Archive for Commercial Real Estate

The metro’s economy is strong and market indicators reflect continued growth, albeit at a slower pace than a couple of years ago. As supply continues to catch up with demand, Yardi Matrix expects rents to rise 0.8 percent in 2017.
After several years of consistent rent hikes, San Francisco’s housing market has cooled to some degree. Rents rose 1.8 percent year-over-year through September, trailing the national average for the 14th consecutive month. However, the average rent of $2,553 was nearly double the $1,354 U.S. rate, proving too high even for many highly skilled workers. This critical issue has pushed some large tech companies to enter the housing market, with plans to invest in affordable housing for their employees…
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The new owner plans to invest in capital improvements and modernize the property through a series of upgrades to the building lobby, elevator and common areas.

CBRE Capital Markets has brokered the sale of 9350 Financial Center, a Class A office building totaling 105,713 square feet in Kendall, Fla. Delma Properties sold the asset to Banyan Street Capital in a $33 million deal and BankUnited originated the seven-year acquisition financing that facilitated the transaction.

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Cresa Managing Principal Alexander Brown worked on behalf of the healthcare tenant in the lease negotiations with landlord TA Realty.

Cresa negotiated a new lease with Envision Physician Services at a 102,000-square-foot office building in Plantation, Fla. The tenant will occupy 89,143 square feet at the property and plans to open in the summer of 2018.

Located at 1801 NW 66th Ave., the two-story building was completed in 1983 and underwent a series of renovations this year following the departure of three long-term tenants. Improvements included upgrading the lobby along with the common areas, elevator and parking lot, as well as refurbishing the exterior and new roofing. The 1801 Building provides 24-hour secured access and a parking ratio of roughly 4.6 spaces per 1,000 square feet…

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The deal marks the eighth C-PACE loan that Petros has funded in Texas and its second in Houston. The funds will be used for energy upgrades to a Houston office building located at 1225 North Loop West.

Petros PACE Finance closed on a $1.3 million Commercial Property Assessed Clean Energy (C-PACE) deal that will fund energy upgrades to a Houston office building located at 1225 North Loop West. The project marks the first occasion that any C-PACE program in Texas has been used to fund energy efficiency improvements to a multi-tenant office building…

C-PACE Funding Granted to Houston Office Asset

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Certified Commercial Investment Member (CCIM) David Hartsook, John Hall and Kevin Connor of CBRE’s Columbus office represented the seller, Bradenton Pediatric Building Co.

Bradenton Pediatric Building Co. Ltd. (part of Bradenton Health & Professional Condo Association) sold Building A, an $800,000 medical office building in Dublin, Ohio, to a 1031 tax deferred buyer.

Certified Commercial Investment Member (CCIM) David Hartsook, John Hall and Kevin Connor of CBRE’s Columbus office represented the seller.

“The building was sold in about six months,” said CCIM David Hartsook, first vice president at CBRE, in a prepared statement. “The speed of the sale is a testament to just how well-maintained this building is,” Hartsook concluded…

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Miracle Mile Retail Center is a power center anchored by tenants such as LA Fitness, Marshalls, PNC Bank and others. The property was 98 percent occupied at the time of the sale.

Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center to a joint venture between M&J Wilkow LTD and ALTO Real Estate. The nearly 300,000-square-foot, Class A retail center is located in Monroeville, Pa.

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Leeds Park is located in Charleston, S.C., and offers a mix of office, manufacturing and flex space spread out on approximately 72 acres.

LRC Properties acquired Leeds Park, a 1,056,000-square-foot mixed-use campus located in Charleston, S.C.  The deal closed at $42 million and was arranged by a team of brokers from NAI Charleston. Amherst Capital Management provided the loan for the purchase and future renovations of the asset.

The property is geographically well situated in North Charleston off Interstate 526, near the port, the airport, and Boeing’s manufacturing facility, offering great potential for tenants. We plan to bring Leeds Park up to and even exceeding standards deserving of this important market and its tenants,” said Howard Lavitt, principal & co-founder of LRC Properties, in prepared remarks…

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Nov
20

Davidson Expands CA Portfolio

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Located in the heart of the prominent California Highway 1 corridor, the 550-key hotel spreads across a 22-acre site nestled along the historic 18-hole Del Monte Golf Course.

