Property Type

City Approves Next Step for $1B Union Square Redevelopment Near Boston

by Nellie Day June 14, 2017

SOMERVILLE, MASS. — The Somerville Board of Aldermen approved rezoning to allow the city to move forward on a proposed $1 billion, 2.3 million-square-foot Union Square redevelopment project. Somervile is situated just northeast of Boston, adjacent to Cambridge. The new mixed-use project would include 1.3 million square feet of new office and civic spaces, along with 2.5 acres of public and open spaces. City officials expect the project will create more than 5,000 new permanent jobs. The development will also provide housing, with 20 percent of the supply dedicated to low-income families. In conjunction with the redevelopment, Somerville is working on a $2.3 billion Green Line extension, which would connect Union Square with surrounding neighborhoods and Boston through the train system. The Union Square Station Associates (US2) is the City of Somerville’s master developer partner on the project. The association will make a $5.5 million public benefits contribution toward the Green Line project. “Union Square’s proximity to Kendall Square, MIT and Harvard — one the densest innovation centers in the world — makes it poised for the next wave of economic growth,” says Greg Karczewski, president of US2. “We’re bringing 2.3 million square feet of new mixed-use, transit-oriented development to …

June 14, 2017

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

Redevelopment Drives Much of the Retail Story in Pittsburgh

by Camren Skelton June 14, 2017

Pittsburgh retail can be summed up in three words: location, location, location — and the original definition of great real estate has never been more pronounced than it is today in the Pittsburgh retail market. According to some publications, retail and retailers appear to be struggling almost everywhere for many different reasons, including online sales, too many stores, market conditions and oversaturation of product. However, as of year-end 2016, CoStar indicated that the overall Pittsburgh retail market occupancy rate was 96.8 percent. Pittsburgh has natural barriers to entry for retail due to its topography, which includes numerous hills and valleys, making it often times impossible to build a “newer, bigger, better” retail property across the street. As a result, many developers have successfully repurposed older centers through adaptive reuse, converting them in keeping with the latest and greatest retail trends. Other older centers have successfully withstood the test of time, replacing outdated retail concepts with today’s current concepts at significantly lower costs than building a new center. Adaptive reuse of Pittsburgh retail started decades ago when the May Company relocated Kaufmann’s Department Stores from four freestanding locations into the dominant regional malls, leaving one- and two-story 200,000-square-foot boxes vacant. Local …

June 14, 2017

California Multifamily Student Housing Western

Hensel Phelps, Mithun to Break Ground on $98M Expansion at UC Irvine

by Nellie Day June 13, 2017

IRVINE, CALIF. — The design-build team of Hensel Phelps and Mithun is set to break ground on a $98 million redevelopment project at the University of California – Irvine. The 215,000-square-foot development — titled the UCI Middle Earth Expansion — will be completed in two phases. The first phase will include the demolition of Brandywine Commons and Brandywine Student Center to be replaced by a new student housing building. The second phase of development will include the renovation of Pippin Commons. The new project, in total, will house roughly 494 students in two five-story residential towers and include a new dining facility, classrooms and amenity space. The new student housing is set to open for occupancy in August 2019.

June 13, 2017

Arizona Industrial Western

Lake Washington Partners Completes 1 MSF Coldwater Depot Logistics Center in Avondale

by Nellie Day June 13, 2017

AVONDALE, ARIZ. — Lake Washington Partners has completed the 427,000-square-foot expansion of the Coldwater Depot Logistics Center in Avondale. The property is located at 1100 N. 127th Ave. The 54-acre site now accommodates 1 million square feet of cross-dock distribution/warehouse space southwest of Phoenix. Lake Washington Partners will manage the property through its management division. CBRE’s Daniel Calihan will head up the center’s leasing efforts.

June 13, 2017

Multifamily Washington Western

Security Properties, Intercontinental Real Estate Corp. Acquire Echo Lake Apartments in Shoreline

by Nellie Day June 13, 2017

SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.

June 13, 2017

Colorado Multifamily Seniors Housing Western

Pathfinder Buys 104-Unit Independent Living Community Near Denver for $16M

by Nellie Day June 13, 2017

AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.

June 13, 2017

California Loans Office Western

ZMI Real Estate Receives $16M Loan for Flex, Office Campus in Carlsbad

by Nellie Day June 13, 2017

CARLSBAD, CALIF. — ZMI Real Estate has received a $16 million loan to refinance the 145,759-square-foot Carlsbad Commerce Center. The center is located at 2185-2237 Faraday Ave. It contains a mixture of office, creative office and flex units. The campus was built between 1984 and 1986. It was renovated in 2004. The campus is currently 91.3 percent leased to tenants like Advanced Brain Monitoring, SabreSciences and GIMDx. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz secured the five-year loan through Aetna Life Insurance Company. It will pay off the existing mortgage, which was coming due in September.

June 13, 2017

Loans Multifamily Texas

Greystone Provides $68.1M in Refinancing for 1,218-Unit Multifamily Asset in Dallas

by Taylor Williams June 13, 2017

DALLAS — Greystone has provided $68.1 million for the refinancing of Vineyards at Forest Edge, a 1,218-unit multifamily property located at 9669 Forest Lane in Dallas. Built in 1984, the property features 11 swimming pools, four playgrounds, a 24-hour fitness center, social center and a kids club. Rob Meehan of Greystone originated the CMBS loan on behalf of the undisclosed borrower that acquired the property in 2015.

June 13, 2017

Industrial Texas

NAI Arranges Sale of 41,113 SF Industrial Building in Metro Houston

by Taylor Williams June 13, 2017

PASADENA, TEXAS — NAI Partners has arranged the sale of a 41,113-square-foot industrial building situated on 2.3 acres at 2330 Pasadena Blvd. in the eastern Houston metro of Pasadena. Clay Pritchett of NAI Partners represented the seller, Whatley Properties LLC, in the transaction. Robin Webb of Bay Cam Properties represented the buyer, JGBM LLC.

June 13, 2017

Retail Texas

HSM Brokers Sale of 16,600 SF Retail Center in Mexia, Texas

by Taylor Williams June 13, 2017

MEXIA, TEXAS — Henry S. Miller Co. (HSM) has brokered the sale of Mexia Plaza, a 16,600-square-foot retail center located at 1322 Milam St. in Mexia, a city approximately 40 miles east of Waco. Shadow-anchored by Walmart, the property was 100 percent occupied at the time of sale to tenants such as Cricket Wireless, Hibbett Sports and Payday Loans. Lane Kommer of HSM represented the seller in the transaction, and Michelle Hudson of Hudson Peters represented the buyers.

June 13, 2017

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