as a half-mile extension of Long Branch Trail. “This new phase of development will create the same feel and aesthetic found in the Innovation Quarter today,” says Graydon Pleasants, head of development for iQ. “This mix of science and business, recreation and retail, green spaces and residential will bring even more vibrancy to this section of downtown Winston-Salem.” Chicago-based architectural firm Perkins + Will developed the master plan for the second phase with iQ. Wexford Science + Technology was a development partner for …

June 15, 2021

Market Reports New York Northeast Northeast Market Reports Retail

New York City Must Be A Leader in Reimagining Retail in the Post-Pandemic World

by Taylor Williams June 15, 2021

By James Nelson, principal, head of Tri-State investment sales, Avison Young It probably won’t be a shock to learn that in the aftermath of COVID-19, we are going to need to reimagine retail. Even before the pandemic hit, retail vacancy was becoming more prevalent throughout New York City. Now more than ever, landlords and retailers are going to need to think outside the box to fill vacancies and allow retailers to survive. A recent survey among members of the International Council of Shopping Centers (ICSC), which consists of landlords, tenants and service providers, found that 57 percent of retail professionals believe that the economy will improve over the course of the next year. That being said, 73 percent wanted to see businesses open again in their state. A key question involves when we could expect to return to the in-person conventions and events that our industry is known for. ICSC is famous for its annual conference in Las Vegas that draws over 30,000 people. It’s a chance to catch up with friends and business contacts in a fun setting while also being able to accomplish dozens of meetings over a few days, as everyone is in the same place. Industry …

June 15, 2021

Acquisitions Development Mixed-Use Multifamily South Carolina Southeast

Henderson Park, South Street Acquire 20,000-Acre Waterfront Resort Near Hilton Head

by Julia Sanders June 14, 2021

PALMETTO BLUFF, S.C. — Henderson Park Capital Partners and South Street Partners have formed a joint venture to acquire Palmetto Bluff, a 20,000-acre resort in Bluffton that is surrounded by 32 miles of riverfront. The price was not disclosed. Palmetto Bluff features nature trails; two village centers complete with river access, boat storage and a canoe club; dining options; the Montage Palmetto Bluff resort; and a Jack Nicklaus Signature Golf Course. The land includes available residential neighborhoods ranging from multimillion-dollar compounds to single-family lots. The joint venture will oversee all aspects of development and management of the single-family residential and resort community. Working alongside Palmetto Bluff’s current leadership team and the Montage Hotels & Resorts leadership team, Henderson Park and South Street will bring extensive experience in sales, marketing, club and resort operations. The joint venture says it will release more information later on about future development plans.

June 14, 2021

Development Florida Office Southeast

Nuveen Nears Completion of $55M Renovation at Three Office Properties in Miami

by Julia Sanders June 14, 2021

MIAMI — Nuveen Real Estate is nearing completion of renovations at three of its office properties in Miami. The assets are located at 801 Brickell and 701 Brickell in the city’s Brickell financial district and at Waterford Business District, a 250-acre office hub that Nuveen co-owns with Allianz Real Estate. The capital improvements total $55 million in value and include digital, touchless features, new tenant amenities, building systems upgrades and other upscale renovations. The three office properties are slated to be complete by the first quarter of 2022. At 701 Brickell, an office tower in Miami’s Brickell financial district, JLL and Origin Construction are currently leading the remodel in progress. The renovations of the 685,835-square-foot tower comprises a complete remodeling of the main lobby with modern design features and furniture, the addition of a full-service fitness center, installation of touchless entry points and upgrades to the elevator port system to provide touchless access. As part of these capital improvements, an amenity floor was completed last year with a tenants-only lounge and conference center facility. Currently, 701 Brickell has tenants such as Holland & Knight, Kaseya, Expedia and the Greater Miami Convention & Visitors Bureau. The capital improvements on the other …

June 14, 2021

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

Michaels Organization Breaks Ground on $93.3M Affordable Seniors Housing Project in Downtown Honolulu

by Amy Works June 14, 2021

HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu. Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units. Construction of the $93.3 million project will be funded using a combination of $48 million in Hula Mae Multi-Family Tax-exempt Bonds (HMMF), $21.3 million in Rental Housing Revolving Funds (RHRF), a $10 million traditional construction loan, and equity from the sale of low-income housing tax credits. First Hawaiian Bank is the lead construction lender with participation from American Savings Bank. Hawaii Housing Finance and Development Corp. administers the HMMF and RHRF. Halewai`olu Senior Residences will be available to seniors ages 62 and older, with rents starting at $547 per month. All of the units will be restricted to those earning between 30 percent and 80 percent of area median income.

June 14, 2021

Acquisitions Industrial New Mexico Self-Storage Western

LeClaire-Schlosser Group Brokers Sale of Dona Ana Storage Facility in Las Cruces, New Mexico

by Amy Works June 14, 2021

LAS CRUCES, N.M. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dona Ana Storage, a self-storage property in Las Cruces. Haggar Group acquired the asset. Terms of the transaction were not released. The buyer has rebranded the facility as StorWise Self Storage. The property features 273 non-climate-controlled units with tilt-up concrete exterior walls, metal Kynar-coated roofs, concrete drive aisles, LED lighting, security cameras, an on-site management apartment, leasing office and keypad controlled gate. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office, along with Matthew Reeves of the firm’s Albuquerque office, represented the seller in the deal.

June 14, 2021

California Development Industrial Western

Alere Property Starts Construction of 211,000 SF Industrial Warehouse in Western Inland Empire

by Amy Works June 14, 2021

ONTARIO, CALIF. — Alere Property Group is developing a speculative industrial facility located on 9.3 acres at 1656 S. Cucamonga Ave. in Ontario. With construction underway, the 211,000-square-foot property will feature 40-foot clear heights; a 5,000-square-foot, two-story office space; 23 dock-high doors; two ground-level doors; and a 185-foot truck court with extra trailer parking. Completion is slated for third-quarter 2021. Additionally, Alere Property acquired two industrial properties: 1062 McGaw Avenue in Irvine and 14422 Astronautics Drive in Huntington Beach. Terms of the transactions were not released. The company will redevelop the 5.2-acre site in Irvine, which Ricoh USA occupies, into a 120,000-square-foot industrial facility with 36-foot clear heights, 13 dock-high doors and two ground-level doors. Completion is slated for 2023. The 47,000-square-foot Huntington Beach property, which Terrible Herbst Motorsports occupies, features 26-foot clear heights, a secured fenced yard and three ground-level doors.

June 14, 2021

Newer Posts

Older Posts