The Future of Commercial Real Estate Investment: Insights from Robert Khodadadian
https://www.theindex.biz/the-future-of-commercial-real-estate-investment-insights-from-robert-khodadadian/ Real Estate The Future of Commercial Real Estate Investment: Insights from Robert Khodadadian by adminMay 15, 202300SHARE0 As the world continues to evolve at a lightning fast pace, industries across the board are feeling the rapid change. The world of …
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Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Two days after state lawmakers finalized a budget that left out a proposed tax break for office-to-residential conversions, the “Conversion King” himself said he isn’t sweating the missed opportunity. Metro Loft founder Nathan Berman, who has made a name for himself converting Downtown office towers into residential buildings since the 1990s, said that although his
The post Coming soon to Midtown: Office-to-resi conversions appeared first on The Real Deal. Robert Khodadadian – The Real Deal
From left: Metro Loft’s Nathan Berman, Silverstein Properties’ Marty Burger and The Durst Organization’s Jody Durst (Photo by Alexis Manrodt)
Two days after state lawmakers finalized a budget that left out a proposed tax break for office-to-residential conversions, the “Conversion King” himself said he isn’t sweating the missed opportunity.
Metro Loft founder Nathan Berman, who has made a name for himself converting Downtown office towers into residential buildings since the 1990s, said that although his firm has historically shied away from projects in Midtown, things have now changed.
“We could never make the numbers work,” Berman said Thursday at The Real Deal’s New York City Showcase + Forum. “But what we’re seeing now is the values have come down to such a point that it’s beginning to make sense. And that’s without, frankly, any assistance from [government].”
Prices for older office buildings — structures ripe for conversion — are slipping to between $200 and $300 per square foot, the developer said.
That range will price many assets below the cost of the ground they’re sitting on, paving the way for developers to snap up properties they’ve been eyeing for conversion.
“I think you will begin to see a lot of conversions in Midtown start to happen because Downtown has been kind of, let’s call it, picked over over the past 15 to 20 years.” Berman said.
State incentives aside, the city has considered ways to incentivize conversions outside of the Financial District — a neighborhood in which a zoning tweak in the 1990s created a larger pool of convertible buildings.
Last year, a task force dropped recommendations for the city to rezone parts of Midtown, an area heavily zoned for manufacturing, to create more conversion opportunities.
So far, neither the mayor nor the City Council has taken any action on that recommendation.
But Silverstein Properties CEO Marty Burger, who teamed up with Berman to launch SilverLoft, a $1.5 billion conversion venture, said city help isn’t always a bonus.
“One of the things we learned working with Nathan was if you have to talk to the city — don’t do it,” Burger said. “Work on the next project because it’s too much brain damage.”
Burger added that a tax abatement pitched by Gov. Kathy Hochul to incentivize office conversions wouldn’t have offered much financial help, anyway.
The proposal extended a 50 percent break on property taxes over 15 years if a developer set aside 20 percent of a project’s units as affordable.
“We applied that to a building that we were working on and it didn’t work; it wasn’t accretive to what we were doing,” Burger said.
“So we said [to the mayor], this is a big political thing — don’t fight for it because no one is going to use it,” the executive said. “Even if it’s just breakeven, we’re not going to do it.”
Burger said developers would need a 75 percent tax break over 25 years to bring development costs in line with revenue, given the affordable housing commitment.
Despite the energy around potential conversions, Berman underscored that those projects, which aim to redevelop obsolete stock, will address only a sliver of the city’s office inventory.
“Don’t expect this to be an avalanche of conversions in the city,” Berman said. “There’ll be dozens of conversions of large-scale buildings, but it’s not going to be en masse.”
“I wouldn’t be writing any obituaries yet for the office market,” Berger added. “It will be back.”
Read more
Stars aligning for resi conversions
City official warns against “overcorrecting” on office conversions
Council, Adams administration clash on office-to-resi affordability
The post Coming soon to Midtown: Office-to-resi conversions appeared first on The Real Deal.
Two days after state lawmakers finalized a budget that left out a proposed tax break for office-to-residential conversions, the “Conversion King” himself said he isn’t sweating the missed opportunity. Metro Loft founder Nathan Berman, who has made a name for himself converting Downtown office towers into residential buildings since the 1990s, said that although his
The post Coming soon to Midtown: Office-to-resi conversions appeared first on The Real Deal. Uncategorized, Conversions, Forum, Metro Loft Management, Nathan Berman, Silverstein Properties, The Real Deal Showcase + Forum The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Crow Holdings Planning $53M, 800K SF Industrial Building in Lancaster – Robert Khodadadian
Crow Holdings Planning $53M, 800K SF Industrial Building in Lancaster – Robert Khodadadian
Crow Holdings is looking to build a 799,183 square foot industrial building at 600 E. Wintergreen Road in Lancaster. Public filings indicate the industrial giant has hired Dallas-based Azimuth Architecture to do the design work. The Dallas Business Journal reports that Crow Holdings expects to get going on the project in June of 2023 with delivery date a year later, June of 2024. They expect the project to cost approximately $53 million.
Building costs will likely come out of the Crow Holdings Industrial Properties Trust (CHIPT). It was formed to pursue the development and acquisition of Class A industrial properties in key logistics markets across the U.S. The trust closed last year with over $600 million of equity commitments that can provide for more than $1.5 billion of total project-level investment. The company has over $29 billion in assets under management (see picture).
The post Crow Holdings Planning $53M, 800K SF Industrial Building in Lancaster appeared first on Connect CRE.
Crow Holdings is looking to build a 799,183 square foot industrial building at 600 E. Wintergreen Road in Lancaster. Public filings indicate the industrial giant has hired Dallas-based Azimuth Architecture to do the design work. The Dallas Business Journal reports that Crow Holdings expects to get going on the project in June of 2023 with …
The post Crow Holdings Planning $53M, 800K SF Industrial Building in Lancaster appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Crow Holdings is looking to build a 799,183 square foot industrial building at 600 E. Wintergreen Road in Lancaster. Public filings indicate the industrial giant has hired Dallas-based Azimuth Architecture to do the design work. The Dallas Business Journal reports that Crow Holdings expects to get going on the project in June of 2023 with …
The post Crow Holdings Planning $53M, 800K SF Industrial Building in Lancaster appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
CIP Real Estate Lands $30M for Charlotte Industrial Park – What is a Ground Lease?
CIP Real Estate Lands $30M for Charlotte Industrial Park – What is a Ground Lease?
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CIP Real Estate has secured financing in the amount of $29.5 million for Whitehall Tech Center, a three-building, 279,150-square-foot industrial park in Charlotte, N.C. Mecklenburg County records show that Hartford Investment Management Co. provided the three-year, floating-rate loan. JLL arranged the deal on behalf of the borrower.
