Property Type

Lowe’s to Anchor Planned 23-Story Office Tower Development in Charlotte

by Jeff Shaw June 28, 2019

CHARLOTTE, N.C. — Home improvement retail giant Lowe’s (NYSE: LOW) has unveiled plans for Design Center Tower, a 23-story office tower in Charlotte. Development costs are estimated at $153 million, according to theCharlotte Observer. The 357,000-square-foot building, which Lowe’s is referring to as a global technology center, will fill a vacant parking lot in Charlotte’s bustling South End, about 1.5 miles southwest of the city center. The plot is adjacent to a Lynx light rail station as well as the city’s Rail Trail system of walking/biking paths. The developer, a joint venture between Childress Klein and RAM Realty Advisors, plans to break ground on the Design Center Tower this August, with Lowe’s moving in by late 2021. Lowe’s will occupy the top 15 floors of the building. The ground floor will feature 20,000 square feet of retail and restaurants. North Carolina is contributing $54 million in state incentives for the project, to be paid over 12 years based on Lowe’s meeting job creation and investment requirements, reports the Observer. Lowe’s expects to bring 2,000 high-paying tech jobs to the building, 1,600 of which will be new and 400 of which will relocate from the company’s headquarters in nearby Mooresville, the …

June 28, 2019

Market Reports Multifamily Texas Texas Market Reports

Influx of Millennials Bolsters San Antonio’s Multifamily Fundamentals

by Taylor Williams June 28, 2019

An overwhelming number of residents are moving to San Antonio rather than leaving. The metro experienced a net in-migration of nearly 21,000 households in 2016, according to Moody’s Analytics, the latest data available at the time of this writing. The metro primarily draws from Austin and Houston with a notable cohort of new residents coming from Washington, D.C. Many newcomers to San Antonio from the nation’s capital are drawn to the city’s military and defense industries. Basic Numbers Among these in-migrants to San Antonio is a large proportion of millennials. At 14.4 percent, San Antonio ranked No. 2 in terms of the fastest-growing areas for young adult growth from 2010 to 2015, according to a 2018 report from The Brookings Institution. San Antonio’s rate of millennial population growth during that period outranked that of peer and non-peer cities such as Austin, Denver, Houston, Orlando and Seattle, among others. As a result, the San Antonio market skews younger with approximately 25 percent millennials and 28 percent Gen Z. The median age in San Antonio is 34, four years lower than the national average among comparable cities. In turn, the metro’s job growth both reinforces and is fueled by this in-migration, accounting …

June 28, 2019

California Leasing Activity Restaurant Retail Western

Location Matters Arranges 10-Year Lease for Restaurant Property in Downtown San Diego

by Amy Works June 28, 2019

SAN DIEGO — Location Matters has brokered a lease for the relocation of McFadden’s Restaurant & Saloon in San Diego. The restaurant recently shuttered its original location to make way for the development of an AC Hotels by Marriott property and signed a 10-year lease, valued at $3.8 million, for a corner restaurant location in downtown San Diego. McFadden’s Restaurant & Saloon will occupy a 7,932-square-foot property, including approximately 4,500 square feet of basement space, at 672 Fifth Ave. The space was formerly occupied by Jimmy Loves and Florent. Mike Spilky of Location Matters represented the tenant in the deal.

June 28, 2019

Conference Coverage Features Multifamily Seniors Housing

Executive Directors Take on Heightened Importance in Evolving Seniors Housing Industry, Says InterFace Power Panel

by Jeff Shaw June 28, 2019

CHICAGO — Operators in the senior living space universally agree that the executive director holds the single most important position at their communities and that the job is a daily grind. These frontline administrators are not only tasked with providing the best care possible for residents, but they must also demonstrate strong financial acumen. They are frequently thrust into the role of crisis manager, all the while they are expected to be strategic thinkers. Rather than simply give lip service to the idea that the executive director is an invaluable part of the overall operation, Charter Senior Living is putting its money where its mouth is. The operator of 14 senior living communities in nine states is exploring the possibility of giving executive directors an ownership stake in its communities. “I know that’s been talked about for years, but we are actually in a position [to provide that incentive] on top of a very competitive financial package,” said Keven Bennema, president and CEO of Charter Senior Living, which offers independent living, assisted living and memory care across its properties concentrated in the Midwest and Southeast. It’s important for department heads to feel a sense of ownership as well, added Bennema, …

