Property Type

CBRE Directs Sale of 94-Unit Multifamily Property in Richland, Washington

by Amy Works December 18, 2018

RICHLAND, WASH. — CBRE has arranged the sale of 575 Columbia, a 77,700-square-foot multifamily property located along the Columbia River in Richland. Evergreen Housing Development Group sold the property for an undisclosed price. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller in the deal. The name of the buyer was not released. Built in 2017, 575 Columbia features 58 one-bedroom units and 36 two-bedroom units with nine-foot ceilings, quartz countertops and ample storage. Community amenities include a resident pool and lounge, as well as a fitness center.

December 18, 2018

Acquisitions Retail Washington Western

JKL Real Estate Investment Buys 30,000 SF Retail Complex in Washington for $6.2M

by Amy Works December 18, 2018

EVERETT, WASH. — JKL Real Estate Investment LP has acquired Everett Mall Way Plaza, a retail complex located at 500 S.E. Everett Mall Way in Everett. Robinson Properties & Investments sold the two-building asset for $6.2 million. Everett Mall Way Plaza features 30,000 square feet of retail space. XinXin Li of Colliers International and Godwin Moy of DBW Private Brokerage represented the buyer in the transaction.

December 18, 2018

Development New York Northeast Office Top Stories

Google to Invest $1B for Manhattan Campus, Double New York Workforce Over Next Decade

by John Nelson December 18, 2018

NEW YORK CITY — Search engine giant Google (NASDAQ: GOOGL) plans to invest $1 billion to create a new office campus in Manhattan’s Hudson Square district. Situated just south of West Village, the 1.7 million-square-foot campus is a crucial next step for the company’s goal to double its New York workforce to 14,000 over the next 10 years. Google has signed two leases and a letter of intent to establish the campus, to be named Google Hudson Square. The tech firm will occupy 315 and 345 Hudson St. beginning in 2020 and move into 550 Washington St. when it wraps up construction in 2022. The campus will be the primary location for the company’s New York-based Global Business Organization. The site is located near Pier 40 at Hudson River Park and the Holland Tunnel. According to the owner of 315 Hudson, Jack Resnick & Sons, Google will occupy five full floors and portions of another at the 500,000-square-foot building. Google’s new 280,000-square-foot office space will feature open workspaces, a café, rooftop garden and event space. CBRE represented Google and Newmark Knight Frank represented the owner in the lease transaction, which brings the redeveloped office building to full occupancy. Google will …

December 18, 2018

California Market Reports Office Western Western Market Reports

Spec, New Development Continue in Orange County’s Office Sector

by Taylor Williams December 18, 2018

The Orange County office market continues to remain healthy with an unemployment rate of 2.6 percent in the second quarter of 2018. This is down from 3.2 percent 12 months prior. The driving industry sectors for Orange County that occupy a large portion of office space include financial services, information technology, logistics and healthcare. We are currently seeing vacancy rates around 11.7 percent, which is about a 10 basis point increase from the second quarter of this year. The main reason for this increase has been momentum in completed construction projects with more than 2.2 million square feet that has been delivered over the past 12 months. At the mid-year point of 2018, more than 808,000 square feet of office space was under construction — the majority of which was speculative. The largest office projects under construction right now include Flight at Tustin Legacy in Tustin and the Quad at Discovery Business Center in Irvine Spectrum. There are four Class A, institutional-quality office projects currently under construction in the county that total nearly 1.3 million square feet — 75 percent of which is pre-leased to tenants. All this bodes well for the continued confidence in the Orange County market. We …

December 18, 2018

Features Seniors Housing

Skilled Nursing Occupancy Increases Slightly, May Be First Sign of Recovery

by Jeff Shaw December 18, 2018

ANNAPOLIS, Md. — The skilled nursing occupancy rate saw a slight uptick in the third quarter of 2018, increasing 14 basis points to 82.2 percent, according to data from the National Investment Center for Seniors Housing & Care (NIC). Despite the increase, occupancy is still a full percentage point below year-earlier rates and has been on a sharp slide for the last three to four years. NIC is an Annapolis-based nonprofit data firm serving the seniors housing industry. The skilled nursing occupancy data is gleaned from 1,449 reporting facilities in 47 states. NIC experts expressed surprise at the increase, given that occupancy typically declines or stays flat between the second and third quarter of a year. The increase may be the first signs of recovery on the horizon. “The 83 to 87 age cohort over the last couple years was decreasing as far as growth rate. Starting 2018 that cohort is now growing,” says Bill Kauffman, senior principal at NIC. “From a seasonality perspective we generally do not see an increase from the second quarter to the third quarter. That’s notable. We won’t call it a new trend yet — we want to see more data over the next year, …