Davidson Hotels & Resorts has expanded its management portfolio with the addition of the Hyatt Regency Monterey Hotel & Spa. The asset is owned by an affiliate of Fairwood Capital LLC.

“This will be our 11th full-service Hyatt hotel and we have tremendous confidence in the brand, its positioning and its strong offerings. Hyatt has been an important part of the Monterey community and together with Fairwood we will create an exciting new future for the property,” said John Belden, president & CEO of Davidson, in prepared remarks…

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The project will include both new construction and adaptive reuse of historic structures and will also expand access to a part of San Francisco’s waterfront that has been underutilized and largely inaccessible for more than a century.

Forest City Realty Trust Inc. is set for the first phase of Pier 70, a 28-acre mixed-use project in San Francisco.

At full buildout, the project will consist of about 2,150 residential units, 30 percent of which will be affordable, up to 1.8 million square feet of commercial space and 450,000 square feet of retail, arts and light industrial/maker space. Additionally, it will include parks, transportation and infrastructure improvements and significant public benefits…

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The company plans to develop the first fully speculative industrial property in Phoenix which has 40-foot high clear ceilings. The property will be situated within a 350-acre master-planned project that will feature office, industrial and medical office space.

Lincoln Property Co. will break ground in December on Phoenix’s first 40-foot high speculative industrial building. The company bought the 50-acre plot of land from EJM Development Co., where it will build the distribution facility. Lincoln Logistics 40 will be situated within EJM’s master-planned, 350-acre project, Airport Gateway at Goodyear.

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The Urban Land Institute’s Greenprint Center for Building Performance just released Volume 8 of the Greenprint Performance Report, which indicates that commercial building owners and managers are making significant progress in decreasing energy consumption, water usage and carbon emissions.
According to the latest Greenprint Performance Report from the Urban Land Institute’s Greenprint Center for Building Performance, the commercial real estate industry continues to take property sustainability seriously, and the numbers tell the story. From 2015 to 2016, Greenprint members’ property portfolios recorded an average decline of 3.4 percent in energy consumption, a 4.3 percent drop in water usage and a 3.3 percent decrease in carbon emissions…
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Nov
20

Tampa Office Campus Commands $45M

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The property, nearing full occupancy, is leased to a mix of notable tenants, including WellCare, Gateway One Financial & Lending and MedHOK Health.

CBRE has brokered the sale of Tampa International Business Center, a six-building office park totaling 324,654 square feet in the Westshore submarket of Tampa, Fla. TerraCap Management sold the asset to Real Estate Value Advisors in a $45.1 million deal. The property was 98 percent leased at the time of the sale.

Located at 5730 Hoover Blvd., 5301, 5519, 5520, 5550 and 5570 Idlewild Ave., the campus was developed between 1980 and 1986 and received a series of upgrades between 2014 and 2017. The property includes 1,816 parking spaces…

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The 68,000-square-foot facility located in Fort Worth marks the seventh Compass Self Storage in the region. The buyer is an affiliate of Amsdell Group LLC.

Compass Self Storage LLC, an affiliate of Amsdell Group LLC., has acquired a 68,000-square-foot self-storage center in Fort Worth, Texas. The facility marks the seventh Compass Self Storage location in the greater Dallas-Fort Worth market.

Located at 8500 S. Hulen St., the facility is accessible via interstates 20, 30 and 35 West. Dallas is within 50 miles via Interstate 30. Completed in 2004, the self-storage facility features drive-up and climate-controlled units, as well as individual access control and security. Additionally, Compass Self Storage offers moving and packing supplies and truck rental options…

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At the ULI Fall meeting in Los Angeles, panelists identified emerging trends in the modern office environment, emphasizing shorter-term use arrangements to give companies flexibility in how to manage both people and properties.

The Urban Land Institute Fall Meeting in October featured a panel discussion titled “What is Creative Office 2.0 and Why Does It Matter?” moderated by WeWork’s Liz Burow with panelists from Microsoft, CBRE and ZGF Architects. The cross-disciplinary panel identified emerging trends in the modern office environment, with emphasis on shorter-term use arrangements to give companies flexibility in how to manage both people and properties…

Co-Working Creeps into Corporate Property Strategy

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The Olive, a nine-story office building previously known as Crown Plaza, has undergone a full interior renovation. The building houses Olive Hill Group’s corporate headquarters.

