Property Type

Bridge Investment Group Purchases 416,311 SF Office Campus in Richmond

by John Nelson February 14, 2017

RICHMOND, VA. — Bridge Investment Group has purchased WestMark Office Park, a 416,311-square-foot, two-building office complex located on a 40-acre campus at 11000 W. Broad St. in Richmond. Bridge purchased the asset with equity partner Mandalay-CRE Venture II from RER/New Boston West Broad LLC for an undisclosed price. Bridge will rebrand the asset SunTrust Center once SunTrust Bank takes occupancy of the entire 211,689-square-foot WestMark One building. WestMark was previously home to Capital One. Cushman & Wakefield | Thalhimer and Cushman & Wakefield’s Washington, D.C., office represented the seller in the transaction. Bridge will invest in improvements to WestMark’s lobbies, common areas and the exterior façade.

February 14, 2017

Florida Loans Seniors Housing Southeast

KeyBank Arranges $22.8M Acquisition Loan for Student Housing Property Near Florida State University

by John Nelson February 14, 2017

TALLAHASSEE, FLA. — KeyBank Real Estate Capital has arranged a $22.8 million Fannie Mae loan for The Luxe on West Call, a 390-bed student housing property near Florida State University in Tallahassee. Built in 2013, the community features 14,329 square feet of retail space leased to Maple Street Biscuit Co., Asian Rox and Bellezza Beauty Bar. Erik Storz of KeyBank arranged the seven-year acquisition loan with two years of interest-only payments and a 30-year amortization schedule.

February 14, 2017

Georgia Office Southeast

Cushman & Wakefield Relocates Atlanta Office to 1180 Peachtree in Midtown Atlanta

by John Nelson February 14, 2017

ATLANTA — Cushman & Wakefield has signed a 50,203-square-foot office lease at 1180 Peachtree, a 41-story, Class A office building located in Midtown Atlanta. The company will consolidate its two existing offices to two-and-a-half floors at the building this summer. The commercial real estate services firm signed the lease with building owner Hines, which developed 1180 Peachtree in 2006. The nearly 700,000-square-foot property was the first high-rise office building in the world to be pre-certified LEED-CS Silver, and an acre of the site is devoted to public spaces, plazas and gardens.

February 14, 2017

Multifamily Texas Top Stories

Provident Realty Advisors Completes $95M Multifamily Redevelopment of the Former Texaco Building in Houston

by Katie Sloan February 14, 2017

HOUSTON — Provident Realty Advisors has completed the redevelopment of the former Texaco building in Houston as a luxury multifamily complex. The project costs were estimated at $95 million. The skyscraper, located at 1111 Rusk St., has been a historic landmark in Houston since its completion over 100 years ago. The 410,000-square-foot property was built in 1915, but has been vacant since 1989. The founders of Texaco originally commissioned the building, which the famed New York architectural firm Warren & Wetmore designed, according to the Houston Chronicle. The newly opened space, rebranded as The Star, offers 286 units ranging from 730 to 1,730 square feet with 21,000 square feet of street-front retail. The property features one- and two-bedroom units with bed-to-bath parity. Community amenities include a hotel-style lobby lounge, complimentary coffee and snack bar, 24/7 concierge and free valet services. Beginning this spring, the property will also offer a fitness center with on-demand cardio and spin classes; resort-style courtyard with heated pool, summer kitchen, gas grills and cabanas; climate-controlled storage area; media/theater room; covered dog run and grooming station; and business center. The 16th floor of the building will feature a recreation area including a two-story foyer, club room, commercial demonstration kitchen, …

February 14, 2017

Features Healthcare Top Stories

Looming Repeal of Affordable Care Act Shakes Up Otherwise Healthy Forecast for Healthcare Real Estate

by Katie Sloan February 14, 2017

In 2016, the national vacancy rate for medical office buildings hit an all-time low, net absorption rose to its highest mark since 2008, rents grew and investment activity remained strong. But despite last year’s strong performance, Colliers International’s 2017 Health Care Marketplace Report shows that questions loom for the year ahead in the medical office space. While every administration change causes some degree of uncertainty, this year’s shift is markedly different as healthcare providers and system owners face the possible repeal of the Affordable Care Act and the details of the coverage set to replace it. Healthcare providers are also grappling with the implementation of the final terms for the site-neutral payment rule — which limits the way off-campus facilities are reimbursed by Medicare — and a continued rise in costs, from services provided to construction materials and labor. The report predicts that decision-making in the sector is likely to be delayed for a time, especially if policy changes surrounding the Affordable Care Act evolve over a protracted process. An additional burden to the healthcare industry is the continued aging of a large segment of the U.S. population. Healthcare expenditures per capita surpassed $10,000 in 2016, and are forecast to …

