Property Type

Tri-Venture Gets Approval to Develop $1.2B Mixed-Use Skyscraper in Los Angeles

by Kristin Harlow December 22, 2017

LOS ANGELES — The City of Los Angeles has selected Angels Landing Partners LLC, a partnership between the Peebles Corp., MacFarlane Partners and Claridge Properties, to manage development of the Angels Landing site, a $1.2 billion mixed-use project. The group will build the tallest building in the western United States as part of the development, according to a news . All three firms are 100 percent minority owned. Construction of the 2.2-acre site at 4th and Hill streets in Los Angeles is slated to last 41 months with a completion date scheduled for late 2024. “Our team is inspired by the opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life and change how large buildings are constructed by ensuring all residents and businesses receive equal access to career and business opportunities,” says Don Peebles, chairman and CEO of the Peebles Corp. Handel Architects is designing the two-tower project. The development will include a 192-room SLS hotel and a 289-room Mondrian hotel, both to be operated by SBE Entertainment Group. Other project plans call for 425 apartments (including affordable housing), 250 condominiums, 45,000 square feet of retail and restaurant space, an elementary charter school and a …

December 22, 2017

Market Reports Retail Texas Texas Market Reports

Minimal New Development Spurs Investment in San Antonio Retail

by Taylor Williams December 22, 2017

As the real estate world addresses the uncertain future of brick-and-mortar shopping, the market for retail investment in San Antonio remains strong. The recent bankruptcies of physical merchandisers such as Toy “R” Us, Radio Shack, Rue 21 and Payless Shoes — to name but a few — have proven that retailers must adapt their strategies to an ever-changing environment. In San Antonio, however, a historically low volume of new retail development and decreasing vacancy rates, combined with strong fundamentals, have attracted and secured more retail investors than ever before. San Antonio’s thriving economy is supported by steady job growth — 25,000 jobs have thus far been added in 2017, according to the City Employment Statistics survey. The Bureau of Labor Statistics put San Antonio’s unemployment rate at 3.7 percent as of August 2017, versus the national average of 4.5 percent. Often referred to as Military City, USA, San Antonio is home to Joint Base San Antonio, which includes Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base. These military installations alone employ roughly 90,000 people and have an estimated $27 billion impact on the local economy. These statistics, coupled with the market’s steady job and population growth, …

December 22, 2017

Mixed-Use Texas

Direct Development Moves Forward on 35-Acre Mixed-Use Project in Metro Dallas

by Taylor Williams December 21, 2017

FLOWER MOUND, TEXAS — Direct Development, the Dallas-based company at which former Dallas Cowboys quarterback Troy Aikman is a principal, is moving forward with the development of The Point, a 35-acre mixed-use project in Flower Mound. Located at the intersection of FM 2499 and Silveron Boulevard, the project will deliver 215,000 square feet of Class A office space, 585 multifamily units, a 100-room Tru by Hilton hotel and the capacity for ground-floor retail and restaurant space within the office and multifamily buildings. The project also includes development of 5.5 acres of public space, including pedestrian walkways, a trailhead and green spaces. The groundbreaking is slated for fall 2018.

December 21, 2017

Industrial Texas

Duke Realty Acquires 772,500 SF Industrial Property Near Port Houston

by Taylor Williams December 21, 2017

PASADENA, TEXAS — Duke Realty Corp. has acquired Bayport Distribution Center II, a two-building, 772,500-square-foot industrial property located near Port Houston in Pasadena. The Class A property was built in 2008 and consists of one 600,000-square-foot building and one 172,500-square-foot building that are fully leased to three tenants. The property features clear heights ranging from 24 to 30 feet and a total of 157 dock-high doors and eight drive-in ramps. Trent Agnew, Rusty Hamlyn and Dane Petersen of HFF represented the seller, a partnership between Mountain West Industrial Properties and an undisclosed institutional investor, in the sale.

