BOSTON — Locally based biotechnology firm Ginkgo Bioworks has signed a 38,759-square-foot life sciences lease at 10 Wilson Road in the Cambridge area of Boston. The new space is located within The Quad, a four-building, 510,000-square-foot campus that is being developed in phases by The Davis Companies. McKenna Teague and Erick Smith of CBRE represented the developer in the lease negotiations. Anne Columbia and Patrick Downey of Columbia Group Realty Advisors Inc. represented the tenant.
LOWELL, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 33,000-square-foot office building located at 81 Bridge St. in Lowell, which is located north of Boston. The sales price was approximately $2.5 million. According to LoopNet Inc., the two-story building was constructed in 1916. Marci Alvarado and Jake Parsons of SVN represented the seller, Bridge Street Business Center LLC, in the transaction. The duo also procured the buyer, Mill Bridge Residential LLC.
VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space. Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces. The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas. KeyBank provided financing for the project.
TEMPE, ARIZ. — Los Angeles-based JRK Property Holdings has purchased 909 West, an apartment property located at 909 W. Grove Parkway in Tempe. MG Properties Group sold the asset for an undisclosed price. Built in 1999, 909 West features 408 units in a mix of one-, two- and three-bedroom floor plans in three- and four-story buildings. Community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park. Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.
KEIZER, ORE. — Stan Johnston Co. has brokered the sale of a retail property located at 5000 River Road North in Keizer. A Los Angeles-based institutional buyer sold the asset to a Long Beach, Calif.-based private investor for $5.7 million. Originally constructed in 2008 on 1.6 acres, the property features 13,775 square feet of retail space. Walgreens occupies the building on a net lease including a 15-year base term with rent increases every five years. Pat Weibel and BJ Feller of Stan Johnson Co. represented the seller in the transaction.
LITTLETON, COLO. — John Propp Commercial Group has arranged the sale of an office property located at 8089 S. Lincoln St. in Littleton. RMTN Properties sold the asset to MVP 8089 Lincoln Land for $3.8 million, or $148.97 per square foot. Situated near Littleton Adventist Hospital and Highlands Ranch, the property features 25,802 square feet of office space. The buyer plans to occupy the third floor of the building. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.
By Nora Hogan, SIOR, principal at Transwestern The immediate future of the Dallas-Fort Worth (DFW) office leasing market is an enigma. Real estate professionals believe we are near the top of a V-shaped recovery curve. However, many tenants disagree and are being cautious about their office leasing decisions. Due to the pandemic, tenants became innovative in providing ways to service their customers. They have learned they can operate, survive and even excel under the current business environment, and thus are delaying their lease decisions. Tenants are learning which employees can work productively without the boundaries of the office. The million-dollar question is whether or not this partial work-from-home model is sustainable. Some employers think not, while others are betting that it has staying power and have placed either all or a portion of their office space on the sublease market. Today, sublease space in DFW represents 15 percent of the total vacant square footage. This percentage is higher than the volume of sublease space that the market posted during the dot-com recession of 2002. Currently the total sublease square footage is 9.5 million, which is almost identical to the December 2002 sublease inventory peak. The difference is that in 2002, …
OAKLAND, CALIF. — CIM Group and Strada Investment Group have completed Eleven Fifty Clay Street, a 288-unit apartment community in downtown Oakland. The co-developers delivered the 16-story property between 11th and 12th streets near the city’s Old Oakland neighborhood. Rents range from $2,544 for a studio apartment to $5,059 for a three-bedroom unit, with some concessions available for prospective tenants. The onsite leasing office is open five days a week. Amenities at Eleven Fifty Clay include a fitness center, lobby coffee bar, conference rooms, coworking areas and bicycle storage. A rooftop deck features open-air lounge areas, partially covered dining areas, fire pits and grills. Eleven Fifty Clay Street also features street-level retail space, as well as a large outdoor patio and a 17,000-square-foot public plaza fronting 12th Street. The publicly accessible plaza has a half basketball court, outdoor seating, specialty retail stores and a repurposed shipping container that has a full kitchen set. Nearby amenities include the 12th Street BART rail station, AC Transit bus stations, restaurants, shops, hotels, Lake Merritt and San Francisco Bay. Suffolk Construction was the general contractor for Eleven Fifty Clay Street. Greystar currently manages the property on behalf of CIM and Strada. CIM Group is …
ST. PETERSBURG, FLA. — An affiliate of Stoneweg US has bought Trellis at the Lakes Apartments, a 688-unit multifamily complex in St. Petersburg, for $114 million. The asset is situated at 11401 Dr. Martin Luther King Jr. St. N., 15 miles east of downtown Tampa. Trellis at the Lakes offers one- and two-bedroom floor plans. Communal amenities include a fitness center, pool, media center and a courtyard. The seller, an affiliate of ESG Kullen, acquired the property in 2016 for $80.9 million and invested in capital improvements during its ownership. Mark Meland and Bryan Vega of Miami-based Meland Budwick PA provided legal services for the seller. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller in the transaction. Matt Williams, James Maynard, Steve Comly and Adam Randall of Newmark arranged acquisition financing on behalf of the buyer. Additionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured a joint venture equity partner for Stoneweg’s acquisition. The unnamed life insurance company invested $36 million for the deal.
ATLANTA — Waterton has acquired four multifamily communities in Alpharetta, Roswell, Norcross and Atlanta totaling 1,824 units. The seller(s) and sales prices were not disclosed. The properties include the 554-unit Deerfield Village in Alpharetta, the 668-unit Roswell Village in Roswell, the 382-unit Gwinnett Pointe in Norcross and the 220-unit Briarcliff Apartments in Atlanta. Each property is situated in the northern arch of Atlanta between Ga. Highway 400 and Interstate 85. The communities were built between 1989 and 2001. Chicago-based Waterton will implement upgrades across the portfolio to renovate amenity spaces, common areas and outdoor areas.
