Property Type

L.A.’s Office Market Pauses after Robust Start to 2020

by Jeff Shaw July 22, 2020

By Chandler A. Larsen, Principal, Avison Young This year started off where 2019 finished for the Los Angeles office property sector – and that’s red hot! During the first two and a half months of the year, office space absorption was on pace to beat 2019. Rents were steadily increasing past $39.84 per square foot on an annual gross basis, record-high (psf) sales prices were recorded across product types and rising construction costs were complemented by a construction pipeline of more than 8 million square feet of office space. Suddenly, by mid-March, COVID-19 had taken hold in the U.S. and abruptly halted all the momentum the Los Angeles office sector had built up. However, the emergency interest rate cuts proposed by central banks across the globe have flooded markets with liquidity, helping to avoid contagion throughout the financial sector. This, in conjunction with the $170 billion in commercial investor relief included in the current stimulus package, points to the potential for a short downturn. Nevertheless, the jury is still out on just how long and how deep this slowdown will be as previously unimaginable unemployment numbers continue to be reported and economic forecasts are trending in the wrong direction. In …

July 22, 2020

Development Midwest Missouri Office Top Stories

McCarthy Breaks Ground on 1 MSF Forsyth Pointe Mixed-Use Development Near St. Louis

by Kristin Harlow July 22, 2020

CLAYTON, MO. — McCarthy Building Cos. Inc. has broken ground on Forsyth Pointe, an office and retail development in the central business district of Clayton, just west of St. Louis. Developed by US Capital Development, the project will include two Class A office towers with more than 20,000 square feet of street-level retail space. The office portion will rest atop a seven-story parking structure, bringing the project’s total square footage to nearly 1 million square feet. A 10-story, 265,000-square-foot east tower will occupy the corner of Forsyth Boulevard and Meramec Avenue. An eight-story, 210,000-square-foot west tower will reside at Brentwood and Forsyth boulevards. In addition to a 45,000-square-foot garden terrace, amenities will include a 10,000-square-foot fitness center and an arts and entertainment venue. Completion is slated for summer 2022. Project costs were not disclosed. “Forsyth Pointe will add prime office space and innovative retail space, increasing street vitality and the pedestrian experience on a prominent corner across from Shaw Park, one of our city’s crown jewels,” says Clayton Mayor Michelle Harris. Established in 1935, the 47.5-acre Shaw Park is the city’s oldest and largest park. The Forsyth Pointe project team includes Christner Architects, Cedergreen LLC, Alper Audi, Stock & Associates, …

July 22, 2020

Content Partner Features Lument Multifamily RED Capital Group Washington Western

Seattle Could Provide Template for National Multifamily Recovery

by Sarah Daniels July 21, 2020

In the realm of apartment market research, Seattle represents a bellwether of sorts these days, where broader trends and themes can be parsed. Seattle’s economy, population and real estate landscape have grown at rates previously considered impossible in a primary market. The city stands at the veritable intersection of technological and generational change — the corner of Large Cap Tech Boulevard and Millennial Street — and it has developed into the avatar of the infill, wood-frame mid-rise design touchpoint that defines so much of today’s urban apartment architecture. What happens here will reveal some of the trends likely to follow in similar markets — from Raleigh to Portland. Seattle was also the first major U.S. metropolitan market to grapple with the novel coronavirus, so the path that it follows will provide some insight into how the American multifamily market will mutate as we adjust to “life in the time of COVID,” to borrow a note from Garcia Marquez. By the same token, the Jet City faces the prospect of digesting an enormous multifamily supply pipeline that was, for the most part, conceived for the pre-COVID-19 world. The manner in which this supply is absorbed will speak volumes about how the …

July 21, 2020

Industrial Leasing Activity Texas

Majestic Signs Amazon to 308,000 SF Industrial Lease at Kyle Crossing in Metro Austin

by Taylor Williams July 21, 2020

KYLE, TEXAS — Amazon has signed a lease to occupy a roughly 308,000-square-foot facility at Kyle Crossing Business Park in metro Austin, where the e-commerce giant will operate a sortation facility that will employ as many as 200 people. Majestic Realty, a developer based in Southern California, is the owner of the 40-acre Kyle Crossing Business Park, which is located just one block west of Interstate 35. The news follows Amazon’s announcement to open an 820,000-square-foot distribution center in Pflugerville, a northern suburb of Austin.

