Property Type

Meta Housing, R.D. Olson Break Ground on Lamp Lodge Affordable Housing Project in Downtown Los Angeles

by Amy Works June 15, 2020

LOS ANGELES — Meta Housing, as developer, and R.D. Olson Construction, as general contractor, have broken ground on Lamp Lodge, a 49,000-square-foot affordable housing community in downtown Los Angeles. Located at 660 Stanford Ave., the seven-story building will offer 74 studio units, seven one-bedroom apartments and one two-bedroom unit. All units will feature a refrigerator, dishwasher and range, as well as energy-efficient windows. Community amenities will include an on-site laundry room, community center and open residential courtyard. KFA Architecture and JAG Interiors are serving as architects for the project, which is slated for completion in first-quarter 2021. JP Morgan Bank and the Housing Authority of the City of Los Angeles are funding the development, which is situated on the site of a former four-story apartment community.

June 15, 2020

Colorado Development Mixed-Use Office Retail Western

Confluent, Kelmore Top Out Exchange at Boulevard One Mixed-Use Project in Denver

by Amy Works June 15, 2020

DENVER — Confluent Development and Kelmore Development, the Denver-based co-owners and co-developers of the project, have topped out Exchange at Boulevard One. The 200,000-square-foot, mixed-use project is located in Boulevard One, a 70-acre parcel in Denver’s Lowry neighborhood. The developers broke ground in April 2019 and completion of the initial phase, totaling 135,000 square feet, is slated for spring 2021. Located at Lowry Boulevard and Quebec Street, the infill development will feature 500 parking spaces, including a 231-stall underground garage. The project focuses on multimodal accessibility with a mobility hub for bicycle and scooter parking, pedestrian connectivity, electric car charging stations and nearby transit lines with connections to light rail. Brinkman Construction is serving as general contractor for the project, which Open Studio Architecture designed. The Denver Urban Renewal Authority and Lowry Redevelopment Authority are supporting the development.

June 15, 2020

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Arranges Sale of 60-Unit Hidden Creek Storage in Sandy, Utah

by Amy Works June 15, 2020

SANDY, UTAH — The LeClaire Group of Marcus & Millichap has brokered the sale of Hidden Creek Storage, a self-storage facility in Sandy. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller, a private self-storage investor and developer, and procured the undisclosed buyer in the deal. The acquisition price was not released. The 60-unit Hidden Creek Storage features 14,400 net rentable square feet. The self-storage property features garden-style doors and all units are drive-up accessible. The facility is located within The Villas at Hidden Creek Homeowners Association.

June 15, 2020

Features Industrial Office

Buoyed by Industrial Sector, Market Confidence Improves Slightly Overall Among SIOR Survey Participants

by John Nelson June 15, 2020

The Society of Industrial and Office Realtors (SIOR) has released its second edition of the monthly SIOR Snapshot Sentiment Survey, and overall the association’s industrial specialists felt better about their market’s outlook than their counterparts in the office sector. Patrick Sentner, president-elect of SIOR and executive vice president of CBRE’s Pittsburgh office, says that the growth of e-commerce and the grocery sector during the pandemic are helping boost confidence among industrial brokers. “Certain industrial market segments have seen business increase steadily during the pandemic,” says Sentner. “As such, there has been some solid movement in the industrial sector during the past three months.” The newly created survey provides a snapshot of the industry during a time when the COVID-19 outbreak has significantly impacted the industrial and office sectors. The monthly survey posed three questions to its members, of which around 500 answered for the May edition. The first question asked the progress of transactions currently taking place. The second question asked respondents to rank their level of confidence six months from now for their local markets. The final question let participants write open-ended responses relating to trends and market changes affecting the industrial and office real estate sectors. Overall market …

June 15, 2020

Acquisitions Industrial North Carolina South Carolina Southeast

Albany Road Real Estate Sells Industrial Portfolio in Metro Charlotte for $75.5M

by Alex Tostado June 12, 2020

CHARLOTTE, N.C. — Albany Road Real Estate Partners has sold an industrial portfolio comprising four properties in metro Charlotte for $75.5 million. The first property, Overlook 77, totals three buildings at 5521 Lakeview Road in Charlotte. The portfolio includes two parks on the north side: International Corporate Center, a five-building property located at 4601 Corporate Drive in Concord, and the three-building Lakefield Corporate Center located at 307 Oates Road in Mooresville. The final property is the two-building SouthCross Corporate Center in Rock Hill, S.C. The property is situated at 3042 SouthCross Blvd., 21 miles southwest of downtown Charlotte. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, and Grayson Hawkins of CBRE represented the seller in the transaction. The buyer, CIP Real Estate, retained Anne Johnson and Bryan Crutcher of CBRE to handle leasing efforts for the portfolio.

