Property Type

Austin, San Antonio Office Markets Move Closer While Retaining Distinct Drivers

by Taylor Williams October 25, 2019

The phenomenal growth taking place in Austin and San Antonio has shown little sign of slowing over the past several years. These two mid-size Texas cities are developing quickly and continue to undergo rapid change. Both are ranked in the top 10 fastest-growing metro areas in the country and both have unemployment levels at near-record lows. Tenant Profiles The industries driving the economy in these two central Texas cities are quite different. Each has strong tourism sectors, but that is where the similarities end. In Austin, the tech industry, government, life sciences and creative arts are keeping the market extremely active. Defense, healthcare, oil and gas and the burgeoning markets of cybersecurity and biotech are driving absorption in San Antonio. New tenants are coming to San Antonio to take advantage of lower costs and an abundant workforce — a positive trend that reflects strong fundamentals and viability. As for Austin, Fortune 500 companies continue to pour into the city not only to capitalize on the lower cost of doing business in Texas, but also to recruit and lure a highly educated workforce. Austin’s third-consecutive gold medal ranking as the “Best Place to Live” by U.S. News & World Report makes …

October 25, 2019

Development Florida Multifamily Seniors Housing Southeast

Roger B. Kennedy Construction Completes $20M Seniors Housing Development in Tallahassee

by Alex Tostado October 24, 2019

TALLAHASSEE, FLA. — Roger B. Kennedy Construction has completed construction of The Grove at Canopy in Tallahassee on behalf of developer Vestcor Senior Living. Although costs were not expressly disclosed, the contractor said its contract exceeded $20 million. The three-story, 140,000-square-foot community features 118 units of independent living, assisted living and memory care. The designer on the project was Group 4 Design.

October 24, 2019

Acquisitions Florida Retail Southeast

IPA Negotiates $17.5M Sale of Grocery-Anchored Center in Florida’s Space Coast

by Alex Tostado October 24, 2019

PALM BAY, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $17.5 million sale of Palm Bay West, a 262,62-square-foot retail center in Palm Bay. Winn-Dixie anchors the property, which was 90 percent leased at the time of sale to tenants including Roses Discount Stores, NCG Cinema, Ollie’s Bargain Outlet, Planet Fitness and Dollar Tree. The property is located at 160 Malabar Road, 10 miles southwest of downtown Palm Bay. Kirk Olson and Drew Kristol of IPA represented the seller, an undisclosed New York City-based investment group, in the transaction. The team also procured the buyer, Palm Bay West LLC.

October 24, 2019

Georgia Healthcare Leasing Activity Southeast

Emory Healthcare Signs 224,000 SF Lease at Northlake Mall Redevelopment in Metro Atlanta

by Alex Tostado October 24, 2019

TUCKER, GA. — Emory Healthcare has signed a 224,000-square-foot lease at ATR Corinth Partners’ redevelopment of the former Northlake Mall in Tucker. Emory Healthcare will occupy the former Sears building and an additional portion of the 1 million-square-foot mall with an option for more space in the future. Dallas-based ATR Corinth purchased Northlake Mall in January 2016 from former real estate trust company WP Glimcher, now Washington Prime Group. At full buildout, the property will offer office space, new retail and a mix of sit-down, fast-casual and quick-service restaurant concepts. Construction of the retail portion of the project is slated to begin in early 2020. JC Penney and Macy’s will remain as anchor tenants and will be open during construction. Deming Fish of Colliers International’s Atlanta office will handle office leasing efforts and Amy Kennedy of TCSG will market the retail portion. Wakefield Beasley & Associates Architects Inc. is providing design and architectural services for the renovation and redevelopment.

October 24, 2019

Acquisitions Office Southeast Virginia

Marcus & Millichap Arranges $9.2M Sale of Office Building in Northern Virginia

by Alex Tostado October 24, 2019

LEESBURG, VA. — Marcus & Millichap has arranged the $9.2 million sale of Leesburg Plaza Office Building, a 37,946-square-foot office building in Leesburg. WHR LLC sold the three-story building, which features Dog Money Restaurant & Brewery on the first floor. 10th Street Catoctin LLC acquired the property via a 1031 exchange. Leesburg Plaza Office Building is located at 50 Catoctin Circle NE, 40 miles northwest of downtown Washington, D.C.

