Property Type

Marcus & Millichap Negotiates Sale of Scenic Self Storage Property in Littlefield, Arizona

by Amy Works January 8, 2024

LITTLEFIELD, ARIZ. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Scenic Self Storage, a self-storage facility located in Littlefield near both the Nevada and Utah borders. The asset traded for an undisclosed price. Jordan Farrer of Marcus & Millichap’s Salt Lake City office and Adam Schlosser of the firm’s Denver officer represented the seller, a Utah-based investment group. Ryan Sarbinoff of Marcus & Millichap’s Phoenix office served as the broker of record. Marcus & Millichap also procured the buyer, regional storage operators with assets in Utah and Arizona. Located at 3030 S. Scenic Blvd., the 34,770-square-foot Scenic Self Storage consists of eight one-story buildings offering 245 non-climate-controlled units and 109 parking units, totaling 354 units. Amenities include wide-drive aisles, outdoor vehicle parking, drive-up access, online rentals, convenient access and digital surveillance.

January 8, 2024

Acquisitions California Industrial Self-Storage Western

Colliers Brokers Sale of 772-Unit StorCo Self Storage Facility in Long Beach, California

by Amy Works January 8, 2024

LONG BEACH, CALIF. — Colliers has arranged the sale of StorCo Self Storage, a self-storage facility located at 3050 Orange Ave. in Long Beach. The asset traded for an undisclosed price. Situated on 7.5 acres, the nearly 80,000-square-foot StorCo Self Storage features 772 storage units in a mix of container storage, fixed drive-up and fixed interior units. Additionally, the property offers 67 parking spaces, a small billboard, a 3,100-square-foot commercial building and an approximately two-acre industrial outdoor storage parcel located at 1301 E. Spring St., which Rain For Rent occupies. Tom de Jong and Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller, CREE Investment Co. The name of the buyer was not released.

January 8, 2024

Acquisitions Arizona Retail Western

God’s Vast Resources Buys 7,089 SF Retail Space in Tucson, Arizona

by Amy Works January 8, 2024

TUCSON, ARIZ. — God’s Vast Resources has acquired a 7,089-square-foot retail space at 6161 E. 22nd St. in Tucson. The Valley National Bank of Arizona sold the property for $1.1 million. Dave Hammack of Cushman & Wakefield | PICOR represented the seller, while David Montijo of CBRE Tucson represented the buyer in the deal.

January 8, 2024

Development New York Northeast Office Top Stories

Vornado Realty Trust Nears Completion of $750M Repositioning of Manhattan Office Building

by Taylor Williams January 8, 2024

NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) is nearing completion of a $750 million repositioning of PENN 2, a 1.8 million-square-foot office building that sits atop the Penn Station transit hub in Midtown Manhattan. PENN 2 will sport architectural features such as a modern glass curtain wall, a triple-height lobby that opens onto a new plaza on 33rd Street and a six-story podium comprised of 105,000 square feet of column-free, double-height space. Above the 33rd Street plaza is a 280-person town hall space with a flexible seating system that can support large-scale keynote talks, private media screenings, banquets, conferences, workshops and open-floor exhibitions. PENN 2 also offers 72,000 square feet of outdoor green space, including an outdoor terrace atop the podium and a landscaped 17,000 square-foot rooftop park that is available to all tenants. The building sits across the street from Madison Square Garden, which houses its global headquarters within the office space. The larger PENN District campus is home to major tenants such as Meta, Morgan Stanley, Amazon, The Hartford, Cisco Systems and Samsung. “The reimagined PENN 2 appeals directly to innovation-oriented companies seeking an ultra-premium, hospitality-infused office environment that offers a one-seat ride for workers throughout the …

