Archive for Commercial Real Estate

Various Marriott and Hilton properties are set to undergo around $200 million in renovations, including $70 million in new furniture, fixtures and equipment.
Benjamin West is set to provide furniture, fixtures and equipment (FF&E) procurement services for a 69-hotel portfolio undergoing an extensive renovation process. The assets are set to undergo around $200 million in upgrades, from which $70 million in new FF&E. The portfolio includes several Marriott and Hilton properties across the U.S. and encompasses:
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The build-to-suit facility, which is fully preleased to Dorman Products, is scheduled for completion by the end of the year.

Panattoni Development Co. has begun construction on a fully preleased, 815,670-square-foot industrial property in northern Tennessee. The building will be occupied by Dorman Products, which will use the new facility as its largest U.S. distribution center.

Panattoni expects to complete development of the structure by the end of 2018. Stonemont Financial Group is partnering to fund the project, with additional construction financing provided by Pinnacle Bank…

Panattoni Breaks Ground on 815 KSF Warehouse in TN

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The 80-acre shopping center in the Jacksonville area is already underway, with the first phase wrapping up later this year.

The Pavilion at Durbin Park, a retail development on track to become the largest shopping center in Northeast Florida, has landed $80.5 million in construction financing. City National Bank of Florida provided the three-year construction loan, which has a variable interest rate. The owner, a joint venture between Gatlin Development Co. and Gate Petroleum, is building the 80-acre property near Jacksonville, Fla., and the first retailer—WalMart—plans to opens its doors in November 2018.

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The 304,732-square-foot portfolio was 94 percent occupied at the time of sale. The office buildings are all located within minutes of major thoroughfares.

Somerset Properties has sold a four-building office portfolio located in Mount Laurel and Marlton, N.J. Mobius acquired the properties for a combined $31.4 million and received a 10-year fixed-rate acquisition loan from Wells Fargo Bank, in the amount of $24.3 million. The portfolio totals 304,732 square feet and is 94 percent occupied.

An HFF team represented Somerset in the transaction and arranged the funding on behalf of Mobius…

Somerset Properties Sells Office Portfolio in NJ

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A gauge of signed contracts to purchase previously-owned U.S. homes increased in February for the first time in three months, highlighting uneven progress in the industry, according to data released Wednesday from the National Association of Realtors in Washington…

U.S. Pending Home Sales Increase for First Time in Three Months

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The combined company is set to have an ownership interest in approximately $90 billion in total assets and an annual net operating income of more than $4 billion.

Four months after Brookfield Property Partners came courting GGP Inc. and was initially spurned, Chicago-based mall owner GGP has accepted Brookfield’s offer to acquire the remaining portion it didn’t already own in a deal valued at about $15 billion.

“It was just a matter of time, they already own so much of it,” Jeff Green, a retail consultant and president & CEO of Jeff Green Partners in Phoenix, told Commercial Property Executive.

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British lawmakers opened an investigation into economic crime, citing estimates that more than 4 billion pounds ($5.6 billion) of property in the U.K. has been purchased with “suspicious wealth.”…

Dirty Money in U.K. Property to Be Investigated by Lawmakers

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The firm plans to build a front-load warehouse containing nearly 250,000 square feet in the city’s I-85 South industrial corridor.

Lincoln Property Co. has commenced construction of Union 85, a 243,540-square-foot speculative distribution center in southern Atlanta. The project is anticipated to be completed later this year.

Located at 3725 Royal S. Parkway, the 24.4-acre project site is situated in Atlanta’s I-85 South corridor, which has seen a wealth of new industrial properties come online in recent years, occupied by major tenants including Procter & Gamble, Mondelez and XPO Logistics. The new building will sit just off Interstate 85, which connects the area to Atlanta’s urban core, 15 miles to the northeast…

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Gemini Rosemont’s new COO, John Meehan, discusses the transforming office sector, why investors can now find long-term values in suburban markets and how to be prepared for the changes that will impact the industry.
Gemini Rosemont Commercial Real Estate added John Meehan as its new chief operating officer in January. A former capital markets director at Douglas Emmet, Meehan is responsible for corporate transactions, and providing financing and multidisciplinary leadership for the office investment platform. Gemini Rosemont’s COO revealed his take on the latest trends and challenges in the office sector, and what it takes to provide tenant satisfaction in 2018…
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The 368,081-square-foot asset marks the company’s second acquisition within the Tampa market. Big Box Property sold the building for $20.3 million.

