Property Type

Cardinal Health Leases 1 MSF Industrial Facility in Riverside, California

by Amy Works October 1, 2019

RIVERSIDE, CALIF. — Cardinal Health has signed a long-term lease to occupy the an entire 1 million-square-foot, state-of-the-art warehouse and distribution facility in Riverside. The property is one of two facilities at Dedeaux Sycamore Canyon Distribution Park. Dedeaux Properties, the landlord, acquired the newly completed asset in August. Dublin, Ohio-based Cardinal Health plans to utilize the property at Sycamore Canyon Business Park as a key West Coast medical products distribution center. Cardinal Health provides medical products and pharmaceuticals to hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician’s offices worldwide. Dedeaux Properties is currently nearing completion on an adjacent 361,346-square-foot warehouse building, which is slated for occupancy during fourth quarter of this year. Ian DeVries and Chris DeVries of Colliers International represented the landlord, while Dan de la Paz of CBRE’s Ontario, Calif., office represented the tenant in the lease transaction.

October 1, 2019

Colorado Development Multifamily Western

Pollack Shores Real Estate to Develop 201-Unit Multifamily Property in Boulder, Colorado

by Amy Works October 1, 2019

BOULDER, COLO. — Pollack Shores Real Estate Group has acquired an 8.55-acre land parcel, located at 4750 Broadway in Boulder, for an undisclosed price. The fully entitled, shovel-ready development site was formerly the Colorado National Guard headquarters. Pollack Shores plans to develop The Armory Boulder, a 201-unit market-rate apartment and townhome community, on the site by 2021. Matrix Residential, a Pollack Shores company, will manage the property. The Armory Boulder will be Pollack Shores’ first development in the Boulder market. Chris Cowan and John Jugl Jr. of Newmark Knight Frank represented the joint sellers, Bruce Dierking of Armory Community LLC and Jim Loftus of Loftus Development, in the transaction.

October 1, 2019

Features Retail

CCIM: ‘Culprit’ for Retail Bankruptcies Is Being Overleveraged, Over-Retailed

by Kristin Harlow October 1, 2019

Over the weekend, fast fashion retailer Forever 21 was the latest to file for bankruptcy protection. The low-price, teen-focused apparel retailer plans to close 350 stores worldwide, including up to 178 in the Unites States, according to The Wall Street Journal. Overleverage and retailers being “over-retailed” — not changes in consumer spending — are to blame for retail bankruptcies, according to K.C. Conway, CCIM Institute chief economist. Conway, in partnership with the Alabama Center for Real Estate at the University of Alabama, recently released a report that debunks retail myths and makes predictions for the future of the property sector. Besides overexpansion, one of Forever 21’s struggles was its large store footprints in malls. Conway predicts that retail space will contract by more than 50 percent by 2022. One in four malls nationwide is expected to close. Trends to keep an eye on Despite the proliferation of e-commerce, the CCIM report finds that online apparel retail is actually less profitable than brick-and-mortar stores. This is partly because last-mile fulfillment isn’t cost effective. That said, online retail sales are predicted to double by 2025, largely due to online grocery sales. In the United States, online grocery sales are expected to make …

October 1, 2019

California Development Office Top Stories Western

Boston Properties, CPPIB to Develop 1.1 MSF Office Campus in Silicon Valley

by John Nelson October 1, 2019

SAN JOSE, CALIF. — Boston Properties Inc. (NYSE: BXP) has formed a joint venture with institutional investor Canada Pension Plan Investment Board (CPPIB) to develop Platform 16, a 1.1 million-square-foot office campus in downtown San Jose. Boston Properties, a developer and owner of Class A office buildings, holds a 55 percent ownership stake in the joint venture. The Silicon Valley project will comprise three buildings situated near Diridon Station, the largest multi-modal transportation hub in the Bay Area consisting of the Caltrain, VTA light-rail and the ACE train lines, as well as the planned BART and high-speed rail lines. Platform 16 will also be near Guadalupe River Park and adjacent to Google’s planned transit village spanning 8 million square feet. “Platform 16 is ideally located in one of the largest technology hubs in the country,” says Aaron Fenton, vice president of development for Boston Properties. “With easy access to public transportation, as well as local housing, culture, food and entertainment, Platform 16 will help companies attract and retain the talent they need to support their growth.” Designed by Kohn Pedersen Fox Associates, Platform 16’s name originates from its proximity to Diridon Station and its planned 16 outdoor terraces across the …

