Property Type

Retail Vacancy Holds Steady Through First Quarter Despite More Store Closures

by Taylor Williams April 4, 2019

NEW YORK CITY — The national retail vacancy rate stood at 10.2 percent at the end of the first quarter of 2019, unchanged from the previous period and up 20 basis from the first quarter of 2018, according to New York-based commercial real estate analytics firm Reis. The report was based on analysis of the company’s internal information on retail properties in 77 American metros. The average asking rent for U.S. retail space closed the quarter at $21.30 per square foot, up 1.6 percent from a year ago, per the report. Net absorption for the opening quarter was 949,000 square feet, which represents a small decline from that period in 2018. However, the report notes that a slower pace of new construction has helped offset occupancy dips brought on by brick-and-mortar store closures. Less than a million square feet of new product was delivered during the first quarter of 2019. In the first quarter of 2018, the volume of new deliveries was more than double that figure, and in the fourth quarter of 2018, supply additions nearly tripled that number. Reis projects that new construction will ramp up as the year unfolds, with the total U.S. retail inventory projected to …

April 4, 2019

The Columbus Way: Collaboration Is Key to Delivering Affordable Housing

by Kristin Harlow April 4, 2019

Columbus, Ohio’s exploding population growth and strong economy are reflected in a red-hot housing market. Each weekend, open house signs dominate intersection corners. It is hard to miss big splashy billboards announcing new market-rate apartment complexes along our major I-70 and I-71 corridors. Last spring, Realtor.com named Columbus as the fourth-hottest housing market in the country. The bad news is our housing supply is not keeping up with demand. In fact, the Building Industry Association of Central Ohio notes that by 2050, when we’ll have a predicted 500,000 new jobs and 1 million new residents, a general housing shortfall of 43 percent will occur if we continue on our current building rate of 8,000 new units per year. We need 14,000 units for all incomes per year to keep up. Affordable housing gap An affordable housing crisis runs even deeper. Columbus’ booming housing market widens the gap for residents seeking affordable, safe and decent homes. Low- and moderate-income working families desperately need greater access to affordable housing near our city’s job centers. Service jobs abound in and around the city core, but most of our urban neighborhoods are quickly gentrifying, and rents have spiked due to their appeal to higher …

April 4, 2019

Georgia Loans Office Southeast

Barings, Bank OZK Provide $100M Construction Loan for Star Metals in Atlanta’s West Midtown

by Alex Tostado April 3, 2019

ATLANTA — Barings Real Estate and Bank OZK has provided a $100 million construction loan to The Allen Morris Co. for Star Metals Offices, the office component of Star Metals, a $330 million mixed-use development in West Midtown Atlanta. Situated along Howell Mill Road, Star Metals Offices will span 267,000 square feet and is expected to deliver in fall 2020. Amenities will include 35,000 square feet of ground-level retail space, a 5,000-square-foot rooftop restaurant, five levels of parking, fitness center and locker rooms. Star Metals Offices is 25 percent preleased to Spaces, a coworking company backed by Regus. Oppenheim Architecture and Warner Summers Architecture designed the asset. MBR LLC, an affiliate of The Allen Morris Co. and ICM Asset Management Inc. provided equity in the project.

April 3, 2019

Development Industrial Maryland Southeast

Smithfield Foods to Open $74M Distribution Center in Maryland

by Alex Tostado April 3, 2019

NORTH EAST, MD. — Smithfield Foods Inc., a pork producer and meat packing company, will open a 420,000-square-foot distribution facility within Principio Business Park in North East. The Baltimore Sun reports the center will cost $74 million to build. According to a press release from Gov. Larry Hogan’s office, the new facility will create 240 jobs in Cecil County. Stewart Properties’ Principio Business Park is home to tenants including Amazon, Lidl and Medline. According to Baltimore Business Journal, the State of Maryland will give Smithfield $800,000 in loans through the Advantage Maryland program and, pending review, Cecil County will pitch in $80,000. A timeline for construction was not disclosed.