TriGate Capital has acquired a 368,081-square-foot industrial facility in Tampa. The asset marks the company’s second acquisition within the Tampa MSA. Big Box Property Owner traded the facility for $20.3 million, according to public records.

The warehouse is situated at 8800 Adamo Drive, at the intersection of 60 and 301 freeways and is within four miles of interstates 4 and 75. Additionally, downtown Tampa is merely 15 minutes from the property. The asset was built in 1972 and features built-to-suit office, 21-foot high ceilings, dock high loading and is fully sprinklered…

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  • Chairman under scrutiny, firm said to be taken over by state
  • Pressure mounting on CEFC as banks form creditors committee

CEFC China Energy Co., the sprawling conglomerate that’s come under increasing government scrutiny, plans to sell its entire global property portfolio with a book value of more than 20 billion yuan ($3.2 billion), according to people with knowledge of the matter…

Troubled China Conglomerate Puts All Properties on Block

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The company plans on filling the vacant first-floor with retailers. Two, 4,000-square-foot pad sites will be added on adjacent land, intended for medical offices, office or retail development.

Moonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.

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The three-building campus is SunCap’s third development in Las Vegas, and will be located at the intersection of North Las Vegas Boulevard and North Lamb Boulevard.

A joint venture of SunCap Property Group and Colony NorthStar has acquired a 40-acre site in northeastern Las Vegas. The partnership will develop a Class A light industrial campus, to be named SunPoint Crossing.

The campus will be located at the southeast corner of the intersection of North Las Vegas Boulevard and North Lamb Boulevard. SunPoint Crossing will comprise three buildings, totaling 752,838 square feet. Each building will be divisible up to 35,000 square feet and will feature a concrete construction, 32-foot clear ceiling height, ESFR sprinklers and a plethora of dock-height and grade level doors…

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Mar
27

JLL Spark Buys CRE Software Company

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The San Francisco-based firm purchased a software-as-a-service real estate technology platform that, among other things, lets investors manage their portfolios’ performance.

JLL Spark, a division of JLL, has acquired a software-as-a-service (SaaS)-based real estate technology platform. Stessa—“assets” spelled backwards—reportedly lets investors in income properties easily and cost-effectively track, manage and communicate the performance of their portfolios.

This is JLL Spark’s first strategic acquisition since its inception last year and is touted as delivering on the company’s mission “to transform the real estate industry through technology-based innovation.” Both JLL Spark and Stessa are headquartered in San Francisco…

JLL Spark Buys CRE Software Company

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Reserve Capital Partners purchased the 182,000-square-foot property, which was 100 percent occupied by GE Transportation at the time of the sale.

A partnership between Stan Johnson Co. and SVN/First Guardian Group has sold two office buildings near Orlando, Fla., known as the GE Transportation Building, for $25 million. Stan Johnson Co. Associate Director David Bailey and SVN/First Guardian Group Erik Carlson represented the seller, TIC Properties Management, in the transaction. Reserve Capital Partners was the buyer.

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The State of California Department of General Services chose the longtime partners to take on the design-build responsibilities for the new headquarters of the Department of Natural Resources in Sacramento.

Turner Construction Co., in partnership with architectural firm AC Martin, just landed a big fish in the Golden State. The team secured a design-build contract with the State of California Department of General Services for the new 838,000-square-foot Department of Natural Resources headquarters. The downtown Sacramento office development carries a project cost of approximately $597 million, with $520.5 million dedicated to construction, which is expected to commence in early summer.

