NEW YORK CITY — Newmark has negotiated an 8,718-square-foot retail lease for luxury accessories provider Valentino at 135 Spring St. in the Soho area of Manhattan. The new store spans 4,424 square feet on the ground floor and 4,294 square feet on the second level. Newmark’s Ariel Schuster, Ross Berkowitz and Brandon Miller represented the landlord, Invesco Real Estate, in the lease negotiations.
TACOMA, WASH. — NorthMarq has arranged $45 million in joint-venture equity between Trent Development and Bridge Investment Group for the development of Tacoma Plaza, an apartment community in Tacoma. Situated on 1.3 acres at 1502 Fawcett Ave., Tacoma Plaza will feature 368 apartments in a mix of studio, one- and two-bedroom units with private balconies and large windows. The community will offer two rooftop decks, two private courtyards and a dog spa. Completion is slated for 2023. Seattle-based Studio 19 Architects designed the project, while Gig Harbor-based Rush Commercial Construction is general contractor. Jake Leibsohn and Ron Peterson of NorthMarq secured the joint-venture equity.
ROHNERT PARK, CALIF. — Bell Partners, on behalf of its Fund VII investors, has purchased Windsor at Redwood Creek, an apartment property in Rohnert Park. The buyer plans to rename the 232-unit property to Bell Rohnert Park. The seller and price were not released. Built in 2005 on 12.3 acres, Bell Rohnert Park features a resort-style swimming pool and spa with poolside dining area and gas grills, a clubhouse, fitness center, resident lounge, playground, dog park and detached garages. Each unit has a fully equipped kitchen with stainless steel appliances, washers/dryers, walk-in closets and a private balcony or patio, while select units include fireplaces. The acquisition represents Bell Partners’ second owned community in the Bay Area and second West Coast purchase of 2021, continuing the firm’s expansion into the region.
PHOENIX — Newmark has arranged the sale of Shops at Tuscano, a shopping center located in Phoenix. Shrisha LLC sold the property to TDN Properties for $5.2 million. Located at 7435 W. Lower Buckeye Road, the retail center features 15,938 square feet of multi-tenant space. At the time of sale, the property was 93 percent occupied by seven tenants, including Sprint/T-Mobile, Little Caesars and TitleMax. The shopping center was built in 2006. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in the transaction.
LOS ANGELES — DAUM Commercial Real Estate Services has negotiated the sale of an automotive retail building and lot located 9220 S. Sepulveda Blvd. in Los Angeles. S.A.S Services Group acquired the asset from a private partnership for $3.5 million. Situated adjacent to Los Angeles International Airport (LAX), The property includes a 1,114-square-foot building sitting on a 10,454-square-foot land parcel in a corner location in close proximity to a new parking and car rental development. Kurt Yacko, Dennis Sandoval and Brian Sandoval of DAUM represented the seller in the deal.
LA MIRADA, CALIF. — Capital Source 1031 has purchased an all-purpose data center, located at 16680 Valley View Ave. in La Mirada, for an undisclosed price. The property was acquired for CS1031 California Data Center, a Delaware statutory trust. Cogent Communications, an internet service provider, occupies the 16,529-square-foot building. Cogent delivers internet, ethernet and colocation services to more than 88,100 customers in more than 207 markets and 47 countries across the globe. The tenant has more than 13 years remaining on its double-net lease with annual rental increases of 3 percent through the initial term and two five-year renewal options. Jeffrey Jackson of CBRE Capital Markets represented the undisclosed seller, while Capital Source 1031 was self-represented the in the deal.