Olive Hill Group has completed the interior renovation and rebranding of a 106,000-square-foot office building in downtown Los Angeles. The company renamed the office formerly known as Crown Plaza to The Olive.

Built in 1985, the building is located at 631 S. Olive St., at the edge of the region previously known as the Jewelry District. The revitalization of the asset has brought jewelers back to the area and to the building as well. The property is also home to Olive Hill Group’s corporate headquarters…

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The company first acquired the asset back in 2014 from Hines Interests. The 280,000-square-foot office includes new fitness center, conference center, various cafes, restaurants and pubs.

Greenbridge Investment Partners has completed an extensive renovation of Georgetown Squared, a 280,000-square-foot Class A office building located in Seattle.

Built in 1983 as a showroom part of the Seattle Design Center, the five-story building includes tenants such as Iridio Studios, Builders Capital, Andersen Construction, Archbright, Darigold, Girl Scouts of Western Washington, Leukemia & Lymphoma Society and Netfortris. Located at 5601 S. 6th Ave., next to the Seattle Design Center, also owned by Greenbridge, the G2 offers convenient access to downtown Seattle and various restaurants, shopping and entertainment venues…

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The latest tenants to join The Towers at Wildwood’s tenant roster are HITT Contracting and Primrose School. Other notable tenants include Thomas Horstemeyer, IBM, The Kellen Co. and General Electric.

CBRE negotiated two new leases at The Towers at Wildwood, a Class A office complex totaling 716,484 square feet in Atlanta’s Northwest submarket. The towers have reached 90 percent occupancy with the addition of the latest tenants.

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Starwood Capital Group has extensive renovation plans for Wells Fargo Center to bring it back to its former status as one of the most iconic Class A office towers in Portland. CBRE and Kidder Mathews will lease the tower.
Starwood Capital Group has acquired Wells Fargo Center, a 40-story skyline office tower and an adjacent five-story former data processing building in downtown Portland, Ore., from Wells Fargo. Together, the deal amounts to a little more than 725,000 square feet of Class A and creative office space…
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The asset is located along Interstate 88 in Naperville, Ill., and offers convenient access to one of the largest office concentrations outside Chicago.

CBRE Hotels brokered the sale of a 99-key Country Inn & Suites in Naperville, Ill. on behalf of the seller, Hospitality Properties Trust. Renovation work is expected to start at the property.

The hotel is located at 1837 Centre Point Circle, just off Interstate 88 and provides easy access to a variety of local attractions and entertainment options such as the Naperville Riverwalk, the Morton Arboretum, All Seasons Ice Arena, Frontier Park and the Naperville Polo Field. The city also hosts one of the largest clusters of office concentrations outside Chicago, with employers such as Coriant, Navistar, Nokia and Chevron signing the tenant roster…

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Nov
16

IHG to Open Fiji’s Largest Hotel

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Crowne Plaza Wailoaloa Beach will be situated ten minutes from Nadi International Airport and will offer immediate beach access to its guests. The project is slated for completion in 2020.

InterContinental Hotels Group has entered a management agreement with developers Quantum Hi-Tech Group Ltd. to build a Crowne Plaza hotel on Fiji’s East coast, in Nadi. The company claims the project will be Fiji’s largest of its kind when it will open, in 2020.

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VEREIT may receive up to $200 million, comprised of $120 million cash at closing and as much as $80 million in fees to be paid under a six-year service agreement based on Cole’s future revenues.
When commercial real estate veteran Glenn Rufrano took over as CEO of American Realty Capital Properties Inc., now VEREIT Inc., in April 2015, one of his priorities in turning around the net-lease leader was restoring the brand value of its investment management arm, Cole Capital. The company had just been shaken by an accounting scandal…
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Michael Hein has joined KAI Design & Build’s St. Louis office. In his new position, he will be responsible for driving the firm’s strategic initiatives.

KAI Design & Build recently added Michael Hein as its new chief integration officer. In his new role, Hein will focus on driving the firm’s strategic initiatives. Based in the firm’s St. Louis headquarters, he will also be responsible for incorporating new communication and operating systems within the company.

