Property Type

Brookfield Purchases Office Building Fully Leased to Facebook in Bellevue, Washington for $365M

by John Nelson October 30, 2020

BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million. Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. Spring District will ultimately feature 3 million square feet of creative office space, including REI’s headquarters that Facebook purchased last month for $390 million. “The Spring District has become a choice location for high-quality office tenants in Bellevue,” says Greg Johnson, CEO of Seattle-based Wright Runstad. In 2017, University of Washington’s Global Innovation Exchange building opened at Spring District, as well as over 800 residential units and several open spaces accessible to the public. Wright Runstad plans to develop another 530,000 square feet of office space across two buildings at Spring District by …

October 30, 2020

Conference Coverage Features Multifamily Student Housing

Student Housing Internet Providers Hustle to Upgrade Capabilities During Pandemic, Says NMHC/InterFace Panel

by Alex Tostado October 30, 2020

One of the biggest challenges during the COVID-19 pandemic for student housing internet providers has been upgrading their bandwidth capabilities to ensure that all students in a community have reliable and fast connections. The proliferation of video calling between students and professors during the pandemic has been a major driver of this hustle to upgrade connectivity services. The number of megabits per second needed for a Zoom call is something that today’s networks can handle, according to Daniel Myers, president and founder of DojoNetworks and a speaker at the NMHC/InterFace Student Housing Conference. The National Multifamily Housing Council (NMHC) and InterFace Conference Group co-hosted the virtual event, which took place from Oct. 19 to 22. The organizations’ physical events normally take place in April (InterFace Student Housing) and October (NMHC Student Housing). One problem that the panelists of the Internet Connectivity and Technology panel spoke about was hosting multiple students on the same network simultaneously. A Zoom call requires two-and-a-half megabits per second to upstream (when the video is input) and downstream (when the video is distributed), according to Myers. “If you have five students on a call and they only have eight or 10 megabits upstream, then they’re stuck …

October 30, 2020

Development Industrial Maryland Southeast

McCormick to Open 1.8 MSF Distribution Center in Metro Baltimore

by Alex Tostado October 29, 2020

SPARROWS POINT, MD. — McCormick & Co. Inc. will open a 1.8 million-square-foot distribution center in Sparrows Point. The facility will be the largest in the food manufacturer and distributor’s portfolio. The Baltimore-based company plans to consolidate several jobs and distribution warehouses to the new location upon completion, which is slated for the second half of 2022. The new facility will be situated within Trade Point Atlantic Industrial Park, 12 miles south of the Port of Baltimore. Other tenants within the industrial park include Under Armour, Amazon and Perdue Foods. McCormick will host a groundbreaking ceremony at the site Thursday, Nov. 12. The developer and design team were not disclosed.

October 29, 2020

Acquisitions Georgia Multifamily North Carolina Southeast

FriedLam Partners Buys Six-Property Multifamily Portfolio in North Carolina, Georgia for $85.2M

by Alex Tostado October 29, 2020

TEANECK, N.J. — Teaneck-based FriedLam Partners has bought a six-property multifamily portfolio in Charlotte, Raleigh and Atlanta for $85.2 million. The portfolio comprises 872 units. The two Charlotte properties are the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview. The community in Raleigh was the 176-unit Enclave @ Crabtree. Watson Bryant and Paul Marley of Cushman & Wakefield represented the seller of the North Carolina properties, JEM Holdings, in the transaction. The Atlanta portion of the portfolio comprises the 130-unit 743 @ Howell Mill, the 112-unit Lenox Place and the 66-unit Rio at Lenox. Travis Presnell and Wesley Kenney of Cushman & Wakefield represented the seller, Zavala Capital Group, in the transaction.

October 29, 2020

Acquisitions Industrial Southeast Virginia

PS Business Parks Acquires Industrial Campus in Alexandria for $46.3M

by Alex Tostado October 29, 2020

ALEXANDRIA, VA. — PS Business Parks Inc. has acquired Pickett Industrial Park, a three-building, 246,000-square-foot industrial campus in Alexandria, for $46.3 million. The assets offer 7,000- to 75,000-square-foot spaces, which were fully leased at the time of sale. Pickett Industrial Park is situated at 841 S. Pickett St., nine miles southwest of Ronald Reagan Washington National Airport. The seller was not disclosed.