October 1, 2019

Market Reports Retail Texas Texas Market Reports

Housing, Labor Fundamentals Showcase Midland-Odessa Retail Market’s Potential

by Taylor Williams October 1, 2019

The Midland-Odessa retail market continues to get stronger, even with the slight dip in oil prices over the last year. West Texas Intermediate crude oil prices stood at $56.11 per barrel as of August 28, 2019. The economy has remained very strong, with the average unemployment rate in the Midland and Odessa MSAs averaging 2.4 percent in 2018 — essentially full employment. That unemployment rate is also about two percentage points lower than it was in 2012. Housing Drives Retail This strong economic outlook for the Permian Basin oil and gas market is creating major demand for laborers in the area. According to a February 2019 article in the Midland Reporter-Telegram, the size of the Midland-Odessa workforce grew from 173,400 to 180,900 employees between 2017 and 2018. This rapid growth has driven record development in the local housing market. Karr Ingham, an Amarillo economist who prepares the Midland-Odessa Regional Economic Index for the Midland Development Corp., noted that new housing starts set annual records across the board in 2018 — “and it wasn’t even close.” The 1,778 new housing permits in 2018 exceeded 2017’s total of 1,330 by nearly 450 permits, or 33.7 percent. A record 322 permits were issued …

October 1, 2019

Development Mixed-Use Texas

MetroNational Breaks Ground on Four-Acre Mixed-Use Project in Houston’s Memorial City District

by Taylor Williams September 30, 2019

HOUSTON — Locally based developer MetroNational has broken ground on a four-acre mixed-use project at the southwest corner of Bunker Hill Road and Katy Freeway in the Memorial City area of Houston. The project will include a 25-story residential tower that will house 278 units in one-, two- and three-bedroom layouts and amenities such as a rooftop pool, fitness center, dog park, golf simulator and a movie theater. That building will also house 4,500 square feet of retail and restaurant space. In addition, MetroNational plans to develop a 190,000-square-foot office building that will also feature ground-floor retail and restaurant space. Completion is slated for summer 2021.

September 30, 2019

Acquisitions Multifamily Texas

Western Wealth Capital Acquires Three Houston Multifamily Assets Totaling 940 Units

by Taylor Williams September 30, 2019

HOUSTON — Western Wealth Capital (WWC), a Canadian investment firm, has acquired three multifamily properties totaling 940 units in Houston. All three communities were built in 1983, with most apartment units still retaining their original interior features. WWC will implement a value-add program to unit interiors and property exteriors. The seller and property names were not disclosed. With this transaction, WWC now owns 10 multifamily communities in Houston and 68 in the country.

September 30, 2019

Acquisitions Industrial Texas

STREAM Arranges Sale-Leaseback of Two Industrial Assets in Temple for Texas Hydraulics

by Taylor Williams September 30, 2019

TEMPLE, TEXAS — STREAM Capital Partners LLC has arranged the sale-leaseback of two industrial assets totaling 211,000 square feet in the Central Texas city of Temple. Texas Hydraulics occupies the facilities, which are used for the manufacturing warehousing, and distribution of hydraulic cylinders. Chelsea Mandel and Phil DiGennaro of STREAM Capital Partners represented the seller in the transaction. The buyer was a publicly traded REIT.

September 30, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 155-Unit Self-Storage Facility in Willis, Texas

by Taylor Williams September 30, 2019

WILLIS, TEXAS — Marcus & Millichap has brokered the sale of Oversized Storage, a 155-unit self-storage facility in Willis, located about 40 miles north of Houston. The property is situated on 5.7 acres and spans 61,520 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer and sales price were not disclosed.

September 30, 2019

Industrial Leasing Activity Texas

Mueller to Open 26,250 SF Distribution Center at DFW Airport

by Taylor Williams September 30, 2019

IRVING, TEXAS — Mueller Co. LLC, an affiliate of Atlanta-based Mueller Water Products Inc., will open a 26,250-square-foot distribution center at Dallas-Fort Worth International Airport. Construction on the new space is underway, and the buildout of the shell space is expected to last about two months. Steve Trese of CBRE represented the landlord, EastGroup Properties LP, in the lease negotiations

September 30, 2019

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