Greater Phoenix has re-cast itself in this real estate cycle. It is no longer expected to play the “boom-to-bust” role in the office sector. The metro area has definitely expanded its breadth of industries, reaching beyond homebuilding and professional services to now feature some of the country’s leading insurance corporations, technology companies and medical innovators. This diversification promises to buffer any future fall in nationwide economic activity. Greater Phoenix continues to lead the country in job creation, adding an estimated 66,500 net new jobs between May 2018 and May 2019, marking a 3.2 percent increase. These jobs are coming from companies like Carvana, AllState and WageWorks. Phoenix has benefitted from great exposure from in the national media, which has matriculated to corporate America and attracted broad attention. The Greater Phoenix MSA boasts a phenomenal combination of attractive cost of living, growing wages and an enviable lifestyle. This package of appealing factors has allowed Phoenix to garner more than its fair share of corporate expansions and relocations throughout the Western U.S. Demand has been strong for office space in the area. However, a diminishing availability of quality, speculative space is creating a battle for the tenants. Sizable users wanting signature spaces …
IRVING, TEXAS — Locally based multifamily developer JPI will build Jefferson Innova, a 433-unit community in Irving’s Las Colinas district, the company’s sixth project in that submarket. JPI has closed on construction financing for the five-acre project and expects to open the property in spring 2021. Amenities at Jefferson Innova will include a pool, business center, fitness center with a yoga studio, a coffee bar and two outdoor kitchens. Humphreys & Partners is the project architect, and Glenn Engineering Corp. is the civil engineer. CrossHarbor Capital Partners is serving as JPI’s equity partner on the project.
FRISCO, TEXAS — StreetLights Residential, a multifamily developer with five offices across the country, has broken ground on The Margo, a 358-unit project within The Canals at Grand Park in Frisco. The property will feature one-, two- and three-bedroom units ranging in size from 505 to 2,000 square feet. The Margo will offer amenities such as two pools, an entertainment lawn with outdoor games, a fitness center, game room, theater room and a private lounge. LRK served as the architect for the project, completion of which is scheduled for spring 2021.
AUSTIN, TEXAS — Parallel Co., a student housing development and investment firm, will open MUZE, its new 502-bed community that is located two blocks from the University of Texas in Austin. The grand opening is set for Sunday, Aug. 18. Located at 2100 Neuces St., the 18-story property will offer one-, two-, three- and four-bed units that will come fully furnished with stainless steel appliances, quartz countertops and washers and dryers. Walk-in closets will be available in select units. Amenities will include a study lounge with private rooms, a rooftop pool and theater, outdoor kitchen and a fitness center. Rhode Partners served as the project architect, and Rogers-O’Brien Construction served as the general contractor. KeyBank Real Estate Capital provided construction financing.
ALLEN, TEXAS — Berkadia has provided a $47.2 million HUD construction loan for Stacy Pointe Apartments, a 326-unit multifamily community in the northeastern Dallas suburb of Allen. The property will offer one- and two-bedroom floor plans and amenities such as a pool, fitness center, business center, media areas and coworking office space. Chad Bedwell of Berkadia secured the loan through HUD’s 221(d)(4) program on behalf of Texas-based Stacy Pointe Partners LP. The loan carried an 85 percent loan-to-cost structure.
LAREDO, TEXAS — Marcus & Millichap has arranged the sale of Mines Road Self Storage, a 355-unit facility located in the South Texas city of Laredo. The property spans 47,830 net rentable square feet and is located on a thoroughfare that sees approximately 52,000 vehicles per day. Jon Danklefs of Marcus & Millichap represented the seller, a partnership, in the transaction. The buyer was Store It All Storage, which has 17 locations in Texas.
NEW YORK CITY — A partnership between New York-based developers F&T Group and SCG America has opened Tangram Tower, an 85,000-square-foot office building within the Tangram mixed-use development in Queens. The building is currently 80 percent sold to medical practitioners and other professionals. Tangram Tower offers access to the 1.2 million-square-foot Tangram development’s two residential towers and hotel, as well as an array of retail and culinary options. Margulies Hoelzli Architecture designed the development.
LONG ISLAND, N.Y. — JLL has brokered the $17 million sale of Hubbard’s Commons, a 65,970-square-foot, grocery-anchored retail center on Long Island. At the time of sale, the property was 98 percent leased to tenants such as Best Market, Rite Aid Pharmacy and Orangetheory Fitness. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Andrew Scandalios and Grace Braverman of JLL represented the seller, Urban Edge Properties, in the transaction. ShopOne Centers REIT purchased the asset.
Confluent, Harbor Retirement to Build 113-Unit Senior Living Community in South Windsor, Connecticut
SOUTH WINDSOR, CONN. — A partnership between Confluent Development, a Denver-based developer, and Harbor Retirement Associates will break ground this month on HarborChase of Evergreen Walk, a 113-unit senior living community in South Windsor, located near Hartford. The 111,915-square-foot community will offer one- and two-bedroom units and access to The Promenade Shops at Evergreen Walk, an outdoor mall with retail and restaurants. Milwaukee-based Plunkett Raysich Architects designed the project, and Whiting-Turner is the general contractor. Construction is slated for completion in December 2020.
PEABODY, MASS. — Colliers International has negotiated a 62,000-square-foot industrial lease in Peabody, a suburb of Boston. Needham-based contractor Bowdoin Construction will convert the warehouse property into a printing facility for the new tenant, Spire Printing. Greg Klemmer, Tim Brodigan, Tim Allen and Dan Driscoll of Colliers represented the landlord, Boston-based Novaya Ventures, in the lease negotiations. John Cremmen of Boston-based Denenberg Realty Advisors represented Spire, which will move into the property in late summer 2019.