December 21, 2017

Multifamily Seniors Housing Texas

IPA Brokers Sale of Two-Property Seniors Housing Portfolio in Metro Fort Worth

by Taylor Williams December 21, 2017

GRANBURY AND WEATHERFORD, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property seniors housing portfolio totaling 186 units in the southwestern Fort Worth suburbs of Granbury and Weatherford. An undisclosed buyer purchased the 110-unit Gardens of DeCordova in Granbury and the 76-unit Gardens of Weatherford in Weatherford. Both properties are 55-plus facilities. Will Balthrope, Drew Kile, Joey Tumminello and Max Helgeson of IPA brokered the sale.

December 21, 2017

Multifamily Texas

Greysteel Arranges Sale of 81-Unit Apartment Complex in Metro Fort Worth

by Taylor Williams December 21, 2017

AZLE, TEXAS — Greysteel has arranged the sale of Azlewood, an 81-unit apartment complex located at 1021 Timberoaks Drive in Azle, about 20 miles northwest of Fort Worth. Built in 1982, the property offers a pool and on-site laundry facilities. Boyan Radic, Doug Banerjee, Andrew Mueller and Andrew Hanson of Greysteel represented the seller in the transaction. Other terms of sale were not disclosed.

December 21, 2017

Retail Texas

The Retail Connection Secures 19,941 SF Retail Lease in McKinney

by Taylor Williams December 21, 2017

MCKINNEY, TEXAS — The Retail Connection (TRC) has secured a 19,941-square-foot retail lease at Craig Crossing, a shopping center located at the corner of U.S. Highway 75 and Eldorado Boulevard in McKinney. Jamie Streeter and Wyatt Russo of TRC represented the landlord, Centcom/Vantage McKinney LLC, in the lease negotiations. Katherine Wildman and Bunny McLeod of Wulfe & Co. represented the tenant, Chair King Backyard Store, a provider of outdoor and patio furniture.

December 21, 2017

Massachusetts Northeast Office

Nordblom Co. Acquires Former Boston Globe Headquarters in Boston

by Amy Works December 21, 2017

BOSTON — Nordblom Co., in partnership with Alcion Ventures, has purchased 135 Morrissey Boulevard, a 700,000-square-foot office building in Boston, for an undisclosed price. The company plans to redevelop the property, which was first constructed in 1958 by The Boston Globe. into an urban innovation campus offering office space for Boston’s businesses to think bigger, act bolder and move the city’s economy forward. The property is in close proximity to MBTA’s Red Line JFK/UMass station and abuts Interstate 93. The name of the seller was not released.

December 21, 2017

New York Northeast Office

Acadia Realty Trust Sells 276,622 SF Office Building in the Bronx

by Amy Works December 21, 2017

NEW YORK CITY — Acadia Realty Trust has completed the disposition of an office and retail building located at 260 E. 161st St. in the Bronx. Jamestown acquired the 276,622-square-foot property for an undisclosed price. Originally built in 1930, the property was renovated in 2016 and features 245,470 square feet of office space and 20,572 square feet of retail space. The 10-story property is leased to office tenants, including The City of New York, The Legal Aid Society, and Montefiore Medical Center, as well as retail tenants, Walgreens, Starbucks Coffee and Chipotle Mexican Grill. Michael Tepedino, Andrew Scandalios, Graham Stephens, David Giancola and David Fowler of HFF represented the seller in the deal. Additionally, Christopher Peck and Peter Rotchford of HFF are working on behalf of the buyer to arrange financing for the asset.

December 21, 2017

Multifamily New York Northeast

J. Wasser & Co. Buys Two Multifamily Buildings in the Bronx for $10M

by Amy Works December 21, 2017

NEW YORK CITY — J. Wasser & Co. has purchased two apartment buildings in the Fordham section of the Bronx for $10 million. Located at 2263 Morris Ave. and 2342 Ryer Ave., the buildings total 46,370 square feet and feature a total of 64 apartments. Aaron Jungreis of Rosewood Realty Group represented the buyer and sellers, 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC.

December 21, 2017

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