SEATAC, WASH. — Marcus & Millichap has arranged the sale of International Boulevard Self Storage, a self-storage facility located in SeaTac. A local investment group acquired the asset for $6.5 million. Located at 19825 International Blvd., the 45,273-square-foot property features 453 self-storage units. The facility was built in 1974. Christopher Secreto of Marcus & Millichap’s Seattle office represented the out-of-state seller and secured the buyer in the deal.
BOSTON — A joint venture between Carr Properties, National Real Estate Advisors LLC and locally based HYM Investment Group has broken ground on One Congress, a 1 million-square-foot speculative office tower in downtown Boston. The project will include 10,800 square feet of retail space and will anchor Bulfinch Crossing, a mixed-use development that includes residential, hotel, office and retail uses. The office building will top out at about 600 feet and feature 30,000 square feet of fitness, wellness and food and beverage offerings, as well as bike facilities and an outdoor roof garden. Completion is slated for 2023.
BINGHAMTON, N.Y. — Vesper Holdings has acquired 20 Hawley, a 290-bed student housing community located near Binghamton University in Upstate New York. The community offers a mix of one-, two-, three-, four-, five- and six-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, yoga studio, golf simulator, game room, movie theater, study lounges, a business center, hot tub and an outdoor lounge with grilling stations. New York City-based Vesper plans to undertake $1.8 million worth of renovations at the property, including upgrades to unit interiors and shared amenity spaces; extensive enhancements to the property’s exteriors; and substantial technology upgrades throughout the complex.
JERSEY CITY, N.J. — Local firms Ironstate Development Co. and Kushner Real Estate Group have begun preleasing 235 Grand, a 46-story multifamily tower in Jersey City. Designed by HLW International, the property comprises 546 units in studio, one- and two-bedroom floor plans. Amenities include a pool, movie theater, outdoor grilling areas, a playground and a dog run. Initial occupancy is scheduled for September. Monthly rents start at $2,060 for a studio unit, $2,540 for a one-bedroom unit and $3,680 for a two-bedroom residence.
NEW YORK CITY — A partnership led by Enterprise Housing Credit Investments LLC has purchased 1080 Washington Avenue in The Bronx for $82 million, with plans to develop an affordable seniors housing community on the site. Project plans currently call for the development of a 12-story building with 154 units, including 57 supportive homes for homeless seniors, with all units being reserved for households earning 50 percent or less of the area median income. The project will be funded through bond financing and Low-Income Housing Tax Credits (LIHTC), as well as through subsidies from New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development. Demolition of the current structure is underway, and construction is set to begin later this year and to be complete in fall 2021.
NEW YORK CITY — Krispy Kreme Doughnut Corp. has signed a 26,486-square-foot industrial lease at 535 Zerega Ave. in The Bronx. The lease brings the 70,000-square-foot building to full occupancy. Neil Seth of Cushman & Wakefield represented Krispy Kreme, which will use the space as its new corporate commissary to accommodate expansion plans, in the lease negotiations. Josh Gopan represented the landlord, Simone Development Cos., on an internal basis.
PORTLAND, ORE. — BPM Real Estate Group has unveiled plans for a 35-story tower in downtown Portland that will feature a mix of condominiums, office space, retail and the Pacific Northwest’s first Ritz-Carlton hotel. Project costs are estimated at $600 million. The tower will be built on the current site of the Alder Street Food Cart Pod, a collection of street food vendors that recently announced it would close at the end of this month. Construction of the project is slated to begin before the end of the year for completion in early 2023. Marriott International Inc. recently signed a contract to bring the Ritz-Carlton Residences brand to the tower with 251 hotel rooms and 138 condominiums. Marriott will also operate that portion of the development, which will be the city’s first five-star hotel, according to Marriott. Plans also call for retail space and a ground-level food hall, while details on the office portion have not yet been released. The new tower will be one of the five tallest buildings in Portland upon completion, offering views of the city, Cascade Mountains and Willamette River. The site is a few blocks from Pioneer Courthouse Square, the most-visited tourist destination in Oregon, …
Today, San Antonio’s downtown office market gets the most media exposure because new office development was nonexistent since the late 1980s and is recently picking up speed with the Pearl office buildings and Frost Tower. San Antonio’s low cost of doing business and strong population growth should lead to continued expansion in the office market citywide. What isn’t getting the attention is the fact that new development in the suburbs is still holding strong. Many companies expanding or moving here find suburban properties to be attractive options, as these buildings frequently offer larger, more efficient floor plates, which can help investors extend their dollars. Parking availability alone gives the suburbs a major advantage over downtown properties, where parking ratios are considerably lower and premium parking and higher ratios are charged to tenants or their employees. Why the Suburbs? Office investors and users alike are finding the suburbs to be comparable to those in the central business district, but at much lower occupancy costs per employee. Case in point: CBD asking rents for new office space range from $32 to $42 per square foot on a triple-net basis with minimal parking while those in the suburbs range from $24 to $30 …
CHARLOTTE, N.C. — Medical office buildings (MOBs) were trading at steady increases year over year from 2011 to 2017, says P.J. Camp, principal and co-founder of Atlanta-based healthcare real estate investment firm Hammond Hanlon Camp. In 2018, however, MOB transactions started to dip, a trend that bled into the first part of this year. There were $14 billion worth of MOB transactions in 2017 but $12 billion worth in 2018. The first quarter of 2019 saw $1.7 billion worth of transactions in the sector, down 32 percent from the first quarter of 2018 and the lowest quarterly total in five years, says Camp. Camp was a participant on the investment panel at the ninth annual InterFace Healthcare Real Estate Carolinas conference. The half-day information and networking event was held May 30 in Charlotte and was hosted by Southeast Real Estate Business and Seniors Housing Business. Also participating in the panel were Mervyn Alphonso, senior vice president of Anchor Health Properties; Steven Reedy, managing director of CIT Healthcare Finance; Stephen Pandos, director of finance at Insite Properties; Gerald Quattlebaum, senior vice president of Flagship Healthcare Properties; Jim McMahon, senior director at Capital One Healthcare; and moderator Andy Lawler, healthcare development partner …
LOUISVILLE, KY. — Dermody Properties has acquired 17.1 acres within Renaissance South Business Park from the Louisville Renaissance Zone Corp. (LRZC) and has broken ground on a 352,800-square-foot warehouse and distribution building called LogistiCenter Louisville Airport. The building will be situated at 2825 Transglobal Drive, two miles from Louisville Muhammad Ali International Airport. The building will feature 32-foot clear heights, 60-foot-by-56-foot speed bay, 7-inch concrete floor slabs, 46 dock-high doors, four grade-level doors, 73 truck trailer spots and 256 auto parking stalls. Kevin Grove and Doug Butcher of CBRE will handle leasing for the new building. The architect for the project is ATA-Beilharz Architects, and the general contractor is Gordian Design & Construction, both based in Cincinnati. The civil engineer is Louisville-based Sabak Wilson & Lingo. Construction is underway and delivery is expected for early 2020.
