Simply put, Boston is — and will continue to be — a top destination for tenants and capital alike. With strong market fundamentals and key drivers (education, finance, healthcare, life sciences and technology), 2018 is likely to be another terrific year for the commercial real estate sector. Market Metrics Boston’s urban core comprises four major submarkets: Downtown, Back Bay, Seaport and Cambridge. Together, these submarkets total more than 96.1 million square feet of office and lab space. This sector of the market features a vacancy rate of approximately 8.8 percent, positive net absorption of more than 300,000 square feet in 2017, and rental rates that are on the rise. Boston’s urban office market is largely driven by the region’s high concentration of educational institutions, financial and professional services, healthcare, life sciences and, perhaps most important, technology. These industries excel in the Boston area due to its high concentration of knowledge workers and its spirit of innovation and entrepreneurship. Tenant In-Migration The biggest trend impacting Boston recently has been the large-scale relocations of tenants into the urban core — both from within and outside of the market. This is a trend that shows little signs of slowing down. • GE — …
INDIO, CALIF. — Haagen Co. has acquired the Indio Fashion Mall, a 215,000-square-foot shopping mall in Indio, for an undisclosed price. REO Property Group LLC sold the asset, according to the Desert Sun. Haagen Co. plans to redevelop and expand the property, which was 30 percent leased at the time of sale, into a retail, dining and entertainment destination. The design will include public gathering spaces, areas reserved for community events and landscaping throughout. In addition, Haagen Co. plans to incorporate the adjacent 20 acres of land, owned by the City of Indio, into the new development. Current retailers at the mall will remain open for business while design plans are in progress. Haagen Co. plans to begin the first phase of redevelopment in 2019.
THORNTON, COLO. — Inland Real Estate Acquisitions has purchased the 322-unit Ashford East 88 apartments in Thornton for an undisclosed sum. The community is located at 101 E. 88th Ave. A combined $11 million in capital improvements were completed by the two previous owners of Ashford East 88. The seller, Radco Cos., replaced the 1973-built property’s roofs, balconies and siding. Terrance Hunt and Shane Ozment of ARA Newmark represented the seller in this transaction.
LOS ANGELES — Maple DTLA LLC has acquired the Rosenthal Property Portfolio in Los Angeles for $15.5 million The 102,859-square-foot industrial portfolio is situated in the East Los Angeles/Boyle Heights area. Iqbal Hassan of the Quantum Associates represented the buyer. Jon Reno, Robert Thornburgh, Tom Holland and Trevor Gale represented the seller, Rosenthal Property Owners, in this transaction.
LONGMONT, COLO. — A limited liability company has acquired the 210-room Best Western Plus Plaza Hotel Longmont for $11.5 million. The hotel is located at 1900 Ken Pratt Blvd. It was opened in 1982. The buyer will retain the current operations and staff. The hotel and conference space will undergo a renovation. Gordon Allred, Brandon Kramer and Bob Kaplan of Marcus & Millichap represented the seller, also an LLC.
COPPELL, TEXAS — JLL has brokered the sale of a three-building, 578,000-square-foot flex portfolio located near Dallas-Fort Worth (DFW) International Airport in Coppell. The portfolio consists of a 409,600-square-foot distribution warehouse, a 115,200-square-foot production warehouse and a 53,600-square-foot office building. The buildings were all 100 percent leased at the time of sale. John Huguenard and Dustin Volz of JLL represented the sellers, affiliates of Torrance, Calif.-based Transpacific Development Co., in the transaction. Irvine, Calif.-based LBA Realty purchased the portfolio for an undisclosed price.
HOUSTON — A fund managed by Arlington-based SkyWalker Property Partners has acquired One Northwind Plaza, a 141,480-square-foot office building located at 7600 W. Tidwell Road in northwest Houston. The Class B mid-rise property was built in 1980 and offers proximity to Loop 610 and Beltway 8, as well as to walk-able retail and dining options. The new ownership will invest more than $1 million in capital improvements to the eight-story property. Aegon Asset Management, a global investment and management firm, sold the property for an undisclosed price. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented Aegon in the sale. Karen Kuczek of Pinnacle Bank’s Arlington branch secured acquisition financing for the transaction.
ROCHESTER, MINN. — Alatus LLC is developing a 350-unit apartment property in Rochester. The $125 million development will be situated at 217 14th Ave. S.W., adjacent to the Mayo Clinic Saint Mary’s hospital in southern Minnesota. The project will include 24,100 square feet of commercial and office space, as well as 543 climate-controlled parking stalls. In addition to apartment units, the 14-story property will also feature walk-up townhomes. Amenities will include an entertainment suite, outdoor amenity terrace and group fitness rooms. Leasing is slated to begin in summer 2019. Additional project partners include the City of Rochester, the Destination Medical Center Economic Development Authority, Wells Fargo, Kayne Anderson Real Estate, Weis Builders and ESG Architects.
DULUTH, MINN. — Marcus & Millichap has arranged the sale of Mount Royal Manor in Duluth for $10.9 million. The 114-unit apartment building is located at 100 Elizabeth St. in northeastern Minnesota along Lake Superior. Originally built in 1951, the property features 13 studios, 76 one-bedroom units and 25 two-bedroom units. Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the undisclosed buyer.
COLLEGE STATION, TEXAS — CBRE has arranged the sale of The Marc, a 478-unit multifamily community located within a mile of Texas A&M University’s campus in College Station. The property was built in 1969 and 1977 and is comprised of one-, two- and four-bedroom units. Amenities include four pools and shuttle service to campus, as well as tennis, basketball and volleyball courts. Chris Deuillet, Chandler Sims, Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the undisclosed seller in the transaction. Presidium, an investment firm specializing in Class B multifamily assets, acquired the property for an undisclosed price.