Saturday, April 4, 2026
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Careington-International-Frisco
DevelopmentOfficeTexas

Careington International Opens 75,000 SF Office in Frisco

by Taylor Williams

FRISCO, TEXAS — Careington International Corp., a provider of medical and dental insurance, has opened a 75,000-square-foot office at 6435 Flyers Way in Frisco. The office space includes a call center, conference rooms, training rooms, quality assurance department space, an IT room, server room break room, open office space and executive offices. Dallas-based Merriman Anderson Architects designed the project, and Buckman Partnership Ltd. developed it. Careington has operated out of Frisco since 2001, and its employee based has grown from 60 to 425 during that stretch.

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IndustrialLeasing ActivityTexas

Midwest Hose & Specialty Signs 52,800 SF Industrial Lease Renewal in Metro Dallas

by Taylor Williams

CARROLLTON, TEXAS — Midwest Hose & Specialty Inc., an Oklahoma City-based firm that services the energy, agriculture, mining and construction industries, has signed a 52,800-square-foot industrial lease renewal at 1132 Valwood Parkway in the northern Dallas suburb of Carrollton. Transwestern’s Brett Owens and Clayton Johnson represented the tenant in the lease negotiations. Mitch Pruitt handled negotiations internally on behalf of the landlord, Prologis.

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AcquisitionsMassachusettsNortheastOffice

CIM Group, Nordblom Sell Two Boston Office Towers Totaling 475,000 SF to Blackstone

by Taylor Williams

BOSTON — A partnership between Los Angeles-based investment firm CIM Group and Massachusetts-based Nordblom has sold 1000 Washington St. and 321 Harrison Ave., two office towers in Boston’s South End neighborhood totaling 475,000 square feet. The partnership originally purchased the properties, in 2017 and repositioned them: 1000 Washington Street, an 11-story, 242,000-square-foot building was renovated to provide Class A office space; and 321 Harrison Avenue, a three-story parking garage, was expanded by eight floors to create an 11-story, 233,000-square-foot office building. Funds managed by Blackstone acquired the buildings, and life sciences company BioMed Realty will operate the properties.

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Prospect-Place-Apartments-Hackensack
AcquisitionsMultifamilyNew JerseyNortheast

JLL Negotiates $114.4M Sale of Prospect Place Apartments in Hackensack, New Jersey

by Taylor Williams

HACKENSACK, N.J. — JLL has negotiated the $114.4 million sale of Prospect Place Apartments, a 360-unit multifamily community located outside Manhattan in Hackensack. The property offers one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include two fitness centers, a pool, game room, resident lounge and a business center. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh of JLL represented the seller, Kushner Cos., in the transaction. The buyer was a partnership between Khosla Capital LLC and DKJ Equity LLC.

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ANOVA-at-uCity-Square
DevelopmentMultifamilyNortheastPennsylvania

GMH Capital, Wexford Near Completion of 461-Unit Multifamily Project in Philadelphia

by Taylor Williams

PHILADELPHIA — GMH Capital Partners LP, in partnership with Wexford Science & Technology LLC, is nearing completion of ANOVA at uCity Square, a 461-unit multifamily project in Philadelphia’s University City area. The property will include 14,000 square feet of retail space and a 157-space parking garage. Units will feature one-, two- and three-bedroom floor plans with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, indoor and outdoor lounges, fitness center with yoga and spin studios, coworking spaces, a complimentary coffee bar and beer taps, golf simulator and a dog washing station. Construction began in March 2020 and is scheduled for completion in August.

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AcquisitionsHealthcareIndustrialMassachusettsNortheast

Clarion Partners Buys 58,935 SF Biomanufacturing Facility in Braintree, Massachusetts

by Taylor Williams

BRAINTREE, MASS. — New York-based Clarion Partners has purchased a 58,935-square-foot biomanufacturing facility at 55 Messina Drive in Braintree, a southern suburb of Boston. The property features six wet labs, temperature-controlled rooms, a new water filtration system and 18.5-foot ceiling heights. The facility was fully leased to Zimmer Biomet, a global leader in musculoskeletal healthcare, at the time of sale. Scott Dragos of CBRE brokered the deal. The seller was not disclosed.

