Property Type

San Francisco Remains Top Tech Market, But Cost of Living Boosts Other Metros, Says CBRE

by John Nelson July 14, 2016

LOS ANGELES — The San Francisco Bay Area remains the nation’s leading tech market, but the competition for talent is getting tougher as more highly skilled tech workers — especially Millennials — are flocking to cities where the cost of living is lower and tech jobs are plentiful, according to CBRE Group Inc.’s (NYSE: CBG) research report, “Scoring Tech Talent.” The annual report ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. To appeal to skilled talent at a lower cost of doing business, both new and expanding companies are establishing footprints in more affordable markets — including Nashville, Charlotte, Tampa, Seattle and Phoenix — leading to a rise in demand for office space and a decrease in office vacancy. “Tech talent markets share several distinct characteristics, including high concentrations of college-educated workers, major universities producing tech graduates and large Millennial populations,” said Colin Yasukochi, who authored the report on behalf of CBRE Research. “The robust entrance of Millennials into the labor pool contributed greatly to the growth in tech talent across all 50 downtown markets in our ranking this year.” Tech Talent Scorecard Established tech markets, namely the San Francisco Bay Area, …

July 14, 2016

Market Reports Michigan Midwest Midwest Market Reports Retail

Creativity is Driving Force Behind Keeping Metro Detroit Retail Market Fresh

by Christina Cannon July 14, 2016

To get a sense of what is happening in Southeast Michigan retail these days, the place to start looking is the past. It’s interesting and important to recognize that the seeds of many of the retail trends manifesting themselves today were planted years ago. Fortunately, the overall retail marketplace in Southeast Michigan remains generally strong. The marketplace may change over time, but one constant that remains unaltered is that quality rises to the top. Thoughtfully designed and developed retail projects in favorable locations have always done well — and that has remained the case through recessionary ups and downs and the whims of a consumer base that can be quick to change. Rethinking e-commerce Today, one of the most discussed topics of conversation for any retailer is the competitive pressure of the online and mobile marketplace. The convenience of virtual transactions, the rise of Internet powers like Amazon, and an increasingly tech-savvy population of shoppers who are comfortable and confident shopping online for a wider variety of goods and services has prompted the vast majority of brick-and-mortar retailers to work hard to carve out their own space in the digital marketplace. Online and mobile growth has had less of a …

July 14, 2016

Multifamily New Mexico Student Housing Western

Signet Development, UNM Break Ground on $35M Student Housing Community

by Nellie Day July 13, 2016

ALBUQUERQUE, N.M. — Signet Development, in partnership with the University of New Mexico (UNM), has broken ground on Lobo Rainforest, a $35 million, 160,000-square-foot living-learning community located within the planned Innovate ABQ district in downtown Albuquerque. The six-story property will house over 300 UNM students studying in entrepreneurial education programs. Signet will own and develop the property through a lease arrangement with UNM, which will manage and operate the facility. The property will also be home to UNM’s Innovation Academy, meeting and collaboration rooms, and several business startup organizations including Innovate New Mexico and STC.UNM’s Joseph L. Cecchi VentureLab business incubator. Other tenants will include the Air Force Research Laboratory and various retail outlets. Dekker/Perich/Sabatini is the architect for the project, and Jaynes Cos. is the construction group. The property is scheduled for completion in August 2017.

July 13, 2016

Colorado Multifamily Seniors Housing Western

Rocky Mountain Senior Housing Taps OZ Architecture to Design 111-Unit Assisted Living Community in Colorado

by Nellie Day July 13, 2016

GOLDEN, COLO. — Rocky Mountain Senior Living has hired OZ Architecture to design Golden Lodge Assisted Living, a 111-unit assisted living and memory care community in the Denver suburb of Golden. The community will feature two buildings – a 65,000-square-foot, four-story assisted living community with 75 units, and a 24,000-square-foot, single-story memory care community with 36 units. Colorado-based Vivage Senior Living will operate the community once it is completed. Construction is scheduled to begin in the fourth quarter of 2016 for completion in the fall of 2017. OZ Architecture is a Colorado-based design firm.

July 13, 2016

California Retail Western

Hanley Investment Group Arranges $15M Sale of Grocery-Anchored Center in Ukiah

by Nellie Day July 13, 2016

UKIAH, CALIF. — Hanley Investment Group has arranged the $15 million sale of Ukiah Crossroads, a 106,460-square-foot shopping center located in Ukiah. Ed Hanley and Kevin Fryman of Hanley represented both the buyer, a San Pedro, Calif.-based private investor, and the seller, Columbus Pacific Properties, in the 1031 exchange transaction. Raley’s Supermarkets anchors the 98 percent occupied center, which is also home to Dollar Tree, O’Reilly Auto Parts, Rue 21, Rent-A-Center, U.S. Cellular and Advance America. The purchase also included a developable 1.39-acre pad site.

July 13, 2016

California Office Western

Covington Capital Management Renews Office Lease in Downtown LA

by Nellie Day July 13, 2016

LOS ANGELES — Covington Capital Management has renewed its lease for 17,122 square feet of office space in downtown Los Angeles. The space is located at 601 S. Figueroa St., within the Figueroa at Wilshire building. The property was built in 1990. The renewal was for 10 years. Jonathan Larsen, Eric Moore and Chandler Larsen of Avison Young represented the wealth management firm. The landlord, Brookfield Office Properties, was represented in-house by John Barganski and Marin Turney.

July 13, 2016

Loans Multifamily Student Housing Texas

NorthMarq Capital Arranges Financing for Student Housing Community in San Marcos

by Haisten Willis July 13, 2016

SAN MARCOS, TEXAS — Steve Whitehead and Lee Weaver of NorthMarq Capital have arranged acquisition financing for Villagio Apartments, a 492-unit student housing property located at 1850 Aquarena Springs Drive in San Marcos. The financing was structured with a seven-year term with one year of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

July 13, 2016

Hospitality Texas

M&M Arranges Sale of 100-Room Airport Inn & Suites in Tulsa

by Haisten Willis July 13, 2016

TULSA, OKLA. — Marcus & Millichap has arranged the sale of Airport Inn & Suites, a 100-room hotel located in Tulsa. Chris Gomes, Allan Miller and Skyler Cooper of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Gordon Allred and Matt Monahan of Marcus & Millichap represented the buyer, a private investor from California. Airport Inn & Suites is located at 35 N. Sheridan Road, just off I-244. Constructed in 1974, the two-story, exterior corridor hotel was originally built as a La Quinta Inn and at the time of listing was independently operated. Amenities at the hotel include an outdoor swimming pool, business center and complimentary Wi-Fi.

July 13, 2016

Multifamily Texas

Greysteel Secures Acquisition Financing for Green House Apartments in Arlington

by Haisten Willis July 13, 2016

ARLINGTON, TEXAS — Greysteel has secured agency financing for the acquisition of the Green House Apartments, a multifamily property located in Arlington, on behalf of 2405 E. Park Row Drive LLC. The 10-year, non-recourse Fannie Mae loan was provided by an undisclosed agency lender. The loan features a fixed interest rate of 4.5 percent and an 83 percent loan-to-cost ratio. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. The Green House Apartments was built in 1966 and totals 40 units.

July 13, 2016

Industrial Texas

Lee & Associates Negotiates 74,252 SF Industrial Sale in Metro Dallas

by Haisten Willis July 13, 2016

CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 74,252-square-foot industrial building located at 1421 Patton Place in Carrollton. Nathan Denton, Adam Graham and Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the seller, 1700 Broadway Associates. Ryan Boozer with Stream Realty Partners represented the buyer, Maxcom Properties.

July 13, 2016

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