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The upgraded hotel will feature restored public and event spaces, 350 new guestrooms and suites, as well as 350 residences. Architectural firm Skidmore, Owings & Merrill and interior designer Pierre Yves Rochon were tapped to design the new space.

Anbang Insurance Group and AECOM Tishman have unveiled that the first phase of construction to renovate and restore Manhattan’s historic Waldorf Astoria will begin in December.

Anbang has made significant progress toward renovating the property. The development team has advanced design plans, secured permits and carefully moved, preserved and stored prized historic items, including the Cole Porter piano, the World’s Fair Clock Tower, the Kennedy Rocking Chair and the MacArthur Desk.

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The new owner of the 15 buildings plans substantial investments in the properties. The assets are located in Fort Myers and Bonita Springs.

Brookwood Financial Partners LLC, of Beverly, Mass., has acquired a 15-building, 421,300-square-foot office portfolio in southwest Florida for $43.2 million, or roughly $102.4 per square foot. The seller was AIG Global Real Estate, which came into possession of the portfolio in late 2012, following foreclosure actions against McGarvey Development Co., according to information provided by Yardi Matrix.

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Nov
13

Barcoding to Relocate Baltimore HQ

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The company bought the former I.C. Isaacs & Co. garment factory earlier this year and is slated to move from Canton by the end of 2018.

Supply chain automation firm Barcoding Inc. will relocate its headquarters within the former I.C. Isaacs & Co. garment factory in Baltimore’s Highlandtown neighborhood. Barcoding acquired the 31,000-square-foot building earlier this year and is relocating and consolidating several offices due to recent growth. According to public records, the Highlandtown asset last traded this August, for $685,000…

Barcoding to Relocate Baltimore HQ

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The company is working on the third building of High5ive, a five-property office complex located in Krakow, Poland. Construction is scheduled for completion in the first quarter of 2020.
After shelling out $56 million for phase I of Nowy Rynek, a mixed-use development in Poznan, Poland, Skanska is investing $50 million in the next building of High5ive, a five-property office complex in Krakow, Poland…
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Nov
13

The Shops at Starwood Expand in TX

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Whitestone REIT opened the third phase of The Shops at Starwood in Frisco, Texas. Multiple retailers and restaurants will set up shop in the new space, including Beverly Hills Rejuvenation Center, Oasis Accents and Up Inspired Kitchen.

Today, Whitestone REIT held a ribbon-cutting ceremony for the opening of the third phase of The Shops at Starwood in Frisco, Texas. More than 10 retailers and restaurants will lease space at the new shopping center, including Icon Nutrition, Trend Empire and Up Inspired Kitchen…

The Shops at Starwood Expand in TX

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  • Land purchases may reach highest since 2011, Cushman says
  • Singapore finally catching up with Hong Kong’s red-hot market

A series of blockbuster land deals in Singapore this year signal the city-state’s property market is set to break out of its prolonged slump in 2018…

Singapore’s Property Market Is Set to Sizzle

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The sale marks the final transaction and investment exit of a 3.6 million-square-foot portfolio comprising 41 office and retail buildings located across nine states.

National Financial Realty Inc. has sold a 211,863-square-foot office building in Hillsboro, Ore., to an undisclosed buyer for roughly $39.8 million. The sale marks the final transaction and investment exit of a 3.6 million-square-foot portfolio comprising 41 office and retail buildings located across nine states.

Located at 18700 NW Walker Road, the Class A building is currently leased to Wells Fargo Bank…

NFR Sells $40M Portland-Area Office Building

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In partnership with Insite Properties, the company is developing The Refinery, a 107,000-square-foot creative office and retail project. The property is scheduled for completion in the fall of 2018.

Northridge Capital, in partnership with Insite Properties, has broken ground on The Refinery, a 107,000-square-foot Class A creative office and retail project in Charlotte, N.C.

Northridge and its investors already own the Grinnell Water Works Building two blocks west of The Refinery site, the company purchased last year from Insite, who continues to lease and manage the property. Northridge sourced investor equity through its relationship with Cap Corp Investment Co. of Kuwait

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Evergrande, China’s leading property developer, will provide commercial facilities to the company, which is planning to add 5,000 physical stores with connections to its online presence by 2018.

