VISTA, CALIF. — US Divers Co. has completed the disposition of an industrial property located at 2340 Cousteau Court in Vista. Elion ACQ acquired the asset for $22 million. Situated on 8.9 acres, the 134,299-square-foot building features 24,000 square feet of office space, heavy power, eight dock doors, four grade-level doors and 26-foot clear heights. The seller intends to leaseback the facility for one year before relocating to a new location. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates Commercial Real Estate Services – North San Diego County represented the seller and buyer in the transaction.
BOSTON — Newmark has brokered the sale of One Alewife Center, a 90,000-square-foot life sciences facility located adjacent to the MBTA Alewife station on the city’s north side. The facility is situated within the 290,000-square-foot Alewife Park office and life sciences campus. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured life sciences REIT IQHQ as the buyer. IQHQ also purchased the larger Alewife Park campus in July.
BRIGHTON, COLO. — NitNeil Partners has purchased a self-storage property located at 850 Baseline Road in Brighton. Terms of the transaction, which is the company’s first acquisition in the metro Denver market, were not released. Situated 20 miles northeast of Denver, the single-story, drive-up facility features 450 self-storage units, totaling 64,850 rentable square feet. The property will operate under the CubeSmart brand.
CANTON, MASS. — Mortgage banking firm Fantini & Gorga has arranged a $19.9 million construction loan for Millside at Heritage Park, a 60-unit multifamily project in the southern Boston suburb of Canton. The age-restricted community will offer one- and two-bedroom units averaging 1,076 square feet, with 25 percent of the units reserved for households earning 80 percent or less of the area median income. Casimir Groblewski and Lindsay Feig of Fantini & Gorga arranged the loan through HarborOne Bank and Bristol County Savings Bank on behalf of the borrower, 104 Revere Street LLC.
PISCATAWAY, N.J. — JRM Construction Management New Jersey LLC has completed the renovation of a 12,000-square-foot office building located at 371 Hoes Lane in the Northern New Jersey city of Piscataway. The project included a facelift of the lobby and atrium and the addition of new amenities such as a grab-and-go café and a fitness center with locker rooms. Greenway Properties LLC owns the three-story building.
By Taylor Williams The unimpeachable role of technology in multifamily operations has been growing for some time, but COVID-19 has accelerated the importance of these platforms to a level that is unlikely to change even after the pandemic has fizzled out. Particularly with regard to leasing units to new renters and hiring and retaining talented management professionals, multifamily operators have had little choice but to embrace new technologically advanced ways of doing business. And since competition for tenants and staff are equally intense within the major apartment markets of Texas, operators that have developed proficiencies with new apps, platforms and equipment are pulling away from the pack. A panel of multifamily owner-operators and leasing agents discussed these topics at length during the first day of the ninth-annual InterFace Multifamily Texas conference. The two-day virtual event, which was hosted and organized by Atlanta-based France Media, was held Nov. 18-19 in lieu of the fall gathering that usually brings multifamily professionals from across the state together in Dallas. The Customer Side The panelists provided anecdotal evidence of just how important technology has become to the leasing and management aspects of their operations. “We’ve used basic equipment like video-stabilizing pods, which can be …
By Kevin Stratman, CCIM, SIOR, Investors Realty Like many metropolitan areas, new construction has been the recent theme in Omaha’s industrial market. Since 2015, the Omaha market has delivered almost 5 million square feet of new flex, industrial and warehouse properties. This is significant, considering the market as a whole is only about 90 million square feet. Equally impressive, the market has kept the vacancy rate below 4 percent despite all this growth. A bulk of this development has taken place in the popular Sarpy West submarket on the southwest side of the metro area along the I-80 corridor. Notwithstanding all of this construction, the market continues to have a lack of opportunities for users of all sizes. At the time of this writing, there are only 10 vacancies in existing properties for lease that are greater than 50,000 square feet. Only one of those vacancies is in a modern warehouse building. Both national and local tenants alike are shocked to find the limited number of spaces available to them. Which begs the question, why is there so little speculative construction in Omaha? Omaha has always been a more conservative economy. The market might not see the high of highs …
By Marc Betesh, founder and CEO of Visual Lease While the commercial real estate industry has experienced many uncertainties during the pandemic, the industrial and logistics market continues to thrive. With the rapid acceleration of e-commerce in the wake of COVID-19, major online retailers are picking up large warehousing and manufacturing spaces to keep up with the surge in demand, which is ultimately responsible for industrial real estate experiencing vacancies at historic lows in 2020. The trend of moving operations online is likely to continue at a faster pace after the pandemic subsides. Major retail companies have taken notice and are starting to capitalize on available real estate, converting square footage in malls to last-mile delivery centers and buying up spaces in logistics parks. To accommodate the increase in tenant demand, the industrial real estate market has already started to adapt. However, with all of the additional leases that have occurred in the short-term, is there still opportunity for this sector to grow? Who Are Industrial’s Biggest Winners? According to the U.S. Commerce Department, during the first half of 2020, e-commerce sales rose by 44 percent relative to that period in 2019. This rate of growth marked the highest year-over-year …
On Nov. 12, Southeast Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in the Southeast.” Listen to hear how leaders in the industry are coping with challenges from both a developer/owner/investor perspective and a broker/lender perspective. See below for a brief list of topics covered by each panel. Panel One: Developer/Owner/Investor Rising costs for building affordable housing projects Low interest rates offsetting costs Alternative ways to grow the affordable housing stock Do’s and don’ts for general contractors and developers Capital sources Returns — what can affordable housing developers expect? Panel One: Broker/Lender Pandemic impact on existing affordable housing properties/plans for new development Investor appetite Sellers revise their expectations as new buyers enter market Impact of the election on the sector in 2021 Availability of capital for investments currently Developer/Owner/Investor Panel: Marc Padgett, Summit Contracting Group (moderator) Max Cruz, Housing Trust Group Nick Andersen, Development Dominium H. Granvel Tate, III, The Michaels Organization Ray Kuniansky, Columbia Residential Broker/Lender Panel Kyle Shoemaker, Affordable Housing Investment Brokerage (moderator) Derek DeHay, Newmark Eric Taylor, Greystone Real Estate Advisors Sheri Davis, Highland Commercial Mortgage Jeff Rodman, M&T Realty Capital Kevin Morris, Colliers Affordable Housing Group Webinar sponsors: Summit Contracting …
ATHENS, GA. — Landmark Properties has broken ground on four student housing developments in the Southeast worth $600 million in value. New projects include Phase II of The Mark at Athens near the University of Georgia (UGA); The Standard at College Park near the University of Maryland; Legacy at The Standard near the University of Florida (UF); and The Retreat at Kennesaw near Kennesaw State University (KSU) in metro Atlanta. Phase II of The Mark at Athens is located adjacent to the UGA campus and will offer studio, one-, two-, three-, four- and five-bedroom units alongside 19,000 square feet of ground-floor retail space. The project is set for completion in fall 2022. The Standard at College Park will offer 951 beds in studio, one-, two-, three-, four- and five-bedroom units. Community amenities will include a fitness center, sauna, computer lab and study lounge. The development is slated for completion in fall 2023. Legacy at The Standard is located three blocks north of UF’s campus and will offer 155 units totaling 543 beds. The community is scheduled for delivery in fall 2022 and will feature shared amenities including an outdoor pool and grilling area, a study lounge and café, computer lab and …