Property Type

JLL: Tech Dominates U.S. Office Leasing, Creates Resilient Economies

by Haisten Willis September 15, 2016

CHICAGO — Even as the technology industry begins to normalize after two years of major growth, the nation’s tech markets remain winners in the race for talent and, by extension, office leasing. This according to JLL’s recently released Tech Office Outlook report. From the second quarter of 2015 to the second quarter of 2016, tech office leasing volume fell 9.6 percent. However, despite tech industry growth hitting a relative plateau, it will continue to outpace the national economy and is creating strong real estate conditions across the country, according to the report. “The technology sector is the leading industry for real estate expansion in the U.S. and is driving nearly 25 percent of office leasing activity across the nation over the past two years for leases of 20,000 square feet or more,” states the report. “Also, 63 percent of these tech companies are in growth mode. And this demand is driving office rents up. The most expensive rents can be found in San Francisco Peninsula’s Menlo Park, at $102.16 per square foot, followed by Palo Alto in Silicon Valley ($100.79); San Francisco’s Mission Bay/China Basin ($84.70) and Hudson Square in New York ($83.11).” The 9.6 percent year-over-year dip in second-quarter leasing …

September 15, 2016

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Job Growth, Technology Sector Give a Boost to the Kansas City Apartment Market

by Jeff Shaw September 15, 2016

Look no further than Kansas City for one of the most burgeoning apartment rental hotspots in the Heartland. Ever since apartment deliveries reached a trough of 233 units in 2011, developers have ramped up construction activity year after year to meet healthy rental demand, though often still trailing robust leasing activity. This trend continued in the first half of 2016, with 2,170 newly occupied apartments exceeding 1,650 multifamily units added to the metro area inventory. What’s contributing to this demand? And will rapid market growth and expansion continue? Job growth, tech boom Employment gains are a big reason rental market demand continues to outweigh supply. For the last six years, greater Kansas City has experienced annual average employment gains of 1.5 percent to support sustained rental demand. After steady, though moderate gains in the last half of 2015, employers accelerated hiring with 10,500 additions from January to June, a 1 percent expansion over the previous six months. The six-month hires capped an annual increase of 1.5 percent since mid-2015 with 15,900 new personnel. To no surprise, the rise in employment has coincided with the rise in renters, as they’ve been attracted to new inventory around employment hubs. The Downtown/East Kansas …

September 15, 2016

Multifamily New York Northeast

Eastern Consolidated Sells 167-Unit Queens Multifamily Property for $40.73M

by Jaime Lackey September 14, 2016

NEW YORK CITY — Eastern Consolidated has arranged the $40.73 million sale of a 167-unit, 187,800-square-foot multifamily property at 94-25 57th Avenue in Elmhurst, Queens. The fully occupied property, located on Junction Boulevard between 56th and 57th Avenues, includes 15 studios, 101 one-bedrooms, 35 two-bedrooms, 12 three-bedrooms, and three professional units. Matt Sparks and Ted Volynets of Eastern Consolidated represented the seller, a private investor, and Sparks procured the buyer, Treetop Development, in the off-market transaction.

September 14, 2016

Mixed-Use Multifamily New Jersey Northeast

University Place Underway in Jersey City

by Jaime Lackey September 14, 2016

JERSEY CITY, N.J. — The Hampshire Companies and joint venture partner Claremont Companies, along with project investment advisor Circle Squared Alternative Investments, have broken ground on the first phase of University Place along the west campus of New Jersey City University. The first phase will include 163 market-rate units and approximately 10,000 square feet of retail on West Side Avenue, along with 177 structured parking spaces, two bike terminals and more than 25,000 square feet of indoor/outdoor amenity space. The residential units will consist of 27 studio apartments, 112 one-bedroom, and 24 two-bedroom units ranging from 550 square feet to 1,300 square feet. Occupancy for the first project is slated for 2017. The remaining phases of development for University Place are expected to be completed and available for occupancy in 2018. The master redevelopment plan calls for eight buildings including a 100,000-square-foot performing arts center/academic building.

September 14, 2016

25-fid-kennedy-raymond-l-flynn-marine-industrial-park

Industrial Massachusetts Northeast

Auburndale Realty Co. Represents Manufacturing Tenant in 157,000 SF Boston Lease

by Jaime Lackey September 14, 2016

BOSTON — J.C. Cannistraro LLC has signed a lease to relocate to a 157,000-square-foot building at 25 Fid Kennedy in Boston’s Raymond L. Flynn Marine Industrial Park and will consolidate its machine shops currently located in Wilmington, Stoughton and Watertown, Mass. Robert Cleary, now at Colliers International, and Rob Nahigian, of Auburndale Realty Co., handled the tenant advisory assignment for the company, which offers plumbing, HVAC, piping, sheet metal and fire protection services. Cannistraro will move roughly 140 manufacturing jobs to the property after its renovation. The lease term with the Economic Development and Industrial Corporation is 50 years with a control period of 70 years.

