Property Type

Foulger-Pratt, USAA Break Ground on 25-Story Spec Office Project in Tysons, Virginia

by Taylor Williams December 2, 2019

TYSONS, VA. — A partnership between locally based developer Foulger-Pratt and USAA Real Estate has broken ground on Tysons Central, a 25-story speculative office project located within the Tysons Corner submarket of Northern Virginia. Tysons Central will span 383,628 square feet. Approximately 91 percent of the space will be dedicated to office use, with the remainder for retail and restaurant use. The building will feature 9-foot ceilings and column-free floors that support floor plates ranging in size from 26,000 to 29,000 square feet. Amenities will include a penthouse and fitness center on the top floor, as well as elevated terraces on the upper portion of the building. Gensler designed the project, which will be located just steps away from the Greensboro Metro Station. “As competition for talent intensifies, companies have increasingly selected highly connected and amenitized locations that appeal to an educated urban workforce,” says Cameron Pratt, CEO of Foulger-Pratt. “With only a handful of large blocks available in Tysons, we believe the market will respond strongly to the project’s world-class design, modern efficiencies and unrivaled walkability to transit, local residential and destination retail.” Avison Young has been tapped to lease the building, completion of which is scheduled for 2021. …

December 2, 2019

Georgia Market Reports Retail Southeast Southeast Market Reports

Retail Investors View Atlanta as a Looming Gateway Market, but More Affordable

by Alex Tostado December 2, 2019

As we enter the last quarter of 2019, well into the longest economic expansion in history, the Atlanta retail real estate market is healthy and active, with multi-year retail rent and occupancy growth. The city’s retail investment sales volume totaled $2.2 billion in 2018, making it the eighth most active retail investment market in the country. Not a gateway market, yet In my career, Atlanta has always been a “non-institutional” market, and has stayed largely off the radar of deep pools of institutional capital aimed at New York, Boston, San Francisco and other gateway cities with deeper economies, higher rents, lower cap rates and higher values. Nevertheless Atlanta’s population, GDP and growth make it the undisputed capital of the Southeast by a country mile. The metro’s shopping centers have benefitted from this paradox: it has the biggest economy in the South and is among the top metros in the nation for employment and population growth. However, its average rents are lower and its average retail cap rates are higher than almost every one of its peers in the Southeast and the United States at large. Despite the overblown narrative of the retail apocalypse and despite how or when the current …

December 2, 2019

California Industrial Market Reports Western Western Market Reports

Los Angeles, Orange County Look to Inland Empire for Industrial Needs

by Taylor Williams November 30, 2019

The Inland Empire industrial market signaled that it may be transitioning toward slower growth in the second half of the year. Leasing volume declined sharply to nearly 7.8 million square feet, which is the lowest volume seen in a single quarter since 2011. New construction deliveries pushed the average rent to the highest level on record — $0.86 per square foot. Of the 13.7 million square feet completed year to date, 32 percent remained available at the end of the quarter. Despite the deliveries, vacancy remained steady at 4.5 percent since the third quarter of 2018, proving demand for industrial space in the Inland Empire is still present. The U.S. economy may be facing a drop off after climbing steadily for the past 10 years. The trade war and tariffs are undoubtedly influencing the ports’ cargo volume, which supports industrial demand in the Inland Empire. Retailers usually prepare for increased sales during the holiday season by increasing imports in July and August. However, imports through August 2019 were down 2.4 percent from 2018. Imports had increased 3.1 percent last year at this time. The U.S. is dependent on imported goods, though, so cargo volume is unlikely to take a significant …

November 30, 2019

California Market Reports Multifamily Western Western Market Reports

The Inland Empire Is a Hotbed of Multifamily Development

by Taylor Williams November 29, 2019

The Inland Empire has experienced a significant uptick in multifamily development in the past decade. We are currently seeing a healthy shift toward more units being developed, which is driven by substantial regional economic growth in the years following the recession. Multifamily development has grown from less than 2,000 units annually in 2009 to more than 5,000 units developed this year. The Inland Empire has one of the highest imbalances of housing in comparison to significant population growth and increasing renters’ demand, according to CBRE research. The Inland Empire market currently has 15 developments with a total of 3,445 units under construction. Significant developments are taking place in key cities like Ontario and Rancho Cucamonga. This is partially driven by the nearby Ontario International Airport, as well as Ontario’s position as a major logistics, warehousing and shipping hub. Market rents support the much-needed new supply. The City of Riverside currently has 595 units under construction. Riverside has the highest population in the Inland Empire, with consistent population growth over the past decade. An additional 391 units are under construction in Moreno Valley, which is also buoyed by its growth as a regional logistic center, with new industrial warehouse development adding …

November 29, 2019

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Milwaukee Market Experiences Development Boom Across Neighborhoods

by Kristin Harlow November 28, 2019

Milwaukee has experienced development at an unbelievable rate, and within the past couple of years there has truly been a downtown renaissance worth bearing witness. The city has done an excellent job of creating value, attracting jobs and spurring development that has led to unprecedented economic and social revitalization. With both local and national headlines praising Foxconn, Amazon, Northwestern Mutual and the Milwaukee Bucks, it is no wonder things have changed. While Milwaukee continues its quest to establish itself as the Great Lakes capital, the changes happening to its culture are what appear to have everyone on their feet. Between the East Side, downtown, Historic Third Ward, Walker’s Point and Bay View, there are so many cool concepts coming online, each of which showcases the unique character of the area it serves. From the Bucks Entertainment District to Zocalo food truck park (Phelan Development), there is something different in just about every corner. It comes as no surprise much of the action is coming from the food and beverage segment, as Milwaukee is after all “Brew City.” One of these concepts is Crossroads Collective. Crossroads is the brainchild of developer Tim Gohkman with New Land Enterprises. The food hall took …

