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325-331-Marine-Ave-Newport-Beach-CA
AcquisitionsCaliforniaMixed-UseMultifamilyRetailWestern

Faris Lee Investments, SSG Realty Corp. Broker $4.4M Sale of Mixed-Use Property in Newport Beach, California

by Amy Works

NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land. Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction. Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.

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AC-Self-Storage-Colorado-Springs-CO.jpg
AcquisitionsColoradoIndustrialSelf-StorageWestern

Marcus & Millichap Negotiates Sale of 486-Unit AC Self Storage in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of AC Self Storage, a self-storage facility in Colorado Springs. SmartStop Self Storage REIT acquired the asset from a Southern California-based limited liability company for an undisclosed price. Totaling 77,720 square feet, AC Self Storage consists of 16 single-story buildings comprising 486 non-climate-controlled drive-up units, 105 parking spaces and 30 office spaces. Facility amenities include a leasing office with retail display, security monitoring, perimeter fencing, elevated signage at all ingress/egress point, high-door units, expansion potential and wide-drive aisles. Adam Schlosser and Keith Phillips of The LeClaire-Schlosser Group of Marcus & Millichap represented the buyer and secured the seller in the transaction.

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Carr-Old-Town
DevelopmentMultifamilyOfficeSoutheastTop StoriesVirginia

Carr Properties Acquires Vacant Office Building for Multifamily Conversion in Alexandria, Virginia

by Katie Sloan

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt St. in the Old Town neighborhood of Alexandria with plans to convert the property into a 250,000-square-foot multifamily community.  The site, which will be cleared to make way for the new development, is located roughly seven miles south of Washington, D.C., and 1.5 miles south of the former development site for Potomac Yards, a recently cancelled 9 million-square-foot mixed-use project.  The community will rise eight stories and feature 234 units in a variety of configurations, ranging from studio apartments to three-bedroom units. An unspecified number of units will be dedicated to affordable housing. The development will also include below-grade parking, 15,800 square feet of outdoor space, a performing arts venue and 7,000 square feet of ground-floor retail space.  Shared amenities are set to include an outdoor swimming pool and a resident lounge and amenity center. Carr Properties plans to break ground on the development this fall with completion slated for late 2026. The community will target LEED Silver certification.  The development team for the project includes SK+I Architecture and interior design firm Edit Lab by Streetsense, which partnered with Carr on its previous Union …

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Location, Business-Friendly Climate Propel Columbus Industrial Market

by Kristin Harlow

By Dan Wendorf, JLL The industrial landscape in Columbus is not just thriving — it’s breaking records. As highlighted in JLL’s fourth-quarter 2023 Columbus Industrial Insights Report, 2023 marked another milestone year for the market. With over 19 million square feet under construction and surpassing 2022’s nearly 7 million-square-foot total, Columbus has solidified its position as a national industrial hub.  The report also showed total vacancy increased 3.8 percent year over year due to 15.7 million square feet of speculative completions, which finished the year at 30 percent leased. Although a modest uptick, Columbus continues to diversify its industrial scene from exclusively being known as once a “logistics and parcel delivery hub” to now being recognized for its growth in advanced manufacturing and data centers.  As exemplified by investments from Facebook, Google and Meta, the market has evolved into a multifaceted industrial powerhouse. In particular, investments in microchip factories have stimulated the need for additional warehousing from suppliers, and this trend is expected to continue in the coming year. This article explores how Columbus has become a key player in industrial development, factors motivating businesses to move their operations to central Ohio and what’s in the pipeline to keep an …

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Parkside-Uptown-Dallas
LoansOfficeTexas

JLL Arranges $290M Construction Loan for Uptown Dallas Office Tower

by Taylor Williams

DALLAS — JLL has arranged a $290 million construction loan for Parkside Uptown, a 500,000-square-foot office tower that will be located at the corner of North Harwood Street and Woodall Rodgers Freeway in Dallas. Bank of America has preleased roughly half the space at the 30-story building, which is slated for a 2027 delivery. Trey Morsbach, Jim Curtin, Michael Cosby and Greg Napper of JLL arranged the four-year, floating-rate loan through Goldman Sachs Alternatives. The borrower is a partnership led by Pacific Elm Properties that also includes local developer KDC. New York-based architect Kohn Pedersen Fox designed Parkside Uptown.

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SouthPark-183-Austin
DevelopmentIndustrialTexas

HLCI to Develop 246,310 SF Industrial Project in Southeast Austin

by Taylor Williams

AUSTIN, TEXAS — Holt Lunsford Commercial Investments (HLCI) will develop SouthPark 183, a 246,310-square-foot industrial project in Austin. The 19.1-acre site is located within an opportunity zone, approximately nine miles from downtown Austin and two miles from Austin-Bergstrom International Airport. HLCI acquired the land in December with plans to develop three shallow-bay buildings. Construction is scheduled to begin in the first quarter of next year.

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LoansMultifamilyTexas

Avatar Financial Provides $6.5M Loan for Refinancing of Houston Apartment Complex

by Taylor Williams

HOUSTON — Seattle-based lender Avatar Financial Group has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit apartment complex in southeast Houston. Built in 1961 and renovated in 2001, Bellfort Plaza offers one-, two- and three-bedroom units. The borrower, an entity doing business as HSR Bellfort Plaza Apartments LLC, acquired the property in 2003 and will use the proceeds to pay off a $6 million first mortgage loan and complete construction of 14 new units. Those new units are all preleased.  A.J. Funaro of Brookview Financial arranged the debt.

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Leasing ActivityOfficeTexas

REOC San Antonio Negotiates 11,177 SF Office Lease at Cannon Oaks Tower

by Taylor Williams

SAN ANTONIO — REOC San Antonio has negotiated an 11,177-square-foot office lease at Cannon Oaks Tower, a 57,912-square-foot building on the city’s northwest side. The seven-story building was originally constructed on 2.4 acres in 1983. Michael Morse of REOC San Antonio represented the landlord in the lease negotiations. The tenant, personal injury law firm Ruben Beltran, was self-represented.

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Leasing ActivityOfficeTexas

RGM Engineering Signs 2,418 SF Office Lease Renewal in San Antonio

by Taylor Williams

SAN ANTONIO — RGM Engineering has signed a 2,418-square-foot office lease renewal at Northwest Center in San Antonio. The building, which according to LoopNet Inc. was built in 1985 and totals 241,405 square feet, is located at the junction of Interstates 10 and 410. Larry Mendez and Brad Kaufman of CBRE represented the tenant in the lease negotiations. Paul Barker and Hayley Ruggles of Endura Advisory Group represented the landlord, Westdale Real Estate & Investment Management.

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Roosevelt-Rehabilitation-&-Healthcare-Center-Philadelphia
DevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Marquis Completes Phase I of Renovations at 240-Bed Seniors Housing Property in Philadelphia

by Taylor Williams

PHILADELPHIA — Marquis Health Consulting Services has completed Phase I of a renovation project at Roosevelt Rehabilitation & Healthcare Center in the Rhawnhurst neighborhood of Philadelphia. The 240-bed skilled nursing facility provides post-hospital care, short-term rehab and long-term residential care. A centerpiece of the renovation to date is the addition of a 3,600-square-foot rehab therapy gym and the incorporation of a spacious activities of daily living suite. Renovation highlights also include modernized dining area and lounges, as well as updates to resident rooms and nurses’ stations.

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