October 24, 2019

Arizona Development Office Western

LPC, Harvard Investments Break Ground on 1.3 MSF Office Project in Arizona

by Amy Works October 24, 2019

MESA, ARIZ. — Lincoln Property Co. (LPC) and Harvard Investments has broken ground for the first office building at Union, a four-building, 1.3 million-square-foot office project at the junction of Mesa, Tempe and Scottsdale. Union’s first building will total 238,348 square feet spread across four stories, as well as an adjacent four-level parking garage. All the buildings planned at Union will feature a modern glass exterior, an active first floor, large office floorplates with high ceilings, outdoor balconies and 10-foot vision glass offering views of the surrounding city and mountains. Building One will connect to the larger Union master plans via a main pedestrian plaza and indoor-outdoor features such as shaded gathering areas and outdoor linked by the Rio Salado Pathway. Situated on 28.2 acres, the buildings will range from four to eight stories and from 232,000 square feet to 450,000 square feet. Completion of the first building is slated for October 2020. DAVIS is serving as project architect and Wespac is serving as general contractor. LPC will serve as the project’s leasing agent and property manager.

October 24, 2019

Arizona Development Multifamily Seniors Housing Western

Astoria Healthcare Enters Seniors Housing Sector with 110-Unit Community in Phoenix

by Amy Works October 24, 2019

PHOENIX — Astoria Healthcare Properties has started construction of its first seniors housing community, The Retreat of Alameda in Phoenix. The Kansas-based developer specializes in ambulatory surgery centers, surgical specialty hospitals and medical office buildings. “Adding senior living as a product type is a natural extension for us,” says John Foudray, the company’s CEO. “Our expertise is developing healthcare facilities with the goal of providing higher quality care at a lower cost. Not only is the demand for senior living increasing, but the ability to provide a product that provides quality care at an affordable price is in greater demand.” The new development will offer 72 assisted living units and 38 memory care units in a 93,000-square-foot building. triARC Design provided design work on the project. Paradigm Senior Living will operate the community upon completion, which is planned for March 2021.

October 24, 2019

Acquisitions Arizona Multifamily Western

CBRE Brokers $45.2M Sale of Avia 266 Apartments in Metro Phoenix

by Amy Works October 24, 2019

MESA, ARIZ. — CBRE has brokered the sale of Avia 266, a multifamily property located at 2354 W. University Drive in Mesa. Seattle-based Thayer Manca Residential sold the property to Beverly Hills, Calif.-based Geringer Capital for $45.2 million. Avia 266 features two swimming pools, a 24-hour fitness facility, resident clubhouse, an outdoor gaming space with a bocce ball court, parcel pending locker for resident packages and a dog park. The property features 266 one- and two-bedroom units with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

October 24, 2019

Development Loans Multifamily Utah Western

KeyBank Secures $23.5M for 177-Unit Arcadia Apartments Development in Utah

by Amy Works October 24, 2019

SANDY, UTAH — KeyBank Community Development Lending and Investment (CDLI) has arranged $23.5 million of construction and permanent financing for Arcadia Apartments II, a 177-unit affordable multifamily project in Sandy. The borrower is Salt Lake City-based Wasatch Residential Group, a real estate development, construction, finance and asset management company. Arcadia Apartments II will feature 52 one-bedroom units, 82 two-bedroom apartments and 43 three-bedroom units. The property will be limited to residents making 60 percent or less of the area median income. The asset is adjacent to Arcadia Apartments I and will share access to amenities including a pool, hot tub and fitness center. The project was awarded a 4 percent Low-Income Housing Tax Credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. Additionally, the property was awarded private activity bonds, which were purchased by KeyBank as a private placement. Sarah Geis of KeyBank’s CDLI team arranged the financing.

October 24, 2019

Nexus-Canyon-Park-Research-Center-Bothell-WA

Life Sciences Loans Office Washington Western

JLL Arranges $19.9M Refinancing for Suburban Seattle Biotech/R&D Facility

by Amy Works October 24, 2019

BOTHELL, WASH. — JLL has secured $19.9 million in refinancing for Nexus Canyon Park Research Center, a life science, flex and R&D property in Bothell, a suburb of Seattle. The borrower is San Diego-based Nexus Properties. Located at 21720 23rd Drive SE, the two-story Nexus Canyon Park Research Center features 152,050 square feet of space. Constructed in 1999, the facility recently underwent a partial conversion into flex industrial space. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta of JLL arranged the loan for a national lender on behalf of the borrower.

October 24, 2019

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