SAN ANTONIO — Hartman Income REIT has signed a 46,041-square-foot office lease renewal with General Services Administration working on behalf of the Veterans Administration (VA) at 7411 John Smith Drive in San Antonio. According to LoopNet Inc., the property was built in 1983. Kacie Skeen internally represented Hartman, the landlord, in the lease negotiations.
LAKEWOOD, COLO. — Bridge Investment Group, in partnership with Denver-based DPC Cos., has acquired Denver West Business Park, a 20-building flexible office campus located near downtown Denver, for an undisclosed price. Situated in Lakewood, the 82-acre asset features 14 buildings on the south side of Interstate 70 and six buildings on north side of the interstate. Originally built between 1974 and 1981, Denver West has undergone more than $25 million in capital improvements since 2014 and was 78 percent occupied at the time of sale. Recent renovations include roof replacement for all 20 buildings, base building repairs and $8.1 million in accretive cosmetic investment. Bridge and DPC plans to invest $14 million over the next three to four years in additional capital improvements. Planned renovations include modernizing the lobbies, elevators, restrooms, entrances, corridors, landscaping and existing amenities. New amenities will include paddle boarding, lakeside gazebos and other activities that resonate with the live-work-play workforce. DPC Cos. will oversee all leasing, property management and redevelopment work.
TIGARD, ORE. — Capstone Properties has completed the disposition of Attwell Off Main, a multifamily property located in Tigard. Denver-based Grand Peaks Properties purchased the asset for $45 million. Located at 12850 SW Ash Ave., the property features 165 units in a mix of studio, one-, two- and three-bedroom layouts, including six two-story townhomes. Built in 2017, the community features trails for pedestrians and bicyclists, a fitness center, a pet grooming station, bike storage and repair center and a 1.02 parking ratio. Joe Nydahl, Phil Oester and Josh McDonald of CBRE’s Portland office represented the seller in the transaction.
SAN JUAN CAPISTRANO, CALIF. — Continuing Life has unveiled plans for Reata Glen, a 480-unit continuing care retirement community in San Juan Capistrano. Reata Glen is located on 60 acres in South Orange County, where 13 percent of the population are seniors. That number is expected to double by 2040, according to Continuing Life. Partners on the project include California-based W.E. O’Neil Construction and KTGY Group Architects. Construction is already underway, with a planned delivery in spring 2019.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vue Hollywood, an apartment building located at 1425 N. Alta Vista Blvd. in Los Angeles’ Hollywood neighborhood. Phoenix Group purchased the property from a private multifamily investment firm for $45 million, or $489,326 per unit. Built in 1987, the property features 92 non-rent-controlled apartments. The building features mostly two-bedroom units with an average size of 966 square feet. Since 2015, the asset has undergone significant exterior, common area and apartment interior improvements. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller and procured the buyer in the deal.
HERRIMAN, UTAH — Buchanan Street Partners, a real estate investment management firm based in Newport Beach, Calif., has completed construction of Incline at Anthem. The active adult community, restricted to residents over age 55, brings 298 apartment units to the Salt Lake City suburb of Herriman. Buchanan Street Partners purchased the partially completed Incline project in 2017 with a vision to reposition the original development plan, adding high-end finishes and upscale amenities to deliver a Class A community. Incline at Anthem is surrounded by a mountain backdrop and is adjacent to the southern boundary of Daybreak, Utah’s largest master-planned community. “Utah’s population has increased by 9 percent in the past five years, the highest rate in the country, putting added pressure on an already constrained housing market,” says Kevin Hampton, executive vice president of Buchanan Street Partners. “Regional growth and the increasing demand for a quality living experience by what we think are very youthful seniors bode well for the success of this project.”
MINNEAPOLIS — A joint venture between a subsidiary of Los Angeles-based Tutor Perini Corp. (NYSE: TPC) and Minnesota-based C.S. McCrossan has been awarded a $799.5 million construction contract from the Metropolitan Council for the Southwest Light Rail Transit project in Minneapolis. According to local media sources, the project carries a total price tag of about $2 billion, about half of which stems from federal funding. In addition, the project could create as many as 7,500 construction jobs. As the largest public infrastructure deal in Minnesota’s history, the regional project will deliver a 14.5-mile extension of the METRO Green Line. In addition to new light rail infrastructure, the project will deliver 44 bridges, two cut-and-cover tunnels and 16 new light rail stations. The new line will connect the southwestern suburb of Eden Prairie to downtown Minneapolis. New rail stations will also service the suburbs of Edina, Hopkins and Minnetonka. “This news is long-awaited and hard-earned,” Minnesota Gov. Mark Dayton said last week. “The Southwest Light Rail Transit project is a critical economic development project. When complete, it will improve many thousands of lives from Eden Prairie to North Minneapolis. It will create new jobs, reduce highway congestion, and better connect Minnesotans to one …
For the remainder of 2018, positive demand drivers will alter new apartment supply’s impact on operations in Louisville. The metro has had a large volume of new apartments to open this business cycle. Since 2013, an annual average of 1,500 units has been completed, totaling approximately 7,400 apartment units. As this new supply entered the market, initially strong leasing helped push vacancy down 100 basis points to 4.6 percent at the end of 2016. However, absorption of apartments softened last year as new units continued to open, lifting vacancy back up 90 basis points to 5.6 percent. This year, approximately 2,800 apartment units will be completed, further testing demand for luxury rentals in Louisville. A team of factors should fuel positive absorption, preventing an alarming uptick and keeping the vacancy rate in the mid-5 percent range. Payroll expansions by tech firms, manufacturing companies and hospitals will support consistent year-over-year hiring and income growth this year. Sub-4 percent unemployment suggests employers will recruit from outside the market to fill open positions or hire recent graduates from the University of Louisville and other local colleges. These job gains should increase the rate of household formations and bolster the market’s millennial base, an …
ATLANTA — LMC, a division of Miami-based Lennar Co., has topped out its Midtown Atlanta luxury apartment building, Vireo. The high-rise will feature 310 apartment homes, offering studio, one-and two-bedroom floor plans. Amenities will include a swimming pool, cabanas, clubroom and an outdoor lounge area. Vireo is located less than one mile from Piedmont Park. Hoar Construction completed the concrete structural frame exterior windows, façade, roofing and site work. LMC expects Vireo to be move-in ready in the spring.
GREER, S.C. — NAI Earle Furman has represented The Taft Family Office and Appian-Gilliam LLC in purchasing a 23.5-acre industrial park in Greer. The site has a newly constructed speculative building that spans about 100,000 square feet. The industrial park was 60 percent leased at the time of the sale. NAI Earle Furman will also handle the management and marketing of the rebranding of the park, now called The Inland Distribution Center. The center is located a few miles off Interstate 85 and neighbors the South Carolina Ports Authority’s Inland Port Greer. The seller and sales price were undisclosed.
