Property Type

Front-Medical-Office-Park-Westminster-CO

Unique Properties Brokers $3.3M Sale of Medical Office Park in Colorado

by Amy Works August 21, 2019

WESTMINSTER, COLO. — Unique Properties/TCN Worldwide has arranged the sale of Front Range Medical Office Park, a four-building property located at 8402-8406 Clay St. and 8403-8407 Bryant St. in Westminster. An undisclosed buyer acquired the complex from an undisclosed seller for $3.3 million, or $253.26 per square foot. Situated on 2.2 acres, the asset features 13,030 square feet of medical office space. At the time of sale, the property was fully occupied by two medical tenants with long-term leases. Sam Leger and Tim Finholm of Unique Properties/TCN Worldwide represented both parties in the transaction.

August 21, 2019

Leasing Activity Office Texas Top Stories

Uber Signs 450,000 SF Lease Within The Epic in Dallas

by Alex Tostado August 21, 2019

DALLAS — Uber (NYSE: UBER) has signed a 450,000-square-foot lease within The Epic, a mixed-use development in Dallas. Uber will move to the second planned 23-story office building, which will total 470,000 square feet, when completed. Westdale Real Estate Investment and Management, the owner and developer of The Epic, plans to break ground in the fourth quarter of this year with delivery slated for the fourth quarter of 2022. In the meantime, Uber will occupy 168,000 square feet on the ninth to 15th floors of the existing Epic office tower beginning in July 2020. The company plans to move about 700 employees to Dallas in July, then more than 3,000 in 2022. Uber plans to begin tenant improvements and buildout in the new tower in the second quarter of 2022. This is the second massive lease signing recently for the transportation company. Earlier this week, Uber announced that it signed a 10-year, 463,000-square-foot lease in Chicago’s Old Post Office. The Epic is located on the eastside of downtown Dallas, adjacent to Deep Ellum. The new tower will complete The Epic, which currently comprises 251,000 square feet of office space, 55,000 square feet of retail and restaurant space, the 164-room Pittman …

August 21, 2019

Market Reports New York Northeast Northeast Market Reports Retail

Retail Rent Picture Varies Greatly Across New York City Submarkets

by Taylor Williams August 21, 2019

Retail leasing activity across New York City accelerated during the second quarter of 2019, but the market continues to see vast discrepancies in supply-demand balances across various submarkets. In certain parts of Manhattan, year-over-year asking rents declined by double-digit percentages, according to the Real Estate Board of New York (REBNY) Spring 2019 Report. Midtown East, for example, saw its average asking rent drop by 22 percent from $3,900 per square foot to $3,050 per square foot during this time period. The corridor between 42nd and 49th streets experienced similar activity, sliding 20 percent from an average asking rent of $1,000 per square foot to $800 per square foot. Historically high vacancy and low absorption rates are behind the negative rent growth. Due to the high cost of doing business in New York, landlords have also struggled to backfill spaces vacated by tenants that were victims of the e-commerce world. As a result, property owners are being forced to bring down their tenant improvement allowances and integrate more flexibility into their leases, primarily in the form of shorter lease terms to stimulate cash flows. Midtown East had approximately 100 vacant retail spaces totaling more than 500,000 square feet at the end …

August 21, 2019

Kenneth Salzman of Lee & Associates says Last-mile distribution centers are fetching rental rates of $35 to $50 a square foot in the New York metro area on a triple net-lease basis — generally double or more than typical warehouses.

Content Partner Features Industrial Lee & Associates

Last-Mile Access to Customers Drives Distribution Center Conversions

by Jaime Lackey August 20, 2019

E-commerce has been driving demand for industrial real estate for several years, but steadily increasing online sales coupled with growing consumer expectations for speedier delivery continues to put pressure on merchants to bridge the last mile to their customers. Considering that these projects are located in densely populated areas where land and available product are typically scarce, developers are increasingly converting obsolete warehouse and other properties into fulfillment centers. For space that matches their needs, tenants are less price-sensitive than they have been historically, says Kenneth Salzman, SIOR, executive managing director and principal for commercial real estate service provider Lee & Associates. But tenants are avoiding taking more space than they need just to have it available in the future, he adds. “It’s less a space race and more that businesses want to reach their customers more quickly,” explains Salzman, who is located in the company’s New York office. “And the demand is not just coming from Amazon and other online retailers — traditional companies want to be able to ship their products to their customers more quickly because they’re competing with online resources, as well.” Online retailers and shippers are typical tenants of the buildings — even the U.S. …