CIP initially acquired the property in April 2016, in a joint venture with CrossHarbor Capital Partners. The asset was recapitalized in June 2020 with a $21.5 million loan from a life company managed by Global Atlantic Financial Group.
READ ALSO: Waiting for the Thaw in CRE Deal Flow
Located at 2745, 2915 and 2705 Whitehall Drive Park, the Class A, multi-tenant business campus comprises two existing warehouses totaling 204,900 square feet, with a third, 74,250-square-foot facility expected to break ground in the second quarter of this year. All buildings will have ESFR sprinkler systems, 20- to 28-foot clear heights and a total of 57 dock-high doors.
Whitehall Tech Center is close to interstates 77 and 485, 9 miles from Charlotte Douglas International Airport and 12 miles from downtown Charlotte. Tenants at the property include Guardian Pharmacy, DEX Imaging and BlueDot Medical, CommercialEdge data shows.
Charlotte sees growing industrial demand
JLL Executive Managing Director Kevin MacKenzie, together with Senior Directors Taylor Alison and Peter Thompson, secured the financing for CIP Real Estate. According to the company’s 10th annual U.S. Industrial Demand Study, Charlotte saw a 31.4 percent increase in industrial demand from 2021 to 2022, due to the current population growth and expansion of manufacturing activities. The market’s proximity to the Port of Charleston and the Inland Port put Charlotte on the 15th position among the U.S. metros.
Recent projects in the area include Crow Holdings’ speculative development that will total more than 470,000 square feet of space when complete. With Avison Young tapped as exclusive leasing agent, the projects is expected to be available for occupancy in late 2023.
The post CIP Real Estate Lands $30M for Charlotte Industrial Park appeared first on Commercial Property Executive.
Hartford Investment Management Co. provided the three-year, floating-rate loan.
The post CIP Real Estate Lands $30M for Charlotte Industrial Park appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Hartford Investment Management Co. provided the three-year, floating-rate loan.
The post CIP Real Estate Lands $30M for Charlotte Industrial Park appeared first on Commercial Property Executive. ground lease ground leases net lease ground leases 101 ground lease nyc skyline properties skyline properties nyc Robert Khodadadian investment sales broker commercial real estate NYC real estate Skyline NYC New York City Real Estate commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties Real estate investment brokerage manhattan real estate off market broker daniel shirazi Off-market real estate Manhattan Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis.
Robert Khodadadian – Commercial Observer
By this time, coworking startup Daybase should have had three locations — at least — all in the New York area. That is, if you listened to its founder. Joel Steinhaus, Daybase CEO, told Commercial Observer in January of 2022 …
Robert Khodadadian – Commercial Observer
When National Resources landed a $40 million construction loan from CIT Group on March 31, 2020, to fund the first first phase of its Lionsgate Studio project, known as iPark, in Yonkers, N.Y., the deal underscored a longstanding connection that …
Robert Khodadadian – Commercial Observer
One of the main slogans of Joe Biden’s 2020 election campaign was “Build Back Better.” Today, the construction industry could use the same phrase to describe its growing adoption of technology into every aspect of its work. Call it contech …
Robert Khodadadian – Commercial Observer
Before the pandemic, Wells Fargo decided to give up 400,000 square feet at the Seagram Building, leaving half of the Park Avenue office tower vacant. RFR, the owner of the 38-story Modernist monument, decided it would need to add a …
Robert Khodadadian – Commercial Observer
Last year started off with a bang. Riding high on a record year for most, lenders rang in 2022 with Gatsby-style swagger and champagne. Entering the second quarter with a spring still in their steps, they popped out loans like …
Robert Khodadadian – Commercial Observer
Even prior to the regional banking crisis of March 2023, the U.S. banking system was already experiencing a tightening of credit. The steady roar of inflation had combined with multiple Federal Reserve interest rate hikes in just 11 short months …
Robert Khodadadian – Commercial Observer
Iceberg! Right ahead!” said a lookout on the RMS Titanic as the white, shimmering behemoth came into view out of the night sky. While some lenders were caught off guard and left without life jackets in this past year’s market …
Robert Khodadadian – Skyline Properties How Jerome Powell Became the Most Powerful Figure in CRE Finance
Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Robert Khodadadian – Skyline Properties How Jerome Powell Became the Most Powerful Figure in CRE Finance
Perhaps no one person had more of an impact on commercial real estate finance in the last year than Jerome Powell.
The ex-investment banker who became Federal Reserve chairman in early 2018 was the intellectual and rhetorical force behind nine consecutive interest rate hikes, including four straight increases of 75 basis points from June through November. The central’s bank’s hawkish strategy has brought the federal funds rate up to between 4.75 and 5 percent compared to near zero in early 2022.
“The biggest challenge was the meteoric rise in interest rates and the volatility associated with hyperinflation, which stalled transaction activity, stalled the investment sales market, and meant we had to work twice as hard as we normally do,” said Dustin Stolly, vice chairman and co-head of debt and structured finance at Newmark.
Despite the headwinds caused by rising rates, Newmark, like other firms on Commercial Observer’s Power Finance list, powered through in sourcing $29.1 billion of loan volume during the past year. Stolly put the feat down to “sheer effort.”
The Fed’s aggressive stance in fighting inflation forced lenders and brokers to work extra hard in bringing deals across the finish line. “It was undoubtedly a tough year, and deals got harder as the year went on,” said Paul Vanderslice, head of CMBS at BMO Capital Markets.
Vanderslice added that despite the rapid rise in interest rates, his team never stopped pushing transactions. What else could they and other finance firms do?
“We continued to originate all the way through the volatility,” Vanderslice said. “Not transacting is a mistake a lot of other platforms make. From a credibility perspective, and to build and maintain a business, you have to stay in the market — or you can be 100 percent right about everything and do no business.”
Rob Rubano, vice chair at Cushman & Wakefield, described the current environment as “the tightest the credit markets have felt since the beginning of COVID,” but despite these challenges the brokerage firm completed $19 billion of originations in 2022. The bulk of C&W’s sourced volume consisted of industrial and multifamily deals.
“We don’t run from these times, we run to them,” Rubano said. “People need real help, and we pride ourselves on being advisers, not brokers”
The rising interest rates that Powell spurred put added importance on lenders requiring interest rate caps for floating-rate deals. Dramatic changes in the Secured Overnight Financing Rate (SOFR) forward curve, which acts as a betting line for the direction interest rates are headed, caused costs for two-year caps to spike in late 2022. A number of floating-rate deals that originated in 2021 with two-year caps are due to expire this year, which is creating added pressure for certain property owners who may be forced into selling their assets because of the higher hedge expenses.
Some lenders have been proactive in working with property owners through the dramatic interest rate changes in order to avoid forced selling.