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Located in Trumbull, the property encompasses two interconnected buildings totaling 83,193 square feet and extensive landscaping features, including two aerated ponds.

Washington Trust’s Commercial Real Estate Group has provided a $6.6 million loan to owners CH Commerce Drive Associates LLC and City Park Commerce Drive LLC, for the refinancing and tenant improvement of a mixed-use property in Connecticut. The office and industrial property in Trumbull, Conn., managed by Cambridge Hanover Inc., served as the North American headquarters of the Pilot Pen Corp.

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The University of Kansas Health System is now the single tenant at 11300 Corporate Avenue, a 172,000-square-foot office space building in Lenexa, Kan.

Hines, in a joint venture with a fund managed by Oaktree Capital Management LP, has announced that The University of Kansas Health System has signed a lease for a 105,000-square-foot office space at 11300 Corporate Ave. in Lenexa, Kan. The space is used for support operations for the health system.

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The luxury beauty and spa chain signed a lease for 1,800 square feet at the 900 West mixed-use development. The store is expected to open in the summer of 2018.

Luxury beauty and spa chain Bluemercury is getting ready to open its 11th store in Chicago as the company has leased 1,800 square feet within the 900 West mixed-use development. The new store, located at the corner of Sangamon and Randolph streets, is expected to open in the summer of 2018.

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Situated in the North Natomas community, the one-story property was sold in an off-market transaction. The asset was recently evaluated at approximately $5 million.

Donahue Schriber Realty Group has sold Westlake Village, a 31,980-square-foot retail center in Sacramento, Calif., located at 3501-3511 Del Paso Road. The sale also included an additional 4-acre site prone to future development.

Hanley Investment Group Real Estate Advisors Executive Vice President Bill Asher, President Ed Hanley and Ten-X represented the seller, while Associate Eric Vu represented the buyer, a family trust from San Francisco’s East Bay which traded out of a northern California-based retail property to fulfill a 1031 exchange…

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The company sold the assets in two separate transactions totaling about 780,000 square feet. The properties are located in Wayne, King of Prussia and Malvern.

Liberty Property Trust, one of the largest office developers in the northeastern U.S., has sold an even dozen office properties in suburban Philadelphia in two separate transactions. The properties, totaling 779,190 square feet, changed hands for $106.9 million.

The assets in the larger sale are located at 440 and 460 E. Swedesford Road in Wayne, 2100 and 2201 Renaissance Blvd. in King of Prussia, 45 Liberty Blvd., and 300, 400 and 500 Chesterfield Parkway in Malvern. These buildings total more than 590,000 square feet and sold for $92 million…

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The Country Inn & Suites in Lawrence features 89 guestrooms and is located within four miles of the University of Kansas.

The Country Inn & Suites by Radisson has opened a new 89-key property in Lawrence, Kan. The owner of the hotel in eastern Kansas, a legal entity affiliated with Diamond Everley Roofing Contractors, kicked off the building’s development in early 2017. Apex Engineers provided engineering services, and Heinen Custom Operations acted as general contractor.

Located at 2176 E. 23rd St., the hotel is situated approximately three and a half miles from the University of Kansas, with the Haskell Indian Nations University positioned two miles to the west. In the past, an antique dealer and a steakhouse operated on the 1.2-acre parcel…

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The new deals bring the weighted average remaining lease term to four years at QTS Metro Atlanta. QTS owns an adjacent, 17-acre plot of land which could be developed as needed into another facility.

QTS has signed new contracts with longstanding clients at its Atlanta metro hyperscale data center. Two lease extensions were inked, totaling 19 megawatts in aggregate capacity. The anchor tenants paid above pre-renewal rates.

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Facilitated by Calkain Cos., the property traded for $4.8 million, attaining $925 per square foot and a cap rate of 5.5 percent.

J Donegan Co. has purchased a three-tenant shopping center in a record net lease sale in Loudoun County. The recently completed asset traded for $4.8 million, attaining $925 per square foot and a cap rate of 5.5 percent, in a transaction facilitated by Calkain Cos.