September 14, 2016

Loans Multifamily New Jersey Northeast

Meridian Capital Group Arranges $22M in Acquisition Financing for Brooklyn Multifamily Property

by Jaime Lackey September 14, 2016

NEW YORK CITY — Meridian Capital Group has arranged $22 million in acquisition financing for the purchase of a 51-unit loft multifamily building located at 315 Seigel Street on the border of East Williamsburg and Bushwick, on behalf of Sugar Hill Capital Partners. The five-year loan, provided by a regional balance sheet lender, features a fixed-rate in the 3 percent range with one year of interest-only payments and a five-year extension option. Shamir Seidman and Daniel Neiss of Meridian negotiated the transaction.

September 14, 2016

New Jersey Northeast Retail

Marcus & Millichap Brokers Wawa Sale with 4.46 Cap Rate

by Jaime Lackey September 14, 2016

MARLTON, N.J. — Marcus & Millichap has arranged the sale of a 6,387-square-foot net-leased Wawa property, located at 250 Route 70 West in Marlton, for $7.02 million, which represents a cap rate of 4.46 percent. Josh Ein, Dean Zang and Mark Taylor of Marcus & Millichap had the exclusive listing to market the property on behalf of the preferred developer. The buyer, a partnership, was secured and represented by Alan Cafiero and Ben Sgambati of Marcus & Millichap as one of a series of 1031-exchange purchases represented by the agents. The property is in a new 20-year triple-net lease with 19 years remaining. Per CoStar, the 4.46 cap rate is the lowest cap rate for any Wawa across the nation.

September 14, 2016

Multifamily Texas

StreetLights Residential, Tricon Capital Open Multifamily Community in Austin

by Haisten Willis September 14, 2016

AUSTIN, TEXAS — StreetLights Residential and partner Tricon Capital Group Inc. have opened a 415-unit apartment and townhome community in Austin known as The Michael at Presidio. Located at 13535 Lyndhurst St. near Lakeline Mall, the leasing center is now open with townhomes and apartments immediately available. The Michael, a three- and four-story residential community, is located near Highway 183 and the Texas 45 toll road. Floor plans include studios, one- and two-bedroom apartments and three-bedroom townhomes ranging from 599 to 1,896 square feet. Amenities include a pool with water features and grilling stations, community lounge with fireplace, game lounge, conference center, coffee bar, fitness facilities and electric car charging stations. Apartments feature granite countertops, stainless steel appliances, solid wood cabinetry, 10- and 12-foot vaulted ceilings, built-in bookcases and desks, walk-in closets and private patios. StreetLights developed the project, with SLR Texas Construction LLC serving as the general contractor. The development team also included architect Looney Ricks Kiss, landscape architects Linda Tycher Design and Bury Inc. and interior designer Faulkner Design Group. Gables Residential is The Michael at Presidio’s property management company.

September 14, 2016

Retail Texas

SACA Brokers Sale of Shops at Overlook in San Antonio

by Haisten Willis September 14, 2016

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Shops at Overlook located at 26108 Overlook Parkway in San Antonio. Built in 2008 on a 5.1-acre lot, the two-building, 54,000-square-foot shopping center occupies the corner of Overlook Parkway and Canyon Golf Road. Tenants at Shops at Overlook include MedFirst Primary Care, Canyon Springs Dental, Anytime Fitness, Sam Martin Orthodontics and Jack Brown Cleaners. SACA’s Brent Smith and Bradley Suttle marketed the property on behalf of the seller, Frater USA LLC, and procured the buyer, Omni Group LLC.

September 14, 2016

Hospitality Retail Texas

Red River Street Canopy Walk to Connect Fairmont Austin with Austin Convention Center

by Haisten Willis September 14, 2016

AUSTIN, TEXAS — Manchester Texas Financial Group, the developer of the Fairmont Austin, has unveiled a design that will be built between the hotel and Austin Convention Center. Known as the Red River Street Canopy Walk, the 33-foot elevated connection will enable Fairmont Austin hotel guests and the public to cross Waller Creek while traveling to and from the second level of the Austin Convention Center. The walkway will also be publicly accessible from the Waller Creek Trail and streets below. Construction recently began on underground infrastructure for the project. Work on the above-ground connection is slated to start in early 2017 and wrap up in May 2017. Manchester Texas Financial worked with the Waller Creek Conservancy to create the concept. New York-based Thomas Phifer and Partners designed the walkway. Austin-based dwg. is serving as the local landscape architect, and Big Red Dog is the project’s civil engineer.

September 14, 2016

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