Suning Holdings Group, of Nanjing, China, has completed an approximately $3 billion investment agreement with Evergrande Real Estate Group, a subsidiary of the Evergrande Group, a Fortune Global 500 company.

Evergrande, China’s leading property developer, will provide commercial facilities to Suning, which is planning to add 5,000 physical stores with connections to its online presence by 2018. The partners will also explore smart home design, property management and other priorities…

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A year ago, Springfield High School & Junior High scored only 69 on the EPA’s scale of 1-100, disqualifying it from receiving an Energy Star Building Label. Since then, energy efficiency initiatives were implemented that increased the school’s score to 86, making it the only K-12 educational facility in the county to tout the distinction.
The U.S. Environmental Protection Agency (EPA) awarded Springfield High School & Junior High School the Energy Star Building Label, making it the only K-12 building in Summit County to receive the distinction, while also placing it among the most energy efficient K-12 school facilities in the U.S…
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The agreement to sell the 345,000-square-foot building at 333 W. 34th St. to Brookfield marks yet another step forward in the REIT’s plan of liquidation.

New York REIT Inc. continues its stockholder-approved liquidation program with a contract to sell 333 W. 34th St., a 345,000-square-foot office building in Midtown Manhattan. The REIT will sell the asset to real estate funds managed by Brookfield, pocketing $255 million on the deal.

“To date, excluding Worldwide Plaza and 1440 Broadway, we have sold assets with a gross sales price of $805 million and repaid $517 million of debt,” Wendy Silverstein, president & CEO of New York REIT Inc., said during the company’s third quarter earnings call on November 9, the same day the sale of 333 W. 34th was announced…

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Working on behalf of KS Partners, Washington Trust secured $22.5 million in financing for a three-building flex/office portfolio in Newton, Mass.

KS Partners has arranged a $22.5 million loan for the refinancing of a 121,487-square-foot office and flex portfolio in Newton, Mass.

Located at 59-85 Chapel St., Chapel Business Center is the largest property in the portfolio. The 78,187-square-foot, Class B office building was built in 1898, converted to office in 1994 and renovated in 2006. The one- and two-story asset is roughly two-and-a-half miles from the other assets in the portfolio, a 32,000-square-foot flex/office building located at 85 School St. and an 11,300-square-foot flex/office building at 165 Dexter St…

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The 28,357-square-foot historic bowling building in Madison, Tenn., traded for $2 million. CBC Ltd. sold the property to Frank May, a buyer represented by Benchmark Realty.

CBRE has facilitated the sale of the bowling building located at 517 Gallatin Pike N. in Madison, Tenn. The 28,357-square-foot property situated on 3.5 acres changed hands for $2 million. CBRE represented the seller, CBC Ltd., and Benchmark Realty represented the buyer, Frank May. CBC Ltd. is the original developer of the property and operator of the bowling alley…

CBRE Brokers Sale of Nashville Suburb Landmark

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Nov
12

SOMA Office Building Commands $27M

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Situated in a growing tech hub in San Francisco, 945 Bryant Street boasts open floor plates, 15-foot ceilings and plenty of natural light. The transaction is Bridgeton Holdings’ fifth in the city and second this year.
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The upcoming Brandy Creek Commons shopping center will be anchored by a 50,000-square-foot Publix supermarket. Divaris’ Richmond office inked four new leases, bringing the property to 92 percent occupancy. The project is slated for completion in the fall of 2018.
Divaris Real Estate’s Richmond office has signed four new tenants at the Brandy Creek Commons shopping center in Mechanicsville, Va. In February, the Morgan Cos. acquired the 18-acre site from United Dominion Realty Trust for $3.5 million. Publix will occupy approximately 50,000 square feet at the shopping center, which has an estimated development cost of $15 million…
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Nov
09

SoCal MOB Lands $25M Loan

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The approximately 40,000-square-foot asset was subject to a fixed-rate construction loan. Keystone Mortgage Corporation will oversee financing.

