HOUSTON — NAI Partners has arranged the sale of a 17,400-square-foot industrial building located at 1702 Nance St. in Houston. According to LoopNet Inc., the property was built in 1978. Chris Caudill and Jake Wilkinson of NAI Partners represented the seller, 125 West Crosstimbers Ltd., in the transaction. Clark Dalton of Dosch Marshall represented the buyer, Urban Genesis LLC.
By Edward Henigin, Chief Technical Officer, Data Foundry The COVID-19 pandemic has been a highly disruptive force in the global market, changing the way businesses, communities and economies operate today — and perhaps into the future. While uncertainty has defined this challenging time, trends have been developing in the wake of the virus’ worldwide impact. One of the most prominent trends has been the shift to remote and digital means of working, communicating and learning. Across nearly every device category, in-home data usage has seen an increase in the first three months of 2020 compared to the same period in 2019. This year, the two-week period between March 1 and March 17 alone exhibited a 34 percent increase in smartphone data usage compared to the previous year’s usage during the same period. As a result of social distancing and quarantine protocols, many businesses have reduced onsite work or even shut down their locations in favor of work-from-home options that incorporate video conferencing platforms or other virtual applications. Today’s increased online dependence creates a focus on digital infrastructure, and data centers are only growing in importance (and in demand) as they become more widely recognized as crucial components of a resilient …
By Taylor Williams As office-using companies and employees slowly return to their workplaces, they will see major changes in the layouts and functionalities of their buildings and workspaces as a result of COVID-19 — features and practices that could potentially rewrite the playbook for how architects and engineers approach office projects in the future. Virtually all major components of office design stand to be impacted on some level by COVID-19, a virus that spreads through both shared contact of surfaces and physical proximity among users and employees in buildings. Further, ripple effects exist within the various components of design that have been impacted in the post-COVID-19 office market. In other words, one change in design will beget others. That’s because all of the forthcoming changes have one thing in common: an aim to bolster health and wellness. Building operators must approach all aspects of design with social distancing and heightened sanitation guidelines in mind — a different agenda from the previous ones of comfort, convenience and service. “Moving forward, design is going to be all about safety,” says Ari Rastegar, owner of Austin-based commercial investment firm Rastegar Property Co. “You’re going to see a move away from open layouts and …
LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …
PHILADELPHIA — Hilco Global, an Illinois-based developer, has acquired a 1,300-acre industrial development site in Philadelphia. The sales price was $225.5 million. Located at 1735 Market St., the site formerly housed the Philadelphia Energy Solutions (PES) oil refinery for more than 150 years. Hilco plans to redevelop the site as an “environmentally responsible” commercial hub, the exact details of which were undisclosed. According to The Philadelphia Inquirer, PES was the East Coast’s largest refinery until a corroded fuel line ignited in June 2019, leading to the bankruptcy and permanent closing of the refinery. At the height of its activity, the refinery formerly employed as many as 1,000 workers. Hilco plans to demolish and rebuild the site over a period of several years, creating 8,000 union construction jobs and 10,000 permanent jobs, The Philadelphia Inquirer reports.
NEW YORK CITY — Innovo Property Group, a New York City-based developer, has launched 210,000-square-feet of office space in the Long Island City neighborhood of Queens. The space is located on two floors of The Bridge, an 830,000-square-foot mixed-use building located at 24-02 49th Ave. and can be adapted for coworking or shared office use. The building was originally completed in 1928 as an industrial facility and once served as a warehouse for Bloomingdale’s. The New York City Housing Authority holds a 30-year lease for 600,000 square feet of at the building.
SEABROOK, N.H. — BJ’s Wholesale Club will open a 90,000-square-foot store in Seabrook, approximately 50 miles north of Boston. The newly constructed building will be located on a 20-acre site on the crossroads of Interstate 95 and State Routes 107 and 1. The store will anchor several nearby parcels planned for future commercial development. Slated for delivery in 2021, the new store will be BJ’s seventh in the state. Waterstone Properties owns the development site.
STRATFORD, CONN. — Italian food supplier Nuovo Pasta Productions has signed a 35,492-square-foot industrial lease in Stratford. The space is located within a former food storage and distribution facility at 849 Honeyspot Road in Stratford Industrial Park, Nuovo Pasta signed a 10-year lease at the facility. Bruce Wettenstein of Vidal/Wettenstein represented Nuovo Pasta in the lease negotiations. George Shawah Jr. of Baldwin Pearson & Co. Inc. represented the undisclosed landlord.
ATLANTA — Truist Financial Corp. has provided a $93.8 million construction loan for Phase II of Modera Prominence, a 395-unit multifamily community underway in Atlanta’s Buckhead district. Renasant Bank and Trustmark National Bank were part of the syndicate loan provided to developer, Mill Creek Residential. Phase II will comprise the multifamily portion of the project. Phase I, which comprises 21,000 square feet of retail and restaurant space, is nearing completion. Communal amenities will include a fitness facility, saunas, dog park, dog spa, clubroom, lounges and concierge services. The property is located at 3699 Lenox Road at the corner of Lenox and Piedmont roads, nine miles north of downtown Atlanta. A timeline for completion was not disclosed.
ORANGE CITY, FLA. — Atlantic Housing Partners LLLP will open Parc Hill Senior Living Apartments, an 88-unit affordable seniors housing community in Orange City, later this summer. The $15 million development will have units reserved for residents earning between 40 and 80 percent of the area median income (AMI). The property offers one- and two-bedroom floor plans, and each unit features granite countertops, CleanSteel energy-efficient appliances and screened-in patios. Communal amenities include a clubhouse with dedicated senior resident activities center, Collector’s Edition 1965 Mustang Pool Table, business center, heart-healthy cardio and fitness studio and pedestrian-friendly sidewalks. The community is located at 1010 Skyline Loop, equidistant between Daytona Beach and Orlando. The general contractor was ConcordRents. The project’s financing includes $7.5 million in tax-exempt bonds from the Housing Finance Authority of Volusia County, $5.8 million from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. and equity from the developer.