November 28, 2019

Features Multifamily Northeast Feature Archive Seniors Housing

Aging-in-Place Technology Has Its Limits, Says a Reassuring InterFace Seniors Housing Panel

by Jeff Shaw November 27, 2019

PHILADELPHIA — Will today’s emerging aging-in-place technologies, designed to help the elderly remain in their own home for a longer period of time, lead to significantly reduced demand for seniors housing? The question was a hot topic at the InterFace Seniors Housing Northeast conference last Thursday in Philadelphia following a recent front-page article in The Wall Street Journal under the following headline: “Boomers Want to Stay Home. Senior Housing Now Faces Budding Glut.” The piece argues that aging-in-place technology poses a challenge to builders of senior living communities, particularly at a time when developers are adding new supply at a healthy clip and occupancy rates remain relatively stagnant. Nationwide, the occupancy rate for seniors housing (assisted living and independent living combined) was 88 percent in the third quarter of 2019, up 30 basis points from the prior quarter, but down from 90.2 percent in the fourth quarter of 2014, according to the National Investment Center for Seniors Housing & Care (NIC) based in Annapolis, Maryland. Seniors housing developers added 21,332 units in 2018, more than double the number added in 2014, The Journal reported based on NIC data. Venture capitalists and other companies are expected to invest about $1 billion this year …

November 27, 2019

Development Florida Mixed-Use Office Southeast

Bromley to Develop 70,000 SF Boutique Office Building at Midtown Tampa Project

by John Nelson November 27, 2019

TAMPA, FLA. — Bromley Cos. has unveiled plans for a 70,000-square-foot, standalone office building within its Midtown Tampa project called The Loft at Midtown Tampa. The three-story building will feature ground-floor retail space with boutique office space on the second and third floors. The property will offer 15-foot ceilings, skylights and an outdoor terrace. Located near Midtown Commons park, The Loft will be adjacent to the dual-branded Aloft and Element hotels and 400 planned apartments. The office space will serve as an alternative to three traditional office towers already announced for the $500 million Midtown Tampa project, which will total 750,000 square feet. The first tower, Midtown One, is currently under construction with completion expected in 2021. Robin Bishop of Cushman & Wakefield’s Tampa office is Bromley’s leasing agent for The Loft.

November 27, 2019

Development Florida Industrial Southeast

Miller Breaks Ground on 427,856 SF BMW Collision Center, Garage Complex in Broward County

by John Nelson November 27, 2019

PEMBROKE PINES, FLA. — Miller Construction has broken ground on a six-story, 427,856-square-foot collision center and inventory garage in Broward County for Holman Automotive that will be occupied by franchisee BMW of Pembroke Pines. Immediately west of the Pembroke Pines dealership, the complex will serve as an automotive repair shop and an extension of the BMW showroom. Fort Lauderdale-based FSMY Architects and Planners designed the precast concrete structure, which will feature compressed air systems, car lifts, paint booths, alignment pits, a car wash and a show floor. Floors two through six will provide parking for the dealership’s inventory. Project team members include engineering firms Oakland Park, Fla.-based Winningham & Fradley (civil), Fort Lauderdale-based Bryntesen Structural Engineers (structural) and Deerfield Beach-based FAE Consulting (MEP). Completion is scheduled for fourth quarter 2020.

November 27, 2019

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Centreville, Virginia for $55.4M

by John Nelson November 27, 2019

CENTREVILLE, VA. — A partnership between Bethesda, Md.-based Willard Retail, New York-based Declaration Partners and Baltimore-based Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Va. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Md. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.

November 27, 2019

Acquisitions Multifamily Southeast Virginia

LYND Buys Mayflower Apartments in Virginia Beach for $43M

by John Nelson November 27, 2019

VIRGINIA BEACH, VA. —San Antonio-based real estate service company LYND has acquired an apartment community in Virginia Beach for $43 million. Located at 205 34th St., the 16-story, 266-unit Mayflower Apartments is within a block of the Atlantic Ocean and less than a mile from downtown Virginia Beach. Mike Marshall of Newmark Knight Frank (NKF) represented the seller, Harbor Group International, a Norfolk-based real estate investment and management firm. LYND plans to spend over $3 million on capital improvements to both individual units and common areas, including Amazon package lockers, surfboard lockers and renovations to the fitness center. LYND management has been retained to oversee renovations and manage the building. Henry Stimler of NKF arranged a $33 million acquisition loan for LYND through Hunt Real Estate Capital, represented internally by Marc Suarez. The property has 3,140 square feet of ground-floor commercial space and a separate parcel with 11,915 square feet of freestanding retail and on-site and off-site parking. Built in 1950, the last renovations to the building were completed in 2010. The Mayflower currently has studio, one- and two-bedroom units and a penthouse floor. Community amenities include outdoor and indoor pools, a fitness center, restaurant, on-site clothes care center, concierge …

November 27, 2019

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