Property Type

Madison International Signs Multiple Tenants to New 1,500 SF Queens Place Mall Food Court

by Alex Patton September 19, 2019

NEW YORK CITY — Madison International Realty has signed multiple new leases and lease renewals with several food and beverage tenants in preparation for the opening of a new 1,500-square-foot food court at Queens Place Mall, located in the Elmhurst neighborhood of Queens. Dunkin Donuts and Mrs. Fields have both renewed leases at the 440,000-square-foot mall. In separate negotiations with three new tenants, Chipotle has leased 2,532 square feet, Teriyaki One has leased 1,134 square feet and TeaCups has leased 400 square feet. Diana Boutross, Alan Schmerzler, Ian Lerner and Brandon Singer of Cushman & Wakefield represented Madison International in the negotiations. Boutross and Lerner represented Chipotle, Dunkin Donuts, Mrs. Fields and TeaCups. Peter Yoon of Ripco represented Teriyaki One. Construction is slated for completion by summer 2020.

September 19, 2019

Leasing Activity New Jersey Northeast Retail

Twin Boro Physical Therapy Signs 1,600 SF Retail Lease in Edison, New Jersey

by Alex Patton September 19, 2019

EDISON, N.J. — Twin Boro Physical Therapy has signed a 1,600-square-foot retail lease in Edison, located approximately 30 miles southeast of New York City. The property is situated within the 20,000-square-foot Colonial Village Shopping Center, which is 100 percent leased. Twin Boro specializes in orthopedic pediatrics, sports-related injuries and worker’s compensation cases. Steve Battista of Jeffrey Realty represented Twin Boro in the lease negotiations. Matthew Weiss of Weiss Realty represented the landlord, Colonial Village Associates LLC.

September 19, 2019

Market Reports Midwest Midwest Market Reports Minnesota Office

Strong Economy, Low Unemployment Drive Twin Cities Office Market Success

by Kristin Harlow September 19, 2019

Our Twin Cities office market remains strong as the population of millennials and empty nesters continues to migrate to first- and second-ring areas, bringing revitalization and new investment into the city’s commerce and infrastructure. With vacancies remaining exceptionally low and fewer developments on the horizon, rents have shown consistent growth. We are seeing fewer new buildings under construction for single-tenant users. Most are geared toward multi-tenant, mixed-use concepts. Newly renovated buildings with many amenities are performing well in attracting and keeping tenants. With the metro’s unemployment right around 3 percent and employers with jobs to fill, tenants have the leverage. Offering modern and high-tech communal spaces with multiple amenities is key. Tenants and buyers are leveraging this trend, therefore spaces with the allure of contemporary and updated finishes are highly desired. It is imperative that landlords and owners renovate and update their buildings in order to stay relevant in today’s market. Many tenants are simply moving from one space to another nearby because it has been updated and improved upon. That is one of the bigger challenges — improvements that keep the space relevant. Space configurations Employers often offset higher rent costs by embracing space efficiency and flexible workspace strategies …

September 19, 2019

Conference Coverage Features Industrial Texas Texas & Oklahoma Feature Archive

InterFace Panel: Deal Size, Institutional Capital, Infrastructure Have Fueled DFW Industrial Growth

by Taylor Williams September 19, 2019

DALLAS — Over the last decade, the Dallas-Fort Worth (DFW) industrial market has transitioned from the middle of the pack of major U.S. industrial markets to Tier-1 status in terms of leasing and development, and the drivers extend beyond job and population growth. So went the opening conversation of the development panel of the InterFace DFW Industrial conference, held Sept. 4 at the Westin Galleria hotel and attended by more than 200 industry professionals in its first year of existence. Moderated by Keith Holley, partner at Method Architecture, the panel wasted no time in providing quantitative evidence of DFW’s emergence as a leading industrial market. Panelist Tony Creme, senior vice president at Hillwood, backed this assertion by pointing out that since the recession, the market has averaged about 25 million square feet of new deliveries per year. That rate of development puts DFW on pace to exceed 1 billion square feet by 2021, joining Chicago, Philadelphia and Los Angeles as the only U.S. markets with that much inventory. “We’ve got about 36 million square feet of product under construction, which is about 40 percent preleased,” said Creme, citing numbers from CoStar Group. “That’s helping to temper development a little bit. …

September 19, 2019

Acquisitions Development Georgia Office Southeast

Parkway Property Acquires Former United Way Building in Downtown Atlanta for $17.7M, Plans $45M Renovation

by Alex Tostado September 18, 2019

ATLANTA — Parkway Property Investments LLC has acquired 100 Edgewood, a former United Way building within an Opportunity Zone in downtown Atlanta, for $17.7 million. The company is planning a $45 million renovation for the 18-story, 306,000-square-foot office building, which is adjacent to Georgia State University. United Way employees have moved to a location on Courtland Street. Parkway Property raised $25 million in three hours for the acquisition and renovation through CrowdStreet Inc., an online marketplace for direct equity investment in commercial real estate. Details of the renovation were not disclosed.