“I think where we really differentiated ourselves was working with sponsors through the dramatic moves in rates,” said Dennis Schuh, chief originations officer at Starwood Property Trust. “Every single loan had a SOFR cap that needed to be tweaked and adjusted, and there were lots of nuances there, so having our people in-house handling all that asset management and touching almost every loan was key.”
Powell indicated following a quarter-point hike after the Fed’s March 22 meeting that the central’s bank’s previous plans for “ongoing increases” may be adjusted. Such an adjustment could be based on how the collapses of Silicon Valley Bank and Signature Bank affect the banking sector as well as the unemployment picture and consumer prices.
At a press conference a month before that March meeting, Powell couched things in nearly martial terms (or at least sporting ones). “We have more work to do,” he said. “We’re going to be cautious about declaring victory and sending signals that we think the game is won.”
Andrew Coen can be reached at acoen@commercialobserver.com.
Perhaps no one person had more of an impact on commercial real estate finance in the last year than Jerome Powell. The ex-investment banker who became Federal Reserve chairman in early 2018 was the intellectual and rhetorical force behind nine consecutive interest rate hikes, including four straight increases of 75 basis points from June through Channel, Finance, Dustin Stolly, Jerome Powell, Paul Vanderslice, Rob Rubano
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Perhaps no one person had more of an impact on commercial real estate finance in the last year than Jerome Powell. The ex-investment banker who became Federal Reserve chairman in early 2018 was the intellectual and rhetorical force behind nine consecutive interest rate hikes, including four straight increases of 75 basis points from June through robert khodadadian
Robert Khodadadian – Skyline Properties Power Finance 2023
Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Robert Khodadadian – Skyline Properties Power Finance 2023
Channel, Features, More, Power Finance 2023
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
robert khodadadian
Koontz Corp. to Develop 2.8 MSF San Antonio Industrial Park – What is a Ground Lease?
Koontz Corp. to Develop 2.8 MSF San Antonio Industrial Park – What is a Ground Lease?
Development, Industrial, News, San Antonio, Southwest, JLL, Koontz Corporation, Olson Properties
Rendering of the Frontera Logistics Supersite. Image courtesy of Koontz Corp.
Koontz Corp. has purchased an 11-parcel, 188-acre lot for the development of Frontera Logistics Supersite, an eight-building, 2.8 million-square-foot industrial campus located off Interstate 35 in San Antonio. Koontz acquired the land assemblage—one of the largest and last remaining infill sites inside the Loop 410 corridor—from 26 different owners. Carl Olson, president of Olson Properties, represented the sellers.
“An added advantage of this site is its direct access and proximity to Mexico via Interstate 35 and the port of Laredo. Our industry is seeing more nearshoring opportunities for manufacturing and assembly in Mexico which is a direct benefit to the Texas Triangle’s ability to compete not only regionally but globally,” Koontz Corp. President & CEO Bart Koontz told Commercial Property Executive.
READ ALSO: Industrial Sector Fundamentals Remain Solid
Formerly home to cornfields, the Frontera Logistics site was rezoned for industrial use. Beaty Palmer Architects designed the campus’ preliminary layout, while Vickrey & Associates is providing engineering services. Partners Real Estate will handle leasing and sales at the property.
Architectural drawing of Frontera Logistics Supersite. Image courtesy of Koontz Corp.
At full build-out, Frontera Logistics Supersite will tentatively include eight facilities ranging from 160,000 to 1.1 million square feet, catering to manufacturing, distribution and warehousing companies. The development is anticipated to create nearly 2,000 jobs, San Antonio City Council Member Dr. Adriana Rocha Garcia said in prepared remarks.
The site’s location, in the western portion of the Texas Triangle, gives it direct access to the four-metro megaregion’s three highways. For Koontz, the property’s key advantages include direct distribution access to the Triangle’s population and its close proximity to assembly capabilities across the Southern border, in addition to the widespread reshoring of manufacturing capabilities in the U.S.
San Antonio’s industrial market carries on
San Antonio’s industrial market is emblematic of the sector’s prosperity across the nation. According to a first quarter 2023 report from JLL, the metro had 6.7 million square feet of feet of space under construction as of March, close behind the previous quarter’s pipeline of 6.9 million square feet. Net absorption accounted for 1.1 million square feet.
One of the metro’s current industrial developments is a five-building, 689,215-square-foot complex taking shape directly across from San Antonio International Airport. Stream Realty Partners broke ground on the project in the third quarter of last year, with completion estimated this August.
The post Koontz Corp. to Develop 2.8 MSF San Antonio Industrial Park appeared first on Commercial Property Executive.
Frontera Logistics will take shape on one of the last remaining infill sites inside Loop 410.
The post Koontz Corp. to Develop 2.8 MSF San Antonio Industrial Park appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Frontera Logistics will take shape on one of the last remaining infill sites inside Loop 410.
The post Koontz Corp. to Develop 2.8 MSF San Antonio Industrial Park appeared first on Commercial Property Executive. ground lease ground leases net lease ground leases 101 ground lease nyc skyline properties skyline properties nyc Robert Khodadadian investment sales broker commercial real estate NYC real estate Skyline NYC New York City Real Estate commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties Real estate investment brokerage manhattan real estate off market broker daniel shirazi Off-market real estate Manhattan Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis.
Behind JPMorgan Chase’s Takeover of First Republic Bank – What is a Ground Lease?
Behind JPMorgan Chase’s Takeover of First Republic Bank – What is a Ground Lease?
Featured, Finance, Investment, National, News, California Department of Financial Protection and Innovation, FDIC, First Republic Bank, JPMorgan Chase
JPMorgan Chase has agreed to acquire First Republic’s assets. Photo by Precious Madubuike via Unsplash
JPMorgan Chase is taking over First Republic Bank’s assets, with the Federal Deposit Insurance Corp. agreeing to provide loss share agreements for acquired single-family residential mortgages and commercial loans, along with $50 billion of five-year fixed-rate term financing.
The banking giant’s agreement to purchase the substantial majority of First Republic’s assets includes the assumption of its deposits and certain other liabilities, including uninsured deposits, from the FDIC. The California Department of Financial Protection and Innovation formally shuttered San Francisco-based First Republic on May 1, appointing the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with JPMorgan Chase, which won a competitive auction for the assets.
READ ALSO: Office Owners Face Financing Dilemma
The FDIC and JPMorgan Chase will share in the losses and potential recoveries on the real estate loans covered by the loss share agreement, the federal agency said in a statement, which noted that the loss share transaction is projected to maximize recoveries by keeping First Republic’s assets in the private sector. Furthermore, the federal insurer stated that it expects the deal will minimize disruptions for borrowers.
