Property Type

Three New Tenants to Join Shops Around Lenox in Atlanta’s Buckhead District

by Camren Skelton February 16, 2018

ATLANTA — Three new tenants will join Shops Around Lenox, an open-air shopping center in Atlanta’s Buckhead district, in the coming months. New York-based fitness company SoulCycle will open its first Atlanta location at the center in late April, and healthy food concept Flower Child will open its first location in the city in mid-summer. West Elm will also open a new location at the center this summer. The new tenants join recent additions to Shops Around Lenox including Draper James, which opened in November 2017; Blo Blow Dry Bar, which opened in 2016; and Kendra Scott, which opened in 2014. Additional tenants at the center include South Moon Under, Crate & Barrel, Paper Source, lululemon athletica, Suit Supply, fab’rik and Seven Lamps. Retail consultant Tisha Maley and JLL were retained to update and manage the new tenant lineup. Originally constructed in 1979, Shops Around Lenox was updated in 2009 with refreshed facades, new community gathering spaces and new artwork. The center is located within walking distance to more than 10 million square feet of office space, seven hotels and Lenox Square, an enclosed regional mall owned and operated by Simon.

February 16, 2018

Florida Industrial Southeast

Bridge Development, Partners Break Ground on 221,542 SF Industrial Building in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Bridge Development Partners, in a joint venture with Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners, has broken ground on Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. The building is under construction at the intersection of Interstate 95 and Broward Boulevard. The joint venture acquired the 12-acre site in July for $10.4 million and secured $16.6 million in financing to develop the project. The speculative industrial building will feature 32-foot clear heights, rear-dock loading, an ESFR sprinkler system and a 1.4 to 1,000 parking ratio. The building will have the flexibility to accommodate tenants starting at 40,000 square feet.

February 16, 2018

Data Centers Illinois Midwest

CoreSite to Build 175,000 SF Data Center in Downtown Chicago

by Kristin Harlow February 16, 2018

CHICAGO — CoreSite Realty Corp. has acquired a two-acre land parcel in downtown Chicago to build CH2, a 175,000-square-foot data center. The four-story facility will support 18 megawatts of power capacity. CoreSite expects to begin construction on the project at the end of 2018 or the beginning of 2019. The company plans to construct the building in three phases, consisting of six megawatts of capacity per phase, with a total estimated cost of $190 million to $210 million. CH2 will be located one mile from CoreSite’s existing CH1 facility and network node. CoreSite plans to connect the two sites via fiber.

February 16, 2018

Illinois Midwest Mixed-Use

Hubbard Street Nears Completion of Second Phase of Mixed-Use Development in Chicago

by Kristin Harlow February 16, 2018

CHICAGO — Hubbard Street Group is nearing completion of the second phase of Wicker Park Connection in Chicago’s Wicker Park neighborhood. Phase II consists of a 15-story, 146-unit apartment building and is expected to open this June. Phase I, a 60-unit apartment building, was completed in 2016. A small-format Target store, totaling 12,800 square feet, is slated to open in the retail portion of Phase I this summer after recently receiving formal approval from the area community group. Hubbard Street is dedicating nearly one-third of the development’s 2.5 acres for open space, featuring a public plaza.

February 16, 2018

Midwest Office Wisconsin

McShane Construction Opens New Office in Madison, Wisconsin

by Kristin Harlow February 16, 2018

MADISON, WIS. — McShane Construction Co. has opened a new office in Madison. The company will occupy space on the fifth floor of a property located at 25 W. Main St. A native of Madison, Alison Gorham will lead the office and business development efforts in the Wisconsin market. “Our expansion into Madison was prompted by our growing presence in the area and the consistent construction growth within the region,” says Jeff Raday, president of McShane. Rosemont, Illinois-based McShane operates additional offices in Phoenix, Ariz.; Auburn, Ala.; and Irvine, Calif.

February 16, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1.4M Sale of Apartment Building in St. Paul, Minnesota

by Kristin Harlow February 16, 2018

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 615 Hall Avenue in St. Paul for $1.4 million. The 20-unit apartment building was constructed in 1969. Units average 700 square feet. Dan Linnell, Josh Talberg, Mox Gunderson and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the buyer, a private investor.

