Property Type

Natixis Provides $102.8M Loan to Transform Historic Office Building in Philadelphia into Luxury Apartments

by Jeff Shaw March 21, 2017

PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex. The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s. Post Brothers will rename the building The Atlantic. Once the redevelopment is complete, amenities will include a business lounge with conference rooms, clubhouse, fitness center including yoga studio, rooftop swimming pool, roof deck with dog park and grilling areas, and a three-story, 205-space parking garage. “The Atlantic will be another premier residential building that will be similar to previously delivered first-class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market,” says Greg Murphy, head of Natixis Real Estate Finance Americas. Post Brothers acquired the building in 2012 for $27 million, according to the Philadelphia Business Journal. The Philadelphia-based multifamily developer and operator attempted to sell the building to Jefferson Apartments for $50 million in 2014, but decided to proceed with the apartment redevelopment project when that deal …

March 21, 2017

California Market Reports Retail Western Western Market Reports

Experiences Win Out Over Some Traditional Big Boxes in San Diego

by Camren Skelton March 21, 2017

There was a big shake-up in the big box world with long-time sporting goods staples Sports Chalet and Sports Authority shuttering stores across the county. Macy’s in Mission Valley is also closing, while Nordstrom is shutting down in downtown. Interestingly, Hobby Lobby and the large pet stores seem to be buffered by the big box epidemic. In Chula Vista, two long-time vacant big boxes were finally chopped up into four spaces to accommodate the mid-sized box users. The good news is that big, “boring” boxes are being replaced by big “experiences.” Experiences, whether in a larger property or within a specific business, continue to be important for retailers and restaurants. Landlords across the county are making large investments to create experiences that will attract consumers. At the top end of the spectrum we have seen Westfield finally pulling the trigger on a massive remodel of the UTC mall, which will include more than 100 new stores and restaurants. Rouse purchased the Carlsbad mall from Westfield and has seemed to follow a similar business plan with its revamp, adding an exciting lineup of restaurants along the outside of the property. Liberty Station in Point Loma is coming into its prime with, …

March 21, 2017

Features Healthcare Top Stories

Duke Realty: Micro Hospitals Lead the Way Among Emerging Trends in Healthcare Sector

by Taylor Williams March 21, 2017

Facing shortages in construction labor and obstacles in originating financing for new projects, developers who specialize in healthcare properties are starting to think smaller, according to a recent study by Indianapolis-based REIT Duke Realty Corp. This means more micro hospitals. Micro hospitals are similar to community and small-town medical facilities — a hybrid of urgent care centers and full-fledged hospitals. They offer significantly fewer inpatient beds than regular hospitals — eight to 12 per facility is average — and typically span between 15,000 and 50,000 square feet. As such, they fit more comfortably into densely populated urban pockets and provide more immediate access to acute and emergency care. With delivery costs that range from $7 million and $30 million, depending on size, micro hospitals represent a cheaper means of financing a regular hospital. What else is driving demand for micro hospitals? According to the study, they offer a convenient, cost-effective alternative to larger hospitals without compromising the quality of care. When considering where to build a micro hospital, developers are encouraged to pinpoint high-visibility sites within 20 miles of a major hospital. This enables them to tap directly into the smaller submarkets for which micro hospitals are intended. “Anticipated changes …

March 21, 2017

Multifamily Texas

Oden Hughes, CWS Capital Break Ground on 226-Unit Apartment Complex in Austin

by Taylor Williams March 20, 2017

AUSTIN, TEXAS — Oden Hughes LLC of Austin and co-developer CWS Capital of Newport Beach, Calif. have broken ground on a 226-unit, Class A apartment community near downtown Austin. Located at 1301 W. Fifth St., the six-story building will offer one-, two- and three-bedroom units and feature approximately 2,200 square feet of ground-level retail space. The project is slated for a late 2018 delivery.

March 20, 2017

Retail Texas

Weitzman Begins Pre-Leasing 30,000 SF Retail Center in Metro San Antonio

by Taylor Williams March 20, 2017

BOERNE, TEXAS — Weitzman, a Dallas-based property management firm, has begun pre-leasing Johns Crossing, a 30,000-square-foot retail development in Boerne, a northwestern suburb of San Antonio. Situated at the corner of IH-10 and Johns Road, the property will feature approximately 14,500 square feet of multitenant space, with the remainder slated for freestanding concepts on pads along the I-10 corridor.

March 20, 2017

Retail Texas

Amsdell Co. Acquires 49,000 SF Self-Storage Center in Fort Worth

by Taylor Williams March 20, 2017

FORT WORTH, TEXAS — Compass Self Storage, a division of Ohio-based development and construction firm Amsdell Co., has acquired a self-storage facility located at 4209 Alliance Gateway Road in Fort Worth. The center features more than 49,000 square feet of rentable space, climate-controlled units and covered RV/boat storage spaces. The acquisition gives Amsdell Co. 77 self-storage centers nationwide.

March 20, 2017

Office Texas

Equity Delivers 21,000 SF Medical Office Building in Round Rock, Texas

by Taylor Williams March 20, 2017

ROUND ROCK — Equity Inc., an Ohio-based developer and broker, has opened Physicians Centre, a 21,000-square-foot, two-story medical office building located at 505 W. Louis Henna Blvd. in the Austin suburb of Round Rock. Austin-based general contractor The Burt Group oversaw construction of the building, and American Bank N.A. provided the financing. Tenants include Capital Surgeons Group, Snyder Dermatology and Parkway Primary Care.

March 20, 2017

Multifamily Texas

Moran & Co. Arranges Sale of 348-Unit Apartment Complex in Grand Prairie

by Taylor Williams March 20, 2017

GRAND PRAIRIE, TEXAS — Moran & Co. Southwest has arranged the sale of Three60 North Apartments, a 348-unit complex located at 1450 N. State Highway 360 Service Road in the Dallas suburb of Grand Prairie. Moran & Co. represented the seller, The Kislak Organization, a Florida-based real estate investment firm, in the transaction. The name and representative of the buyer were not disclosed.

March 20, 2017

Florida Office Southeast

Meridian, Eightfold Real Estate Acquire 252,235 SF Office Park in Tampa for $18.5M

by Taylor Williams March 20, 2017

TAMPA, FLA. — Meridian Development Group and joint venture partner Eightfold Real Estate Capital have acquired Beaumont Business Center, an 11-building, 252,235-square-foot office park located at the intersection of Hillsborough Avenue and Veterans Expressway in Tampa. Meridian and Eightfold acquired the 20-acre property, which will be rebranded as Meridian 589, from Lone Star Real Estate Fund for $18.5 million.

March 20, 2017

Florida Office Southeast

CBRE Arranges $13.3M Sale of 107,419 SF Office Building in Metro Orlando

by Taylor Williams March 20, 2017

MELBOURNE, FLA. — CBRE Group Inc has negotiated the sale of Northrop Grumman Engineering Facility, a 107,4190 square-foot, single-tenant office building located at 3990 S. Babcock St. in the Orlando suburb of Melbourne. CBRE’s Ron Rogg and Chip Wooten represented the seller, BH Properties, in the transaction. California-based Rich Uncles NNN REIT acquired the property for approximately $13.3 million.

March 20, 2017

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