TORONTO — Dallas led the nation in construction and absorption of industrial space between the beginning of the second quarter of 2018 and the end of the first quarter of 2019, according to a new report from Toronto-based Avison Young. While Dallas technically finished behind Los Angeles as the No. 2 city in completions of industrial projects over the last 12 months, the city took the gold medal for total space under construction at 30.9 million square feet. In addition, Dallas claimed the top spot for industrial absorption during this period, with positive net absorption of 23.4 million square feet. As such, the report pegged the city’s industrial vacancy rate at a healthy 6.8 percent. The report also cited the growth of e-commerce and demand for last-mile logistics services as the principal drivers of industrial growth, and noted that a total of 272 million square feet of new space was completed across 46 markets during the past 12 months. Philadelphia, the Inland Empire (California), Atlanta and Chicago rounded out the Top 5 with regard to space under construction.
ATLANTA — Banyan Street Capital has unveiled The Hub and The Plaza within the historic Peachtree Center in downtown Atlanta. Banyan Street tapped architectural firm The Beck Group on the design for both portions of the 2.5 million-square-foot mixed-use development. The Hub, formerly known as the Mall at Peachtree Center, is home to more than 50 shops and restaurants. In the past 18 months, Banyan Street has inked leases with Salata, Beni’s Cubano, Taste of India and BEP! Vietnamese, as well as Time to Escape, a locally owned and operated escape room concept that includes live actors. Amy Fingerhut of CBRE’s Atlanta office is leading The Hub’s retail leasing assignment. The Plaza is the development’s overhauled central courtyard that fronts Peachtree Street and is situated between Peachtree Center’s various towers. Beck Group’s design for the public space includes a central area for live events; custom planters and benches; a reflective pool that can be drained for events; a suspended, illuminated canopy; revamped entrances to the adjacent office towers and existing atrium; and a glass-encased staircase leading to The Hub that features a sloped water fountain on the backside. At a private event held Wednesday, Miami-based Banyan Street officially opened The …
DALLAS — Bridgeview Real Estate, a privately held developer and owner-operator will implement a multimillion-dollar renovation plan at LBJ Tower, a 10-story, 204,461-square-foot office tower in Dallas. Bridgeview, with help from Stream Realty Partners, will redesign the building’s lobby to feature modern finishes and lounge space, as well as add a 75-person meeting space and a fitness center. The renovation project, which is meant to elevate the building’s appeal to relocating corporate firms, is expected to be complete by the fourth quarter.
LUBBOCK, TEXAS — JLL has arranged a $10.5 million loan for the refinancing of Rockridge Plaza, an 86,500-square-foot retail center located in the West Texas city of Lubbock. The property was 95 percent leased at the time of sale to a mix of national retailers and local businesses. Jimmy Board and Wes Wallace of JLL arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, Graco Real Estate Development.
DALLAS — RLI, the investment division of NAI Robert Lynn, has purchased a 22,654-square-foot medical office building located at 9500 N. Central Expressway in Dallas. The building currently houses DaVita Central Dallas Dialysis, and RLI has a new long-term agreement with a national surgical company to anchor the building. RLI expects the new space to be operational in the first quarter of 2020. Nick Lee and Justin Utah of NAI Robert Lynn sourced the off-market building purchase and handled lease negotiations with the new tenant.
TEXAS — Capital Funding LLC has provided a total of $18.5 million in bridge-to-HUD financing for the acquisition of four skilled nursing facilities in Texas. The portfolio totals 491 beds. The borrower, seller(s) and names of the facilities were not disclosed. A third-part operator will manage the properties. Patrick McGovern of Capital Funding originated the deal.
NEW YORK CITY — Hilton Grand Vacations (NYSE: HGV) will acquire The Central at 5th, a 34-story hotel under construction in Manhattan. The site is located on E. 48th St. in between Fifth Avenue and Madison Avenue and offers proximity to several tourist destinations, including Rockefeller Center, Radio City Music Hall and the Theater District. Developed by local firm Hidrock Properties exclusively for HGV, the property will consist of 161 studio and one-bedroom units that Hilton plans to acquire in phases. Anticipated resort amenities will include a fitness center, outdoor terrace and private owners’ lounge. The opening is expected to occur in spring 2020.
JERSEY CITY, N.J. — Locally based developer BNE Real Estate Group, in partnership with Hoboken Brownstone Co. and McKinney Properties, has begun leasing The Enclave, a 260-unit multifamily community in Jersey City, located across the Hudson River from Manhattan. Apartments include studio, one- and two-bedroom units with 9-foot ceilings, quartz countertops, stainless steel appliances, washers and dryers and private balconies in select units. The Enclave offers more than 40,000 square feet of resort-style amenity space, including a pool, private grilling areas and an outdoor bar. The property also features a fitness center, dog run, multiple entertainment lounges, a game room, coworking office space, a conference room and a children’s play area. Residents can also enjoy complimentary shuttle service to nearby public transit lines, as well as access to Amazon package lockers and 24-hour concierge services. Monthly rents start at $2,150 and some units are available for immediate occupancy.
HONOLULU — San Diego-based Parallel Capital Partners has taken over asset management of a $300 million portfolio of office and retail properties in downtown Honolulu. As part of the deal, Parallel will oversee day-to-day management and leasing for the 1 million-square-foot portfolio. The assets include two office buildings — the 550,000-square-foot Waterfront Plaza and 375,000-square-foot Davies Pacific Center — and two retail assets known as Waikiki Marketplace and King Kalakaua. The principals of Parallel, along with Jay Shidler, are the existing owners of Davies Pacific Center and Waterfront Plaza, which the partnership originally acquired in 2003 and 2004 respectively. Additionally, the firm tapped Steven Sullivan, a former vice president of operations at The Shidler Group, as regional vice president for the Hawaii market. Serena Longo and Jack Roney of CBRE’s Honolulu office will oversee leasing at the properties.
BARRINGTON, N.J. — Boston-based commercial lender Tremont Mortgage Trust has provided a $37.6 million first mortgage bridge loan for the acquisition of Barrington Business Center, a 931,682-square-foot industrial facility located in Barrington, just south of Philadelphia. The multi-tenant property offers convenient access to I-295 and the New Jersey Turnpike, 30- to 34-foot clear heights and was approximately 94 percent occupied at the time of the loan closing. The floating-rate financing includes $34.9 million in initial funding and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a 79 percent loan-to-value ratio and a three-year term with a one-year borrower extension option. The borrower was not disclosed.