December 18, 2018

Development Georgia Mixed-Use Southeast

Pope & Land Begins Construction of Mixed-Use Campus in Metro Atlanta

by Alex Tostado December 17, 2018

ALPHARETTA, GA. — Atlanta-based Pope & Land has begun construction on Northwinds Summit, an office-centric, mixed-use development in Alpharetta. Phase I will include 3000 Summit Place and 5000 Summit Place, two office buildings that will span 30,000 square feet and 150,000 square feet, respectively. Other components will include a 125-room hotel, 140 multifamily units, 32 condominiums and 15,000 square feet of restaurant and amenity space. Northwinds Summit will sit on 24.3 acres about 25 miles north of Atlanta and will include more than 1 million square feet of office space at full buildout. Alpharetta-based FiberLight is the project’s first tenant, signing a 16,124-square-foot lease at 3000 Summit Place, which is expected to be complete in third-quarter 2019. Russ Jobson and Bryce Metcalf of Colliers International’s Atlanta office represented FiberLight in the lease transaction. Cooper Carry is the architect, and Brasfield & Gorrie is the general contractor.

December 17, 2018

Acquisitions Georgia Multifamily Southeast

The Walden Group Sells Apartment Complex in Atlanta to Emma Capital for $35.7M

by Alex Tostado December 17, 2018

ATLANTA — The Walden Group has sold Avenues 85, a 392-unit apartment community in Atlanta, to Emma Capital for $35.7 million. Built in 1967, Avenues 85 offers a barbecue area, package service, fitness center, pool and a racquetball court. The two-story complex is located about 11 miles northeast of downtown Atlanta. Tyler Averitt of Cushman & Wakefield represented the seller in the transaction.

December 17, 2018

Florida Industrial Leasing Activity Southeast

ShipMonk Signs 170,447 SF Industrial Lease in Fort Lauderdale

by Alex Tostado December 17, 2018

FORT LAUDERDALE, FLA. — ShipMonk, a logistics company for e-commerce businesses, has signed a lease to move its headquarters from Deerfield Beach to Bridge Point Riverbend in Fort Lauderdale. Starting next year, ShipMonk will occupy 170,477 square feet of the 221,542-square-foot industrial building that was completed in September. Tony Hoover of CBRE represented the tenant in the lease transaction, while Colliers International’s Steven Wasserman represented the landlord, a joint venture between Bridge Development Partners, Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners. The terms of the lease were not disclosed. ShipMonk was originally launched in 2014 by then-26-year -old Jan Bednar at Florida Atlantic University’s Tech Runway. ShipMonk now employs more than 200 people in Florida and Los Angeles, with plans to double its workforce and open an office in New York City. Bridge Point Riverbend features 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, and a 1.4/1,000 parking ratio.

December 17, 2018

Georgia Loans Office Southeast

Grandbridge Arranges $29.5M Refinancing for Office Building in Atlanta’s Central Perimeter District

by Alex Tostado December 17, 2018

ATLANTA — Grandbridge Real Estate Capital has arranged a $29.5 million refinance loan for 900 Ashwood Parkway, a 205,271-square-foot, Class A office building in Atlanta’s Central Perimeter submarket. Alex Haw of Grandbridge arranged the loan on behalf of the undisclosed borrower through BB&T Real Estate Funding.

December 17, 2018

Florida Loans Office Southeast

NXT Capital Provides $25M Acquisition Loan for Office Complex in Jacksonville

by Alex Tostado December 17, 2018

JACKSONVILLE, FLA. — NXT Capital has provided a $25 million acquisition loan for the purchase of Summit at SouthPoint, a four-building, 261,000-square-foot office complex in Jacksonville. Summit at SouthPoint is located seven miles southeast of the city’s central business district and offers community amenities such as an outdoor gazebo, lake views and access to hotels and restaurants in the area. Charles Foschini of Berkadia arranged the loan on behalf of the undisclosed buyer. The seller and sales price were also not disclosed.

December 17, 2018

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