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DevelopmentOfficeTexasTop Stories

Apple to Invest $1B in Austin Campus, Create New Sites in California, Seattle

by Alex Tostado

AUSTIN, TEXAS — Apple (NASDAQ: AAPL) will expand its operations in Austin by building a $1 billion campus in North Austin, the Cupertino, Calif.-based company announced Thursday morning. The new campus will be located less than one mile from existing facilities, though the exact site and development timeline were not disclosed. Apple officials said the 133-acre campus is expected to initially employ 5,000 new workers with the potential to house 15,000 employees, which Apple says would make it the largest private employer in Austin. The jobs to be created will be in engineering, research and development, operations, finance, sales and customer support. “Apple is proud to bring new investment, jobs and opportunity to cities across the United States and to significantly deepen our quarter-century partnership with the city and people of Austin,” says Apple CEO Tim Cook. “Talent, creativity and tomorrow’s breakthrough ideas aren’t limited by region or ZIP code, and, with this new expansion, we’re redoubling our commitment to cultivating the high-tech sector and workforce nationwide.” The Austin Business Journal reports that the Texas capital is the second-largest hub for Apple outside company headquarters. A recent report by Yardi Systems Inc. pegged Apple as one of Austin’s largest office landlords with …

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AcquisitionsColoradoOfficeWestern

NAI Shames Makovsky Brokers $24.5M Sale of Symes Building Office Property in Denver

by Amy Works

DENVER — NAI Shames Makovsky has negotiated the sale of an office property, located at 820 16th St. in Denver. Harbor Associates purchased the building from 820 16th Street LLC for $24.5 million. Known as the Symes Building, the property recently underwent renovations and improvements, including to the common-area corridors. Renovations included flooring, wall treatments, lighting, signage and restrooms. The buyer plans additional improvements including amenities, interior and exterior improvements, and more creative office features to the existing space. Dorit Fischer, Hayden Hirschfield, Trent Rice and Connor Donahue of NAI Shames Makovksy represented the seller in the deal.

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3880-Lemon-St-Riverside-CA
AcquisitionsCaliforniaOfficeWestern

NKF Arranges $20.7M Acquisition of Office Building in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Newmark Knight Frank (NKF) has directed the purchase of Center Tower Riverside, a five-story office building in downtown Riverside. De Anza Land and Leisure Corp. acquired the property from Irvine-based CIP Real Estate for $20.7 million. Located at 3880 Lemon St., the property features 73,645 square feet of Class A office space. Situated on 1.1 acres, the building was built in 1987 and underwent a more than $3 million renovation in 2017. Renovations included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping. At the time of sale, the building was 94 percent occupied by 11 tenants, including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates and Reid & Hellyer. Additionally, the property features 248 parking stalls in an adjacent four-level parking structure. John Ewart and John Daciolas of NKF represented the buyers, while Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo of CBRE represented the seller in the deal.

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Life-Storage-Arvada-CO
AcquisitionsColoradoIndustrialSelf-StorageWestern

Marcus & Millichap Facilitates Sale of 64,320 SF Storage Facility in Colorado

by Amy Works

ARVADA, COLO. — Marcus & Millichap has arranged the sale of Life Storage, a newly constructed storage facility located in Arvada. Opened in January 2018, the 64,320-square-foot property features 637 climate-controlled self-storage units. The property features a leasing office, multiple elevators, two covered drive-in loading/unloading areas, drives for large vehicles and 24-hour video surveillance. Adam Schlosser and Charles LeClaire of Marcus & Millichap’s The LeClaire Group represented the seller, a local limited liability company, in the deal. The name of the buyer and acquisition price were not released.

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29920-Temecula-Parkway-Temecula-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Directs $13M Sale of LA Fitness-Occupied Property in Temecula

by Amy Works

TEMECULA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly delivered retail property located at 29920 Temecula Parkway in Temecula. An Irvine-based private developer sold the asset for $13 million. Completed earlier this year, the 37,000-square-foot property is situated on 3.7 acres with frontage on Temecula Parkway. LA Fitness occupies the single-tenant property on a net-lease basis. The asset is an anchor to The Gateway to Temecula, a lifestyle center that contains approximately 61,000 square feet of commercial space, including Starbucks Coffee, Chevron, Verizon Wireless, The Pizza Press and a 4,000 square feet of office space. Austin Blodgett and Eric Wohl of Hanley Investment represented the seller, while Corona-based R&L Properties-Cerritos represented the buyer in the transaction.

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4180-Avenida-De-La-Plata-Oceanside-CA
AcquisitionsCaliforniaRetailWestern

Lucas Revocable Trust Acquires Retail Building in California for $4.4M

by Amy Works

OCEANSIDE, CALIF. — Lucas Revocable Trust has purchased a retail property, located at 4180 Avenida De La Plata in Oceanside. Plata Property LLC sold the building for $4.4 million. Navy Federal Credit Union occupies the 6,788-square-foot retail building, which was built in 1992 and is situated within Rancho Del Oro business park. The tenant recently renewed its lease for an additional 10 years, extending the term through May 2028. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while HC&M Commercial Properties represented the buyer in the deal.

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DevelopmentHospitalityNew YorkNortheast

Atlas Hospitality Receives $40M Construction Loan for Boutique Hotel in Manhattan

by David Cohen

NEW YORK CITY — Atlas Hospitality, in partnership with Fortuna Realty Group, has received a $40 million construction loan from Bank of America Merrill Lynch for the development of a 128-room boutique hotel in the financial district of Manhattan. Located at 120-122 Water St., the 26-story building will include a high-end restaurant on the ground floor and a double-deck rooftop with views of Manhattan. Fortuna Realty Group will manage the property upon its completion in 2020. Terms of the financing were not disclosed.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Arranges $24M Sale of Multifamily Community in Avon, Connecticut

by David Cohen

AVON, CONN. — Institutional Property Advisors has arranged the $24 million sale of Avon Place Apartments, a 164-unit multifamily community in Avon. Located at 46 Avonwood Road, the property was built in 1973 on more than 46 acres. The community is comprised of three brick residential buildings and a clubhouse. Victor Nolletti, Eric Pentore of IPA and Wes Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was the Clairmont Group LLC.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheast

CBRE Brokers $14.5M Sale of Development Site in Harrison, New Jersey

by David Cohen

HARRISON, N.J. — CBRE has brokered the $14.5 million sale of a five-acre development site in Harrison. Located at 15 Essex St., the site consists of a 233,000-square-foot industrial facility as well as a vacant lot. Charles Berger, Elli Klapper, Mark Silverman, Thomas Sullivan and Paul Touhey of CBRE represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to demolish the existing industrial facility and build a multifamily development on the property.

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DevelopmentMultifamilyNew YorkNortheastStudent Housing

PEBB Capital, TriArch Real Estate Break Ground on 153-Bed Student Housing Community in Manhattan

by David Cohen

NEW YORK CITY — A joint venture between PEBB Capital and TriArch Real Estate Group has broken ground on a 153-bed student housing development located in the Morningside Heights neighborhood of Manhattan near Columbia University. The partnership acquired the land parcel in February for $20.3 million. The 14-story, 64,000-square-foot building will offer studio, one-, two- and three-bedroom, fully furnished units. Shared amenities will include a state-of-the-art fitness center, a study area with breakout rooms and a conference center, an outdoor terrace, bike storage, a package room, security surveillance, a rooftop deck and a coffee bar. The development is scheduled for completion in May 2020.

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