Property Type

Ryan Cos., University Realty Complete Third Phase of Novus Innovation Corridor in Tempe, Arizona

by Amy Works July 14, 2020

TEMPE, ARIZ. — Ryan Cos. and University Realty LLC have completed 777 Tower at Novus Innovation Corridor, the third phase of the Arizona State University (ASU) Novus Innovation Corridor in Tempe. Totaling 160,000 square feet, the six-story, multi-tenant building features an open floor plan, penthouse office space, 8,000 square feet of ground-floor retail space and a public urban plaza. DAVIS served as architect of record for the building, which Ryan Cos. built. The building is 84 percent leased by a mix of tenants, including ASU’s Herberger Gallery, University City Exchange, University Real Estate Development, Master of Design, Master of Innovation and Venture Development, and the Innovation Studio. Additionally, Infosys, a next-generation digital services and consulting firm, occupies the fourth and fifth floors at the building. At full build-out, Novus Innovation Corridor will feature more than 10 million square feet of mixed-use opportunities, including the 2.1 million-square-foot Marina Heights campus that Ryan Cos. and Sunbelt Holdings co-developed. Catellus Development Corp. is the master developer of the 355-acre, multi-phased Novus Innovation Corridor.

July 14, 2020

Acquisitions California Office Western

CBRE Global Investors Buys 137,625 SF Historic Office Building in San Francisco

by Amy Works July 14, 2020

SAN FRANCISCO — A fund sponsored by CBRE Global Investors has acquired 123 Townsend Street, an office building located in San Francisco’s SoMa neighborhood. Terms, including acquisition price and seller, were not released. The acquisition is part of the fund’s broader strategy to invest in target office markets across the United States. Built in 1903, the six-story, brick-and-timber building underwent a full renovation in 2000, including significant seismic structural upgrades, a new roof, new systems and the addition of elevators and skylights. Totaling 137,625 square feet, the low-rise property features multiple stairwells and large, flexible floorplans. On-site amenities include a fitness center, bike storage and rooftop deck.

July 14, 2020

California Civic Western

California Governor Issues Business Closures as Statewide Cases of COVID-19 Surge

by Amy Works July 14, 2020

SACRAMENTO, CALIF. — California Gov. Gavin Newsom has issued a series of business closures as statewide cases of COVID-19 continue to increase. In total, the state has 329,162 confirmed cases as of Sunday, July 12, and cases are sharply rising. Based on the increase of cases, Newsom has instructed the closures of numerous indoor businesses statewide, including dine-in restaurants, bars, breweries, wineries, tasting rooms, movie theaters, family entertainment centers, zoos, museums and card rooms. Additionally, counties that have been on the “county monitoring list” for three consecutive days are required to close fitness centers, places of worship, indoor protests, offices for non-critical infrastructure sectors, personal care services, hair salons, barbershops and malls. As of July 13, there were nearly 30 counties on the monitoring list, including Fresno, Los Angeles, Napa, Orange, Colusa, Kings, Glenn, Sacramento, San Diego, Sonoma, Ventura and Riverside. According California’s COVID-19 data collections, the state experienced 109,910 new cases and 1,104 new deaths in the last 14 days. Additionally, in the last 14 days, approximately 1.5 million tests were reported with 7.4 percent resulting in a positive test.

July 14, 2020

Acquisitions California Industrial Western

Terreno Realty Purchases Industrial Property in South San Francisco for $6.3M

by Amy Works July 14, 2020

SOUTH SAN FRANCISCO, CALIF. — Terreno Realty has acquired an industrial building located in South San Francisco for $6.3 million. The name of the seller was not released. Located at 179 Starlite St., the 22,000-square-foot property features two dock-high and one grade-level loading positions and parking for 15 cars. At the time of sale, the building was fully leased to one tenant.

July 14, 2020

Colorado Loans Multifamily Western

Merchants Capital Arranges Bridge Loan for 148-Unit Workforce Housing Complex in Aspen, Colorado

by Amy Works July 14, 2020

ASPEN, COLO. — Merchants Capital has provided a three-year bridge loan for Centennial Aspen, a 148-unit workforce housing community located in Aspen. The acquisition of the property is financed through Merchants Bank of Indiana on behalf of Birge & Held Asset Management. Merchants Capital intends to further provide long-term, permanent financing for the project either through Fannie Me or Freddie Mac’s preservation platforms and through a syndication of new tax credits via Fannie, Freddie or HUD. Situated at the base of Smugger Mountain at 100 Luke Short Court, Centennial Aspen features a land use restriction agreement that requires 100 percent of the rental units to be workforce housing. Built in 1986, the 11-building, three-story property features a mix of studio, one-, two- and three-bedroom apartments with exterior entrances, exterior storage units and electric heat. Community amenities include an on-site laundry facility, office, a playground and assigned parking.