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The building, situated within the CenterPoint Intermodal Center-Joliet/Elwood, comprises 751,622 square feet and was leased to a home improvement retailer and CTDI.

CenterPoint Properties has fully leased its recently completed speculative facility in Joliet, Ill. The building was leased to a large home improvement retailer and CTDI, a global engineering, repair and logistics company.

Located at 3900 Brandon Road, the building comprises 751,622 square feet and is situated within the CenterPoint Intermodal Center-Joliet/Elwood. The home improvement retailer signed a 15-year, six-month lease for 250,309 square feet of the facility, including:

CenterPoint IL Spec Building Fully Leased

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NKF Capital Markets represented Invesco in the sale of Growers Square, a three-building, 195,372-square-foot Class A development in downtown Walnut Creek.

Rockwood Capital has purchased Growers Square, a three-building, 195,372-square-foot Class A office project in Walnut Creek, Calif., in the East Bay, according to NKF Capital Markets, which represented the seller, Invesco.

The property, at 1646-1676 California Blvd., includes a four-level parking facility reportedly featuring one of the highest parking ratios in Walnut Creek. Growers Square also benefits from a location with immediate access to both BART and the area’s dense retail core…

Rockwood Capital Buys Bay Area Office Park

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Mar
19

L3 Snags Chicago Retail Building

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The property comprises 10,141 square feet and is fully occupied by The Northern Trust Corp. Mid-America Real Estate Corp. brokered the transaction on behalf of the seller.

L3 Capital has acquired a retail building in Chicago for $23 million. Mid-America Real Estate Corp. brokered the sale on behalf of the seller.

Located at 118-120 East Oak St., the property comprises 10,141 square feet and is fully occupied by The Northern Trust Corp. The trophy-quality building is situated in Chicago’s prominent Oak Street luxury district…

L3 Snags Chicago Retail Building

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PJP Group LLC has acquired the 41,405-square-foot, 100 percent leased office building in Kirkland at a record price per square foot.

PJP Group LLC has purchased a fully leased Class A office buildingin Kirkland, Wash. Claddagh Ventures LLC sold the property for $14.8 million, in a 1031 exchange deal. NAI Hunneman, in a collaboration with NAI Puget Sound Properties, represented the seller and procured the buyer.

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2017 proved an active year in commercial real estate technology, according to CREtech’s 2017 End-Year Report, and greater advances are on the horizon as the sector nears a tipping point in its lifecycle.

Last year was an active period in commercial real estate technology, and the details are all broken down in CREtech’s 2017 End-Year Report, which indicates that there’s much more to come as the sector approaches a watershed period in its lifecycle.

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Riverside Business Center in Whitehall comprises 423,900 square feet and was 87 percent leased to 11 tenants at the time of sale.

In an $11.7 million deal, an affiliate of 1788 Holdings has acquired Riverside Business Center, a single-story light industrial buildingin Whitehall, Pa. Located at 1139 Lehigh Ave., the property comprises 423,900 square feet and was 87 percent leased to 11 tenants at the time of sale.

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  • Asking prices decline for seventh month as listings slide
  • BCC report says economy remains subdued despite global pickup

London property asking prices slumped for a seventh straight month as sellers held off putting their homes on the market, according to Rightmove.

The March report from the home-listing website shows that asking prices declined 0.6 percent from a year earlier in March, with the number of newly marketed properties falling 3 percent. Prices rose 0.6 percent from February, a smaller-than-usual jump at the start of the spring season, it said…
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The firm traded the 81-key Hampton Inn Financial District as part of its capital recycling program. Solid Rock Advisors advised Hersha on the sale.

Hersha Hospitality Trust has sold its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Solid Rock Advisors advised Hersha on the sale.

“This transaction highlights Hersha’s ability to successfully execute accretive dispositions and upgrade the portfolio with higher growth hotels in our core markets,” said Jay Shah, CEO of Hersha, in prepared remarks…

Hersha Sells Manhattan Hotel for $32M

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The property, which opened in August of 2017, includes 234 guestrooms in downtown Bellevue, half a mile from Interstate 405.

