Property Type

San Francisco Planning Commission OKs Pinterest-Anchored Mixed-Use Project

by John Nelson July 26, 2019

SAN FRANCISCO — For the second time in a week, the San Francisco Planning Commission has approved a significant mixed-use development in the city’s SoMa (South of Market) district. Following its approval of the Flower Mart redevelopment project, the commission has approved a 1.1 million-square-foot mixed-use development located at 88 Bluxome St. The project, led by developers Alexandria Real Estate Equities Inc. (NYSE: ARE) and TMG Partners, is nearly 60 percent preleased. The co-developers describe 88 Bluxome as a “high-tech office and laboratory project.” Social media giant Pinterest has signed on to anchor the development with a 490,000-square-foot office lease. The Bay Club, a fitness and social club offering events and a wide range of sports classes, will also anchor the project. The 88 Bluxome campus will feature a technology and life science facility with ground-floor retail space and outdoor deck space on multiple levels of the building. The project also includes an expansion of the neighborhood’s existing Gene Friend Recreation Center, adding two swimming pools and a public activity space. Other features of 88 Bluxome will be a childcare center, a pedestrian “art walk” with commissioned pieces from internationally renowned and local artists, light industrial space available for use …

July 26, 2019

Market Reports Office Oregon Western Western Market Reports

Office Expansion Continues in Portland for 10th Consecutive Year

by Taylor Williams July 26, 2019

Consistent investment trends, a steady demand for tenants, stable in-migration and several new additions to the skyline have provided Portland with a strong first half of 2019. With more than 100,000 square feet of positive net absorption this year, the Portland office market shook off any lingering negative sentiment from 2018 and started the year strong. Portland has built a reputation as a second outpost to cities like Seattle and the Bay Area. Companies tend to initially set up small offices before quickly realizing Portland is a viable alternative to other larger hubs. In-migration remains strong but the major growth the market has experienced recently has been from homegrown companies ramping up or expanding their operations. We’re continuing to see office rents grow at almost 12 percent year over year. Portland office rents average $32.12 per square foot, making them nearly 60 percent cheaper than San Francisco and 25 percent cheaper than Seattle. The city is also well situated to attract companies that are being priced out of primary markets but still need to be geographically close. When you layer on our cost of living and high quality of life, Portland becomes even more attractive, which also contributes to its …

July 26, 2019

Features Leasing Activity Office

Coworking Poised to Overtake Tech as Top Office Leasing Sector in 2019, Says JLL

by John Nelson July 26, 2019

CHICAGO — The U.S. office market registered 34.8 million square feet of leasing activity larger than 20,000 square feet during the second quarter, according to JLL’s latest Office Outlook report. This continues the established absorption trend of 30 to 35 million square feet per quarter. Among office-using sectors, tech and coworking remain dominant, having both exceeded the 10 million-square-foot mark halfway through the year and representing 31.1 percent of all activity year-to-date. The year-to-date gap between tech and coworking narrowed even further in the second quarter as WeWork, Spaces and other coworking operators continued to rapidly expand. At the current rate of growth, coworking is likely to be 2019’s largest driver of office leasing. Consolidation and mergers-and-acquisitions, combined with a severe lack of skilled employees, have tempered expansion potential for tech companies, according to JLL. About 58 percent of transaction volumes in the tech sector represented growth or expansion. In comparison, expansion as a share of tech leasing activity routinely reached 75 to 80 percent in 2016, 2017 and early 2018. Densification and office space efficiency are still weighing on legal, consulting and other professional services firms, although active preleasing and relocation is boosting total activity from these users. JLL’s …

July 26, 2019

Development Florida Retail Southeast

Blackwater, Hutton Complete 161,000 SF Shopping Center Near Tampa

by Alex Tostado July 25, 2019

TRINITY, FLA. — A partnership between two developers, Alabama-based Blackwater Real Estate and Tennessee-based Hutton, has completed The Village at Mitchell Ranch, a 161,000-square-foot shopping center near Tampa. A 30,0000-square-foot Sprouts Farmers Market anchors the property, which is located at the intersection of State Route 54 and Little Road in Trinity. Other anchors include HomeGoods, Michaels, Five Below, Skechers and Ulta Beauty. Restaurant users include Burger King, Chipotle Mexican Grill and Panda Express, with more to be announced in the coming months.

July 25, 2019

Acquisitions Multifamily North Carolina Seniors Housing Southeast

Healthcare Transactions Group Brokers Sale of Three Skilled Nursing Facilities in North Carolina

by Alex Tostado July 25, 2019

HENDERSON, DURHAM AND ELIZABETH CITY, N.C. — Healthcare Transactions Group has negotiated the sale of three skilled nursing facilities totaling 297 licensed beds in North Carolina. The properties include Concordia Transitional Care & Rehabilitation in Henderson, Concordia Transitional Care & Rehabilitation-Rose Manor in Durham and Concordia Transitional Care & Rehabilitation in Elizabeth City. An owner-operator based in New Jersey acquired the assets for an undisclosed price. Mark Davis of Healthcare Transactions Group represented the undisclosed seller in the transaction.