February 16, 2018

Florida Hospitality Southeast Top Stories

Ashford Prime to Acquire Ritz-Carlton Sarasota in Florida for $171M

by Kristin Harlow February 16, 2018

SARASOTA, FLA. — Ashford Hospitality Prime Inc. (NYSE: AHP) has agreed to acquire the 266-room Ritz-Carlton Sarasota, located approximately 60 miles south of Tampa, for $171 million. The transaction equates to $643,000 per room. Ashford Prime is also acquiring a 22-acre plot of vacant land adjacent to the hotel for $9.7 million with plans for residential development adjacent to a golf course. The acquisitions are expected to close in early April. Built in 2001, Ritz-Carlton Sarasota features 31 suites. Amenities include a 26,000-square-foot beach club, private golf club, 15,000-square-foot spa, eight food and beverage outlets, 29,000 square feet of meeting space, two outdoor pools, fitness club, tennis courts and kids club. The property has received over $21 million in capital improvements during recent years. Ritz-Carlton will continue to manage the hotel after the sale. The seller was not disclosed. Ashford Prime expects a stabilized, unleveraged annual yield of approximately 8 percent on its investment. On a 12-month basis as of Dec. 31, 2017, the property achieved revenue per available room (RevPAR) of $284.38, occupancy of 78.1 percent and an average daily rate (ADR) of $364.04. Dallas-based Ashford Prime is a real estate investment trust focused on investing in luxury hotels …

February 16, 2018

Market Reports Office Texas Texas Market Reports

Office Market in Austin CBD Shows No Signs of Slowing Down

by Taylor Williams February 16, 2018

The story of the office market in Austin’s central business district (CBD) begins in 2008. With the national economic downturn just beginning, a new, 44-story high-rise residential building had just been completed and the millennial generation was slowly starting to enter the workforce. At that time, the total inventory of office product in Austin’s CBD was approximately 8.44 million square feet. These properties posted a vacancy rate of about 12.9 percent. Several major factors would soon come to play a role in transforming the submarket from professional and typical into tech-savvy and hip. First, Facebook arrived in Austin in 2010, bringing with it an ethos of, “it’s not a job, it’s an adventure.” The social media giant quickly took 20,000 square feet at 300 W. 6th St., its largest office outside its Silicon Valley headquarters. Additional moves were precipitated in part by an increase in personal income taxes in California, which put the highest earners in the state at a combined state and federal income tax rate of 51.9 percent, among the highest in the nation. In addition, the age demographics of the 2010 U.S. population indicated that there were 13 percent more persons aged 18 to 24 in 2010 …

February 16, 2018

California Office Western

Intercontinental Real Estate Corp. Acquires 337,904 SF Office Campus in Burbank for $123.5M

by Nellie Day February 15, 2018

BURBANK, CALIF. — Intercontinental Real Estate Corp. has acquired Connexion Burbank, a 337,904-square-foot office campus in downtown Burbank, for $123.5 million. The three-building urban campus is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The properties were built in 1983, 1978 and 1984, respectively, and recently underwent a major renovation. The renovation and rebranding, which totaled nearly $8 million, included upgrades to all three lobbies, addition of two outdoor decks that tier down into an open patio area, extensive plaza renovation, new common areas and other modern enhancements. The buildings are situated on just over three acres of land and provide direct access to downtown Burbank. Connexion Burbank is 91 percent occupied by tenants including Turner Broadcasting (Cartoon Network), Regus, Citibank, Blackmagic Design, University of Redlands, WGBH Educational Foundation and Gerencia 360. Intercontinental Real Estate represented itself in this transaction. NKF’s Kevin Shannon, Rob Hannan, Michael Moll and Laura Stumm represented the seller, a joint venture between Lincoln Property Co. and Angelo Gordon. Kent Handleman of Lincoln Property Co. and Doug Marlow of CBRE served as local market leasing advisors in the sale.

February 15, 2018

California Office Western

Foremost Cos. Buys 100,000 SF Office Building in Pomona

by Nellie Day February 15, 2018

POMONA, CALIF. — Foremost Cos. has purchased a 100,000-square-foot office building in Pomona for an undisclosed sum. The building is located at 901 Corporate Center Drive. The building’s interior is currently improved with classrooms and administrative offices. The asset is situated within the 50-acre University Corporate Center business park. Current owners and tenants at the business park include pharmaceutical, professional offices and businesses, educational, and state and county offices. Stonewood Properties was hired as property manager to undertake deferred maintenance and service current tenant needs. NKF’s John Ewart and John Daciolas have been hired as leasing agents.

February 15, 2018

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