BELLEVUE, WASH. — KTGY Architecture + Planning has unveiled the design for The Lofts at 15th, a 22-unit luxury condominium development in Bellevue, a suburb of Seattle. Developed by Toll Brothers, the project is slated for completion next year. The design features four four-story buildings. Residences range in size from 1,462 to 2,258 square feet and prices will start at $1.1 million. Each unit is equipped with its own two-car garage.
PHOENIX — Empire Metal Products Inc. has leased a 42,000-square-foot industrial building in Phoenix. David Wilson and Carter Wilson of DAUM Commercial Real Estate Services negotiated the 10-year lease on behalf of the tenant and the landlord, a private investor. Empire, a metal production company specializing in sheet metal, stainless steel, aluminum and copper, is relocating and expanding from its current Phoenix headquarters. Empire’s new facility sits on 2.2 acres at 2362 W. Shangri-la Road within the Metro Industrial Center. The fully air-conditioned building features a clear height of 18 feet and 125 car parking spaces.
With a historic drop in oil prices amid a global pandemic, fate dealt Houston a bad hand in 2020, to put it mildly. But this is not the first time the city has seen bleak conditions — and faced them down. In 2015-2016, the metropolitan area was throttled by a double whammy of an oil bust and the Memorial Day and Tax Day floods, decimating a full 10 percent of its multifamily housing stock. Yet, by 2020, the city’s job growth exceeded the national rate for the 25th consecutive month, and its multifamily market was set to deliver nearly 17,000 units, double the volume from 2019. Before the oil crash and COVID-19 pandemic hit, Houston’s increasingly diverse economy meant that its fundamentals were strong, and demand was growing for multifamily. Through hurricanes, floods, tornados, boom-and-bust cycles in the oil and gas markets and more, Houston persevered. Houston has one of largest metropolitan populations in the U.S. and is growing, adding more than a million people since 2010. This 2-percent-per-year average growth is more than twice the 0.7 percent average for the United States. Of the 10 largest metropolitan areas, only Dallas-Fort Worth and Houston have been able to grow at …
MANSFIELD AND GRAND PRAIRIE, TEXAS — Americold Realty Trust (NYSE: COLD), a publicly traded REIT specializing in cold storage properties, has acquired two facilities operated by AM-C Warehouses in the Dallas-Fort Worth (DFW) metros of Mansfield and Grand Prairie for a combined $82.5 million. The facilities feature a combined 13.8 million cubic feet and 45,000 pallet positions. Atlanta-based Americold Realty Trust will invest $2.5 million in capital improvements to the properties.
IRVING, TEXAS — Lee & Associates has negotiated a 375,000-square-foot industrial lease for meal kit provider HelloFresh at 2700 Market St. in Irving. The newly built facility, which is located within Gateway Logistics Center, will function as the company’s largest distribution center. Trey Fricke and Reid Bassinger of Lee & Associates’ DFW office, along with Dennis Smeck and Justin Myers of the firm’s New York City office, represented HelloFresh in the lease negotiations. Mark Hayes of HPI Real Estate Services & Investments represented the landlord. HelloFresh expects to take occupancy of the facility in March 2021.
EL PASO, TEXAS — Dallas-based investment firm Sealy & Co. has acquired two light industrial buildings totaling 131,616 square feet in El Paso. The seller was California-based Hager Pacific Properties. The properties are located adjacent to El Paso International Airport, about three miles from Interstate 10. Jason Gandy and Davis Gibbs handled the transaction for Sealy & Co. on an internal basis with assistance from CBRE’s Randy Baird.
AUSTIN, TEXAS — Auctane, a subsidiary of stamps.com and a provider of software for the e-commerce industry, has signed a 105,385-square-foot office lease at The Grove at Shoal Creek, a mixed-use development located at 4301 Bull Creek Road in Austin. Developed by a joint venture between MileStone Community Builders and Castletop Capital, The Grove at Shoal Creek is a 76-acre destination with office, retail and residential uses. John Gump and Kelly Woodruff of CBRE represented Auctane in the lease negotiations. Travis Dunaway of Endeavor Real Estate Group represented the landlord.
HOUSTON — Energy firm Momentum Midstream has renewed its 22,575-square-foot office lease renewal at 600 Travis St. in downtown Houston. Mark Russell of Newmark Knight Frank represented the tenant in the lease negotiations. Michael Anderson, Diana Bridger, Margaret Elkins and Brad Beasley of Cushman & Wakefield represented the landlord, a partnership between Hines and Cerberus Capital Management. At 75 stories, 600 Travis is the tallest building in Texas and offers a 7,000-square-foot fitness center, a 280-seat auditorium and 12 floors of parking.
OCALA, FLA. — American Commercial Realty Corp. will redevelop Pearl Britain Plaza, a Publix-anchored shopping center in Ocala. The Palm Beach Gardens, Fla.-based developer will demolish the existing Publix, which was built in 1991, and build a new 48,387-square-foot Publix. Anchoring the 77,637-square-foot center, the new Publix will feature a drive-thru pharmacy. Existing tenants including Stay Faded Barber, Sam’s Nails, Wise Guys Pizzeria, Jackson Hewitt and Shang Hai Restaurant will remain in place when the center reopens, scheduled for early 2021. Pearl Britain Plaza is situated at 2657 NE 35th St., 38 miles south of downtown Gainesville. Cuhaci & Peterson designed the shopping center. Elliott Throne and Jesse Wright of JLL originated a construction loan through First Florida Integrity Bank on behalf of the borrower. The seven-year loan features a fixed interest rate.
JERSEY CITY, N.J. — Locally based provider Englewood Health will open a 53,222-square-foot medical office at 2 Journal Square, a 325,000-square-foot building in Jersey City. The space will include medical offices for orthopedics, pain medicine, primary care, diabetes, OB/GYN, cancer, cardiology, pulmonology, urology and colorectal surgery. In addition, there will be onsite urgent care, breast screening and imaging, an infusion center and a laboratory. Greg Barkan, Remy deVarenne and Sam Bernhaudt of CBRE represented Englewood Health in the 15-year lease agreement. GAIA Real Estate owns the building and recently completed a multimillion-dollar renovation of it.
