TARRYTOWN, N.Y. — The Cookware Co. has signed a 17,368-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Craig Ruoff of Colliers represented the tenant.
By Maya Khan, managing director, CBIZ Between the pandemic and the advent of hybrid work, it’s been a challenging stretch for the New York City office market. But savvy investors see skies clearing as interest rates come down and more employers call workers back to the office. The stabilizing market also offers new opportunities for office-to-residential conversions, thanks to recently enacted state and city incentives. In fact, office buildings sold for such purposes accounted for 50 percent of all development sales in Manhattan in the first half of 2024, according to data from Ariel Property Advisors. In what follows, we’ll take a deeper dive into those trends and look at how some New York real estate leaders who spoke at CBIZ’s “Manhattan to Main Street” panel are taking advantage of the current environment. The event, held in the fall of 2024, focused on the trillions of dollars in commercial real estate debt that is set to mature before 2028 and broader economic factors influencing the New York real estate market; it drew 85 attendees from the local real estate community. Opportunity on the Upswing It’s no secret that the Big Apple’s office sector has taken a beating in the past …
By Garrett Cohoon, Block & Co. Inc. Realtors The commercial real estate activity in the Kansas City metropolitan area showed substantial growth in 2024 for the retail, multifamily and industrial sectors. The office sector is still seeing record vacancy rates, but the annual loss over 2023 is slowing down. According to CoStar, the office vacancy rate for 2024 is up 11.8 percent in Kansas City while the national index is at a 13.9 percent increase. That’s only 0.5 percent higher than last year in Kansas City and we expect to see that trend turn around in the next year. The retail sector saw new brands like Aritzia grow into the Kansas City market. Whataburger opened its 14th location in the past two years as drive-thru restaurants have continued to be a preference for consumers and investors alike. Wellness-based businesses and health clinics have also made good strides in the market. Kansas City has seen an increase in new experiential attractions this year, including national businesses like Puttery minigolf, Andretti indoor karting and SandBox VR. These new attractions have been key to many new development complexes and redevelopments of existing strip centers. Mattel also announced a new adventure park to be …
TOLEDO, OHIO AND HOUSTON — An affiliate of Welltower Inc. (NYSE: WELL) has entered into an agreement to acquire NorthStar Healthcare Income Inc., a non-listed REIT that owns a diversified portfolio of seniors housing properties throughout the United States, for roughly $900 million. Toledo-based Welltower will take ownership of NorthStar Healthcare’s portfolio of 40 seniors housing communities in the acquisition. Founded in 2010, Houston-based NorthStar Healthcare’s portfolio includes independent living, assisted living and memory care properties. “We expect that this portfolio will serve to further enhance our regional densification strategy through our existing geographic footprint and network of exceptional seniors housing operators,” says Nikhil Chaudhri, co-president and chief investment officer of Welltower, calling the agreement a “win-win outcome for shareholders of both companies.” NorthStar Healthcare stockholders will receive $3.03 per share according to the agreement, exceeding the net asset value per share of $2.96 as decided by NorthStar Healthcare’s board of directors in June 2024. Under terms of the agreement, the NorthStar board of directors and advisors may initiate, solicit and consider alternative acquisition proposals during a 40-day “go shop” period beginning from the date of the merger agreement. The all-cash transaction is scheduled to close within the first half …
SAN MARCOS, TEXAS — Utah-based Helu Development has broken ground on The Entrada at San Marcos, a 336-unit affordable housing project located roughly midway between Austin and San Antonio. The development will comprise six three-story buildings on a 14-acre site. Units will feature studio, one- and two-bedroom floor plans and will be reserved for households earning 80 percent or less of the area median income. Amenities will include a clubhouse with a 24-hour fitness center, pickleball court, a resort-style pool and spa, grilling areas and a playground. Helu is developing the project, which is expected to be complete by early 2026, in partnership with American South Capital Partners.
SAN ANTONIO — California-based investment firm KBS has sold Fountainhead Tower, a 179,932-square-foot office building in San Antonio. The building sits on a 5.6-acre site about 10 miles northwest of the downtown area. Amenities include a fitness center, conference facility, deli, outdoor gathering spaces and an onsite bank branch. Todd Mills of Cushman & Wakefield represented KBS, which implemented a multimillion-dollar capital improvement program at Fountainhead Tower in 2017, in the transaction. The buyer was a partnership led by Austin-based SynerMark Properties.
HARLINGEN, TEXAS — Marcus & Millichap has brokered the sale-leaseback of a 105,000-square-foot industrial building in the Rio Grande Valley city of Harlingen. The building sits on 9.1 acres and features 10 dock-high doors and one grade-level door. Adam Abushagur, Ernesto Melgar Campos, Tyler Ranft and Davis Cagle of Marcus & Millichap represented the seller and occupant, packaging provider Bulk-Pack Inc., in the transaction. The team also procured the buyer, an undisclosed private investor.
BARTOW COUNTY, GA. — Hines and Aubrey Corp. plan to co-develop a new 10 million-square-foot mixed-use community in Bartow County, a northwest suburban node of Atlanta. The master-planned project, called Aubrey Village, will sit on 2,390 acres at the I-75 interchange with U.S. Route 411, which is located near multibillion-dollar plants underway for Hyundai-SK Battery and QCells. Once complete, the development will include new manufacturing, data center and logistics facilities, as well as a supermarket, shops, restaurants, hotels and a variety of residential properties that will accommodate 2,800 families. The industrial-zoned land spans 1,200 acres and will accommodate two industrial parks. Aubrey Village will also feature a network of trails, parks and walkways and a Bartow County public school. The project is projected to be completed over the next 10 to 12 years in several phases, with Hines expecting to break ground on the initial infrastructure later this year or in 2026. Jim Ramseur and Samantha Wheeler with Lee & Associates represented Aubrey Corp. in venture formation, and Ramseur Real Estate Advisors will act as the managing consultant for the co-developers’ commercial and residential parcels moving forward.
FARMVILLE, VA. — Avaio Digital Partners has agreed to purchase 280 acres in Farmville to make way for a new $5 billion data center campus. The Connecticut-based data center developer and operator signed the land sale agreement with the Industrial Development Authority (IDA) of Prince Edward County. Andy Walsh of SugarOak Realty represented Avaio Digital and Rhett Weiss with Cottonwood Commercial represented the Prince Edward County IDA in the land transaction. Known as the Farmville Data Hub, the site is fully zoned for five data centers, has ready fiber access, utility access and water supply secured. Avaio Digital has also completed preliminary site engineering and is in the process with Dominion for 300 megawatts of power. The developer is also underway on a $3 billion data center campus in nearby Appomattox County, Va.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 16,074-square-foot industrial building in East Houston. According to LoopNet Inc., the facility at 5611 Clinton Drive was built in 1945. Perry Mazzone and Matt Rogers of Oxford Partners represented the buyer, healthcare services provider ASC Solutions, in the deal. Lorin Miner and Bobby Tyson of Eastwood Realty represented the undisclosed seller.