September 18, 2019

Acquisitions Maryland Multifamily Southeast

Orlo Sells Apartment Complex in Suburban Maryland for $45.8M

by Alex Tostado September 18, 2019

SUITLAND, MD. — Orlo has sold Ashton Heights, a 283-unit apartment complex in Suitland, for $45.8 million. The property was 96 percent occupied at the time of sale. Ashton Heights is located at 3901 Suitland Road, seven miles southeast of downtown Washington, D.C. The community was built in the 1970s and offers two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, playground and grilling areas. Robin Williams, Dean Sigmon, Justin Shay and Michael D’Amelio of Transwestern represented the seller in the transaction. The buyer was not disclosed.

September 18, 2019

Acquisitions Office Southeast Virginia

Finmarc Management Purchases Research & Development Campus in Northern Virginia for $26.1M

by Alex Tostado September 18, 2019

ASHBURN, VA. — Finmarc Management Inc. has purchased an office building and adjacent industrial facility in Ashburn for $26.1 million. The 190,000 square feet of research and development space serves as Telos Corp.’s headquarters. Telos provides information technology solutions and services to the military, intelligence and civilian agencies of the federal government and NATO allies. The property consists of a three-story, 110,000-square-foot office building and a single-story, 80,000-square-foot industrial structure that are located on a 26-acre site. Situated at the intersection of Ashburn Road and Leesburg Pike, the warehouse/research and development component of the property is equipped with 18- to 20-foot ceiling heights, four dock-high and two drive-in loading doors, as well as a surface parking lot that surrounds both buildings. The buildings are located eight miles from Dulles International Airport and 30 miles from downtown Washington, D.C. Andrew Weir, Bruce Strasburg and James Meisel of JLL represented the undisclosed seller in the transaction.

September 18, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $27.5M Sale of Multifamily Community in Huntsville

by Alex Tostado September 18, 2019

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $27.5 million sale of Fern Parc, a 343-unit multifamily community in Huntsville. Wicker Park Capital Management LLC acquired the property for $80,029 per unit. Fern Parc is located at 4100 Memorial Parkway SW, five miles south of downtown Huntsville, and offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, kiddie pool, bark park, fitness center, cabanas, business center, playground and pet care services. Fern Parc was built in 1974 and renovated in 2015. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Panther Residential Management, in the transaction.

September 18, 2019

Civic Development Industrial Texas

Houston Waterworks Underway on $1.7B Water Treatment Plant Expansion

by Taylor Williams September 18, 2019

HOUSTON — The Houston Waterworks Team is underway on the expansion of the Northeast Water Purification Plant, a project valued at approximately $1.7 billion. The project aims to shift a growing population’s reliance on groundwater to surface water and represents the largest design-build project for a water treatment plant that is underway in the country. The team has tapped McCarthy Building Cos. for several aspects of the larger project, which is expected to be fully operational by early 2025. McCarthy will construct a 30,000-square-foot raw water intake pump station building as well as a central plant as part of its involvement.

September 18, 2019

Development Industrial Texas

Kroger, Ocado to Open 350,000 SF Fulfillment Center in Dallas, Create 400 Jobs

by Taylor Williams September 18, 2019

DALLAS — A partnership between The Kroger Co. and online grocery retailer Ocado Solutions will open a 350,000-square-foot fulfillment center off Interstate 20 in Dallas, a project that is expected to create about 400 new jobs. Construction is slated to begin in early 2020, and the facility is expected to be operational within 24 months of the groundbreaking. JLL’s Terry Darrow, Elizabeth Jones, Forshey Hoobler and Brian Leonard represented Kroger in the land acquisition. CBRE’s Nathan Lawrence and Krista Raymond represented the seller, Ridgeline. Kroger and Ocado have two similar facilities in development in Monroe, Ohio, and Groveland, Fla. Additional facilities are planned for metro Atlanta and the Mid-Atlantic region.

September 18, 2019

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