The owner of the 234-key AC by Marriott Seattle Bellevue/Downtown has selected Crescent Hotels & Resorts to manage the asset’s operations. General contractor Halvorson Construction began work on the Johnson Braun-designed mid-rise in 2015, and the building opened its doors for business in August 2017. Previously, Sage Hospitality served as property manager.

Located at 208 10th Place N.E., the building is strategically positioned in Bellevue’s vibrant central business district, with numerous office and residential high-rises in the immediate area. The seven-story asset sits a half mile from Interstate 405 and two blocks from the recently opened W Bellevue hotel

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Mar
18

Carver Bank Relocates Manhattan HQ

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Following the sale of its previous location, the bank has signed a 20,000-square-foot lease in a recently refurbished historic building in Harlem, maintaining its 70-year presence in the neighborhood.

Savanna has signed a 20,000-square-foot lease with the nation’s largest African and Caribbean-owned bank, Carver Federal Savings Bank. The tenant will relocate to Lee Building in Harlem, occupying the asset’s top floor, as well as part of the seventh floor. The lease follows the recent, record-breaking $20 million sale of Carver’s historic headquarters on 125th Street in Harlem. The bank plans to keep its 70-year presence in the building by retaining its ground-floor branch.

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Mar
18

Hawaii Hotel Fetches $200M

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Continuing its portfolio upgrade, Xenia Hotels & Resorts sold the leasehold interest in the 693-key Aston Waikiki Beach Hotel in Honolulu, four years after acquiring the property for $183 million.
As part of its portfolio transformation, Xenia Hotels & Resorts Inc. has let go of the Aston Waikiki Beach Hotel, a premier property in Honolulu on the Hawaiian island of Oahu. The lodging REIT sold the leasehold interest in the 693-key hotel in a $200 million transaction with an unidentified buyer…
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New ownership will use part of the loan received from PCCP LLC to renovate the community. Hampton Garden is located in the Summerlin/Spring Valley area, a top-performing submarket.

The Calida Group has acquired a 180-unit community located in the western part of Las Vegas. Hampton Garden traded for $27.5 million, with Pacific Coast Capital Partners providing a $24 million senior loan to the buyer.

A CBRE team arranged the financing package on behalf of Calida, with the capital used both for acquisition and renovations to the community. Located at 9750 Peace Way, Hampton Garden comprises 16 buildings, with a floorplan mix of 48 one-bedroom and 132 two-bedroom units. Sizes range from 800 to 1,100 square feet. Common amenities include:

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The industrial assets are located in Atlanta and Marcus Hook, Pa., and changed hands for $32.3 million and $15.4 million respectively.

Marcus & Millichap has brokered the sale of two FedEx Freight centers located in Atlanta and Marcus Hook, Pa. Both transactions amounted to $47.8 million. The Atlanta property, which encompasses 292,000 square feet, sold for $32.3 million, while the 150,000-square-foot Marcus Hook facility traded for $15.4 million.

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Mar
15

Boyne to Repurchase 6 Ski Resorts

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The mountain resort owner and operator will buy six previously owned properties in the U.S. and Canada from an affiliate of Oz Real Estate. Boyne sold the assets more than 10 years ago in sale-leaseback transactions.

It’s déjà vu—or at least it will be. Six properties that Boyne Resorts sold more than a decade ago will soon be part of its portfolio again. The mountain resort owner and operator recently entered into an agreement to repurchase the group of North American resorts and a scenic chairlift attraction from Ski Resort Holdings LLC, an affiliate of Oz Real Estate.

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REO Fund 2 and Transwestern represented REO Asset Strategies in closing an agreement for 60,000 square feet with Newell Brands Inc.