July 25, 2019

Acquisitions Maryland Multifamily Southeast

JLL Arranges Sale of 333-Unit Apartment Complex in Suburban Maryland

by Alex Tostado July 25, 2019

ROCKVILLE, MD. — JLL has arranged the sale of The Daley at Shady Grove, a 333-unit, transient-oriented apartment complex in Rockville. The community includes 15,000 square feet of ground-level retail space. The Daley is situated at 8010 Gramercy Blvd. within Westside at Shady Grove, a master-planned community that is situated within walking distance from the Shady Grove Metro Station. Communal amenities at The Daley include a swimming pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; and a pet spa. The seller is a joint venture between EYA LLC and The Bozzuto Group, which delivered the property in 2017. Walter Coker, Brian Crivella, Stephen Conley and Susan Carras of JLL represented the seller in the transaction. Denver-based Black Creek Group purchased the asset through one of its investment platforms. The sales price was not disclosed.

July 25, 2019

Acquisitions Florida Retail Southeast

SRS Negotiates $11.8M Sale of Retail Center in Central Florida

by Alex Tostado July 25, 2019

VIERA, FLA. — SRS Real Estate Partners has negotiated the $11.8 million sale of Viera Colonnade Shops, a 27,051-square-foot retail center comprising three buildings, in Viera. The asset is situated at 2328, 2338 and 2348 Citadel Way, 35 miles east of downtown Orlando. The property was delivered in 2017 and 2018. Viera Colonnade is fully leased to 14 tenants, including UPS, Jersey Mike’s, Great Clips, Mattress One and Blaze Pizza. Additionally, all 14 tenants recently signed brand new 10-year triple-net leases with extension options. Patrick Luther and Matthew Mousavi of SRS represented the seller, a developer based in Florida. The buyer, a private partnership comprising domestic and foreign investors, was self-represented. The property closed at a 6.85 percent cap rate.

July 25, 2019

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Negotiates Six Industrial Leases Totaling 132,798 SF in Broward County

by Alex Tostado July 25, 2019

POMPANO BEACH, FLA. — Cushman & Wakefield has negotiated six industrial leases totaling 132,798 square feet at Pompano Center of Commerce II, a warehouse and distribution campus in Broward County. Butters Construction & Development developed the property, the existing buildings of which are now at full occupancy. Tenants represented in the new leasing activity include Milestone Pavers (14,640 square feet), Empire Delivery (26,605 square feet), Larsen’s Manufacturing (17,436 square feet), Farco Plastics (17,381 square feet), Event Effects Group (37,786 square feet) and ATI Electrical Supply (18,950 square feet). Chris Metzger, Richard Etner, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the landlord, a joint venture between Butters and an institutional capital partner, in all of the lease negotiations.

July 25, 2019

Acquisitions Multifamily Utah Western

Olympus Property Acquires 170-Unit Apartment Community in South Jordan, Utah

by Amy Works July 25, 2019

SOUTH JORDAN, UTAH — Olympus Property has purchased Promenade at the District, a Class A multifamily property located at 11391 S. River Heights Drive in South Jordan, for an undisclosed price. Effective immediately, the asset will be renamed Olympus at the District. Built in 2012, the property features 170 apartments, fitness center, eco-friendly/solar-powered units, two swimming pools, sunning decks, a clubhouse featuring a lounge area, televisions, a fireplace and billiards rooms, and two playground areas. Unit amenities include stainless steel appliances, granite countertops, gourmet kitchens, full-size washers and dryers, vaulted ceilings, faux-wood flooring, gas ranges, designer wood cabinets, oversized walk-in closets, 2.5-inch wood-composite blinds, one- and two-car direct-access garages, and front patios in select units. The buyer plans to spend $800,000 on top of the existing finish-outs to enhance the interiors, add minor renovations to the clubhouse, rebrand the property, paint the exterior, update exterior lighting and add a pet park. Interior upgrades will include adding smart-home packages, ceiling fans, vinyl flooring and a lighting package to further increase the value of the asset.

July 25, 2019

Acquisitions California Retail Western

Lucescu Realty Negotiates Sales of Two Shopping Centers in Northern California for $24.6M

by Amy Works July 25, 2019

OROVILLE AND AUBURN, CALIF. — Lucescu Realty has arranged the sales of two shopping centers located in Northern California. Community Centers of America sold the properties for a total of $24.6 million. A Sacramento, Calif.-based private development/investment company acquired Currier Square, a 131,017-square-foot, open-air community shopping center in Oroville, for $14.8 million. At the time of sale, the property was 88.5 percent leased to a variety of tenants, including Raley’s Grocery, Marshalls and Petco. The asset also includes four out-pad parcels positioned for redevelopment/buildout. A Los Angeles-based private investor purchased Crossroads Shopping Center, a 125,791-square-foot, open-air community shopping center in Auburn, for $9.8 million. Built in 1994, the property was 91.9 percent leased at the time of sale. Current tenants includes Safeway, Ross Dress for Less, CACFit, AutoZone and Famous Footwear. Mark Lucescu, Samer Khalil and Greg Wendelkin of Lucescu Realty represented the seller and procured the buyers in the deal.

July 25, 2019

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