Takeover details
JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock, the bank said in a statement. However, the bulge bracket firm will take over some $173 billion in loans and $30 billion of securities and assume approximately $92 billion of deposits, including $30 billion of large bank deposits, which will either be repaid once the deal closes or will be eliminated in consolidation.
First Republic’s businesses will be under the purview of JPMorgan Chase’s Consumer and Community Banking Co-CEOs, Marianne Lake and Jennifer Piepszak. The regional bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits as of April 13, according to the FDIC’s statement. First Republic’s 84 branches, which are spread across eight states, have legally become JPMorgan Chase locations, and were opened as usual on May 1, with in-person and online client services uninterrupted.
JPMorgan Chase expects to recognize an upfront, one-time, post-tax gain of approximately $2.6 billion, not reflective of some $2 billion of post-tax restructuring costs anticipated over the next 18 months, according to the statement. The deal is expected to generate more than $500 million of incremental net income annually, not including approximately $2 billion of post-tax restructuring costs that are expected throughout 2023 and 2024. The FDIC estimates that the ultimate cost to the Deposit Insurance Fund will be approximately $13 billion.
The FDIC recently took control of a pair of ill-fated financial institutions, New York-based Signature Bank and Santa Clara, Calif.-based Silicon Valley Bank, prominent failures that put U.S. regional banks under a microscope and signaled tighter lending standards. The financial tumult of recent months has stretched beyond U.S. regional players, however, most notably toppling Zürich-based international banking giant Credit Suisse.
The post Behind JPMorgan Chase’s Takeover of First Republic Bank appeared first on Commercial Property Executive.
Along with $50 billion in financing, the FDIC is providing loss share agreements for residential and commercial real estate loans.
The post Behind JPMorgan Chase’s Takeover of First Republic Bank appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Along with $50 billion in financing, the FDIC is providing loss share agreements for residential and commercial real estate loans.
The post Behind JPMorgan Chase’s Takeover of First Republic Bank appeared first on Commercial Property Executive. ground lease ground leases net lease ground leases 101 ground lease nyc skyline properties skyline properties nyc Robert Khodadadian investment sales broker commercial real estate NYC real estate Skyline NYC New York City Real Estate commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties Real estate investment brokerage manhattan real estate off market broker daniel shirazi Off-market real estate Manhattan Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis.
How Coworking Is Reviving New Orleans’ Office Scene – What is a Ground Lease?
How Coworking Is Reviving New Orleans’ Office Scene – What is a Ground Lease?
Executive Insights, New Orleans, Office, Property Management, South, #CPETalks, Coworking, SVN
Although the New Orleans CRE market overall is currently demonstrating robust activity supported by several noteworthy projects, its office market is still struggling, mirroring national trends. Despite these hurdles, many in the CRE industry are still optimistic about the future of the New Orleans office market and believe that there’s growth potential.
“We have raised an equity fund and are actively looking to place capital in the region,” Tyler Robinson, managing partner of SVN | Urban Properties told Commercial Property Executive. Urban Venture Fund seeks to deploy more than $30 million into Gulf South real estate by 2025.
With more than 40 years of combined experience in the market, SVN | Urban Properties’ specialists take a holistic approach to navigating the current challenges, banking on their in-depth understanding of the local Southeast Louisiana market, and supported by SVN International Corp., the national brand under which they operate since March 2022. The boutique firm is established at Urban Hub, a flexible office space it owns in the heart of New Orleans’ Lower Garden District, that opened almost three years ago.
In the interview below, Robinson talks about his company’s journey so far, and touches on the story behind Urban Hub, the flexible office concept that promises to reimagine coworking in the metro.
READ ALSO: Paving the Way for Women in CRE: Insights From a Pennsylvania Broker
Apart from the well-known, nationwide challenges, are there any specific issues that you’ve noticed in the New Orleans office market?
Robinson: New Orleans tends to march to the beat of a different drummer. Typically, a bass drum, in a brass band, during a second-line parade. It rarely follows national trends and the office market is no exception. In fact, in terms of office-to-residential conversion, we have been ahead of the national trend. The office market in New Orleans has remained fairly soft, even as inventory has been reduced by apartment or hotel conversions. The last time an office tower was built in the city was in the 1980s. All that goes to say that, while are and will continue to experience some additional declines in office occupancy, it will not have the same impact as what is unfolding in other markets.
How has your partnership with SVN International impacted your operations so far? To what extent is it fueling your growth?
Robinson: We are proud to be standing here today—it has been quite the journey and we still feel as if we are just getting started. Joining SVN International has created some wonderful opportunities for us—both in terms of internal systems and in terms of brand recognition and competitiveness in the market. Our tech portfolio received a 10-fold overnight boost when we joined and our ability to set our advisors up for success via training, tech and reporting metrics received a similar boost. We have a great amount of confidence in our ability to grow the company with all these tools backing us and we’ve seen this in practice in the past year with SVN.
What sets your approach apart from other similar firms in the area?
Robinson: We like to pride ourselves as a local group with institutional services. The four managing directors have varied backgrounds and all worked previously at larger firms, and this is part of what differentiates us in the market. Our approach is very much informed by our institutional experience but is softened by our collaborative and relaxed approach.
Can you share a few details about major office deals and/or projects in the New Orleans area that you’ve recently been involved in?
Robinson: On the project management front, we recently completed 353 Carondelet, a historic renovation of a four-story office building for Fidelity Bank’s headquarters. We were honored to serve our client by procuring and managing all aspects of the construction process. This project started in the fall of 2019, so we had a very interesting set of circumstances to navigate. We were still able to deliver the building on budget and almost on time, despite a six-week shutdown on the project due to the start of the COVID-19 panic.
Fidelity Bank occupies the first, second and a portion of the third floor, and SVN | Urban Properties is marketing the remaining space for lease. Much of our recent office-focused leasing and management activity has been in the medical office sector, which mostly comprises smaller buildings near medical centers.
READ ALSO: Building an Effective Commercial Property Management Team
How does Urban Hub fit into your overall business strategy? Is it a core focus area or more of a complementary offering?
Robinson: We created Urban Hub out of necessity—we needed to fill some excess space in our office building, which we purchased in February 2020. We knew that pursuing the traditional office lease direction was not the route for us, or for the space. We want Urban Hub to act as a home for those who don’t want to work from home. We have a bar and a dining table in the kitchen, couches throughout, a ping pong table in the backyard, a front porch—all things that incorporate that feeling of being in a home.
Urban Hub fits into our strategy in multiple ways. SVN | Urban Properties was the first tenant in Urban Hub, so we are aware that it’s a fun place to work and we intend to keep it that way as we plan to remain a tenant. Secondly, we desire to purchase real estate with the intention of creating more Urban Hub locations. This gives us the opportunity to create brokerage and development opportunities for our team. Thirdly, having a coworking company in the portfolio allows us to create relationships with individuals and companies whose real estate needs may change over time and we want to be there for them when those needs arise.
