Property Type

Caddis, Invesco Acquire 41,205 SF Medical Office Building in Indianapolis

by Kristin Harlow July 26, 2019

INDIANAPOLIS — A joint venture between Caddis and a client of Invesco Real Estate has acquired the 41,205-square-foot Hand to Shoulder Center in Indianapolis. The single-tenant medical office building and ambulatory surgery center is located at 8501 Harcourt Road. The property serves as the headquarters for 10 additional Hand to Shoulder locations throughout metro Indianapolis. The center opened in 1971 and now serves more than 50,000 patients annually. BMO Harris Bank’s Healthcare Real Estate Finance group provided financing for the acquisition.

July 26, 2019

Acquisitions Industrial Midwest Ohio Self-Storage

SkyView Advisors Brokers Sale of 280-Unit Self-Storage Facility in Monroe, Ohio

by Kristin Harlow July 26, 2019

MONROE, OHIO — SkyView Advisors has brokered the sale of Monroe Stor & Lock Self Storage in Monroe, about 30 miles north of Cincinnati. The sales price was not disclosed. The 50,050-square-foot self-storage facility consists of 280 non-climate-controlled units and 165 exterior storage spaces. The property is located at 889 Lebanon St. Zack Urow and Ryan Clark of SkyView represented the seller. Merit Hill Capital purchased the asset.

July 26, 2019

Leasing Activity Michigan Midwest Retail

Club Pilates to Open in Shelby Township, Michigan

by Kristin Harlow July 26, 2019

SHELBY TOWNSHIP, MICH. — Club Pilates has signed a lease to open its ninth location in Michigan. The boutique fitness tenant will occupy 2,091 square feet in Roseland Plaza at the southeast corner of 21 Mile and Hayes roads in Shelby Township. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, ODK Investments, in the lease transaction.

July 26, 2019

Market Reports Office Texas Texas Market Reports

As Users Flock to Quality Space, Houston Office Owners Focus on “Ecosystems”

by Taylor Williams July 26, 2019

If industry professionals, particularly developers and landlords, don’t make educated attempts to understand the mindsets of their tenants, they have little hope of advancing the dialogue and ultimately furthering their understanding of tenant decision-making. Take the Houston office market, for example, and its inventory of approximately 330 million square feet, according to CoStar Group. This market has experienced rising vacancy and declining rents throughout the four-year oil slump, but continues to see strong tenant demand in the Class A space. To this end, CoStar reports that there are still nearly 3 million square feet of new office projects under construction throughout metro Houston, the vast majority of which is Class A product. The high proportion of Class A deliveries is partially attributable to rising land and construction costs that mandate heftier rent projections. But still, there’s no question that Houston’s growth in certain employment sectors — healthcare, technology, financial services — ensures that many of the jobs being created in the city need to be paired with high-quality office space. Understanding and explaining the actions of the thousands of companies that commit to millions of square feet of office space is a case-by-case endeavor. But as markets of this size …

July 26, 2019

California Development Mixed-Use Multifamily Office Retail Top Stories Western

San Francisco Planning Commission OKs Pinterest-Anchored Mixed-Use Project

by John Nelson July 26, 2019

SAN FRANCISCO — For the second time in a week, the San Francisco Planning Commission has approved a significant mixed-use development in the city’s SoMa (South of Market) district. Following its approval of the Flower Mart redevelopment project, the commission has approved a 1.1 million-square-foot mixed-use development located at 88 Bluxome St. The project, led by developers Alexandria Real Estate Equities Inc. (NYSE: ARE) and TMG Partners, is nearly 60 percent preleased. The co-developers describe 88 Bluxome as a “high-tech office and laboratory project.” Social media giant Pinterest has signed on to anchor the development with a 490,000-square-foot office lease. The Bay Club, a fitness and social club offering events and a wide range of sports classes, will also anchor the project. The 88 Bluxome campus will feature a technology and life science facility with ground-floor retail space and outdoor deck space on multiple levels of the building. The project also includes an expansion of the neighborhood’s existing Gene Friend Recreation Center, adding two swimming pools and a public activity space. Other features of 88 Bluxome will be a childcare center, a pedestrian “art walk” with commissioned pieces from internationally renowned and local artists, light industrial space available for use …