July 21, 2020

Development Maryland Mixed-Use Multifamily Southeast Student Housing

Greenberg Gibbons, Caves Valley Partners to Open Student Housing Community Within $350M Towson Row in August

by Alex Tostado July 21, 2020

TOWSON, MD. — Greenberg Gibbons and Caves Valley Partners will open Phase I of Towson Row, a $350 million mixed-use development in Towson, in August. The first phase includes Altus, a 214-unit student housing community that will include retail and restaurant space on the ground level. Gilbane Development Co. is developing and managing Altus, which is located at the corner of Susquehanna Avenue and Towson Row, one mile north of Towson University. Located on the first level of the Altus building will be a 2,860-square-foot wine and spirits store, a 2,272-square-foot nail salon and a 2,750-square-foot BurgerFi restaurant. Towson University announced it will open for in-person and online classes Aug. 24. Towson Row is a five-acre mixed-use development that will include a 45,000-square-foot Whole Foods Market, more than 75,000 square feet of retail/restaurant space, 150,000 square feet of office space, 231 apartment units, the adaptive reuse of the former National Guard armory building into Towson University’s StarTUp and a 220-room dual-branded hotel.

July 21, 2020

Development Multifamily Seniors Housing Texas

Oldham Goodwin Opens 120-Unit Affordable Seniors Housing Community in College Station

by Taylor Williams July 21, 2020

COLLEGE STATION, TEXAS — Oldham Goodwin Group has opened The Huntington at College Station, a 120-unit affordable seniors housing community in Central Texas. The property spans five acres and offers proximity to Baylor Scott & White Medical Center and the newly developed Midtown City Center mixed-use destination, as well as Texas A&M University. Units at The Huntington feature Whirlpool appliances, vinyl flooring and individual washers and dryers. Amenities include a clubroom with a kitchen area, resident library, business center, arts and crafts room, fitness center, putting green, bocce and pickleball courts and access to walking trails. Construction began in June 2019.

July 21, 2020

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers $7.4M Sale of Wood Memorial Nursing Home in Mineola, Texas

by Taylor Williams July 21, 2020

MINEOLA, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wood Memorial Nursing Home in Mineola, approximately midway between Dallas and Shreveport, La. An owner-operator based in Central Texas sold the property to a Texas-based regional owner-operator for $7.4 million. The skilled nursing facility was built in 1964 and features 115 total beds. Matthew Alley arranged the transaction for SLIB.

July 21, 2020

Florida Office Southeast

Orlando Office Market Vacancy Rate Exceeds 10 Percent for First Time Since 2016, Says CBRE

by Alex Tostado July 21, 2020

ORLANDO, FLA. — The Orlando office market’s vacancy rate has exceeded 10 percent for the first time since year-end 2016, according to CBRE. The vacancy rate stood at 11.2 percent at the end of the second quarter, up from 9.1 percent the previous quarter. With the novel coronavirus causing the economy to halt in mid-March, many office players in the country hit the pause button on sales and leases. Orlando, like several other markets nationwide, was not able to escape the downturn as large swaths of space were given back quicker than they were absorbed. Alight Solutions vacated its 147,000-square-foot space in the University/Research submarket, and Hartford Insurance downsized by 27,000 square feet in Lake Mary. Orlando ended the second quarter of 2020 with 352,000 square feet of negative absorption, the biggest dip the market has taken since first-quarter 2018 when the absorption was minus-22,857 square feet, according to CBRE. CBRE also notes that development has not slowed in the market, with deliveries reaching an 11-year quarterly high. Five office buildings totaling 339,000 square feet came on line in the second quarter. There are another seven projects underway totaling 279,700 square feet, the largest of which is a 120,000-square-foot building …

July 21, 2020

Development Georgia Multifamily Single-Family Rental Southeast

American Homes 4 Rent Opens 127-Home Rental Community in Loganville, Georgia

by Alex Tostado July 21, 2020

LOGANVILLE, GA. — American Homes 4 Rent has opened Stone Creek Community, a 127-home rental community in Loganville. The community comprises single-family homes that feature fenced-in backyards and three-to five-bedroom floor plans ranging from 2,000 to 3,000 square feet. Rents will start in the $1,600s. Each home offers granite countertops, stainless steel appliances, vinyl plank flooring, central heating and air conditioning and two-car garages. The community will also feature a clubhouse, pool, fitness center and a playground. Additionally, routine front and backyard maintenance is included. Stone Creek Community is situated at 5031 U.S. Highway 81, 38 miles east of downtown Atlanta.

July 21, 2020

Development Maryland Retail Southeast

Sprouts Farmers Market to Open New Store in Baltimore on Wednesday

by Alex Tostado July 21, 2020

BALTIMORE — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan Wilner, Andrew Feldman and Mason Bernstein of KLNB are leading the retail leasing efforts for the development.

July 21, 2020

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