What amenities do tenants enjoy at Urban Hub? What makes this space unique?
Robinson: Urban Hub offers amenities that you tend to see in many well-done shared workspaces: a stock of coffee—and even beer, wine, and other spirits…it is New Orleans, after all—ping pong, a kitchen and bar area, phone booths, multiple conference rooms. We bring in practitioners for sound baths, yoga and breathwork. We have regular gatherings for the members—crawfish boils, holiday gift exchanges, happy hours.
These types of things are common today in the modern workplace. What really sets the space apart is somewhat intangible. The most important amenity offered is the community. Urban Hub is right-sized so that everyone knows everyone, and it’s that family atmosphere that captures the hearts of our members.
READ ALSO: How Coworking Creates a Sense of Community
What types of businesses and individuals are you targeting for your Urban Hub space?
Robinson: The mix of people at Urban Hub ranges from individuals who just want a spot to plug in and log on, to a rapidly growing start-up. Most people keep daytime work hours, some show up in the evenings and on weekends. Importantly, the mix is harmonious. The culture of the place is important to us—that same reason is why many of us choose to live in New Orleans—and we target users who will appreciate the focus on culture.
What are your expansion plans for this year and beyond, both in commercial real estate and the coworking sector, in particular?
Robinson: SVN | Urban Properties plans to expand in all areas this year and beyond—we are actively seeking to hire additional advisors. We have seen a rapid expansion of our property management portfolio and we have staffed up in that department to continue that growth.
Since we started with three people in 2015, we have always sought to expand—as individuals and as a company—and we have pursued that expansion organically and consciously. This has been the key for us in expanding while maintaining our culture. With Urban Hub, we are aware that the feel and the culture created in the space are of utmost importance. As we seek to expand that business line, we will continue to maintain the focus on building the brand, but not forcing its expansion.
The post How Coworking Is Reviving New Orleans’ Office Scene appeared first on Commercial Property Executive.
Tyler Robinson of boutique firm SVN | Urban Properties on his company’s coworking concept and the metro’s evolving CRE market.
The post How Coworking Is Reviving New Orleans’ Office Scene appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Tyler Robinson of boutique firm SVN | Urban Properties on his company’s coworking concept and the metro’s evolving CRE market.
The post How Coworking Is Reviving New Orleans’ Office Scene appeared first on Commercial Property Executive. ground lease ground leases net lease ground leases 101 ground lease nyc skyline properties skyline properties nyc Robert Khodadadian investment sales broker commercial real estate NYC real estate Skyline NYC New York City Real Estate commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties Real estate investment brokerage manhattan real estate off market broker daniel shirazi Off-market real estate Manhattan Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis.
JLL Income Property Trust Subscribes $200M DST Portfolio – What is a Ground Lease?
JLL Income Property Trust Subscribes $200M DST Portfolio – What is a Ground Lease?
Featured, Industrial, Investment, Medical Office, National, News, Retail, JLL Income Property Trust
JLL Income Property Trust has fully subscribed its JLLX Diversified II, DST, a five-property, $200 million diversified portfolio structured as a Delaware Statutory Trust.
The DST is designed to “provide 1031 exchange investors the opportunity to defer taxes on gains from the sale of appreciated real estate,” according to JLL Income Property Trust, an institutionally managed daily NAV REIT with $7 billion in portfolio assets.
JLLX Diversified II, DST features five institutional-quality properties diversified by property type, geography and tenant profile:
Silverstone Marketplace, a 78,000-square-foot Class A, grocery-anchored shopping center in Scottsdale, Ariz., in metro Phoenix, leased to Sprout’s Farmers Market and other tenants.
Suwanee Distribution Center, a 559,000-square-foot bulk industrial distribution facility that’s in the Greater Atlanta market and is leased to Mitsubishi.
Three medical office properties leased to various creditworthy medical tenants—the South Reno Medical Center, Reno, Nev. (32,000 square feet); Duke Medical Plaza, Durham, N.C. (60,000 square feet); and Sugar Land Medical Plaza in metro Houston (37,000 square feet), which are leased to a select group of creditworthy medical tenants.
JLLX Diversified II, DST marks the firm’s largest 1031 exchange offering to date. Drew Dornbusch, head of JLL Exchange, said in a prepared statement that the platform experienced significant demand from wealth management firms and their property owner clients.
READ ALSO: Understanding Foreclosure 1031s
According to Allan Swaringen, president & CEO of JLL Income Property Trust, the JLL Exchange platform was designed as a sophisticated tax and estate planning tool for high-net-worth property owners. He added in prepared remarks that the successful syndication of the $200 million offering proves that the program is resonating with 1031 exchange investors and their financial advisors. Swaringen also observed that despite a slowdown in the traditional syndicated DST marketplace, demand continues to be strong.
Since launching the program in 2020, JLLX reportedly has attracted about $900 million across 16 DST offerings from property owners seeking to defer taxes on appreciated investment real estate.
Widespread activity
Just last month, JLL Income Property Trust acquired Louisville Logistics Center, a 1 million-square-foot, newly completed Class A industrial property in the South Louisville, Ky., submarket, for about $82 million.
Around the same time last year, JLL Income Property Trust purchased the 458,000-square-foot Class A Northeast Atlanta Distribution Center, in Jefferson, Ga. The trust paid about $54 million in the off-market transaction.
The post JLL Income Property Trust Subscribes $200M DST Portfolio appeared first on Commercial Property Executive.
The five-property collection is intended to assist 1031 exchange investors.
The post JLL Income Property Trust Subscribes $200M DST Portfolio appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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The five-property collection is intended to assist 1031 exchange investors.
The post JLL Income Property Trust Subscribes $200M DST Portfolio appeared first on Commercial Property Executive. ground lease ground leases net lease ground leases 101 ground lease nyc skyline properties skyline properties nyc Robert Khodadadian investment sales broker commercial real estate NYC real estate Skyline NYC New York City Real Estate commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties Real estate investment brokerage manhattan real estate off market broker daniel shirazi Off-market real estate Manhattan Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. The grocery race is heating up in the DFW ’burbs, as Kroger starts the first of its three new stores in Plano. Construction on the new Kroger Marketplace on Coit Road at Highway 121 will start in late July and cost $10.5 million to build, according to a Texas Department of Licensing and Regulation filing.
The post Kroger begins DFW expansion with Plano appeared first on The Real Deal. Robert Khodadadian – The Real Deal
Kroger’s Rodney McMullen and the new Kroger planned at Highway 121 and Coit Road in Plano (Kroger Company, LinkedIn)
The grocery race is heating up in the DFW ’burbs, as Kroger starts the first of its three new stores in Plano.
