Property Type

Overton Moore Properties Breaks Ground on 1.25 MSF Mixed-Use Development in Burbank, California

by Alex Tostado October 9, 2019

BURBANK, CALIF. — Overton Moore Properties (OMP) has broken ground on Avion Burbank, a planned 18-building, 1.25 million-square-foot mixed-use development in Burbank, just northwest of Los Angeles. At full build-out, the property will include six industrial buildings, nine two-story office buildings, a 150-room hotel and two retail and restaurant buildings. OMP purchased the property in 2016 from the Burbank-Glendale-Pasadena Airport Authority and received project approval from the Burbank City Council earlier this year. The 60-acre site is located next to Hollywood Burbank Airport, which Burbank-Glendale-Pasadena Airport Authority owns. The Los Angeles Times reports OMP paid $72.5 million for the property. OMP plans for the project to be certified LEED Silver and include multi-purpose walk paths, indoor and outdoor meeting areas, and bike share stations. The property will include 115 electric vehicle chargers, with wiring and space to potentially add 62 parking stalls and truck loading docks for future electric vehicle chargers. Completion is slated for December 2020. “Avion Burbank will offer users a unique environment that incorporates state-of-the-art buildings situated in an interactive work-life environment,” says Timur Tecimer, chief executive officer of OMP. “This innovative campus will also boast multiple outdoor amenities that will assist companies in recruiting and retaining the …

October 9, 2019

Features Northeast Retail

New Tenant Mixes Fuel Retail Redevelopments

by Taylor Williams October 9, 2019

A persistent need for a tenant mix that is resistant to e-commerce and which facilitates a unique, authentic experience is prompting owners of older retail centers and malls to assume high levels of risk and redevelop their properties. While there can be a plethora of non-tenant-related factors that spur redevelopment projects — the basic need to charge higher rents, the structural and aesthetic deterioration over time, a desire to restore the public perception of vibrancy — the ultimate success of almost every retail redevelopment project hinges on the tenancy. “Modern consumers are attracted to experiential concepts and properties that are destinations, meaning those with a roster of diverse and dynamic tenants,” says Joe Coradino, CEO of Philadelphia-based retail investment firm PREIT. “Diversifying our tenant mixes across all our properties and markets is key to differentiating them.” PREIT has several redevelopment projects underway in Pennsylvania. The company is repositioning the anchor space at the Plymouth Meeting Mall, which was previously occupied by Macy’s, to house several new tenants, including Michael’s, Miller’s Ale House, Burlington, Edge Fitness and DICK’s Sporting Goods. PREIT has also transformed the former Macy’s anchor space at the Moorestown Mall into four box spaces that will house tenants …

October 9, 2019

California Civic Mixed-Use Student Housing Top Stories Western

American Campus Communities Starts Construction of Mixed-Use Development on University of California Riverside Campus

by Jeff Shaw October 8, 2019

RIVERSIDE, CALIF. — The University of California, Riverside (UCR) and American Campus Communities (NYSE: ACC) have broken ground on North District, a mixed-use community anchored by new student housing buildings. The project will be situated on the university’s campus in Riverside, a city located in the Inland Empire about 60 miles east of Los Angeles. Upon full build-out, the project will feature up to 6,000 new student housing beds, new dining facilities, an NCAA Division I competition field, a field house sports facility, functional open spaces, multi-use spaces that can serve as classrooms, meeting spaces and study areas, and more than 100,000 square feet for retail, commercial and university services. The project, a redevelopment of the former Canyon Crest Family Housing site, is part of UCR’s vision for creating a “living-learning” campus, much like other mixed-use developments seek a live-work-play environment. The university projects enrollment will rise from approximately 24,000 students today to 35,000 by 2035, necessitating the new student housing beds. “This project will help us prepare for this tremendous growth,” says UCR Chancellor Kim Wilcox. “Part of this vision includes residential life programs that will provide a balance of privacy while embracing community to enhance the overall academic …

October 8, 2019

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Acquires 74,304 SF Industrial Property in Jersey City

by Alex Patton October 8, 2019

JERSEY CITY, N.J. — CenterPoint Properties has acquired 101 Linden Avenue East, a 74,304-square-foot industrial building in Jersey City, a western suburb of New York City. The site offers 50 automobile spaces and comes with an extra 1.5 acres of land that can accommodate parking spaces for 55 delivery vehicles and includes a 3,000-square-foot vehicle maintenance facility. Additionally, the property possesses approximately 30,000 square feet of temperature-controlled warehouse. Stan Danzig, Steve Elman, Jules Nissim and Michael Terranova of Cushman & Wakefield represented the undisclosed seller in the transaction.