By Cray Carlson, CBRE With 2020 coming to an end, we look back at a year of much uncertainty, confusion and unprecedented restrictions. Yet amidst all that, the Inland Empire multifamily market has been going steady, continuing to thrive in spite of some substantial drops in sales volumes. Total multifamily sales of eight units and larger in the Inland Empire were $2.5 billion in 2018 and $2.1 billion in 2019. That compares with only $1.09 billion in 2020, as of October. We expect total sales volumes in the area could ultimately show a reduction of up to 40 percent for the full year. So, how is the Inland Empire maintaining its title as one of the strongest apartment markets in the nation? Collections A recent housing and employment study examined the ability for renters to make their rent payments. The Inland Empire led the category of households caught up on those payments. Respondents also indicated a high confidence level in their ability to meet their future lease obligations. Among the 15 metros surveyed, the Inland Empire ranked second. Vacancy Rates Rent vacancies have decrease in the Inland Empire to as low as 3.7 percent as rent growth has risen 6.2 …
AUSTIN, TEXAS — Rastegar Industrial, a division of Austin-based Rastegar Property Co., plans to build a 530,000-square-foot industrial park in Austin. The developer is targeting a third-quarter 2022 delivery and has tapped Newmark to market the property for lease. The unnamed project will span 50 acres near State Highway 130 at 11708 McAngus Road, which is within an opportunity zone. The development will be situated near Tesla’s new Gigafactory, as well as Austin-Bergstrom International Airport. “Austin is one of the fastest growing metros in the United States. The world’s greatest tech companies and manufacturers are all moving to the region, creating an imminent need for more industrial space,” says Ari Rastegar, founder and CEO of Rastegar Property Co. “State Highway 130 stretches all the way down to San Antonio and provides an alternative route to heavily congested Interstate 35, making it appealing to industrial facilities for distribution. It is the most active corridor in the entire region.” Also along the State Highway 130 corridor, Chanel is completing a manufacturing facility and Formula 1 racetrack Circuit of the Americas is being redeveloped to include a hotel and water park. Rastegar is banking on the high demand for contiguous industrial product in …
NASHVILLE, TENN. — McShane Construction Co. has broken ground on the 322-unit Novel Harpeth Heights in Nashville on behalf of the developer, Crescent Communities. The multifamily property is located in Nashville’s Bellevue neighborhood at 615 Old Hickory Blvd. Positioned on a 22-acre site on Nashville’s southwest side, Novel Harpeth Heights will feature studios, one-, two- and three-bedroom apartment homes ranging in size from 549 to 1,529 square feet. The development will incorporate nearly 28,000 square feet of shared amenity space for tenants, including a fitness and movement studio, game room patio with fire pit, dog spa, gear lounge, library, business center with micro offices, demonstration kitchen with bar and dining lounge and a dog park. McShane began demolition in early February and plans to begin site work in six to eight weeks. The contractor expects to deliver Novel Harpeth Heights in October 2022, and the first residences will be available for occupancy in late 2022. HEDK Architects is the architect of record. Crescent Communities is a Charlotte-based, real estate investor, developer and operator of mixed-use communities.
WASHINGTON, D.C — Nuveen and joint venture partner Norges Bank Investment Management have completed the $18 million renovation of the Franklin Square office building at 1300 Eye St. NW in Washington, D.C. Will Stern, Eli Barnes, Lauryn Harris and Alston Offutt of Avison Young have been the leasing representatives for the 485,000-square-foot building for over 15 years. Washington, D.C.-based architecture firm Hickok Cole designed the renovation, which began in 2020. Some of the new features to the building involve the three-story glass entrance and include contemporary lighting and glass, soft-seating collaboration areas, new modern artwork, an in-lobby barista-operated café and lounge, additional modern security measures, new elevator cabs and elevator mechanical systems. Additional renovations include a 10,000-square-foot conference facility, six conference rooms, breakout areas, a catering kitchen, a 5,000-square-foot fitness facility, an onsite fitness trainer providing classes for building tenants and a bicycle room with bike maintenance stations, lockers, towel service and changing rooms. The building is LEED Gold-certified and features advanced air filtration via the building’s VAV HVAC system using MERV 15 air filters. An events/hospitality manager will be onsite to oversee the new facilities and help coordinate tenant events. The building also features a new mobile app that …