June 12, 2020

District of Columbia Multifamily Southeast

NMHC Rent Tracker: 80.8 Percent of Apartment Households Paid June Rent

by Alex Tostado June 12, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) Rent Payment Tracker found that as of June 6, 80.8 percent of apartment households paid rent for the month of June. The Washington, D.C.-based organization reports that the June figure is a 0.6 percent increase over May 6, but it is a 0.7 percent decrease from this point in June 2019. Nearly 20 percent of households with at-risk wages in small multifamily apartments may have difficulty paying rent, according to a study published June 11 by the Harvard Joint Center for Housing Studies. In addition, 32 percent of renter respondents to the U.S. Census Bureau’s Household Pulse Survey, conducted from May 28 to June 2, reported “no or slight confidence” in their ability to pay next month’s rent. “While our Rent Payment Tracker metric continues to show the resilience and strength of the professionally managed apartment industry, it does not necessarily tell the whole story, as it doesn’t capture rent payments for smaller landlords or for affordable and subsidized properties,” says Doug Bibby, president of NMHC. The organization surveyed apartment management companies responsible for 11.4 million units nationwide. There are 21.4 million apartments nationwide in buildings with more than five units, …

June 12, 2020

Acquisitions Florida Multifamily Southeast

CBRE Arranges $17M Sale of Multifamily Community in Jacksonville

by Alex Tostado June 12, 2020

JACKSONVILLE, FLA. — CBRE has arranged the $17 million sale of Riviera Parkway Apartments, a 134-unit waterfront community in Jacksonville. Situated along the St. Johns River, the property, which was origianlly built in 1937, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, dog park and laundry facilities. The asset is located at 2798 St. Johns Ave., four miles southwest of downtown Jacksonville. Joe Ayers and Cliff Taylor of CBRE represented the seller, KAE Apartments, in the transaction. Maryland Management Co. acquired the property.

June 12, 2020

Florida Leasing Activity Restaurant Retail Southeast

Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

by Alex Tostado June 12, 2020

MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, producer of electric cars, will open at the development this holiday season. Due to the COVID-19 pandemic, Brickell City Centre closed in March and reopened its doors May 22. The center includes a 500,000-square-foot, open-air shopping center; and five million square feet of office, residential and hotel space in Miami’s Brickell district.

June 12, 2020

Georgia Leasing Activity Office Southeast

Marketing Firm Nebo Signs 16,000 SF Office Lease Within The MET in Atlanta’s Adair Park District

by Alex Tostado June 12, 2020

ATLANTA — Marketing firm Nebo has relocated its office headquarters to a 16,000-square-foot space within The MET Atlanta. The MET is a 1.1 million-square-foot space that features more than 150 tenants and is located at 680 Murphy Ave. in the city’s Adair Park neighborhood, two miles south of downtown Atlanta. Nebo, which was founded in 2004, moved into the new space June 1 on a 10-year lease. Nebo relocated from 1000 Marietta St., where it employed 100 workers. In the new space, Nebo expects to hire an additional 150 employees. The landlord, Atlanta-based Carter, acquired The MET in June 2018.

June 12, 2020

Company News Delaware Northeast Retail

Lululemon Reopens 60 Percent of Stores, Reports 17 Percent Drop in Revenue in Latest Quarter

by Taylor Williams June 12, 2020

DOVER, DEL. — Lululemon (NASDAQ: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and North America stores in March. The company noted that although it was forced to close all stores at some point, strong sales from its e-commerce platform helped to mitigate the decrease in revenue. Lululemon said in the filing that it would not provide financial projections for future quarters, but that it ended the first period with $823 million in cash, compared to $576 million in cash at the end of the first quarter of 2019. Lululemon’s stock price opened at $302.84 per share on Friday, June 12, up from $170.89 per share a year ago.

June 12, 2020

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