October 8, 2019

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $19.4M Sale of Connecticut Retail Property Net-Leased to Home Depot

by Alex Patton October 8, 2019

ORANGE, CONN. — Marcus & Millichap has brokered the $19.4 million sale of a retail property in Orange, located approximately 70 miles northeast of New York City. The property is 100 percent net-leased to The Home Depot, which has been the tenant since 1992. Alan Cafiero, Ben Sgambati and Matt Leszyk of Marcus & Millichap represented the seller, Renova Equities, in the all-cash transaction. The team also represented the buyer, an undisclosed REIT.

October 8, 2019

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Arranges Sale of 24-Unit Apartment Community in Cedar Grove, New Jersey

by Alex Patton October 8, 2019

CEDAR GROVE, N.J. — Cushman & Wakefield has arranged the sale of Zephyr Ridge, a 24-unit apartment community in Cedar Grove, located approximately 20 miles west of New York City. Completed in 2018, Zephyr Ridge comprises two three-story residential buildings and offers two-bedroom units. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips of Cushman & Wakefield represented the buyer, Garrubbo Properties, in the transaction. The team also represented the buyer, Alfred Sanzari Enterprises, which acquired the asset via a 1031 exchange.

October 8, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Resort Lifestyle Communities Opens 128-Unit Seniors Housing Community in Bridgeville, Pennsylvania

by Alex Patton October 8, 2019

BRIDGEVILLE, PA. — Resort Lifestyle Communities has opened Chartiers Bend Retirement Resort, a 128-unit independent living community in Bridgeville, a southwestern suburb of Pittsburgh. The community offer studios, one-, two- and three-bedroom units for residents aged 55 and over. Amenities include an on-site bank, a 150-seat theater and salon. Resort Lifestyle Communities is the developer and operator of the property.

October 8, 2019

Leasing Activity New York Northeast Retail

Sugaring NYC Signs Two Retail Leases in Manhattan, Brooklyn

by Alex Patton October 8, 2019

NEW YORK CITY — Body hair removal company Sugaring NYC has signed two retail leases totaling 3,350 square feet in Manhattan and Brooklyn. The company’s new 1,350-square-foot space in Brooklyn, its first in the borough, is located at 100 7th Ave. in the Park Slope neighborhood. The company’s new 2,000-square-foot New York flagship store is located at 5 West 30th St. in the Nomad neighborhood of Manhattan. Both lease terms are for 10 years. David Yablon of Katz & Associates represented Sugaring NYC in the lease negotiations. Jeffrey Kessler of Levitan represented the undisclosed landlord in the Brooklyn deal.

October 8, 2019

Features Office

Despite Healthy Economy, Office Vacancy Rates Still Stuck in the Mud in Several Markets

by Jeff Shaw October 8, 2019

NEW YORK CITY — The national office vacancy rate held steady at 16.8 percent in the third quarter compared with the prior quarter, and was up 10 basis points from the same period a year ago, according to Reis, which tracks commercial properties in 79 metropolitan markets. Net absorption was a healthy 4.5 million square feet in the quarter, partially a result of historically low unemployment (3.5 percent in September, according to the U.S. Bureau of Labor Statistics). However, a robust pipeline of new construction — 4.4 million square feet in the quarter — offset the absorption, leading vacancy to hold fast. The net effect has been modest rent growth. The average effective rent per square foot grew from $27.49 in the second quarter to $27.65 in the third quarter, a 0.6 percent increase. The year-over-year increase was less than $1 per square foot. Individual markets have also shows signs of softness, with 39 of the 79 metros tracked by Reis seeing increased office vacancy so far this year. “Office occupancy growth has been sluggish throughout this expansion as firms lease far fewer square feet per added job,” the report states. “Rent growth has also disappointed owners.” The report does …

October 8, 2019

Industrial Leasing Activity Texas

Hunt Southwest Signs Tenant for 300,000 SF Cold Storage Facility in Fort Worth

by Taylor Williams October 8, 2019

FORT WORTH, TEXAS — Locally based developer Hunt Southwest has landed a tenant for a full-building, 300,000-square-foot lease at DFW Coldspot, the company’s speculative cold storage facility located within Carter Industrial Park in Fort Worth. The tenant is Emergent Cold, a cold chain solutions firm with a significant presence in Australia. Hunt Southwest estimates occupancy will occur in late first quarter 2020. David Sours and Kevin Kelly of CBRE’s Food Facilities Group represented Hunt Southwest in the lease negotiations. David Norrie, also a cold storage specialist with CBRE, represented Emergent Cold. A number of other food and beverage distributors, including Tyson Foods, Schwan Food Co., Mother Parker’s Tea & Coffee and MillerCoors occupy space within Carter Industrial Park, which is near both Interstates 35 and 20 on the city’s south side.

October 8, 2019

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