Phoenix’s industrial inventory is undergoing a period of growth due to the delivery of 2.2 million square feet of new product in the third quarter of 2019 and more than 4.7 million year to date (as of late November). In fact, the market has seen the highest amount of total industrial development year to date since 2007. While these deliveries have increased the industrial vacancy rate slightly, the overall vacancy rate for the area remains low at less than 7 percent. Absorption has been strong and is expected to remain so for the near future. Rental rates also continue to rise, though they are still at a considerable discount to many other West Coast markets. A high amount of development activity is still occurring, particularly in the southern portion of Phoenix. Much of this development is speculative rather than build-to-suit, which indicates developers are confident in the demand for industrial space in this market. Major factors for our growth have been significant job creation and in-migration of both residents and businesses, which have led to growth in industrial and construction jobs in the region. In fact, Greater Phoenix remains one of the top five metros for job creation in the …
LOS ANGELES — A partnership between Hines Interests Limited Partnership, USAA Real Estate and Philena Properties has broken ground on West Edge, an 807,000-square-foot mixed-use project in West Los Angeles. Upon full build-out, the development will feature 200,000 square feet of office space, 90,000 square feet of retail space, 600 multifamily units and a half-acre open-air plaza. The project is scheduled for completion in 2022. West Edge’s eight floors of office space will be designed specifically for media and technology users. The office portion will feature 11-foot floor-to-ceiling windows and outdoor terraces on five of the floors. A 36,000-square-foot grocery store will anchor the retail space, with other tenants including a 16,000-square-foot fitness center, 18,000 square feet for multiple restaurants and bars, and 20,000 square feet for other retail. The 600 luxury apartments will feature a private fitness center, resort-style pool, yoga area, library, private test kitchen, rooftop sports bar, movie screening area and a lounge. Situated in the West Los Angeles neighborhood, the site will offer immediate access to the Bundy Station metro station, which connects to the Downtown, Culver City and Santa Monica districts. The Martin Family has owned the site for more than 40 years, and the …
ARLINGTON, VA. — Bethesda, Md.-based Meridian Group has purchased 1525 Wilson Blvd., a 12-story office building in the Rossyln neighborhood of Arlington. The Washington Business Journal reports that EQ Office, which is owned by The Blackstone Group Inc., sold the property for $113.2 million. The 318,729-square-foot building sits above a newly renovated Safeway grocery store and is LEED Gold certified. The building is located less one mile from Rosslyn Metro station and offers access to U.S. Routes 29 and 50, the George Washington Memorial Parkway and Interstate 66. Meridian Group plans to make minor renovations to the 78-percent leased building, including upgrading the building’s common areas, lobby, conference center and fitness center. Meridian’s Andrew Pence, Kyle Maurer and Mike McCarthy handled the acquisition internally.
NEW YORK CITY — Newmark Knight Frank (NKF) has brokered the $21.5 million sale of 24 Woodward Avenue, a 110,000-square-foot distribution and warehouse facility in the Ridgewood neighborhood of Queens. The two-story property offers close proximity LaGuardia and Kennedy airports. Brian Ezratty and Scott Ellard of NKF represented the seller, Willowen Management Corp., in the transaction. The team also represented the buyer, Prologis.
STRATFORD, CONN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Atria Stratford, a 100-unit assisted living and memory care seniors housing community located in Stratford. Developed in 1999, the 87,000-square-foot community features 76 assisted living and 24 memory care units. A publicly traded REIT sold the property to partners of Woodbine Senior Living for an undisclosed price. Ben Firestone, Steve Thomes, Michael Segal and Alex Florea of Blueprint facilitated the sale.
BOSTON — Ascend Mass, a subsidiary of Ascend Wellness Holdings, will open a 16,000-square-foot cannabis dispensary in downtown Boston. Located at 272 Friend St. near Faneuil Hall and TD Garden, the store will be the largest cannabis dispensary to open on the East Coast. Ascend Wellness operates cannabis stores in Illinois and Michigan, and the Boston store will be its first in Massachusetts. The Andrus Group designed the building, which is slated to open in late 2020.
ROSWELL, GA. — Arbor Realty Trust Inc. has provided a $43.7 million Fannie Mae Green Rewards acquisition loan for Avia Riverside Apartments in Roswell, a northern suburb of Atlanta. The 12-year, fixed rate loan features four years of interest-only payments and a 30-year amortization schedule. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. Built in 1972, Avia Riverside underwent renovations from 2013 to 2015. The 396-unit property features two swimming pools, a playground and a dog park. Other amenities include fitness and business centers. The complex is located at 100 Chattahoochee Circle and overlooks the Chattahoochee River.
WESTCHESTER, N.Y. — CBRE has negotiated a 13,000-square-foot office lease for law firm Marshall Dennehey Warner Coleman & Goggin in Westchester, a northern suburb of New York City. The company will occupy the top floor of RiverView at Purchase, a 120,000-square-foot, Class A office property located at 287 Bowman Ave. William Cuddy Jr. and Jacqueline Novotny of CBRE represented the landlord, Phoenix Capital Partners LLC, in the lease negotiations.
TAMPA, FLA. — Highwoods Properties Inc. has signed a three-floor, 92,000-square-foot lease at the 5332 Avion office building with Fanatics Brands, the in-house apparel division for sports apparel company Fanatics Inc. 5332 Avion is a 176,000-square-foot, six-story office building in Tampa’s Westshore submarket. The building, which was developed by Highwoods, will serve as one of more than a dozen worldwide office locations for Fanatics. Laser Spine Institute previously used the space for its company headquarters and an ambulatory surgery center. Fanatics has begun to build out its office space within the property.
HARTFORD, CONN. — KeyBank Community Development Lending and Investment has provided a $14 million construction loan for the Phase II redevelopment of Westbrook Village, an affordable housing community in Hartford, Connecticut. Additionally, Key Community Development Corp. has provided $12.7 million in low-income housing tax credit equity for the project. The borrowers, Pennrose and The Cloud Co., are leading a five-phase redevelopment project of Westbrook Village, a 40-acre plot near the University of Hartford. The plot currently contains mostly vacant apartment and commercial buildings which were completed in the early 1950s. Those buildings are being leveled and replaced by new multifamily and retail constructions. Phase I of the project, which includes 75 housing units, is slated for completion this summer. Phase II of the construction will comprise six buildings with individual units leased at varying rates based on area median income (AMI). Of the 60 units, 45 will be affordable and 15 will be market rate. Of the 45 affordable units, 12 will be for supportive housing designated for individuals and families with incomes at or below 25 percent of AMI; 24 will be designated for individuals and families with incomes between 25 percent and 50 percent of AMI; and nine …