August 20, 2019

Loans Office Texas

JLL Arranges $128.3M Construction Loan for Dallas Office Tower

by Taylor Williams August 20, 2019

DALLAS — JLL has arranged a $128.3 million construction loan for The Link at Uptown, a 25-story office tower that will be located in the Uptown area of Dallas. Located at 2601 Olive St., the property will total 300,000 square feet. De’On Collins of JLL arranged the five-year, floating-rate loan through Broad Street Real Estate Credit Partners III, an investment fund managed by the Merchant Banking Division of Goldman Sachs. The borrower was Kaizen Development Partners. The target completion date is fall 2021.

August 20, 2019

Development Multifamily Texas

Oden Hughes Breaks Ground on 279-Unit Multifamily Project in East Austin

by Taylor Williams August 20, 2019

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox 7th, a 279-unit multifamily project that will be located within one of East Austin’s opportunity zones. Designed by Davies Collaborative, the project will include 28 affordable housing units. Floor plans will consist of one- and two-bedroom units ranging in size from 528 to 1,157 square feet. Amenities will include two pools, a skyline terrace and coworking office space. Rents are expected to start at $1,560 per month. The opening is slated for early 2021.

August 20, 2019

Leasing Activity Office Texas

Coworking Firm to Open Four DFW Locations Totaling 173,395 SF

by Taylor Williams August 20, 2019

DALLAS AND PLANO, TEXAS — Coworking firm Spaces will open four new coworking facilities totaling 173,395 square feet in the metroplex over the next few months. Spaces will occupy 48,171 square feet at Legacy Central, 47,046 square feet at the Shops at Legacy, 31,152 square feet in West Plano Village and 47,026 square feet at The Epic in Deep Ellum. Baron Aldrine, Steve Rigby, Mike Cleary, Mike Kay and Pete Danna of CBRE represented Spaces in the lease negotiations.

August 20, 2019

Industrial Leasing Activity Texas

American Specialty Health Signs 164,000 SF Office Lease in Fort Worth

by Taylor Williams August 20, 2019

FORT WORTH, TEXAS — American Specialty Health, a provider of musculoskeletal and fitness solutions, has signed a 164,000-square-foot office lease at Heritage Commons IV at AllianceTexas in Fort Worth. Steve Aldrich and Ian Kinne of Hillwood represented the landlord, Griffin Capital Essential Asset REIT, in the lease negotiations. Jenny Schreiner and Jon Altschuler of Altschuler & Co. represented the tenant. Mercedes-Benz Financial Services previously occupied the building before moving into a new space at AllianceTexas.

August 20, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 823-Unit Self-Storage Portfolio in Odessa

by Taylor Williams August 20, 2019

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of the Guardian Self-Storage portfolio, which comprises 823 units across three facilities. The facilities span 143,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private investor based in the Permian Basin that developed the portfolio in 2000. Karr also secured the buyer, a Texas-based private investment group.

August 20, 2019

Illinois Leasing Activity Midwest Office

Uber Signs 463,000 SF Office Lease at Chicago’s Old Post Office

by Kristin Harlow August 20, 2019

CHICAGO — Uber Technologies has signed a 10-year office lease for 463,000 square feet at Chicago’s Old Post Office. The ridesharing company will serve as the building’s anchor tenant and expects to take over the space beginning Jan. 5. The office will be Uber’s second-largest office behind its headquarters in San Francisco. The owner and developer of the property, 601W Cos., is underway on an $800 million redevelopment of the 2.8 million-square-foot former post office. Walgreens, Home Chef, Ferrara Candy Co. and AbelsonTaylor have previously signed leases at the project.

August 20, 2019

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