July 26, 2019

Market Reports Office Oregon Western Western Market Reports

Office Expansion Continues in Portland for 10th Consecutive Year

by Taylor Williams July 26, 2019

Consistent investment trends, a steady demand for tenants, stable in-migration and several new additions to the skyline have provided Portland with a strong first half of 2019. With more than 100,000 square feet of positive net absorption this year, the Portland office market shook off any lingering negative sentiment from 2018 and started the year strong. Portland has built a reputation as a second outpost to cities like Seattle and the Bay Area. Companies tend to initially set up small offices before quickly realizing Portland is a viable alternative to other larger hubs. In-migration remains strong but the major growth the market has experienced recently has been from homegrown companies ramping up or expanding their operations. We’re continuing to see office rents grow at almost 12 percent year over year. Portland office rents average $32.12 per square foot, making them nearly 60 percent cheaper than San Francisco and 25 percent cheaper than Seattle. The city is also well situated to attract companies that are being priced out of primary markets but still need to be geographically close. When you layer on our cost of living and high quality of life, Portland becomes even more attractive, which also contributes to its …

July 26, 2019

Features Leasing Activity Office

Coworking Poised to Overtake Tech as Top Office Leasing Sector in 2019, Says JLL

by John Nelson July 26, 2019

CHICAGO — The U.S. office market registered 34.8 million square feet of leasing activity larger than 20,000 square feet during the second quarter, according to JLL’s latest Office Outlook report. This continues the established absorption trend of 30 to 35 million square feet per quarter. Among office-using sectors, tech and coworking remain dominant, having both exceeded the 10 million-square-foot mark halfway through the year and representing 31.1 percent of all activity year-to-date. The year-to-date gap between tech and coworking narrowed even further in the second quarter as WeWork, Spaces and other coworking operators continued to rapidly expand. At the current rate of growth, coworking is likely to be 2019’s largest driver of office leasing. Consolidation and mergers-and-acquisitions, combined with a severe lack of skilled employees, have tempered expansion potential for tech companies, according to JLL. About 58 percent of transaction volumes in the tech sector represented growth or expansion. In comparison, expansion as a share of tech leasing activity routinely reached 75 to 80 percent in 2016, 2017 and early 2018. Densification and office space efficiency are still weighing on legal, consulting and other professional services firms, although active preleasing and relocation is boosting total activity from these users. JLL’s …

July 26, 2019

Development Florida Retail Southeast

Blackwater, Hutton Complete 161,000 SF Shopping Center Near Tampa

by Alex Tostado July 25, 2019

TRINITY, FLA. — A partnership between two developers, Alabama-based Blackwater Real Estate and Tennessee-based Hutton, has completed The Village at Mitchell Ranch, a 161,000-square-foot shopping center near Tampa. A 30,0000-square-foot Sprouts Farmers Market anchors the property, which is located at the intersection of State Route 54 and Little Road in Trinity. Other anchors include HomeGoods, Michaels, Five Below, Skechers and Ulta Beauty. Restaurant users include Burger King, Chipotle Mexican Grill and Panda Express, with more to be announced in the coming months.

July 25, 2019

Acquisitions Multifamily North Carolina Seniors Housing Southeast

Healthcare Transactions Group Brokers Sale of Three Skilled Nursing Facilities in North Carolina

by Alex Tostado July 25, 2019

HENDERSON, DURHAM AND ELIZABETH CITY, N.C. — Healthcare Transactions Group has negotiated the sale of three skilled nursing facilities totaling 297 licensed beds in North Carolina. The properties include Concordia Transitional Care & Rehabilitation in Henderson, Concordia Transitional Care & Rehabilitation-Rose Manor in Durham and Concordia Transitional Care & Rehabilitation in Elizabeth City. An owner-operator based in New Jersey acquired the assets for an undisclosed price. Mark Davis of Healthcare Transactions Group represented the undisclosed seller in the transaction.

July 25, 2019

Acquisitions Maryland Multifamily Southeast

JLL Arranges Sale of 333-Unit Apartment Complex in Suburban Maryland

by Alex Tostado July 25, 2019

ROCKVILLE, MD. — JLL has arranged the sale of The Daley at Shady Grove, a 333-unit, transient-oriented apartment complex in Rockville. The community includes 15,000 square feet of ground-level retail space. The Daley is situated at 8010 Gramercy Blvd. within Westside at Shady Grove, a master-planned community that is situated within walking distance from the Shady Grove Metro Station. Communal amenities at The Daley include a swimming pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; and a pet spa. The seller is a joint venture between EYA LLC and The Bozzuto Group, which delivered the property in 2017. Walter Coker, Brian Crivella, Stephen Conley and Susan Carras of JLL represented the seller in the transaction. Denver-based Black Creek Group purchased the asset through one of its investment platforms. The sales price was not disclosed.

July 25, 2019

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