PHOENIX — Phoenix-based ViaWest Group has completed the sale of Tiger Industrial, an industrial property located at 4901-4929 W. Van Buren St. in Phoenix. Los Angeles-based Dunbar Real Estate Investment Management acquired the building for $6.3 million. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the transaction. The 103,511-square-foot industrial facility was originally part of a larger portfolio of thematic properties that ViaWest purchased in 2014.
NASHVILLE — Unico Properties LLC, a subsidiary of Unico Investment Group LLC, has acquired One Nashville Place, a 24-story office building located in the state capital’s central business district. The Nashville Business Journal reports that the sale, which includes an adjoining six-story parking garage, fetched a price of $139.5 million. The deal marks Unico’s first commercial investment in Nashville. The seller was not disclosed. The Class A property, which totals 418,824 square feet, is situated near the city’s SoBro neighborhood, as well as the Broadway strip and several new hotels under construction on historic Fourth Avenue. The building was completed in 1985. Amenities at One Nashville Place include a tenant conference center, 24-hour security and a deli. The building’s common areas were recently upgraded as well. Unico plans to further invest in capital improvements to the building. “One Nashville Place is positioned at the nexus of everything we find exciting about this vibrant city,” says Andrew Cox, Unico vice president and regional director. “Nashville’s business-friendly environment and proactive approach to job creation have led to a multi-decade corporate relocation winning streak.” Cushman & Wakefield brokered the acquisition on behalf of the seller, and will manage the property and leasing alongside …
Continued job growth, coupled with a 4.3 percent unemployment rate (down from nearly 9 percent in 2010) in the greater Baltimore metropolitan region are the primary reasons giving real estate development companies the confidence to construct speculative commercial office buildings in select submarkets throughout central Maryland. After delivering more than 1 million square feet of space in Baltimore City, another 1.6 million is presently rising in the downtown skyline. Industries including financial services, medical and healthcare, education, cybersecurity and manufacturing continue to exhibit excellent health, and a location approximately 40 miles from the center of Washington, D.C., remains one of Baltimore’s most valuable assets. Below is a quick scan around the entire metro area: Canton Merritt Properties announced plans earlier this year to construct a 20-story, 200,000-square-foot speculative office building along Boston Street. Previously announced, but yet to begin just several streets away, is Corporate Office Properties Trust’s $1 billion project containing more than 1 million square feet of commercial office and retail space. Since the opening of The Shops at Canton Crossing, a shopping center developed by 28 Walker Associates several years ago, this submarket has experienced a retail renaissance, although the inclusion of new commercial office product is …
The InterFace Phoenix Industrial conference and networking event was held on Wednesday, Sept. 12, featuring three panel discussions. The brokerage panel, moderated by Rob Martensen, executive vice president with Colliers International, featured a lively discussion about activity in local submarkets and a recap of the reasons Phoenix is winning deals over Southern California and Nevada. Industrial Activity in Arizona Microsoft recently purchased 267 acres for a data center in the West Valley, said Anthony Lydon, national director, Industrial Supply Chain & Logistics Solutions with JLL. Qualified data centers receive waivers on personal property tax for 10 years, Lydon said, noting that each rack in a data center is approximately $1 million in personal property, so data centers are certainly enjoying the benefits of locating in Arizona. Arizona will also be a huge winner in the manufacturing sector, Lydon added. He cited Colorado-based food packaging provider Ball Corp. as an example of a company that was looking at Mexico for space before the 2016 election but has since opened a plant in the West Valley submarket of Phoenix due to the strategic location between Mexico and Southern California. Minnesota-based Andersen Windows & Doors is buying 64 acres from Opus to build …
WALTHAM, MASS. — Colliers International has secured $79.8 million in acquisition financing for CenterPoint, a 443,000-square-foot, two-building office campus in Waltham. Located at 41 Seyon Street and 43 Foundry Ave., the property includes lab, office and research and development space. Current tenants include Repligen, Education Development Center and Simpson Gumpertz & Heger. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins of Colliers secured financing on behalf of borrower Hilco Real Estate through a balance sheet lender.
AUSTIN, TEXAS — CBRE has negotiated the sale of Aspen Heights West Campus, a 464-bed student housing property located three blocks from the University of Texas at Austin. The 17-story, 166-unit community features a pool, fitness center, private study areas, lounges and community kitchens. A joint venture between The Preiss Co. and TH Real Estate purchased the asset from Austin-based Aspen Heights Partners, which developed the property, for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the sale. Ben Roelke and Ian Walker of CBRE arranged a five-year, fixed-rate acquisition loan through Northwestern Mutual for the transaction. The loan featured a sub-4 percent interest rate.
COLLEGEVILLE, PA. — Cushman & Wakefield has brokered the $32 million sale of Highview I & II, a 183,363-square-foot office portfolio in Collegeville. The two buildings, which are currently 93 percent leased, are home to tenants IQVIA, Fidelity Information Services and FirstService Residential. Highview I is located at 400 Campus Drive and totals 78,564 square feet. Highview II is located at 200 Campus Drive and totals 104,799 square feet. Cushman & Wakefield represented the seller, TA Realty, in the transaction. The buyer was Maguire Hayden Real Estate Co. Collegeville is 30 miles northwest of Philadelphia.
HOUSTON — Stonelake Capital Partners, a real estate private equity firm with offices in Dallas, Houston and Austin, will build a 200,000-square-foot speculative office project located at 4200 Westheimer Road in the River Oaks/Highland Village area of Houston. Stonelake expects to break ground on the 15-story, Class A property, which is part of Phase III of the company’s Park Place | River Oaks mixed-use development, in January 2019. The office space is expected to be available for occupancy in spring 2020. Colvill Office Properties is marketing and leasing the asset.
LONDONDERRY, N.H. —Skyview Advisors has negotiated the sale of Life Storage, a 419-unit self-storage facility in Londonderry. The sales price was undisclosed. Ryan Clark and Parker Sweet of SkyView Advisors represented the undisclosed seller. Located at 6 Smith Lane, Life Storage is situated on more than 5 acres and has a total of 50,466 net rentable square feet. The facility includes 246 climate-controlled units and 173 non-climate controlled units.
BROCKTON, MASS.— New England Development has signed Planet Fitness and Burlington to Westgate Mall in Brockton, a city 25 miles south of Boston. Burlington will open a 43,000-square-foot location store at the mall, creating 50 to 100 new jobs. Planet Fitness typically operates 20,000-square-foot clubs, according to the company’ s website. Both tenants are scheduled to open at the mall this month. The new retailers join recently opened stores such as Chipotle Mexican Grill, Staples, Verizon and XFINITY Store by Comcast. Additional tenants at Westgate Mall include Sears, Best Buy, Bath & Body Works, Famous Footwear, Old Navy, Victoria’s Secret, Buffalo Wild Wings and IHOP.