Sunrise Lake, a 74,612-square-foot mixed-use property in the Houston-area community of Pearland, TX, traded hands. JLL marketed the property on behalf of the seller, TIG Real Estate Services, and procured the undisclosed buyer. Located at 9307 and 9223 Broadway St., along the primary east-west thoroughfare in Pearland, the asset is primarily leased to medical office …
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New research by CBRE shows that supply has edged ahead of demand for data centers in North Texas. The brokerage firm’s H1 2019 data center report reveals roughly 28% of data center capacity was available in the Dallas-Fort Worth market. CBRE researchers wrote in the report: “The DFW wholesale colocation market is as competitive as …
Privately-held commercial real estate company Passco Cos. acquired Grand Oaks at Crane Creek, a 300-unit, apartment community in Augusta for $58 million. Passco purchased the asset directly from the developer of the property, Southeastern Development Associates. The property was completed in 2016, and features granite countertops, stainless steel appliances and faux wood flooring. Amenities include …
Chicago-based Waterton acquired a three-property multifamily portfolio totaling 950 units in Austin. The acquisition marks a reentry into the Austin real estate market for Waterton, having sold its last local asset in March 2015. Waterton’s David Schwartz says, “These are high-quality assets in prime locations, just north of the Domain and within North Austin’s tech …
Berkadia secured a $92.7-million loan to refinance Woodbridge Station, a garden-style multifamily community in Woodbridge, VA. Woodbridge is approximately 22 miles south of Washington, DC. Located at 1400 Eisenhower Circle, the community features two-, three- and four-bedroom apartments with full-size washers and dryers in-unit. Amenities include a swimming pool with a sun deck, 11 community …
Portland-based Vacasa is buying Wyndham Vacation Rentals for approximately $162 million. The transaction is expected to close this fall, and will bring in more than 23,000 homes to its vacation rental management platform portfolio. Vacasa will finance the acquisition through a combination of cash and equity. Vacasa’s Eric Breon says, “We are excited to partner …
By Dennis Kaiser The Orange County office market remains on firm footing in 2Q 2019, as office demand continues to increase in lock-step with the steady influx of new supply. A review of market reports from various CRE brokerage houses included a number of highlights that reflect where the market may be heading. Kidder Mathews’ …
By Dennis Kaiser Physical stores continue to be the most popular format for Back-to-School (BTS) purchases. A survey by ICSC found nearly 87% of BTS shoppers will make purchases in physical stores, a percentage that rises to 95% including those who will purchase online from retailers that also have stores. “Once again, back-to-school (BTS) shoppers …
The Clark Construction Group and Mortenson JV achieved substantial completion of Chase Center, San Francisco’s new state-of-the-art sports and entertainment complex. The team handed over the keys to the $1.4-billion facility marking the end of a 30-month-long construction effort. Chase Center’s operations team will move into the new facility to begin preparations for the venue’s …
The Clearwater Building and U.S. Bank Plaza in Boise have traded hands in a deal that ranks as Idaho’s largest office portfolio transaction in history. The seller was Salt Lake City, UT-based Gardner Company. The buyer was reportedly Seattle-based Laird Norton Properties, a subsidiary of Laird Norton Co. The assets encompass 385,368 square feet, and …
Wayne, PA-based Liberty Property Trust acquired a 203,280-square-foot building at 1245 Watson Center Dr., and an adjacent 2.3-acre parcel at 1161 Watson Center Dr., both in Carson, CA. Liberty Property Trust’s Erin Plourde (pictured) says, “These infill properties are in the highly desired ‘heavyweight corridor’ – an area near the Port of Long Beach at …
JLL Income Property Trust acquired Summit at San Marcos, a newly-developed 273-unit apartment community in the Phoenix suburb of Chandler, AZ. The purchase price of the award-winning urban garden-style Class A property at 455 W. Chandler Blvd. was $72 million. JLL Income Property Trust’s Allan Swaringen says, “The city of Chandler, and more broadly Phoenix’s …
Dedeaux Properties, in joint venture with an institutional partner, purchased a newly-constructed more than one-million-square-foot warehouse and distribution center in Riverside, CA. The state-of-the-art facility was acquired for an undisclosed amount. The purchase ranks as one of the largest single asset industrial acquisitions in SoCal this year. Located at 6275 Lance Dr., the warehouse and …
CIM Group sold Hollywood & Highland, the 463,000-square-foot retail and entertainment center in Hollywood, to a partnership between San Jose-based DJM and Gaw Capital, reportedly for $325 million. They plan to reimagine the 7.6-acre site over the next 24 to 30 months encompassing upgrades to the retail hub, rebranding, upgrading common areas, ramping up entertainment …
Southern California-based, Mark IV Capital acquired Crossroads Commerce Center in Fernley, NV from a partnership between Sonterra Development Company, Nevada Pacific Investment Company, LLC, and the Logan Family Land Trust for $45 million. The 4,380-acre industrial sale is the second largest industrial land transaction in Nevada history. Cushman & Wakefield’s Brian Armon, who handled the …
La Jolla, CA-based Badiee Development began construction on Carlsbad Innovate, the firm’s latest industrial development located in the Carlsbad Oaks North Business Park in Carlsbad, CA. The freestanding building, which will provide 50,150 square feet of customizable high-tech office, warehouse and creative space, is slated for completion in Q1 2020. Badiee Development’s Ben Badiee says, …
Triton Realty Group recently sold 5534-48 N. Winthrop, a 25-unit courtyard apartment building in Edgewater. The property traded to an undisclosed buyer for $5,150,000, or $206,000 per unit. Matthew A. Fritzshall, president and managing broker of Triton, acted as the sole broker in this transaction. “This is a trophy property,” he said. “If you look …
Pasadena-based Alexandria Real Estate Equities Inc. and San Francisco-based TMG Partners acquired the vacant 264,000-square-foot 6×6 mall near San Francisco’s Union Square. The $150-million center at 945 Market St. was built by Dallas-based Cypress Equities in 2017, and has sat empty since. Cypress subsequently secured city approval to convert 50,000 square feet to office. Alexandria …
San Francisco-based Carmel Partners signed a roughly 50,000-square-foot lease with Whole Foods Market for a flagship grocery store that will anchor Cumulus District, an urban, mixed-use development on Los Angeles’ Westside. Located at the corner of Jefferson and La Cienega Boulevards, the transit-oriented development at 3321 La Cienega Blvd. is expected to open in late …
By Dennis Kaiser Connect Orange County is coming up this month. The annual gathering is set for August 22 at The Resort at Pelican Hill in Newport Coast. More information about the event can be found here. Connect Media asked Stream Realty’s Marty Pupil to share a few insights about the trends driving the market, …