January 8, 2024

Industrial Louisiana Market Reports Southeast Southeast Market Reports

New Orleans Industrial Market Remains Subdued, But Two Projects Are Breaking the Ice

by John Nelson January 8, 2024

For the past decade, the inventory of industrial space in the Greater New Orleans market has not been large enough to meet demand. Comprising mostly older product that would be considered Class B or C in more populous markets, New Orleans-area warehouses have an overall vacancy rate of less than 2 percent. The demand has resulted in rising rental rates. Development of new product is warranted, but a combination of factors has prevented new projects from being built. Finally, in 2023, despite increased construction costs, high insurance costs and rising interest rates, projects are underway that will accommodate the demand in a market that is long overdue for new, modern warehouse product. Despite having all the ingredients to be a major industrial market, including one of the country’s largest port systems, warehouse infrastructure in New Orleans is dated, mostly due to a lack of suitable land for development. Institutional ownership and investment here is limited to select groups that, while chasing higher yields, took the time to learn the market’s dynamics and build local relationships. Historically, as brokers and tenants bemoaned a lack of product, national developers were reluctant to deploy capital to speculate in an unfamiliar and unproven locale. …

January 8, 2024

Development Georgia Industrial Southeast

Farpoint, Grandview to Develop 2 MSF Industrial Park in LaGrange, Georgia

by John Nelson January 5, 2024

LAGRANGE, GA. — Farpoint Development and Grandview Partners plan to develop Lafayette Logistics Park, a 134-acre industrial project site located off I-85 in LaGrange. Southpoint Realty Group sold the land to the developers for an undisclosed price. Plans for the site include the development of up to 2 million square feet of industrial facilities across two phases. Phase I, which is scheduled to begin construction in the first quarter of this year, will comprise four buildings ranging from 187,000 to 270,000 square feet. Completion of Phase I is scheduled for the fourth quarter of this year. Phase II will feature up to 1 million additional square feet of industrial space. Wesley Budd of NAI Brannen Goddard represented Farpoint in the land acquisition and will lead leasing efforts at the property.

January 5, 2024

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $70M Sale of 501 Estates Apartments in Durham

by John Nelson January 5, 2024

DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community located in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden-style apartments, townhomes and cottages. Amenities at the property include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room.

January 5, 2024

Acquisitions Florida Hospitality Restaurant Southeast

Marcus & Millichap Arranges $17.7M Sale of Days Inn Airport Hotel, Brewery in Miami

by John Nelson January 5, 2024

MIAMI — Marcus & Millichap has arranged the $17.7 million sale of a Days Inn hotel located at 7250 N.W. 11th St. in Miami. The 103-room hotel, which includes an onsite Beat Culture Brewery & Restaurant, is situated on the campus of Miami International Airport. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. The team also procured the Massachusetts-based buyer. Both parties requested anonymity.

January 5, 2024

Florida Loans Retail Southeast

CBRE Secures $17M Refinancing for Grocery-Anchored Shopping Center in South Florida

by John Nelson January 5, 2024

FORT LAUDERDALE, FLA. — CBRE has secured a $17 million loan for the refinancing of Galt Ocean Marketplace, a 105,589-square-foot shopping center located at 3700-4032 N. Ocean Blvd. in Fort Lauderdale. Winn-Dixie anchors the property, which was built in 1988 and was 96 percent occupied at the time of sale. Other tenants at the center include CVS/pharmacy, Holy Cross Hospital and McDonald’s. Palm Beach Gardens, Fla.-based Kitson & Partners acquired the property in 2006. Paul Ahmed and Mackenzie Lampman of CBRE arranged the financing through a regional bank on behalf of the borrower.

January 5, 2024

Development Mixed-Use Texas

Keystone Group, Larkspur Capital Plan 35-Acre Mixed-Use Redevelopment in Fort Worth

by Taylor Williams January 5, 2024

FORT WORTH, TEXAS — A partnership between Keystone Group and Larkspur Capital is planning a mixed-use redevelopment project in Fort Worth. The 35-acre site is an assemblage of parcels that includes the former home of the Fort Worth Independent School District. Preliminary plans call for multifamily, hospitality, office, retail, restaurant and entertainment uses, as well as public green space. The partnership has begun demolition of vacant structures and will submit plans to the city’s Planning & Zoning Commission Board later this year, at which time additional project details will be announced.

January 5, 2024

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