By Jonathan Brown of JHP Architecture/Urban Design The essence of a thriving city lies in its diversity. Dynamic urban landscapes can achieve this effect by offering a robust mix of uses that cater to a wide range of people, keeping their streets and buildings lively and vibrant throughout the day and into the night. City administrators, architects and master planners have long sought the alchemical mixture for this success. However, zoning codes for various municipalities can often read like complex recipes: A cup of residential here, a few ounces of retail there, a pinch of municipal infrastructure all around, a dash of hidden parking and a sprinkling of community open space to really tie the flavors together! Successful placemaking is not simply the sum composition of all its parts; it requires thoughtful integration and balance. With today’s housing shortages, multifamily developments make sense, but integrating retail uses within those projects is challenging. This is despite the fact that many comprehensive plans and zoning codes mandate specific retail quotas, which may not be easily supported by the economics. Creating vibrant, engaging spaces requires more than just ticking boxes in the zoning code. Stakeholders want to avoid ending up with a …
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Foundation Has Been Laid for Seniors Housing Investment Sales to Flourish in 2025, Says InterFace Panel
by John Nelson
LOS ANGELES — Dan Baker, director of capital markets for JLL, says the seniors housing and care industry doesn’t need to speculate on whether the market rebound is real or perceived because the numbers tell the story. “I think last year saw the most announced seniors housing transactions ever in a calendar year, not necessarily the most dollar volume,” said Baker during a recent investment panel discussion at InterFace Seniors Housing West in Los Angeles. Baker cited the lack of larger portfolios trading hands as the reason for the modest dollar volume in transaction activity in 2024. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. According to research firm MSCI, property and portfolio sales in the seniors housing and care space totaled $13.2 billion in 2024 compared with $10.9 billion in 2023, a year-over-year increase of 21 percent. That’s still far below the $20.7 billion in deal volume notched in 2021. The data is based on independent reports of sales $2.5 million and above. One compelling trend noted by Baker is the tremendous growth in net operating …
— By Phil Brierley of JLL — The Salt Lake City office market continues to strengthen despite strong systemic headwinds. Last year was a banner year for leasing, with 4.8 million square feet of total leasing velocity. Silicon Slopes once again led all submarkets, representing 43 percent of all leasing. This was followed by the Greater CBD with 25 percent. Absorption was positive through the fourth quarter (for the second consecutive time) at 72,861 square feet, offsetting move-outs earlier in the year. Overall vacancy peaked in 2023 at 18.9 percent and is finally trending in the right direction. It finished the year at 18.6 percent. Subleasing is still a soft spot, especially in Silicon Slopes, with 300,000 square feet of new sublease space hitting the market in the fourth quarter of 2024 alone. Sales volumes rebounded after a dismal 2023, clocking in at $518 million in 2024. RCA notes this is close to the trailing 10-year average of $587 million. Much of that velocity was driven by user sales, including Salt Lake County’s acquisition of the Peace Coliseum, Canyons School District’s purchase of the eBay regional headquarters, the University of Utah’s acquisition of City Center downtown and Onset Financials’ acquisition …
SAGINAW, TEXAS — Marcus & Millichap has brokered the sale of Ashton, a 152-unit apartment complex in Saginaw, a northern suburb of Fort Worth. Ashton is a 15-building community that was constructed on approximately eight acres in 1984 and recently received capital improvements to unit interiors and common areas. Residences come in one- and two-bedroom floor plans and include private balconies/patios. The amenity package consists of a pool, clubhouse, dog park and outdoor grilling and dining stations. Ford Braly, Al Silva and Dylan York of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HOUSTON — Gulf Coast Crating has signed a 135,285-square-foot industrial lease expansion near Port Houston. The provider of specialty packaging services originally occupied 432,316 square feet at Building 1 of Portside Logistics Center, a 1 million-square-foot development on the city’s southeast side. The deal for the additional space within Building 2 brings the development to full occupancy. Tyler Maner and Jeremy Lumbreras of Stream Realty Partners, which owns the property in a joint venture with Principal Asset Management, represented ownership in the lease negotiations. Patrick McKiernan of First Houston Properties represented the tenant.
HOUSTON — Mississippi-based developer EastGroup Properties is nearing completion of a 97,285-square-foot industrial project in West Houston. The building is the second of six planned structures within Grand West Crossing and will feature speculative office space, double-row parking, 28-foot clear heights and an ESFR sprinkler system. Suites within the building are divisible to 9,500 square feet. Completion is slated for the summer. JLL is marketing Grand West Crossing for lease.
PASADENA, TEXAS — EDGE Capital Markets has arranged the sale of The Market at Crenshaw, a 37,103-square-foot retail strip center in Pasadena, an eastern suburb of Houston. Shadow-anchored by Academy Sports + Outdoors and Burlington, the center was 77 percent leased at the time of sale to a mix of national and local tenants. Kevin Holland and Britton Holland of EDGE represented the undisclosed seller in the transaction. The buyer was a national investor that also requested anonymity.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a 29,667-square-foot industrial lease in northwest Houston. The tenant is Falcon View Energy Products, which supports upstream oil and gas operations. The space spans two buildings within Four Seasons Business Park, which consists of 16 buildings totaling 205,332 square feet on a 16-acre site. Christian Villarreal of Finial Group represented the undisclosed landlord in the lease negotiations. The tenant was self-represented.
ITHACA, N.Y. — A partnership between Atlanta-based developer PeakMade Real Estate, Chicago-based investment firm Blue Vista Capital Management and real estate-focused family office W5 Group has broken ground on a 518-bed student housing project near Cornell University in western New York. Theory Ithaca will be located along Six Mile Creek in the downtown area and will offer studio, one-, two- and three-bedroom floor plans across 371 units. Amenities will include rooftop terraces, study lounges and a fitness center. Kennedy Wilson is financing construction of the project, which is expected to be complete in advance of the 2027 academic year.
NEW YORK CITY — Property Resources Corp. has completed The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and have been leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Property Resources Corp. developed The Hartby in partnership with Avenue Realty Capital. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Market-rate rents start at $3,150 per month for a studio apartment.