October 29, 2020

Acquisitions District of Columbia Office Retail Southeast

JLL Negotiates $32.5M Sale of Office, Retail Building in Downtown D.C.

by Alex Tostado October 29, 2020

WASHINGTON, D.C. — JLL has negotiated the $32.5 million sale of 1301-1317 Connecticut Avenue, a three-story, 66,000-square-foot office and retail building in downtown Washington, D.C. The seller, Shorenstein Co. LLC, acquired the asset in 2011 and renovated the lobby, fitness center, common area, elevators and restrooms. The building, which was originally built in 1917, offers 7,700-square-foot floor plates. The buyer was not disclosed. JLL represented the seller in the transaction.

October 29, 2020

Acquisitions Industrial New York Northeast Self-Storage

CubeSmart Agrees to Acquire New York City Self-Storage Portfolio for $540M

by Taylor Williams October 29, 2020

NEW YORK CITY — Pennsylvania based self-storage REIT CubeSmart (NYSE: CUBE) has entered into an agreement to acquire a portfolio of eight properties in New York City from locally based developer Storage Deluxe for $540 million. The portfolio totals 780,425 net rentable square feet and consists of properties in Brooklyn, Queens and The Bronx that are already managed by CubeSmart. The deal is expected to close during the fourth quarter. CubeSmart will finance approximately 28 percent ($154.6 million) of the sales price with fixed-rate debt.

October 29, 2020

Development Industrial Texas

VanTrust Breaks Ground on Phase I of 1.3 MSF Spec Industrial Development in Fort Worth

by Taylor Williams October 29, 2020

FORT WORTH, TEXAS — Locally based firm VanTrust Real Estate LLC has broken ground on Phase I of the 1.3 million-square-foot Fort Worth Logistics Hub, a project that will add 670,941 square feet of Class A industrial space to the local supply. Designed by Alliance Architects, Fort Worth Logistics Hub spans 75 acres on the city’s south side near Interstates 20 and 35. Phase I of the project is expected to be complete in July 2021, with construction of the 606,480-square-foot Phase II beginning shortly thereafter. Arlington, Texas-based Bob Moore Construction is the general contractor for the project, and Pacheco Koch is the civil engineer. CBRE is handling leasing.

October 29, 2020

Leasing Activity New York Northeast Retail

Home Depot to Open 120,000 SF Store on Manhattan’s Upper East Side

by Taylor Williams October 29, 2020

NEW YORK CITY — The Home Depot Inc. (NYSE: HD) will open a 120,000-square-foot store at 410 E. 61st St. on Manhattan’s Upper East Side, a deal that represents the largest retail lease executed in the borough in the last several years. The company signed a 20-year lease for a four-story space that is currently occupied by Bed Bath & Beyond, which will vacate the space when its lease expires in 2021. Home Depot will relocate its store at 732 Lexington Avenue to the new space some time over the next few years. Peter Ripka of Ripco Real Estate represented the tenant and the landlord, Gazit-Globe, in the lease negotiations.

October 29, 2020

Development Multifamily Seniors Housing Texas

MedCore Partners, TNRG Begin Work on $115M Seniors Housing Project in Georgetown, Texas

by Taylor Williams October 29, 2020

GEORGETOWN, TEXAS — MedCore Partners and The National Realty Group (TNRG) have begun construction of The Hacienda at Georgetown, a 230-unit seniors housing community in metro Austin. The community sits on a 13.2-acre tract at the south entrance to Sun City Texas, a master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. Watermark Retirement Communities will manage the property, which is slated to open in late 2022. BOK Financial is providing construction financing, while ACRON USA is providing equity for the project. REES Architects provided the architectural and engineering services.

October 29, 2020

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