— By Patti Dillon, Executive Vice President, Colliers — Las Vegas’ office market is at a critical juncture as shifting dynamics could shape its future for years to come. New developments like the anticipated 30-acre studios development project in discussion with Howard Hughes Corporation present opportunities, though second-generation office space is expected to dominate over the next three to five years. This shift is driven by cost efficiency, evolving tenant demands and the higher expenses tied to new construction. Though new builds offer state-of-the-art facilities, the adaptability and affordability of second-generation spaces make them a practical solution for many businesses. Las Vegas continues to attract high-profile corporate tenants from out of state. These companies are drawn to flexible office spaces that feature modern technology and proximity to mixed-use developments that support the evolving hybrid work model. The increasing demand for live-work-play environments has placed a premium on mixed-use developments that combine residential, office and retail spaces. Despite ongoing demand, the market faces significant challenges. Investor confidence has been impacted by broader economic factors, including the U.S. elections, geopolitical tensions and inflationary pressures. Supply chain disruptions, rising construction costs and higher interest rates also create barriers for developers and limit financing options …
DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021. In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE. Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …
JOHNS CREEK, GA. — Toro Development has officially broken ground on Medley, a $560 million mixed-use development spanning 43 acres in Johns Creek, an affluent northern suburb of Atlanta. Toro plans to hold a grand opening for the development on Oct. 29, 2026. The project is situated at the corner of McGinnis Ferry Road and Johns Creek Parkway, which formerly housed offices for State Farm Insurance. Plans for Medley call for 150,000 square feet of retail, restaurant and entertainment space; a 175-room hotel; 110,000 square feet of offices; 750 apartments; 133 townhomes built by Empire Communities; and a 25,000-square-foot plaza. Toro obtained construction financing for the project in November and announced a new round of retail leasing at the development in December. Medley represents an important component of the city of Johns Creek’s 192-acre town center vision, according to Toro.
KNOXVILLE, TENN. — BWE has secured a $47 million loan for the refinancing of Lakemoor Station, a 240-unit student housing community located near the University of Tennessee campus in Knoxville. Jim Collins of BWE worked on behalf of the borrower, Dominion Group, to secure the 10-year, fixed-term financing through Nationwide Insurance. The loan features a 30-year amortization schedule. The University of Tennessee has master leased the property for five years with a three-year renewal option. The garden-style community offers fully furnished units alongside shared amenities including an outdoor pool, lounge area, fitness center and clubhouse.
NASHVILLE, TENN. — FlexEtc, a hybrid office and industrial co-warehousing concept with a few locations out West and in Texas, has completed its build-out at 1133 Polk Ave. in Nashville. Architectural firm Ware Malcomb recently completed the design for the 91,380-square-foot tenant improvement project. DWC Construction was the general contractor, and Colliers served as the client manager. Situated outside of the downtown area, FlexEtc Nashville features contemporary warehouse spaces, with modular units ranging from 3,000 to 2,300 square feet that are suitable for uses ranging from logistics to content creation studios. The location also offers coworking features including private and shared offices, a front reception area, conference room, lounge, break room, kitchen, coffee bar and studio space for photographers and podcasters.
WALDORF, MD. — SRS Real Estate Partners has brokered the $6.3 million sale of The Shoppes at Waldorf Park, a retail strip center situated within the larger Waldorf Park shopping center in Waldorf. Starbucks Coffee anchors the 8,484-square-foot property, which was built in 2022. Other tenants include Crumbl Cookies, Jersey Mike’s Subs and Aspen Dental. Andrew Fallon, Rick Fernandez, Ed Laycox and Philip Wellde Jr. of SRS represented the seller, Republic Land Development, in the transaction. TD Bank provided acquisition financing on behalf of the Maryland-based buyer.
MCKINNEY, TEXAS — Atlanta-based developer Core5 Industrial Partners is underway on construction of a 652,103-square-foot project near the intersection of U.S. Highways 75 and 380 in the northern Dallas suburb of McKinney. The project, which represents Phase III of a larger development known as Core5 Logistics Center at McKinney, will consist of two buildings totaling 492,368 and 159,735 square feet. Holt Lunsford Commercial has been tapped to lease the project, construction of which is expected to be complete in the third quarter.
HOUSTON — New York City-based GAIA REIT has purchased Virage on Memorial, a 372-unit apartment community located about three miles west of downtown Houston. Built in 2014, the property offers one-, two- and three-bedroom units that range in size from 697 to 1,658 square feet. Amenities include a central courtyard with a pool, outdoor grilling and dining stations, a fitness center, dog park and a rooftop resident lounge. Thomas Alleman of Newmark represented the undisclosed seller in the transaction. Tip Strickland, also with Newmark, arranged acquisition financing for the deal on behalf of the new ownership, which plans to implement a capital improvement program.
AUSTIN, TEXAS — Los Angeles-based investment firm Barker Pacific Group has acquired Chesapeake Apartments, a 124-unit multifamily complex in the Anderson Mill area of northwest Austin. The garden-style, seven-building complex was built in 1984 and houses one- and two-bedroom units, as well as a pool. Forrest Bass of Walker & Dunlop brokered the sale of the property, in which Barker Pacific assumed the undisclosed seller’s existing Fannie Mae loan, which is also being serviced by Walker & Dunlop. The new ownership plans to invest about $1.4 million in capital improvements to the property.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Corporate Park Place, a 113,429-square-foot office building in Irving. The building was constructed on 6.1 acres in 1980 and houses 52 suites. Ron Hebert and Joseph Jaques of Marcus & Millichap represented the undisclosed seller in the all-cash transaction. The duo also procured the buyer, a local investor who acquired the property via a 1031 exchange. The sales price was also not disclosed.