Keystone Mortgage Corporation—a commercial real estate financing company founded back in 1957—has secured a $24.5 million construction-to-permanent financing for a medical office. Having a single tenant, this 39,000-square-foot property is located in Southern California’s Inland Empire…

SoCal MOB Lands $25M Loan

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SK+G Lab sold New Spanish Ridge, a 114,000-square-foot office park in Las Vegas to Moonwater Capital. At the time of sale, the asset was approximately 80 percent occupied.
Moonwater Capital purchased New Spanish Ridge, a two-building office campus in Las Vegas. SK+G Lab sold the 114,000-square-foot asset for $24.8 million. The transaction was subject to an $18.3 million loan provided by MidCap Financial Services and arranged by Dekel Capital…
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The U.S. was the top destination year-over-year as of the second quarter, with volume reaching $3.9 billion.

Despite some investment constraints due to low oil pricing, Middle East investors spent $10.1 billion on global commercial real estate assets in the year between the second quarter of 2016 and 2017, focusing much of their attention on New York City and Washington, D.C.

The U.S. was the top country destination in the time period for Middle East investors with volume reaching $3.9 billion. New York City received $820 million in investments, followed by Washington, D.C., with $469 million, according to a CBRE research report. London, with $1.68 billion in Middle East investments, topped the list…

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A recent study by JLL shows that mall owners are investing millions in renovating their assets to meet the needs of the modern consumer. While there are risks to these costly redevelopments, the report’s author explains why the reward makes them worthwhile.
Examining 90 major malls across the country,  a new JLL report found that the majority have undergone a makeover, including at least common area improvements, rebranding or tenant upgrades over the last three years. Other malls have gone further, adding new uses, design elements or expansions to entice shoppers, especially Millennials looking for a 21st-century retail experience. In total, these malls have undergone more than $8 billion in renovations since 2014…
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Equity Office Properties Trust sold Redmond Hilltop, a 178,769-square-foot office campus in Redmond, Wash., to a joint venture between Transwestern and Diversified International Partners.
Transwestern has teamed up with Diversified International Partners to acquire Redmond Hilltop from Equity Office Properties Trust. According to Yardi Matrix data, the three-building, 178,769-square-foot office campus in Redmond, Wash., changed hands for $39.3 million. The transaction was subject to a $24.3 million loan from Athene USA…
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The 61,162-square-foot space for which the agreement was signed is part of a multi-tenant industrial building within Park 94 in Mount Pleasant, Wisc.

Seda International Packaging Group renewed one of its leases at Park 94 in Mount Pleasant, Wisc., an HSA Commercial property. The 61,162-square-foot space, which the company has been occupying since 2015, is part of a multi-tenant industrial building located at 1400 International Drive. In 2010, Seda purchased a 323,610-square-foot facility at 12501 Globe Drive to serve as its North American manufacturing and distribution center…

Seda Packaging Renews WI Lease with HSA Commercial

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Beau Rawi, promoted to regional vice president of leasing, together with the company’s Executive Vice President Pamela Van Nort, will lead the team working from the new regional office.

Irvine Co. Office Properties prepares to settle into its new Chicago regional office at 71 South Wacker, encompassing 4,500 square feet, after consolidating its leasing team. The company has recently promoted Beau Rawi to vice president from regional director, a position he has held since 2013, when he joined Irvine. Prior to this, he spent more than eight years as director with LA Realty Partners.

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Nov
08

Harbor Freight Adds 1 MSF to SC Hub

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Already the region’s largest employer, the retailer intends to double its workforce. With this expansion, Harbor’s total investment in South Carolina will exceed $200 million.

Discount retailer Harbor Freight Tools will significantly expand its South Carolina presence with an approximately one million-square-foot extension. This will bring the company’s total footprint in Dillon to three million square feet.

Harbor’s South Carolina operation is within the Carolinas I-95 Mega Site, a 3,400-acre industrial park between Dillon, S.C., and Latta, S.C. Here, South Carolina Ports Authority broke ground in March on an inland port operation…

Harbor Freight Adds 1 MSF to SC Hub

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HFF was tapped to market the 1.7 million-square-foot portfolio on behalf of the seller, a partnership between Westport Capital Partners and Store Here Management.

A joint venture between funds managed by Westport Capital Partners and Store Here Management has disposed of a 27-property self-storage portfolio across Colorado, Georgia, Indiana, Kansas, Louisiana and Texas. The portfolio totals 1.7 million square feet across 12,171 units.

