Property Type

Bridge Development Partners to Build 1 MSF Spec Industrial Project Near Miami

by Alex Tostado October 18, 2019

HIALEAH, FLA. — Bridge Development Partners, an industrial development and investment firm with six offices across the country, has acquired land in Miami-Dade County’s Hialeah submarket for the construction of a 1 million-square-foot speculative industrial project. The new development will consist of four buildings ranging in size from 109,000 to 500,000 square feet. Construction is scheduled to begin during the first quarter of 2020 and to be complete by the first quarter of 2021. The property will be located within the AVE Aviation and Commerce Center, a master-planned development located about 10 miles from Miami International Airport and 30 miles from Fort Lauderdale-Hollywood International Airport. In addition, the property offers proximity to The Palmetto Expressway and Gratigny Parkway, which serve as connections to Interstates 95 and 75. Wayne Schuchts, Tom Viscount and Bobby Benton of Avison Young have been tapped to lease the project. Avison Young also represented the seller, AVE LLC, in the land acquisition. “Healthy economic growth, bustling port activity and positive demand continue to drive industrial investment and development activity in Miami’s land-constrained market,” said Benton. “We anticipate strong interest from a variety of large industrial users from logistics to e-commerce who will benefit from the location …

October 18, 2019

Industrial Market Reports Oregon Western Western Market Reports

Portland Industrial’s Market Experiences Steady Growth

by Taylor Williams October 18, 2019

The Portland industrial market continues to be strong despite softening from a few leading indicators. The overall market vacancy rate is 4.3 percent, which is up from 3.4 percent in the third quarter of 2018, while absorption during this period was 832,000 square feet. Historical absorption during the current cycle has averaged 3.8 million square feet. Almost 5 million square feet came on line in 2018, 2 million of which was speculative space that was 85 percent available in July 2019. This impressive amount of growth expanded the existing overall market size by 2.2 percent. Top tenants have been Amazon’s fulfillment centers, which occupy 918,000 square feet in the Rivergate Industrial Park in North Portland and 857,000 square feet in Troutdale. Both facilities were developed by Trammell Crow. Amazon also signed a lease in Hillsboro in 2016 for 303,000 square feet of space that was developed by Majestic. A United States Postal Service processing and distribution facility moved from a confined, central city location into 818,000 square feet in the Airport Way industrial area in Northeast Portland. Other large users include third party logistics, retailers/wholesalers and local market distributors. Intel announced an additional 1.5-million-square-foot expansion of its existing 2.2 million …

October 18, 2019

Industrial Leasing Activity Texas

Office Furniture Distributor Signs 251,754 SF Industrial Lease in Houston

by Alex Tostado October 17, 2019

HOUSTON — COE Distributing, a wholesale distributor of office furniture, has signed a 251,754-square-foot industrial lease at Highland Grove Industrial Park in northwest Houston. COE will lease newly renovated cross-dock space that was formerly occupied by grocery chain Randalls. Cory Driskill and Travis Covington of Crow Holdings Industrial and Faron Wiley of CBRE represented the landlord, CRP/CHI Randalls Owner LP, in the lease negotiations. John Parsley, Barrett Gibson and Jason English of Colliers International represented the tenant.

October 17, 2019

Acquisitions Multifamily Texas

Arrowroot Acquires 192-Unit Lamar Station Apartments in Austin

by Alex Tostado October 17, 2019

AUSTIN, TEXAS — Arrowroot Real Estate, a California-based private equity firm, has acquired Lamar Station Apartments, a 192-unit community in North Austin. Built in 1983, the property’s unit interiors were recently upgraded, and Arrowroot plans to implement capital improvements to the amenity spaces as well. Charles Cirar and Michael Wardlaw of CBRE brokered the transaction, representing the undisclosed seller. Brian Eisendrath and Cameron Chalfant, also with CBRE, arranged $22.4 million in acquisition financing on behalf of Arrowroot.

