Property Type

SITE Centers Sells Whole Foods-Occupied Retail Building in Oakland for $44.4M

by Amy Works October 7, 2024

OAKLAND, CALIF. — SITE Centers Corp. has completed the sale of Whole Foods Market Bay Place, a retail asset in Oakland, to an undisclosed buyer for $44.4 million. Whole Foods Market occupies the Class A, 57,218-square-foot property, which was built in 2007, on a long-term basis. The freestanding building is situated on a 2.2-acre corner lot at 230 Bay Place. Eric Kathrein, Geoff Tranchina, Gleb Lvovich and Warren McClean of JLL Capital Markets Investment Sales and Advisory represented the seller and procured the buyer in the deal.

October 7, 2024

Arizona Development Industrial Self-Storage Western

DXD Capital Starts Construction of 706-Unit Self-Storage Facility in Scottsdale, Arizona

by Amy Works October 7, 2024

SCOTTSDALE, ARIZ. — DXD Capital has broken ground on a self-storage facility totaling 66,750 rentable square feet in Scottsdale. Located at 8888 E. Desert Cove Ave., the four-story property will offer 706 individual storage units and two basement levels. Extra Space Storage will manage the facility, which is slated to open in fourth-quarter 2025. The project team includes TLW Construction as general contractor and Southwest Capital Bank as construction lender. DXD Capital acquired the site in July 2024. To date, DXD has invested in 19 self-storage developments and one seven-facility portfolio acquisition across the United States.

October 7, 2024

California Development Multifamily Student Housing Western

Joint Venture to Break Ground on 262-Bed Student Housing Development Near UC Berkeley

by Amy Works October 7, 2024

BERKELEY, CALIF. — A joint venture between Canyon Partners Real Estate, The Martin Group and Valiance Capital is set to break ground on The Valiant, a 262-bed student housing development located near the University of California, Berkeley (UC Berkeley) campus. Construction on the project is expected to begin imminently with completion planned for fall 2026. The joint venture recently closed on a senior construction loan for the development that was provided by Kennedy Wilson. Further details on the financing were not disclosed. The eight-story community will feature 83 units and 1,461 square feet of retail space. Shared amenities will include a study lobby, fitness center, rooftop deck lounge, gathering spaces, private study lounges and secured bike stations.

October 7, 2024

Development Industrial New Hampshire Northeast Office

PROCON Breaks Ground on 57,000 SF Industrial Flex Project in Milford, New Hampshire

by Taylor Williams October 7, 2024

MILFORD, N.H. — Locally based design-build firm PROCON has broken ground on a 57,000-square-foot industrial flex project in Milford, located near the Massachusetts-New Hampshire border. The project is a build-to-suit for Hitchiner, a provider of casting-based components and assemblies for the aerospace and automotive industries, and will serve as a “shared services operations” center on the company’s existing campus. Completion is scheduled for fall 2025.

October 7, 2024

Development Multifamily New Jersey Northeast

Tinkelman Brothers Completes 28-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams October 7, 2024

POUGHKEEPSIE, N.Y. — Tinkelman Brothers Development Corp. has completed 44 Springside, a 28-unit multifamily project located north of New York City in Poughkeepsie. Designed by the firm’s in-house architecture team, 44 Springside offers one- and two-bedroom units that feature quartz countertops, laundry/storage rooms and smart lock/entry systems. Amenities include a community room, rooftop terrace and an indoor pool. Rents start at $2,500 per month for a one-bedroom apartment.

October 7, 2024

Connecticut Industrial Leasing Activity Northeast

Pikalo Foods Signs 20,280 SF Industrial Lease in New Haven, Connecticut

by Taylor Williams October 7, 2024

NEW HAVEN, CONN. — Pikalo Foods, a family-owned, wholesale provider of empanadas, has signed a 20,280-square-foot industrial lease in New Haven. According to LoopNet Inc., the building at 145 Hamilton St. was originally constructed in 1965. Mark Glassman of Arnold Peck’s Commercial World represented the tenant in the lease negotiations. Carl Russell and Chris Nolan of Pearce Real Estate represented the landlord, a New York-based entity doing business as 145 Hamilton LLC.