A team of REO Fund 2 principal Garrett Backman and Senior Vice President Jeff Taylor of Transwestern’s Atlanta Agency Leasing division represented REO Asset Strategies in closing a lease agreement with Newell Brands. The tenant will occupy almost all of Building 100, which encompasses 60,402 square feet of space, within Morgan Falls Office Park in Sandy Springs, Ga. Newell Brands was represented by CBRE in the lease negociations.

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The 298-key Sheraton Reston is situated in the Washington, D.C., suburb of Reston, the second-largest office market in Fairfax County.

DoveHill Capital Management and the Wurzak Hotel Group have acquired the Sheraton Reston Hotel, a 298-key, full-service hotel in Reston, Va.

Cyrus Vazifdar, senior director of HFF, represented the seller in the transaction, who was not named. The price was also not disclosed…

DoveHill Capital, Wurzak Acquire NoVa Hotel

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The firm has added Philly Self Storage, a 1,545-unit storage facility, to its portfolio. SVN Commercial Property brokered the sale of the property.

US Storage Centers has purchased Philly Self Storage, a 107,606-square-foot facility in Philadelphia. The asset will be rebranded as US Storage Centers. SVN Commercial Realty represented both parties in the transaction.

Located at 1910 S. Cristopher Columbus Blvd., the property is near Interstate 95, in a densely populated area. According to Yardi Matrix, approximately 302,599 people live within a three-mile radius, with roughly four net rentable square feet of self-storage space per capita. Completed in 2008, the facility occupies nearly three acres and features 1,545 units, ranging from 25 to 180 square feet. Characteristics of the property include climate control, electronic gated access carts and dollies and RV Parking…

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BuildingIQ’s Steve Nguyen discusses the most common misconceptions about artificial intelligence and the most frequent roadblocks in the adoption of the Internet of Things within the commercial real estate industry.

Artificial intelligence (AI) and Internet of Things (IoT) products are cropping up in a growing number of office and retail buildings, but we are far from calling this the norm. Commercial real estate owners and property managers are slowly warming up to solutions that can help capitalize on the data captured from sensors and other software programs. In this industry, the adoption of new technologies is a very fluid and gradual process.

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Mar
15

Talent Agency to Relocate LA Office

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BUCHWALD leased the penthouse floor of a 453,000-square-foot building to relocate its office in the Miracle Mile district. In the move, the firm will more than double its previous space.

BUCHWALD has signed a 15,000-square-foot lease on the penthouse floor of a 31-story office building in Los Angeles’ Miracle Mile district. The full-service talent agency will relocate its Los Angeles branch from 6500 Wilshire Blvd., more than doubling its space. This is the New York City-based company’s second location.

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The 253,096-square-foot office property was acquired by Zamir Equities in 2008 and received a complete cosmetic renovation. Other tenants include Quintiles and Everest.

First Data Corp., a global payment technology solutions company, has signed an eight-year lease for 50,900 square feet of space at Zamir Equities’ office building in Marietta, Ga. Avison Young arranged the deal on behalf of the landlord. The building is currently 100 percent occupied.

Located at 1600 Terrell Mill Road S.E., adjacent to Interstate 75, the building sits on a 17.3-acre site and offers 253,096 square feet of rentable space. Leases range from 8,000 square feet of divisible space to 50,000 square feet of contiguous space…

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Constructed in 1984, the building contains nearly 90,000 square feet along Interstate 287 and is leased to a mix of tenants.

Lone Star Funds has inked an expansion of an office lease in northern New Jersey with mem property management to double the property management firm’s space in Somerset Executive Square. Lone Star acquired the building in 2016 from Equity Office Properties Trust as part of a 24-asset, $333.4 million portfolio transaction, according to Yardi Matrix.

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NKF Capital Markets arranged the sale of the Class A property, one of seven buildings within Minuteman Park, a master-planned suburban campus totaling 1 million square feet.
Bentall Kennedy has acquired 150 Minuteman Road in Andover, Mass. NKF Capital Markets arranged the sale on behalf of one of its clients.

