Property Type

Cushman & Wakefield, SD Realty Partners Broker $17.6M Sale of Office Building in Carlsbad, California

by Amy Works March 29, 2019

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.

March 29, 2019

Acquisitions Industrial Oregon Western

Dermody Properties Buys 108,698 SF Distribution Building in Oregon

by Amy Works March 29, 2019

WILSONVILLE, ORE. — Dermody Properties has acquired Kinsman Logistics Center, a distribution facility located at 27150 S.W. Kinsman Road in Wilsonville. Situated on 8 acres, the 108,698-square-foot property features a 30-foot interior clear heights, EFSR sprinklers, 18 dock-high loading doors, two grade-level doors, generous truck courts and ample parking for automobiles and trailers. At the time of sale, the property was fully leased to Aosom LLC, an online retailer of home décor and other consumers products, which will continue to occupy the facility. Andy Kangas of CBRE brought the opportunity to Dermody Properties. The name of the seller and acquisition price were not disclosed.

March 29, 2019

Development Hospitality Midwest Minnesota

Kraus-Anderson Completes Construction of Luxury Hilton Hotel in Rochester, Minnesota

by Kristin Harlow March 29, 2019

ROCHESTER, MINN. — Kraus-Anderson Construction has completed The Hilton Downtown Rochester. Avra Hospitality will manage the 264-room luxury hotel, which will welcome its first guests on April 16. The top floor features premier suites with concierge services. Amenities include a rooftop terrace, fitness center, pool, sauna, steam room and spa. Onsite dining options include Benedict’s and Pittsburgh Blue Steakhouse. Rochester-based Titan Development & Investments in partnership with Chicago-based Harbor Bay Real Estate Advisors developed the project. HGA Architects and Engineers designed the hotel. First National Bank of Omaha provided debt financing.

March 29, 2019

Loans Midwest Minnesota Office

JLL Arranges $52.5M Acquisition Loan for Business Park in Eagan, Minnesota

by Kristin Harlow March 29, 2019

EAGAN, MINN. — JLL Capital Markets has arranged a $52.5 million loan for the acquisition of Grand Oak Business Park in Eagan. The 10-building business park is located on 83.5 acres of land. The Class A property comprises eight office buildings and two retail buildings for a total of 550,224 square feet. The buildings were constructed between 1999 and 2007. The property is 92 percent occupied. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Patrick Heitmann of JLL arranged the loan on behalf of the borrower, Group RMC. Morgan Stanley provided the loan.

March 29, 2019

Development Michigan Midwest Multifamily

Lockwood Cos. Opens Third Phase of Apartment Units near Howell, Michigan

by Kristin Harlow March 29, 2019

GENOA TOWNSHIP, MICH. — Lockwood Cos., a builder, manager and investor of apartments in Michigan and Ohio, has opened the third phase of Lakeshore Village Apartments in Genoa Township, about five miles southeast of Howell, Mich. The $24 million investment adds 144 units to the 240-unit complex. Phases I and II were completed in 2000. Phase III features one-, two- and three-bedroom units with monthly rents ranging from approximately $850 to $1,000. The development was financed through the Michigan State Housing Development Authority, resulting in monthly savings for residents. In addition to the existing pool, clubhouse and playgrounds, Lockwood added a new fitness center and business center.

March 29, 2019

Indiana Industrial Leasing Activity Midwest

Denso Signs 311,483 SF Industrial Lease in Jeffersonville, Indiana

by Kristin Harlow March 29, 2019

JEFFERSONVILLE, IND. — Denso Products and Services Americas Inc. has signed a 311,483-square-foot industrial lease at River Ridge Commerce Center in Jeffersonville. The Opus Group developed the 426,450-square-foot building, which features a clear height of 32 feet and 44 dock positions. Denso is an automotive parts manufacturer. Kevin Groves of CBRE represented Opus in the lease transaction.

March 29, 2019

Leasing Activity Midwest Ohio Retail

J. Crew, Sephora Join Retail Lineup at Pinecrest in Cleveland

by Kristin Harlow March 29, 2019

CLEVELAND — J. Crew and Sephora are the latest retail tenants to join Pinecrest, a 750,000-square-foot mixed-use development in Cleveland’s Orange Village. The retailers are set to open later this year. J. Crew will occupy 5,700 square feet Sephora will occupy 5,500 square feet across from Pottery Barn. Previously announced tenants at Pinecrest include REI, West Elm, Shake Shack and Vineyard Vines.

March 29, 2019

Development Georgia Industrial Leasing Activity Southeast Top Stories

Red Rock Completes 1 MSF Distribution Center in Metro Atlanta, Signs Apparel Giant PVH as Tenant

by Kristin Harlow March 29, 2019

PALMETTO, GA. — PVH Corp., a global apparel company, has signed a 1 million-square-foot lease for a new distribution facility in Palmetto, about 27 miles southwest of downtown Atlanta. The newly delivered facility is located within Shugart Farms, which Red Rock Developments built in partnership with Wharton Industrial and Starwood Capital Group. Brad Pope of JLL negotiated the 20-year lease transaction. Built on a speculative basis, the developers are underway on $77.6 million in tenant improvements for PVH. Formerly known as Phillips-Van Heusen, PVH manages a portfolio of clothing brands, including Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow, Speedo, Warner’s, Olga, Geoffrey Beene and True&Co. By the end of the year, the new distribution center will create approximately 575 jobs once fully operational. PVH’s new facility is located along I-85, near to the CSX Fairburn Intermodal terminal and Hartsfield-Jackson Atlanta International Airport. The site is also about 250 miles from the Port of Savannah, a key factor in the selection of the facility, according to the developer. “When we began development on this spec building, we knew we had the key ingredients to meet the needs of a modern bulk tenant,” says John Barker Jr., president and chief development …

March 29, 2019

Market Reports Multifamily Texas Texas Market Reports

Addressing Increasing Demand in Austin’s Apartment Market

by Taylor Williams March 29, 2019

The Austin apartment market is currently experiencing significant growth. Increasing demand is driving more intensive development and developers are addressing tenants’ desire for a better experience. The result is the development of communities that capitalize on space to the fullest extent. Architects are providing extremely detailed designs of common area “living experiences” before properties are constructed. Examples of such designs include the final positioning of equipment in fitness centers, pool/cabana layouts, rooftop lounges and Zen gardens that are thoughtfully and efficiently planned to maximize the effect while being cost-conscious. The importance of garage layouts and identifying necessary parking needed has increased as we become more dependent on ride-sharing services like Uber and Lyft, as well as Lime and Bird scooters to move around the city. Job, Population Growth The key to the success of new developments and long-term investments is the ongoing population and job growth, future projections of which remain extremely positive. Austin enjoys a prime age (25 to 34) rental percentage that reportedly exceeds 30 percent, approximately 44 percent higher than the national average of 20.9 percent. Additionally, we must take into consideration locals opting to move from single-family homes to rental communities in favor of more services …

March 29, 2019

Company News Massachusetts Northeast Retail

Wayfair to Open First Full-Service Store in Suburban Boston

by David Cohen March 28, 2019

NATICK, MASS. — Online home goods retailer Wayfair Inc. has announced plans to open its first full-service store at the Natick Mall in Natick. At the Wayfair store, service and home-design experts will be available to consult shoppers on home décor, furniture and other products. Customers can purchase an assortment of home décor products, as well as place orders for home deliveries. The location, which is slated to open in the fall, will be 3,700 square feet. The Boston-based company generates roughly $7 billion in annual revenue from online purchases.

March 28, 2019

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