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CaliforniaHospitalityTop StoriesWestern

Ohana Real Estate Sells 130-Room Montage Healdsburg Luxury Resort in California’s Wine Country for $265M

by Katie Sloan

HEALDSBURG, CALIF. — Ohana Real Estate Investors has sold the Montage Healdsburg, a 130-room luxury hotel located within California’s Sonoma County wine country. Sunstone Hotel Investors Inc. (NYSE: SHO) bought the resort for $265 million, more than $2 million per key. Montage Healdsburg is a newly built, 258-acre resort situated within walking distance of downtown Healdsburg. The property offers bungalow-style guest rooms and suites alongside shared amenities including a full-service spa; multiple swimming pools; an archery range; pickleball courts; bocce ball; dining options including a multi-level main restaurant and an outdoor bar and grill overlooking the resort’s vineyards; and meeting and event space. The property also offers a number of 4,500-square-foot, move-in-ready residences titled Harvest Homes, which feature four bedrooms with bed-to-bath parity. Ohana will retain ownership of the residential parcels within the property, and has begun constructing homes and selling custom homesites affiliated with the resort. “This sale reflects the strong interest from investors in best-in-class, leisure-oriented resorts as the hotel industry begins to recover from the effects of the COVID-19 pandemic,” says James Cole, head of asset management at Ohana. Dentons was legal advisor to Ohana on the transaction. This disposition marks Ohana’s second sale of a hotel …

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YOUnion @ Ann Arbor
FeaturesMultifamilyStudent Housing

Rethinking Student Housing Design in Response to COVID-19

by Katie Sloan

When the world shut down over a year ago, architects, designers and developers took a collective pause to assess what needed to change in the built environment. A particularly scrutinous eye was paid to off-campus student housing, a sector whose successful model was based on bringing students together, not keeping them a safe distance apart. Some sweeping changes were recommended at the onset — many operational in nature, based on the latest guidance from health officials. As courses moved online and on-campus residence halls closed, off-campus communities emerged as a safe haven for students who did not want to — or were unable to — return home. The resilience of the sector, as evidenced last fall by pre-leasing rates and rents that were only slightly below 2019 levels, suggested the temporary tweaks made out of necessity in 2020 worked. The real question was whether those modifications would carry through to newly developed and renovated communities post-pandemic, and if so, what form they might take. Our firm took the time to reflect on how design must evolve to meet the changing needs and expectations of students, parents, operators and developers — all of which have different priorities. At the top of …

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Market ReportsMidwestMidwest Market ReportsMultifamilyOhio

Stable Columbus Multifamily Market Balances Urban, Suburban Growth

by Kristin Harlow

By Ryan Duling and Andy Warnock, Lument Sizing up the Columbus, Ohio multifamily market is more challenging than it may seem to the casual observer. Neither fish nor fowl, Columbus doesn’t fit comfortably within the definitions of either growth or high-yield markets. Looked at from one angle, it appears largely suburban and conventional, but from another, increasingly sophisticated and demographically youthful. The presence of large institutions in the economic landscape — banks, healthcare systems, state government, universities — lend Columbus a slightly plodding image, but the heartbeat of the local economy is a dynamic group of middle market concerns punching above their weight class in logistics, professional services, retail and the digital spectrum. Metaphorically, it’s the cousin you considered a bit dull growing up who blossomed into an adult success. C-Bus’s relatively low population density, younger demographics and the relative ease of its transition to the work-from-home environment paid hefty dividends during the pandemic. Because infection and hospitalization rates were lower than average, the local economy was able to return to near normal in February, positioning the market to take full advantage of the stimulus-fueled economic recovery that could find its stride this summer. Labor market weathers pandemic Although COVID …

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Market ReportsNew JerseyNortheastNortheast Market ReportsOffice

Tenant Negotiating Power, Flexible Work Routines Prevail in Central/Northern New Jersey Office Market

by Taylor Williams

By David Simon, SIOR, COO, NAI DiLeo-Bram Having recently surpassed the one-year mark since COVID-19 reached the United States, we can now better assess the pandemic’s impact on our local office market. Reviewing a year of data and market activity helps paint a more detailed picture of where things stand currently and may be headed. The overall direct vacancy rate for the combined counties of Essex, Middlesex, Morris, Somerset and Union New Jersey has risen 120 basis points since the start of the pandemic to 12.7 percent. Much of the space becoming vacant or available is higher-quality product; in fact the Class A direct vacancy rate has risen 180 basis points during the pandemic and is currently 17 percent. As a result, tenants looking in this segment of the market have a broad selection of high-quality office product. Sublet space has followed a similar trend to that of direct space, marking a 70 basis point increase since the start of the pandemic. More than 1.1 million square feet of Class A sublease product has become available during this period. Notwithstanding the statistics above, our firm recently completed over 28,000 square feet of office leases in Middlesex County, at 100 Metroplex …

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