June 28, 2019

Acquisitions California Office Western

American Assets Trust Buys La Jolla Commons Office Complex in San Diego for $525M

by Amy Works June 27, 2019

SAN DIEGO — American Assets Trust has closed on the acquisition of La Jolla Commons, an office complex located in San Diego’s University Town Center submarket, for $525 million. The asset consists of two office towers, an entitled development parcel and two parking structures. Totaling 724,000 square feet, the LEED Platinum-certified office towers were built in 2008 and 2014. The 421,000-square-foot building is fully leased to LPL Financial. The second building, consisting of 303,000 square feet, is 72 percent leased to a variety of tenants, including U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP. The purchase price of $525 million, less a seller credit of approximately $11.5 million, was paid with a combination of cash on hand and funds drawn against the company’s existing credit facility. Loryn Arkow and Ankush Israni of Los Angeles-based Stroock & Stroock & Lavan represented the undisclosed seller, while James Mann and Jeffrey Gonzalez of Latham & Watkins represented the buyer in the transaction.

June 27, 2019

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

Acquisitions Arizona Healthcare Office Western

Hammes Partners Acquires Spectrum Medical Commons in Arizona for $17.7M

by Amy Works June 27, 2019

GILBERT, ARIZ. — Hammes Partners has purchased Spectrum Medical Commons, a medical office property located at 3367 S. Mercy Road in Gilbert. Irgens sold the property for $17.7 million, or $409.41 per square foot. Situated adjacent to Mercy Gilbert Medical Center, the asset features 43,355 square feet of Class A medical office space, including a surgery center. Additionally, the property features prominent building signage and near-immediate access to a full interchange at Val Vista Drive and the Loop 202 Freeway. Brian Ackerman of JLL facilitated the transaction.

June 27, 2019

Acquisitions Arizona Retail Western

Hanley Investments Brokers $7.6M Sale of Retail Pad Building in Glendale, Arizona

by Amy Works June 27, 2019

GLENDALE, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant pad building located at 7870 W. Bell Road in Glendale. ECC Bell Road Property LLC sold the asset to a family trust based in Orange County, Calif., for $7.6 million, or $901 per square foot. Tenants at the 8,433-square-foot property include The Habit Burger Grill, Tempur-Pedic, Pearle Vision and Blaze Pizza. The 1.2 million-square-foot Arrowhead Towne Center Mall shadow anchors the asset. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Pat Kent and Parker Walter of SRS Real Estate Partners represented the buyer in the deal.

June 27, 2019

Acquisitions Arizona Office Western

NAI Horizon Arranges $4.6M Sale of 28,312 SF Office Building in Phoenix

by Amy Works June 27, 2019

PHOENIX — NAI Horizon has arranged the sale of 2944 Plaza, an office building located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the property to Curran Properties for $4.6 million. Tenants at the 28,312-square-foot property include NAI Horizon, RW Partners, ORB Architecture, Freestar LLC, Salt Digital and the office of U.S. Congressman Greg Stanton. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal. Jeff Conrad of Lee & Associates was the broker for the buyer, who was represented by Michael Dunn, Scott Carson and Carrie Carson.

June 27, 2019

Crow-Holdings-at-Veronica-Ave-Franklin-Township-New-Jersey

Development Industrial New Jersey Northeast

Crow Holdings Breaks Ground on 925,000 SF Industrial Project in New Jersey

by Taylor Williams June 27, 2019

FRANKLIN TOWNSHIP, N.J. — Crow Holdings, the industrial development arm of Trammell Crow Co., has broken ground on Crow Holdings at Veronica Ave., a 925,000-square-foot speculative project in Franklin Township. The Class A property will be located between Trenton and Newark and is expected to open in the first quarter of 2020. Building features will include a clear height of 40 feet, 170 trailer parking spaces, 159 dock positions and 394 automobile parking spaces. Cushman & Wakefield will handle leasing of the facility.

June 27, 2019

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