February 14, 2017

California Market Reports Office Western Western Market Reports

Los Angeles Office Market Points to Steady Demand, Further Growth in 2017

by Camren Skelton February 14, 2017

The Los Angeles office market continues to experience steady demand and accelerated rent growth as we enter 2017. The market is heading into its sixth consecutive year of expansion, after seeing a sharp contraction between 2008 and 2011. The Los Angeles office market has witnessed vacancy rates steadily decline from 16.3 percent to 13.7 percent since 2011, all the while absorbing more than 10.5 million square feet of occupied space. The market only added 4.5 million square feet of new construction during that same period, allowing vacancy to steadily decline back into the low teens, while average full-service gross asking rents have increased from $29.28 per square foot to $35.76 per square foot, up 22.1 percent. More importantly is the accelerated rent growth during this period. Rents increased 1.6 percent in 2012; 2.8 percent in 2013; 3.9 percent in 2014; 5.3 percent in 2015; and 6.8-percent to date in 2016. On the demand side, net absorption growth rates have been trending higher since 2012, averaging 0.8 percent during the past five years. They will finish above 1 percent for the second consecutive year. This remains below the growth rates experienced from 2003 to 2007, which averaged an annual growth of …

February 14, 2017

Arizona Multifamily Seniors Housing Western

Koelsch Communities Starts Construction of $46M Independent Living Community Near Phoenix

by Nellie Day February 13, 2017

SURPRISE, ARIZ. — Koelsch Communities has started construction of The Park at Surprise, a 155-unit independent living community in the Phoenix suburb of Surprise. The 202,000-square-foot project is being built on an 8.5-acre plot. Development costs are estimated at $46 million. The Park at Surprise will be the fourth Koelsch community in Arizona, and is scheduled to open in summer 2018. Madrona Point Development is partnering with RJ Development, both based in the city of Olympia, Wash., to develop the project. Koelsch Construction will serve as general contractor. Koelsch Communities operates 22 communities in seven states and is planning to open 16 communities in the next two years.

February 13, 2017

California Multifamily Seniors Housing Western

Kisco Underway on $22.5M Expansion of Emerald Court Seniors Housing Community in Anaheim

by Nellie Day February 13, 2017

ANAHEIM, Calif. — Kisco Senior Living has started the $22.5 million expansion and renovation of Emerald Court, a 194-unit independent living and assisted living community in Anaheim. The project was originally announced in March 2016, but the company added more plans and committed more money. The project is currently underway, with a scheduled completion of fall 2017. Plans call for a two-story building adding 58 new assisted living units to the property, as well as a demonstration kitchen, dining venue and wellness center. Kisco will also renovate the existing dining room, corridors, lighting, activity room and salon. The project will add a total of 58,000 square feet to the property. Emerald Court’s assisted living units are currently full with a waiting list. The expansion will more than double the number of assisted living units. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.

February 13, 2017

Arizona Multifamily Western

Jevan Capital Buys Desert Place Apartments in Phoenix for $11.3M

by Nellie Day February 13, 2017

PHOENIX — Jevan Capital has purchased a 260-unit apartment community in Phoenix for $11.3 million. The community is situated on 7.8 acres along 27th Avenue near the I-17 Black Canyon Freeway. It is known as Desert Place Apartments. The seller was IPA Phoenix-Foxwood. Bob Farrell of Orion executed the transaction.

February 13, 2017

Colorado Office Western

Park Forum Office Park in Lakewood Sells for $3M

by Nellie Day February 13, 2017

DENVER — An unnamed buyer has acquired the 22,627-square-foot Park Forum Office in Lakewood for $3 million. The two-building property is located at 3222-3232 S. Vance St. The buyer intends to occupy one of the buildings, while leasing out the other. Eric Shaw of Pinnacle Real Estate Advisors executed the transaction.

February 13, 2017

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