Property Type

HFF Arranges Capitalization of 39-Story High-Rise Tower in Houston

by John Nelson January 8, 2018

HOUSTON — HFF has arranged the capitalization of Hanover River Oaks, a 39-story luxury high-rise apartment tower under construction in Houston’s River Oaks neighborhood. Cortney Cole, Scott Galloway and Dustin Selzer of HFF represented Hanover Co. and institutional investors advised by J.P. Morgan Asset Management to capitalize the project’s equity and construction financing. Located at 2930 Kirby Drive in Houston’s Upper Kirby District, the property will feature 370 residential units and nearly 10,000 square feet of ground-level retail space. Units will average 1,172 square feet and feature stainless steel appliances, stone countertops, kitchen islands and pantries, garden tubs, walk-in closets, computer niches and/or dry bars, floor-to-ceiling windows and faux wood and tile flooring throughout. Community amenities will include a rooftop pool with sunbeds and poolside cabanas, outdoor grilling and dining stations, 24-hour fitness club, clubhouse with lounge seating, catering kitchen with private dining room, theater, landscaped garden courtyard, water wall garden, pet washing station, 24-hour concierge, controlled-access parking garage and panoramic city views. The project broke ground in December, with the first units expected to open in the first quarter of 2020.

January 8, 2018

Industrial Lee & Associates Texas

Lee & Associates Negotiates 445,695 SF Industrial Lease Extension, Expansion Near Dallas

by John Nelson January 8, 2018

COPPELL, TEXAS — Lee & Associates Dallas/Fort Worth has completed a lease extension and expansion totaling 445,695 square feet located at 777 Freeport Parkway in Coppell, about 22 miles northwest of Dallas. Bob Gibson of CBRE represented the tenant, C&S Wholesale Grocers Inc., a wholesale grocery supplier and leading supply chain company for the food industry. Ken Wesson and Mark Graybill of Lee & Associates represented the landlord, GLP, a developer of logistics facilities based in Baltimore.

January 8, 2018

Retail Texas

Capital Retail Properties Breaks Ground on Strip Retail Center Near Houston

by John Nelson January 8, 2018

LA MARQUE, TEXAS — Houston-based Capital Retail Properties has broken ground on La Marque Crossing, a 15,000-square-foot retail strip center located at the intersection of Interstate 45 and FM 1764 in La Marque, roughly 38 miles southeast of Houston. The property will be situated on 1.4 acres in front of a Sam’s Club and Walmart Supercenter. Leslie’s Pool Supplies has preleased 3,300 square feet, and GNC has committed to 1,440 square feet. The architect of record is Identity Architects, and Axiom Construction is the project’s general contractor. The development is expected to open in March.

January 8, 2018

Retail Texas

EDGE Capital Markets Brokers Sale of Retail Property in Metro Houston

by John Nelson January 8, 2018

SPRING, TEXAS — EDGE Capital Markets has brokered the sale of Legends Ranch Shopping Center, an 18,500-square-foot retail asset located at 2907 Rayford Road in Spring, a suburb of Houston. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the seller, Peterson Legends Ranch Investors LP, in the transaction. Located at the intersection of Rayford Road and Canyon Ranch Drive, Legends Ranch was fully leased at the time of sale to tenants including McDonald’s and Timewise.

January 8, 2018

Georgia Office Southeast Top Stories

NCR, Cousins Open $450M Global Office Campus in Midtown Atlanta

by John Nelson January 8, 2018

ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million. The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year. “This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.” NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower. “We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This …

January 8, 2018

District of Columbia Market Reports Office Southeast Southeast Market Reports

D.C. Region Sees More Development as Tenants Seek Efficient, Amenity-Rich Office Space

by John Nelson January 8, 2018

On the surface, the Washington, D.C., metropolitan office market has shown little change over the past five years. But dig a little deeper, and some interesting trends emerge. Metro D.C.’s office market totaled 377 million square feet as of the third quarter of 2017 and recorded a vacancy rate of just under 15 percent — inclusive of sublease space — and cumulative net absorption of 600,000 square feet year-to-date. The market has demonstrated little change in major market indicators over the last five years. Notably, three of the last five years (2012 to 2016) recorded negative absorption on a regionwide basis — averaging 82,000 square feet annually. Overall vacancy levels have thus far been held in check in part due to vacant buildings being removed from inventory for renovation and retrofitting or for conversion from office to other uses such as schools and residential. Nevertheless, core submarkets and micro-markets are benefitting from occupancy growth and rental rate increases, with tenants demonstrating a decided preference for amenity-rich areas. Tenant Preferences Regionally, the office segment is characterized by flight to quality and tenant-leaning leasing conditions. Tenants continue to favor efficient space design. They’re relying more heavily on building amenities such as conference …

January 8, 2018

California Multifamily Student Housing Western

Chapman University To Build 402-Bed Student Housing Development in Orange, California

by Nellie Day January 5, 2018

ORANGE, CALIF. — Chapman University has received approval for the adaptive reuse of a historic packing house. The university will develop a 402-bed student housing community adjacent to its campus in Orange. The historic Villa Park Orchards Association Packing House will be converted into a museum, student services center and classrooms or offices for the university. The new student housing development will target upperclassmen, and is being designed to reflect the character of the packing house and the surrounding community. The project’s designers are Togawa Smith Martin Inc. and AC Martin. KTGY Architecture + Planning is the university’s design advisor and project representative, and has helped to ensure project consistency, coordinate with various design firms, provide design recommendations and shepherd the project through the approval process. Additional details and a planned completion date have yet to be announced.

January 5, 2018

California Hospitality Western

Khanna Enterprises Buys 376-Room Wyndham Hotel in Garden Grove, California

by Nellie Day January 5, 2018

GARDEN GROVE, CALIF. — Khanna Enterprises has purchased the 376-room Wyndham Anaheim Garden Grove hotel in Orange County for an undisclosed sum. The hotel is located at 12021 Harbor Blvd. The property includes more than 30,000 square feet of meeting space, three food and beverage outlets, a fitness center and an outdoor pool. Pacific Hospitality Group developed the Wyndham Anaheim as the Crowne Plaza Anaheim Resort in 1999. The hotel was rebranded under the Wyndham flag in May 2014 and, since then, PHG has invested more than $5 million in capital improvements to the hotel. Renovations included including a transformation of the lobby and food and beverage outlets. Following the sale, the purchaser plans to renovate, reposition and reflag the hotel as a Delta by Marriott.

January 5, 2018

Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 65-Bed Skilled Nursing Facility in Washington

by Nellie Day January 5, 2018

CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.

January 5, 2018

California Retail Western

Quarry Creek Investors Sells 15,690 SF Retail Center in Oceanside

by Nellie Day January 5, 2018

OCEANSIDE, CALIF. — Quarry Creek Investors has completed the disposition of Quarry Creek Plaza, a retail center located at 3460 and 3480 Marron Road in Oceanside. Completed in 2003, the 15,690-square-foot property is 92.6 percent leased to a variety of tenants, including Jamba Juice, Subway, Los Tacos, Poki Poki, Supercuts, American Dry Clean, Happiness Nails and Smashburger. Gleb Lvovich of HFF, along with Mike Moser of Retail Insite, represented the seller. Terms of the transaction and the name of the buyer were not released.

January 5, 2018

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