October 17, 2019

Leasing Activity Office Texas

Accesso Adds Three Office Tenants to 2626 Cole in Dallas

by Alex Tostado October 17, 2019

DALLAS — Accesso, an investment manager and operator of office buildings, has added three tenants to 2626 Cole, the company’s 121,000-square-foot office building in the Uptown/Turtle Creek area of Dallas. WorkSuites signed a lease for 28,600 square feet; Republic Editorial inked a deal for 12,300 square feet; and Annandale Capital signed a lease of an undisclosed size. The leasing activity brings the occupancy of the property, which was recently renovated, to 95 percent.

October 17, 2019

Acquisitions Retail Texas

STRIVE Arranges Sale of 20,200 SF House Park Shopping Center Near Austin

by Alex Tostado October 17, 2019

ELGIN, TEXAS — Dallas-based STRIVE has arranged the sale of House Park Shopping Center, a 20,200-square-foot retail strip center in Elgin, located northeast of Austin. The property was 90 percent occupied at the time of sale. James Anderson of STRIVE represented the seller and procured the buyer, both of which were locally based investors.

October 17, 2019

Leasing Activity Retail Texas

Ross Dress for Less Opens 21,088 SF Store at Addison Town Center in Metro Dallas

by Alex Tostado October 17, 2019

ADDISON, TEXAS — Discount apparel retailer Ross Dress for Less has opened a 21,088-square-foot store at Addison Town Center on the northern outskirts of Dallas. The official opening was held on Oct. 12. Bernard Shaw of Weitzman represented the owner of Addison Town Center, which houses tenants such as Kroger Signature, Target, PetSmart, Crunch Fitness, Dollar Tree, GNC and Great Clips, in the lease negotiations.

October 17, 2019

Acquisitions Development Mixed-Use Southeast Virginia

Grace Street Properties Acquires 158,000 SF Retail Property in Northern Virginia, Plans 2 MSF Mixed-Use Development

by Alex Tostado October 17, 2019

WOODBRIDGE, VA. — Grace Street Properties has acquired Station Plaza, a 158,000-square-foot retail center spanning 13 acres. Grace Street plans to convert the site into a 2 million-square-foot mixed-use development. The Prince William Board of County Supervisors approved the master-planned project, which will be located within walking distance of the VRE/Amtrak station, four stops from the future site of Amazon’s HQ2. Grace Street plans to deliver residential units, commercial space, outdoor space and more retail. Grace Street plans to immediately begin site work. George Boosalis of Boosalis Properties represented the buyer in the land acquisition, which sold for $19.1 million, a 7.6 percent cap rate. David Choi of Greysteel represented the undisclosed seller.

October 17, 2019

Development Multifamily North Carolina Southeast Student Housing

Fountain Residential, BAM Capital to Develop Phase I of Student Housing Project Near UNC-Charlotte

by Alex Tostado October 17, 2019

CHARLOTTE, N.C. — Fountain Residential and BAM Capital will develop the first phase of a three-phase student housing project near the University of North Carolina, Charlotte. Phase I of The Vue on University will comprise 271 apartment units offering one- through four-bedroom floor plans totaling 727 beds. Communal amenities will include a swimming pool, 6,000-square-foot fitness center and multiple private study rooms. The community will be located at the corner of University City Boulevard and East Mallard Creek Church Road. Stuart Roosth Architects and Kimley-Horn Associates designed The Vue on University. MW Builders Inc. is the general contractor. Phase I is slated to be delivered in fall 2021.

October 17, 2019

Alabama Development Healthcare Southeast

Zarzour to Construct $17M Medical Office Building in Saraland, Alabama

by Alex Tostado October 17, 2019

SARALAND, ALA. — Zarzour Cos. has announced plans to construct a 55,000-square-foot, build-to-suit medical office building in Saraland. Zarzour will begin construction in January 2020, with plans to complete the project in January 2021. Alabama Orthopedic Clinic and Saraland Physical Therapy will anchor the building, which will be located near Industrial Parkway and I-65, nine miles north of downtown Mobile. Development is estimated to cost $17 million.

October 17, 2019

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