Construction on the new Kroger Marketplace on Coit Road at Highway 121 will start in late July and cost $10.5 million to build, according to a Texas Department of Licensing and Regulation filing. Kroger’s new Plano store will be located across from its store at 9700 Coit Road. The existing store will close when the new 120,000 square foot grocery opens in 2024. No other details are ready to be announced, a Kroger spokesperson said.
Kroger also plans to open new stores in Melissa and Fort Worth. The grocer operates more than 100 stores in North and East Texas and more than 200 stores total throughout the state.
A $25 billion merger between Kroger and Albertsons has yet to be finalized by the companies’ respective shareholders while they await approval from the Federal Trade Commision. If approved, the merger would make Kroger the second-largest retail chain in the country behind Walmart.
Other retail grocery companies, like H-E-B, Tom Thumb and Target, have been expanding across DFW as the region’s population continues to swell. Despite a slowdown in the final months of 2022, North Texas once again topped all the other major U.S. metros for commercial property deals, for the third year in a row. Still, the 2022 North Texas commercial real estate volume was down 15 percent from 2021′s record total of deals, according to MSCI.
The Dallas-Fort Worth area saw retail occupancy above 94 percent in 2022, the highest figure recorded since 1990, according to a report by Weitzman Group. Vacancies caused by the onset of the pandemic have been erased, and the market absorbed 1.7 million square feet in 2022, Weitzman reported.
Read more
H-E-B breaks into one of the most expensive DFW submarkets
Brixmor brings Target to Southern Dallas
Chicago retail owners undisturbed by grocers merger despite overlap
The post Kroger begins DFW expansion with Plano appeared first on The Real Deal.
The grocery race is heating up in the DFW ’burbs, as Kroger starts the first of its three new stores in Plano. Construction on the new Kroger Marketplace on Coit Road at Highway 121 will start in late July and cost $10.5 million to build, according to a Texas Department of Licensing and Regulation filing.
The post Kroger begins DFW expansion with Plano appeared first on The Real Deal. Uncategorized The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. For months Atherton — a San Francisco suburb that has long ranked as the country’s richest community — has been roiled by a fight over local housing planning. It’s a debate that grew even louder when NBA star Steph Curry joined the local NIMBY team. But now, Atherton’s housing debate has escalated further, with irate
The post Development fight heats up in country’s richest city appeared first on The Real Deal. Robert Khodadadian – The Real Deal
Stephan Curry, Marc Andreessen, Atherton mayor Bill Widmer (Getty, Bill Widmer 4 Atherton Council)
For months Atherton — a San Francisco suburb that has long ranked as the country’s richest community — has been roiled by a fight over local housing planning. It’s a debate that grew even louder when NBA star Steph Curry joined the local NIMBY team.
But now, Atherton’s housing debate has escalated further, with irate residents pleading for their elected officials to sue the state of California and one councilmember publicly arguing that the wealthy city deserves unique treatment. The dispute could garner national attention, given the city’s profile and who’s who list of wealthy residents.
“We need to convince them of the specialness of Atherton,” councilmember Elizabeth Lewis said during a recent council meeting, referring to state authorities, “and hopefully reduce their expectations of us.”
The expectation from Sacramento authorities is that every city — even wealthy ones — does its fair share to combat the state’s housing shortage.
Located in the heart of Silicon Valley, Atherton has a population of around 7,000 and an average household income of over $530,000. The city has long attracted highly affluent residents — along with Curry, other notable Athertonians have included the tech giants Paul Allen and Marc Andreessen. Part of its allure is due to its restrictive zoning and one acre minimum lot sizes; in 2021, the median home sale price was $7.5 million.
The city’s current development fight centers on California Housing Element Law and state planning mandates, the same laws at the root of major development fights in SoCal cities such as Huntington Beach and Beverly Hills.
Atherton’s latest Housing Element update was due on January 31, the same deadline faced by other Bay Area jurisdictions. But for this update, which details housing planning through 2031, the state had determined Atherton needed to accommodate 348 new units, far more than the 93 the state allocated eight years ago.
Residents were not happy.
Last spring, as the city was working on its update, one public meeting grew feisty, the local paper the Almanac reported, with one resident suggesting Atherton try to skirt the requirement by paying a $100,000 monthly fine. The mayor insisted the city would not fight the allocation number, and invoked the experience of nearby Woodside, another wealthy town that became something of a national joke when it tried to evade the new California duplex law SB 9 by claiming the entire town qualified as a protected mountain lion habitat.
“Woodside’s experience, where they tried to fight SB 9 with the mountain lion law, it received a severe reaction,” he said. “That kind of showed us the last thing you want is to be completely out of line with this issue and we’re not going to be.”
The town held a series of meetings, and came up with a draft plan that included townhouses. But residents consistently balked, particularly at the multifamily option, claiming the city’s new zoning would “destroy the character of the community” and represent a “grave mistake that Atherton would regret forever.”
NIMBY tantrum
Last summer Andreessen, who had previously presented himself as a housing advocate, submitted a scathing public comment to the city with his wife “to communicate our IMMENSE objection to the creation of multifamily overlay zones … They will MASSIVELY decrease our home values, the quality of life of ourselves and our neighbors and IMMENSELY increase the noise pollution and traffic.”
Months later Curry chimed in, more politely, against one specific proposal near his house, arguing “there are major concerns in terms of both privacy and safety with three-story townhomes looming directly behind us.”
The city ended up nixing the multifamily zoning plan. Instead, last July, officials submitted a draft plan to the state that relied mostly on hypothetical development from new ADU construction, lot splits from SB 9 and building on school sites to meet the quota.
The state rejected that draft as unrealistic in October 2022. Town officials considered other options, including adding more units at a local college, but resisted adding multifamily plans, even as the January approval deadline loomed and some officials sensed another rejection was coming.
“We’re just kicking this can down the road,” one councilmember told his colleagues last fall.
He was right. At a contentious meeting on January 31, the state’s deadline for compliance, city council — now fearful of potential builder’s remedy projects — ended up adopting a Housing Element that still relied predominantly on ADUs but did include one multifamily zoning overlay at 23 Oakwood Boulevard, the site Curry was worried about.
“This is over my fence and yes, I’m NIMBY, whatever everybody wants me to call me,” one neighbor said at the meeting. “I will have people staring into my yard, into my bedroom window.”
Last month, the state again rejected the plan anyway, and advised Atherton to, among other fixes, better demonstrate that its ADU and lot-split sites are realistic and “analyze and demonstrate realistic opportunities for multifamily.”
Two weeks later, at another council meeting, the councilmembers were left debating the technicalities of new criteria the town could use to identify potential multifamily sites, even as they also tried to reduce the number of actual sites that would make the list. Their constituents were still outraged, with some calling for the officials to abandon the compliance attempt altogether and pursue litigation.