Currently operating under the Store Here brand, the portfolio is 80.6 percent occupied and features amenities such as gate access, security cameras, climate-controlled or drive-up units, onsite management, as well as RV and surface parking. The properties are in eight MSA’s, including Colorado Springs, Colo.; Atlanta; Indianapolis; Kansas City, Kan.; Shreveport, La.; and Dallas, San Antonio and Austin, Texas…

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Walton Street Capital teamed up with Talon Private Capital to acquire I-90 Bellevue Campus. NKF negotiated the sale on behalf of the seller, while the buyer represented itself.

Boeing sold I-90 Bellevue Campus to a joint venture between Walton Street Capital and Talon Private Capital. The 253,857-square-foot office property in Bellevue, Wash., changed hands for $35.8 million.

Located at 3076, 3156, 3255 and 3265 160th Ave. SE, the four-building asset was completed in phases in 1983, 1968 and 1991. The campus, which features more than 800 parking spaces, sits on roughly 20 acres near multiple bus stations, restaurants and hotels, including India Gate Restaurants, Embassy Suites by Hilton and Larkspur Landing…

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In this continuing series marking CPE’s 30th anniversary, seasoned executives reflect on past predictions and discuss what’s on the industry’s horizon.
Anticipating major shifts in  commercial real estate and acting on them is a hallmark of successful executives. To mark CPE’s 30th anniversary this year, we are inviting industry leaders to reflect on major predictions that came true, others that didn’t pan out, and offer educated guesses on what’s ahead. This month, we turn to three seasoned executives representing investment, capital markets and development…
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The high-tech electronics manufacturing company signed a five-year agreement for 135,000 square feet at the newly-rehabilitated Keystone Commons in Turtle Creek, Pa.

Intervala, a high-tech electronics manufacturing company, signed a new 135,000-square-foot lease for the next five years with The Regional Industrial Development Corp. of Southwestern Pennsylvania. The firm will occupy three floors of the S Building within Keystone Commons in Turtle Creek, Pa., a location from where Intervala has been operating for more than 10 years. The new agreement allows for an additional five-year lease extension.

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Chris Knight will manage project acquisition, operations and delivery on behalf of the full-service construction firm, which provides a wide array of services throughout the Carolinas.

Frampton Construction Co. has appointed Chris Knight as director of the firm’s Charlotte, N.C., office. Knight assumes the role that was previously held by Keaton Green, who recently relocated to the company’s Charleston, S.C., office.

In this new role, Knight will be responsible for project acquisition, operations and delivery. Frampton Construction is a regional full-service construction firm that provides planning and design support, preconstruction, construction and sustainability services throughout the Carolinas…

Frampton Adds Director to Charlotte Office

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The 302-key flagship property is part of a $4 billion entertainment district plan, which includes the preservation of Globe Life Park, as well as the construction of a new ballpark for the Texas Rangers.

A joint venture between Loews Hotels & Co., The Cordish Cos. and the Texas Rangers has broken ground on Live! by Loews – Arlington, TX, a $150 million hotel and convention center in Arlington’s new Texas Live! Entertainment District.

The flagship 14-story, 302-key hotel is part of the $4 billion vision for the entertainment district, which also includes the preservation of Globe Life Park and the Rangers new ballpark…

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The global professional services firm has signed on to occupy 17 floors within the 67-story skyscraper, which Brookfield Property Partners is currently building across from the Empire Station/Penn Station Complex.
Ernst & Young has found a new home. The global professional services firm will relocate its U.S. headquarters from its current location at 5 Times Square to 600,000 square feet at Brookfield Property Group’s One Manhattan West, a $2.1 billion office tower sprouting up across from the Empire Station/Penn Station Complex on the west side of Manhattan…
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Orlando’s hospitality and tourism industries are showing any signs of slowing down, but with land costs rising, developers may need to shift their strategies. Daniel Bachrach, partner at Foley & Lardner, discusses the trends and changes to come for the market.

As an ever-growing and sought-after real estate market, Orlando is a hot spot for both domestic and foreign investors, who are drawn to the metro due to its combination of no state income taxes and year-round temperate weather. But in the current market conditions, developers are facing rising land costs, encouraging them to shift their focus to mixed-use developments, aiming to maximize economic value and minimize risk.