October 7, 2024

Acquisitions California Market Reports Office Western Western Market Reports

San Francisco Office Sales Expected to Reach $1B

by Jeff Shaw October 7, 2024

— By Colin Yasukochi, executive director, Tech Insights Center, CBRE — An increasing supply of distressed properties for sale has been met with enthusiasm by a growing number of opportunistic buyers in San Francisco. Prices up to 70 percent lower than the seller’s cost basis, combined with improving fundamentals, has given investors confidence to make property purchases ahead of substantial leasing market recovery. About $1 billion of office sales volume could be reached by year-end 2024. There are 27 properties totaling 3.6 million square feet that have sold (totaling $338 million), are under contract (totaling $193 million) or being marketed ($453 million). If this occurs, it would be the highest number of properties sold since 2019 and the highest square footage and dollar volume since 2021. The years 2022 and 2023 combined had a total sales volume of $945 million. Stabilization in the office leasing market has emerged with vacancy and rents little changed and much higher space demand. Second-quarter 2024 vacancy ticked up to 36.8 percent (+0.1 percent), while average asking rents ticked down to $68.43 (-$0.12) compared to the previous quarter. Demand indicators strengthened with leasing activity and tenants in the market rising in the second quarter of …

October 7, 2024

Arizona California Company News Development Georgia Massachusetts Student Housing Texas Top Stories

ACC Delivers Six Student Housing Developments in 2024 Totaling $855M

by Hayden Spiess October 7, 2024

AUSTIN, TEXAS — American Campus Communities (ACC) has delivered new student housing projects totaling $855 million this year. Together, the six communities — which include Meadows Apartments at Princeton University, Casa del Valle at Arizona State University, The Ridge Graduate & Professional Housing at Emory University, xučyun ruwway Graduate Student Apartments at University of California Berkeley, East Campus Graduate Apartments at The University of Texas at Austin and Graduate Junction at MIT — feature 3,867 beds. Austin, Texas-based ACC is the third-party developer and manager for Graduate Junction (676 beds), East Campus Graduate Apartments (784 beds), The Ridge Graduate & Professional Housing (535 beds) and Meadows Apartments (604 beds). Amenities at Meadows Apartments at Princeton University include a communal kitchen, children’s playroom and a market and café. In addition to a communal kitchen, The Ridge Graduate & Professional Housing at Emory University features a fitness center, study areas and a parking garage. At Graduate Junction at MIT, amenities include study areas, a recreation center and gym and indoor bike storage. ACC is the owner, developer and manager of Casa del Valle at Arizona State University, which offers 507 suite-style beds with social lounges, Zen areas and landscaped outdoor amenities. ACC …

October 7, 2024

Acquisitions Affordable Housing Multifamily Southeast Virginia

Berkadia Arranges Sale of Three Multifamily Properties in Virginia’s Hampton Roads Region

by John Nelson October 4, 2024

HAMPTON AND NEWPORT NEWS, VA. — Berkadia has arranged the sale of three multifamily properties located in Virginia’s Hampton Roads region — Abbington at Hampton Center and Abbington at Northampton in Hampton and Abbington Landing in Newport News. Together, the properties total 1,461 units. A majority of the units at the properties are designated for residents earning up to 80 percent of the area median income (AMI). Richmond-based Weinstein Properties sold the communities for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented Weinstein in the transaction. Richord Levine of Berkadia secured Freddie Mac acquisition financing on behalf of the buyer, Bethesda, Md.-based Acento Real Estate Partners.

October 4, 2024

District of Columbia Leasing Activity Office Southeast

ArentFox Schiff Signs 120,999 SF Office Lease in Downtown DC

by John Nelson October 4, 2024

WASHINGTON, D.C.— Law firm ArentFox Schiff has signed a 120,999-square foot lease at Midtown Center, an office building located in downtown Washington, D.C. The firm will relocate its D.C. headquarters to the 14-story property, occupying the entirety of three floors. Fannie Mae also recently signed a 340,000-square-foot lease at the building, which is owned by Carr Properties. The developer completed Midtown Center, which features two towers connected by three pedestrian buildings, in 2017. SHoP Architects designed the property.

October 4, 2024

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