“We don’t trust you anymore,” one resident said. “You betrayed our trust by presenting this.”
The reaction was quite different outside of town limits.
“What’s that on the horizon?” a San Jose resident asked on Twitter. “Looks like the Builder’s Remedy is coming to town.”
Read more
Japanese home shopping CEO pays $20M for Atherton home
Slew of pre-spring sales recorded in nation’s priciest zip code
The post Development fight heats up in country’s richest city appeared first on The Real Deal.
For months Atherton — a San Francisco suburb that has long ranked as the country’s richest community — has been roiled by a fight over local housing planning. It’s a debate that grew even louder when NBA star Steph Curry joined the local NIMBY team. But now, Atherton’s housing debate has escalated further, with irate
The post Development fight heats up in country’s richest city appeared first on The Real Deal. Uncategorized The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. The Carlyle Group joined Hal Fetner and his partners to develop a pair of high-rise rental towers in Long Island City. The private equity giant purchased a stake as a limited partner in the project at 26-32 Jackson Avenue from Fetner Properties and the Lions Group. The size of the stake wasn’t clear, but property
The post Carlyle buys a piece of Fetner’s LIC rental project appeared first on The Real Deal. Robert Khodadadian – The Real Deal
Hal Fetner, The Carlyle Group’s David Rubenstein and 26-32 Jackson Avenue (Getty)
The Carlyle Group joined Hal Fetner and his partners to develop a pair of high-rise rental towers in Long Island City.
The private equity giant purchased a stake as a limited partner in the project at 26-32 Jackson Avenue from Fetner Properties and the Lions Group. The size of the stake wasn’t clear, but property records show Carlyle bought the site for $42 million.
Carlyle’s investment was contingent on his firm completing the foundation in order to secure a 421a tax abatement, Fetner told The Real Deal. Brookfield provided a $35.8 million loan as part of a larger financing package.
Plans for the site call for a pair of apartment buildings with 363 units, 30 percent of which (109 apartments) will be set aside as income-restricted rentals.
Fetner said he was proud of the mixed-income portion of the project, “especially at this time when the creation of new housing is so critically important.”
Construction is scheduled for completion around September 2025.
It could be among the last major rental developments for a while with no clear replacement for the expired 421a incentive on the horizon.
Gov. Kathy Hochul had proposed an extension for projects vested under the expired program to finish completion in her preliminary budget in February, but offered no replacement.
It was part of her ambitious plan to create 800,000 new homes statewide over the next decade, but that housing agenda has seemingly fallen out of the budget, which is now about a month later.
Carlyle, meanwhile, has been active on the multifamily front. The company recently joined Ofer Yardeni’s Stonehenge NYC on its purchase of the 196-unit RiverEast rental tower at 408 East 92nd Street for $114 million.
Read more
Carlyle joins Stonehenge on $114M deal for UES apartments
Fetner to finally break ground on 23-story UWS apartment building
The post Carlyle buys a piece of Fetner’s LIC rental project appeared first on The Real Deal.
The Carlyle Group joined Hal Fetner and his partners to develop a pair of high-rise rental towers in Long Island City. The private equity giant purchased a stake as a limited partner in the project at 26-32 Jackson Avenue from Fetner Properties and the Lions Group. The size of the stake wasn’t clear, but property
The post Carlyle buys a piece of Fetner’s LIC rental project appeared first on The Real Deal. Uncategorized The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Ross Dress for Less plans to open a second, 40,000-square-foot store on San Francisco’s Market Street. The Dublin-based discount clothier will set up shop at 901 Market Street in South of Market, which Saks Off Fifth has listed for sublease since before the pandemic, the San Francisco Business Times reported. The bargain retailer is at
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Ross Stores’ Barbara Rentler and 901 Market Street (Getty, Ross Stores, Google Maps)
Ross Dress for Less plans to open a second, 40,000-square-foot store on San Francisco’s Market Street.
The Dublin-based discount clothier will set up shop at 901 Market Street in South of Market, which Saks Off Fifth has listed for sublease since before the pandemic, the San Francisco Business Times reported.
The bargain retailer is at work on tenant improvements on the 10,300-square-foot ground-floor, storefront and 30,000-square-foot lower level.
An employee at Saks Off Fifth said the company was unaware of a closing timeline for the store.
Ross has a Union Square store a block away at 799 Market Street. It’s not clear whether the new store is a convenient move or a doubling-down on retail space.
The opening suggests a bold commitment to the Market Street corridor after years of big box desertions.
The building is owned by Hudson Pacific Properties. Broker Julie Taylor Colliers represented the Los Angeles-based company in the SoMa deal.
Ross is so busy that for years the company has shown interest in a second San Francisco store to shorten the lines in Union Square, a broker unaffiliated with the deal told the Business Times.
Customers often line up to enter, and the 55,000-square-foot store was described as one of the chain’s “top five” performing locations when Jamestown Properties acquired the building in 2012.
Ross Stores does little e-commerce, yet meets customer demand through its treasure-hunt style bargains. The publicly traded firm has 1,700 stores and aims to add 100 more each year.
In January, the company closed its Richmond District store at 5200 Geary Boulevard, bringing its San Francisco locations to three, including 2300 16th Street and 1545 Sloat Boulevard. The new SoMa store in SoMa will bring its presence back up to four locations.
Early this year, Ross put 74,000 square feet of its headquarters at 5130 Hacienda Drive up for lease. By shedding offices, Ross joins Chevron and Oracle in shrinking its Tri-Valley real estate footprint.
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In 2020, Hudson Pacific sued both major retail tenants at 901 Market Street, Saks Off Fifth and Nordstrom Rack, after both refused to pay hundreds of thousands of dollars of rent during the pandemic.
The landlord dismissed its case against Saks Off Fifth early last year just ahead of a scheduled jury trial, indicating a likely settlement. Similarly, Hudson Pacific dismissed its lawsuit against Nordstrom within four months of the complaint in 2020.
— Dana Bartholomew
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Ross Dress for Less plans to open a second, 40,000-square-foot store on San Francisco’s Market Street. The Dublin-based discount clothier will set up shop at 901 Market Street in South of Market, which Saks Off Fifth has listed for sublease since before the pandemic, the San Francisco Business Times reported. The bargain retailer is at
The post Ross Dress for Less to open second shop on SF’s Market Street appeared first on The Real Deal. Uncategorized, Ross Dress for Less, San Francisco, Union Square The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Denver-based developer Stack Infrastructure has proposed to build 500,000 square feet of data center space in San Jose, according to public records, adding to the large Silicon Valley pipeline for such developments. Data centers house technological infrastructure for building, running and delivering online applications and services. The project calls for two buildings located at 2400
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Stack Infrastructure’s Brian Cox with 2400 Ringwood Avenue and 1849 Fortune Drive (LinkedIn, Google Maps, Getty)
Denver-based developer Stack Infrastructure has proposed to build 500,000 square feet of data center space in San Jose, according to public records, adding to the large Silicon Valley pipeline for such developments.