April 3, 2019

Development Florida Multifamily Southeast

Joint Venture Delivers 294-Unit Apartment Community in Miami

by Alex Tostado April 3, 2019

MIAMI — A joint venture between Adler Group, 13th Floor Investments and Barings LLC has delivered Motion at Dadeland, a 25-story, 294-unit apartment community in Miami’s Dadeland submarket. The joint venture also teamed with Miami-Dade County Department of Transportation and Public Works to deliver the asset. Motion at Dadeland offers studio, one-, two- and three-bedroom floor plans and just under 8,000 square feet of retail space. Located at 8400 S. Dixie Highway, the building is adjacent to Dadeland North Metrorail Station and the Dadeland Station retail center. Amenities at Motion Dadeland include a fitness center, swimming pool with poolside cabanas, media room and coworking space. The design team included general contractor Civic Construction and designer Corwil Architects. TD Bank and Santander Bank provided construction financing.

April 3, 2019

Development Retail Southeast Virginia

Federal Realty to Redevelop 90,000 SF Shopping Center in Northern Virginia

by Alex Tostado April 3, 2019

SPRINGFIELD, VA. — Federal Realty Investment Trust has unveiled plans to redevelop Old Keene Mill, a 90,000-square-foot shopping center in Springfield. Whole Foods Market, Planet Fitness and Walgreens anchor the center, which is situated at the corner of Old Keene Mill and Rolling roads, about 16 miles southwest of downtown Washington, D.C. Redevelopment plans include introducing an outdoor fireplace, communal village design, new landscapes, wide sidewalks and new façade and signage. Completion is expected before Thanksgiving.

April 3, 2019

Development Retail South Carolina Southeast

Publix to Open GreenWise Market in Metro Columbia

by Alex Tostado April 3, 2019

LEXINGTON, S.C. — Publix Super Markets Inc. will open a GreenWise Market store at Lexington Marketplace in Lexington, about 10 miles west of downtown Columbia. GreenWise will offer a large variety of organic, specialty and traditional items. GreenWise joins Ulta Beauty, Mod Pizza, Smoothie King and Fit Body Boot Camp at the 135,000-square-foot, 80 percent-leased retail center. Darrell Palasciano and Matt Henry of The Shopping Center Group represented the landlord and developer, Columbia Development, in the lease transaction.

April 3, 2019

Acquisitions Industrial New Jersey Northeast

Terreno Realty Acquires Industrial Facility in New Jersey for $14.1M

by David Cohen April 3, 2019

KEARNY, N.J. — Terreno Realty Corp has acquired a 28,000-square-foot industrial facility in Kearny for $14.1 million. Located at48 3rd St., the 4.6-acre transshipment building is fully leased to three tenants. The property is adjacent to Exit 15E of the New Jersey Turnpike. The seller was not disclosed. Terreno acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

April 3, 2019

Acquisitions Industrial New Jersey Northeast

HFF Brokers $7.7M Sale of Industrial Property in Carlstadt, New Jersey

by David Cohen April 3, 2019

CARLSTADT, N.J. — HFF has brokered the $7.7 million sale of a 71,745-square-foot industrial building in Carlstadt. Located at 463 Barell Ave., the 3.5-acre property features two loading doors, six drive-in doors and clear heights of up to 21 feet. Jose Cruz, Jordan Avanzato, Marc Duval, J.B. Bruno, Kevin O’Hearn, Steve Simonelli and Michael Oliver of HFF represented the undisclosed seller in the transaction. The buyer was Penwood Real Estate.

April 3, 2019

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $4.1M Sale of Apartment Building in Jersey City

by David Cohen April 3, 2019

JERSEY CITY, N.J. — Marcus & Millichap has negotiated the $4.1 million sale of a 22-unit apartment building in Jersey City. Located at 86-88 Charles St., the property is less than onemile from the 9th Street light rail station. Fahri Ozturk and RichardGattoof Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

April 3, 2019

Newer Posts

Older Posts