The 112,148-square-foot Class A office property is fully leased to Smith & Nephew, a global medical technology company, as the headquarters facility for its Advanced Surgical Devices division. The building is one of seven comprising Minuteman Park, a master-planned suburban campus totaling 1 million square feet. The campus offers onsite amenities within its newly renovated amenity center, including:

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The 55,660-square-foot asset dating back to 2004 is located south of downtown Seattle, with Cummins Inc. as its sole tenant.

In an $18.8 million deal, Bixby Land Co. has purchased a 55,660-square-foot industrial facility in Sumner, Wash., from Panattoni Development. The transaction marks the duo’s fourth industrial transaction in the Seattle area since 2016.

The property is located at 1800 Fryar Ave., within a 40-minute drive south of downtown Seattle, in the Kent Valley submarket. The site is situated adjacent to Route 167 and in close proximity to routes 410 and 512. Constructed in 2004, the building is currently leased to Cummins Inc., a Fortune 500 company which designs, manufactures and distributes engines and power generation…

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The Sweden-based real estate company plans to complete Parallell, a 16-story building in the city’s largest development area, by the second quarter of 2020.

After selling its shares in Sundtkvartalet, a 103,000-square foot office building in Oslo, Skanska plans to invest roughly $72.7 million to develop Parallell, a 209,900-square-foot office project in Norway’s capital city. Construction will begin immediately and is slated for completion in spring 2020.

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Mar
14

JCPenney Sells Legacy WI Warehouse

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The Wauwatosa outlet centers encompasses more than 2 million square feet and was bought by an affiliate of Phoenix Investors for $31.3 million.

JCPenney has sold its Logistics Warehouse and Furniture Outlet Center in Wauwatosa, Wis., to an affiliate of Phoenix Investors for $31.3 million. The 2 million-square-foot property sits on a 77-acre lot adjacent to Interstate 45 and has been under JCPenney’s ownership for more than 50 years. The new owner plans to renovate all the facilities making up the industrial asset.

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Mar
14

StorageMart Expands Portfolio in VA

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The company has opened its first self-storage facility in Virginia Beach, Va. The 78,979-square-foot asset will serve the local community, as well as military personnel of the Nava Air Station Oceana.

StorageMart has added a 78,979-square-foot facility to its self-storage portfolio in Virginia Beach, Va. The 560-unit asset marks StorageMart’s first facility in the area.

Located at 1889 Virginia Beach Blvd., the property is close to Interstate 264 and the Naval Air Station Oceana. The facility will serve the local community and businesses, as well as military personnel. According to StorageMart’s website, the new facility features small and extra-large units, ranging from 25 to 310 square feet. Characteristics include climate control, loading bays, drive-up storage units, individual pin-code access, video cameras and interior loading bays…

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With the closing of the transaction, Blackstone Real Estate Income Trust has added 22 million square feet of last-mile infill warehouse and distribution facilities to its holdings.

Blackstone Real Estate Income Trust Inc.’s collection of industrial properties just grew by 22 million square feet. The commercial property REIT recently completed the acquisition of the 146-building Canyon Industrial Portfolio from Cabot Industrial Value Fund IV LP and Cabot Industrial Value Fund IV Manager LP in a $1.8 billion deal.

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The firm has purchased a 900-unit newly constructed self-storage property located in Chula Vista, Calif., a suburb of San Diego.

Strategic Storage Growth Trust Inc., a public non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 86,000-square-foot newly constructed self-storage facility in the San Diego suburb of Chula Vista, Calif.

Strategically located at 2380 Fenton St., the facility occupies 1.5 acres in the Eastlake area, near the South Bay Expressway. The region is densely populated, more than 89,000 people live within a three-mile radius, with only 2.2 square feet of storage space available per capita, according to Yardi Matrix. Additionally, the average household income is approximately $91,389. The three-story facility comprises roughly 900 climate-controlled units and features a covered loading area and drive-up units…

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Retailers are racing against the clock to fulfill online orders, pushing them to invest in large distribution facilities all across the Midwest. Laird Goldsborough, president of Valbridge Property Advisors, talks about secondary markets that are in the spotlight.
The Midwest area is one of the best-performing regions in the country. Secondary markets have begun to shine lately, especially because their development scene is particularly active in the large industrial distribution area. The commercial real estate market, however, is a very different matter…
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The company opened an 81,299-square-foot facility in Pembroke Park, Fla., which is the fourth asset that it owns in South Florida.