July 14, 2020

Content Partner Features Lument Multifamily RED Capital Group Texas Texas & Oklahoma Feature Archive

Revenue Volatility: Friend or Foe to San Antonio Multifamily Investors?

by Sarah Daniels July 14, 2020

During the great multifamily bull market of this passing decade, investors became increasingly comfortable with exposure to highly volatile metropolitan markets. In an era when it was difficult to make a bad investment decision, the most lucrative were, in most cases, located in areas of the country known for their roller-coaster real estate cycles. Indeed, it seemed as though a purchase capitalization rate could never be too low if an asset was located in one of the primary markets. Volatility was an ally, not a foe — an investment feature, not a bug. With the onset of the COVID-19 pandemic and its attendant recession, however, volatility appears to have switched allegiances. The winds now favor, perhaps, the stable, predictable tortoises over the high-flying hares. In high-cost markets, the number of renters considering relocating to more affordable area codes has skyrocketed, and in the work-from-home era, this has become more of an achievable goal than an inchoate urge. For example, the San Francisco Apartment Association reported that 7.5 percent of tenants in the city — where rents increased at a 6.1 percent compound annual rate since 2010 — simply broke their leases in the three months that ended in May, moving …

July 14, 2020

Market Reports Oklahoma Retail Texas Texas Market Reports

Far North Oklahoma City Retail Market Hits Its Stride

by Taylor Williams July 14, 2020

By Stuart Graham, Senior Vice President, CBRE; Mark Inman, Senior Vice President, CBRE; and Kendra Roberts, Associate, CBRE The Oklahoma City retail market has had a growing and changing landscape over the past few years as the sector’s healthy fundamentals continue to draw both local and national investors. Although much of the growth has been focused on the downtown Oklahoma City area, we are beginning to see a new hotspot emerge in the Far North neighborhoods. High-quality schools and affordable housing in the Far North Oklahoma City submarket of Edmond, as well as in the surrounding neighborhoods, have been major draws for young families. Both the Deer Creek and Edmond School Districts rank among the top three school districts in the state and also enjoy high national rankings. As a result of these residential and educational features that are attracting younger households and driving population growth, the Far North Oklahoma City submarket has recently seen a significant uptick in both retail investment and development activity that better support this underserved and growing community. To illustrate this submarket’s rise, consider the fact that nearly 20 percent of the total volume of retail product currently under construction in the Oklahoma City area …

July 14, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Charlotte City Council Gives $600M Mixed-Use Project in Uptown District First Approval to Move Forward

by John Nelson July 14, 2020

CHARLOTTE, N.C. — Seventh and Tryon, a planned $600 million mixed-use project in Charlotte’s Uptown district, has cleared a critical hurdle with the Charlotte City Council. The proposed development will include a 160,000-square-foot mixed-use building, 450,000-square-foot office tower, market-rate and affordable multifamily units, retail space and below- and above-ground parking. At a virtual meeting yesterday, the council unanimously approved a memorandum of understanding (MOU) that allows Marcus Jones, city manager of Charlotte, to negotiate and execute with the Virginia-based developer, Metropolitan Partnership Ltd., on behalf of the city and the landowners of the 3.1-acre site in Uptown. The landowners include Bank of America, City of Charlotte, Mecklenburg County and Charlotte Mecklenburg Library. Atlanta-based DaVinci Development Collaborative is the development manager on behalf of the landowners. “North Tryon needs a facelift, I believe this project moves us in that direction,” said councilmember Malcolm Graham, representative of Charlotte’s District 2, during the proceedings. The council also moved to allow the use of city funds to be negotiated for the project to move forward. The MOU includes the sale of the land from the four landowners to Metropolitan Partnership for a price of $21.5 million. The key terms of the MOU also include …

July 14, 2020

Development Multifamily Texas

Madison Marquette Opens 30-Story Travis Apartment Building in Midtown Houston

by Taylor Williams July 13, 2020

HOUSTON — Madison Marquette has opened The Travis, a 328-unit apartment building located in the Midtown area of Houston. The 30-story building houses one-, two- and three-bedroom units, as well as two-story penthouses and 14,000 square feet of ground-floor retail and restaurant space. Amenities include a pool with cabanas, fire pits, a 24-hour fitness center, conference center, coffee bar, concierge services, package locker service and valet dry cleaning. Baltimore-based CallisonRTKL designed the property, which also includes a seven-story parking garage. Los Angeles-based AECOM Hunt served as the general contractor.

July 13, 2020

Development Office Texas

J. Small, Lyda Hill to Undertake 23-Acre Office Redevelopment Project in Dallas Design District

by Taylor Williams July 13, 2020

DALLAS — A partnership between locally based J. Small Investments and Lyda Hill Philanthropies will redevelop Pegasus Park, a 23-acre office campus in the Dallas Design District. The property, which currently houses 750,000 square feet of office space, was originally developed in 1970 for jewelry retailer Zale Corp. and has been vacant for the past decade. The development team will reposition the existing buildings to feature modern office space, as well life sciences and retail and restaurant space. The first phase of development is expected to be complete in early 2021. Five tenants — Commit Partnership, The Dallas Foundation, The Draper Richards Kaplan Foundation, United to Learn and Uplift Education — have committed to office space at Pegasus Place.

July 13, 2020

Newer Posts

Older Posts