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Centeris’ SH1 facility is a LEED Gold certified building, offering over 40mW of total IT capacity. Colocation Northwest leased seven megawatts at the Puyallup, Wash. site.

Colocation Northwest expands into the Puget Sound region, signing a lease for seven megawatts of mission-critical IT capacity in Centeris’ South Hill data center campus. The company stated that increasing customer demand for scalable colocation and disaster recovery services drove it to the Seattle region…

Colocation Northwest Inks 7mW in Seattle Metro

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When asked about selecting workspace in the next 10 years, 92 of respondents to a study released by Radius Global Market Research and WiredScore mentioned connectivity as an important factor, surpassing both location (89 percent) and price (88 percent).

A majority of leasing decision makers say a lack of reliable internet connections is a factor affecting their office rentals, according to a study that cites a building’s connectivity as a top factor in evaluating future office space…

Does Internet Quality Impact Office Leasing Decisions?

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Griffin Capital selected Transwestern to manage four Las Vegas office buildings. The properties total a little more than 390,000 square feet combined.

Griffin Capital selected Transwestern to handle the property management duties for four office buildings in Las Vegas. Situated in the Spring Valley and Paradise submarkets, the assets total a little more than 390,000 square feet.

Located at 6355 S. Buffalo Drive, the 222,268-square-foot Class A building is Griffin’s largest office asset in the market. Completed in 2007, the three-story asset features more than 450 parking spaces. According to Yardi Matrix data, Griffin acquired the property in 2016 from Panattoni Development for $66.5 million. The other three assets are located at 840, 880 and 950 Grier Drive, next to the McCarran International Airport and Interstate 215. Griffin purchased the buildings in 2015 from CIP Real Estate for $33 million…

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Green Griffith & Borg-Breen relocated from 455 N. Cityfront Plaza Drive to one of the highest floors of an office tower on Michigan Avenue.

CBRE represented Green Griffith & Borg-Breen, an intellectual property law firm, in its office relocation to 676 N. Michigan Ave. in Chicago. The space encompasses 10,000 square feet and is located at one of the highest floors of the building.

Law firms continue to be very active in Chicago and real estate has become a major differentiator in the competitive pursuit of top talent,” said CBRE Associate Dan Persa in a prepared statement…

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Phase One of Convento CityPark comprises three buildings, totaling more than 1 million square feet, which will offer newly constructed cross-dock and front-load configurations.
After selling a 2.9 million-square-foot portfolio of industrial and logistics assets in Mexico to Grupo IGS, Hines began work on Phase One of El Convento CityPark in Mexico City, Mexico, a logistics park development in the CTT submarket. Hines has selected Abitat as its general contractor for the project. Construction is set to begin by the end of 2017, with the first two buildings scheduled for completion in the second quarter of 2018…
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SL Green, New York City’s largest office landlord, and PGIM, the global investment management arm of Prudential Financial, purchased Tower 46 in 2014, with the help of a bridge loan from Wells Fargo.

M&T Bank and Natixis have teamed up to arrange a $195 million loan for SL Green Realty Corp. and PGIM Inc., to refinance 55 W. 46th St., a 347,694-square-foot Class A office building in Midtown Manhattan.

M&T Bank served as administrative agent and Natixis is the co-lead on the senior loan that will provide capital to complete the lease-up of the building…

M&T Bank, Natixis Co-Lead $195M NYC Office Refi

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The data center owner and operator will add two megawatts to T5@Chicago. The site is primed for a future 170,000-square-foot, 16mW expansion.

The multi-tenant data center campus operated by T5 in Chicago is receiving an upgrade. T5@Chicago is one of T5’s nine purpose-built facilities in the U.S., featuring concurrently maintainable and fault-tolerant infrastructure. The company recently finished construction of another facility, T5@Dallas, on its campus in Legacy Business Park in Plano, Texas.

T5 will add two more megawatts of available data center capacity to the 208,000-square-foot building. Citing regional demand, the company provides a scalable solution to its potential tenants, maintaining the possibility of further expansion on the adjacent four-acre land parcel. T5@Chicago has 10 megawatts available for lease, spanning 66,000 square feet of isolated data halls…

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