Miami City Self Storage (MCSS) has opened an 81,299-square-foot self-storage facility in Pembroke Park, Fla. The new asset marks the company’s fourth facility in South Florida and the first in Broward County. CubeSmart is the manager of the storage property.

The newly constructed property is situated at 1781 S. Park Road on 1.4 acres, near the intersection of Pembroke Road and Interstate 95. The facility comprises 795 climate-controlled units and features a concierge-style front desk, security system, motion-activated cameras, intercoms and sensor lighting…

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California’s office market continues to boom, thanks in part to smart development activity. In 2017, more than 2 million square feet of office space came online in Los Angeles, while San Francisco added about 1.4 million square feet.

California is one of the most active office markets in the country, with consistent development and leasing activity over the past decade. In Los Angeles, more than 2 million square feet of office space came online in 2017, while San Francisco added about 1.4 million square feet last year. Moreover, roughly 7 million square feet is expected to come online by the end of 2018 in San Francisco.

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John Wijtenburg has joined the company as vice president. He will be specializing in capital markets, with a focus on hotel and resort investment sales throughout Florida.

Colliers International South Florida has expanded its hotel brokerage expertise with the addition of John Wijtenburg as vice president. In this role, he will be focusing on hotel and resort investment sales throughout Florida. Wijtenburg brings more than a decade of commercial real estate and finance experience, having conducted underwriting, due diligence and transaction closing for more than $250 million of hotel real estate in the past five years.

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Mar
13

IADC To Relocate Houston HQ

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The International Association of Drilling Contractors agreed to occupy roughly 19,000 square feet at a newly completed, Class A office building in the city’s Westchase district.

JLL has arranged a headquarters relocation lease on behalf of the International Association of Drilling Contractors (IADC) at Lockton Place, a 186,000-square-foot office building in Houston’s Westchase submarket. The tenant is scheduled to relocate to its new 18,920-square-foot space in the third quarter of 2018.

Located at 3657 Briarpark Drive, Triten Real Estate Partners and USAA’s recently completed Lockton Place is now 94 percent leased. The eight-story, Class A property features a fitness center, conference room, dining lounge and outdoor gathering space…

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  • Property slump seen persisting after disappointing in 2017
  • Supply outpaces demand prompting builders to delay completion

Four months after rejecting a broker’s advice to slash his rent demands on a new Spanish-style villa in Dubai, the homeowner was ready to accept a 20 percent cut on the still vacant property…

No Rebound for Dubai Property as Slump Drags On

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The coworking franchise expands again, with a nearly 8,000-square-foot lease in the city’s Westshore submarket. The firm is planning to open two additional locations in the area.

Office Evolution has signed a 7,721-square-foot office lease at Travelers Cos.’ Lincoln Center, a 217,695-square-foot Class B office building in Tampa, Fla. The owner picked up the asset in a $21.5 million sale in early 1998, according to Yardi Matrix. The lease comes on the heels of the firm’s recently inked deal for more than 8,000 square feet of new coworking space in Jacksonvile, Fla.

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Mar
13

IT Firm Renews DC-Area Office Lease

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The company is planning to invest $6 million to improve its space in the nearly 300,000-square-foot Class A office tower.

MicroStrategy, an IT and data analytics service provider, has renewed its lease at one of Quadrangle Development’s Towers Crescent Class A office towers in suburban Washington, D.C. The firm has occupied 200,000 square feet in the building since 2010, according to Virginia Business. MicroStrategy plans to upgrade its space with approximately $6 million in improvements and hire 300 new employees over the coming years.

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