Data centers house technological infrastructure for building, running and delivering online applications and services.
The project calls for two buildings located at 2400 Ringwood Avenue and 1849 Fortune Drive. The two data centers will total 522,194 square feet, along with a 36,573-square-foot manufacturing building and a 150,000-square-foot parking structure. Both centers would have a maximum height of 80 feet and feature loading docks, storage, office space and commercial space.
Two commercial buildings totaling 135,000 square feet would be demolished to make room for the project.
The facility will be powered by a 100 megavolt electrical substation on the eastern section of the property. The buildings will also be powered by 36 three-megawatt and three one-megawatt diesel-fired backup generators. In the industry, space is measured in megawatts as an indication of how much power is required to operate the facility.
Silicon Valley has seen the demand for data center space swell in the past year, which has led to a number of projects added to the pipeline. According to a CBRE report, Silicon Valley ranks third in North America in terms of net absorption of data centers with 62.4 megawatts, just slightly trailing 64.4 MW in Hillsboro, Oregon. Northern Virginia leads the pack by a wide margin with 436.9 MW of net absorption in 2022.
While Silicon Valley was third in net absorption, it had the largest data center construction pipeline at the end of 2022. More than 141 MW was under construction, 66 percent of which was pre-leased. There were 66 MW of new deliveries in 2022, up significantly from 21.5 MW in 2021. The market’s inventory now totals 379.6 MW.
“Limited land and power supply has led some providers to move from Santa Clara to neighboring parts of Silicon Valley, where there are redevelopment opportunities,” Jerry Inguagiato from CBRE said. “Despite the uncertainty of the macroeconomic environment and rising construction costs, providers are eager to find ways to meet demand as it continues to outpace supply.”
Read more
Construction pipeline swells for Silicon Valley data centers
Microsoft plans massive data center campus in San Jose
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Denver-based developer Stack Infrastructure has proposed to build 500,000 square feet of data center space in San Jose, according to public records, adding to the large Silicon Valley pipeline for such developments. Data centers house technological infrastructure for building, running and delivering online applications and services. The project calls for two buildings located at 2400
The post Stack Infrastructure to deliver large data center in San Jose appeared first on The Real Deal. Uncategorized, Development The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. A three-person team is heading back to Compass after nearly three years. Team Carte Blanche is returning from a stint with Triplemint and The Agency. Team leader Aaron Seawood said the move was in the interest of expanding into new markets and the company’s back-end platform, which was still under construction when the team left.
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From left: Team Carte Blanche’s Aaron Seawood, Andrew Pritchard and Priscilla Diaz (The Agency)
A three-person team is heading back to Compass after nearly three years.
Team Carte Blanche is returning from a stint with Triplemint and The Agency. Team leader Aaron Seawood said the move was in the interest of expanding into new markets and the company’s back-end platform, which was still under construction when the team left.
Seawood and his team worked at Compass for five years before leaving in January 2020 to join Triplemint, which The Agency acquired one year ago. At the time of their departure, the team was tapped to lead Triplemint’s expansion into Brooklyn.
Seawood is a former entertainment executive who was a founding member of Compass’ sports and entertainment division. The broker said he brings $55 million in listings to Compass, including the loft former NBA player Carmelo Anthony paid $11 million for in 2015 at 508 West 24th Street.
Seawood isn’t the only broker leaving The Agency for another turn at Compass. Genna Skolnik, a Dallas-area broker, recently brought her team back to Compass after just two months at The Agency, as did the Henry Horn Group in Beverly Hills.
Compass last month ended a year-long pause on expansions when it added a 300-broker firm in Scottsdale, Arizona, in a deferred, all-equity deal, and picked up a team in upstate New York.
Compass was ranked the largest brokerage by volume in 2022 — the second year in a row, according to Real Trends. But the firm saw its headcount sputter at the end of last year.
The number of principal agents — defined as a team leader or agent operating independently — was up by 112 in the fourth quarter of last year, while its total number of agents rose by just 58, according to its annual report.
The brokerage, which lost $600 million last year and predicted it will be cash-flow positive in the second quarter, is slated to announce its first quarter results next week.
Read more
The post Team Carte Blanche returns to Compass from The Agency appeared first on The Real Deal.
A three-person team is heading back to Compass after nearly three years. Team Carte Blanche is returning from a stint with Triplemint and The Agency. Team leader Aaron Seawood said the move was in the interest of expanding into new markets and the company’s back-end platform, which was still under construction when the team left.
The post Team Carte Blanche returns to Compass from The Agency appeared first on The Real Deal. Uncategorized, Brooklyn, Compass, Luxury Real Estate, Residential Real Estate, The Agency The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. A firm whose speciality is revitalizing old industrial properties aims to work its magic again on a North Austin holding. Fort Worth-based MG2 Ventures, led by co-founders Jessica Miller Essl and Susan Gruppi, recently acquired a 54,000-square-foot light industrial property at 4806 Commercial Park Drive, in partnership with Chicago-based Blue Vista Capital Management, the Austin
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MG2’s Jessica Miller Essl and Susan Grupp with 4806 Commercial Park Drive (MG2 Ventures, Google Maps)
A firm whose speciality is revitalizing old industrial properties aims to work its magic again on a North Austin holding.
Fort Worth-based MG2 Ventures, led by co-founders Jessica Miller Essl and Susan Gruppi, recently acquired a 54,000-square-foot light industrial property at 4806 Commercial Park Drive, in partnership with Chicago-based Blue Vista Capital Management, the Austin Business Journal reported.
The venture bought the site from East Monroe Block for an undisclosed amount, although it was recently valued at $5 million, according to Travis Central Appraisal District records. Aquila Commercial’s Leigh Ellis, Will Sikora and Chris Perry brokered the sale and will also lease the property.
MG2 plans to renovate the 40-year-old property through improved landscaping, move-in ready interior offices, storefront upgrades, new signage, repainting the building and an expanded food court — a move that’s on par with the company’s business model since its formation in 2014.
It was last renovated about 10 years ago, MG2’s Brett Zimmerman said in a news release.
The firm chose the North Austin property because of the area’s steady growth and its easy access to U.S. Highway 183, U.S. 290 and State Highway 130. The newly-acquired building is less than 7 miles north of the 71-acre industrial site at 827 Ed Bluestein Boulevard, where Kairoi Residential is planning a massive mixed-use redevelopment with 2,000-plus homes.
MG2 has delivered other light industrial projects, such as the 50,000-square-foot Woodall in Dallas, as well as the Bogart office building, an adaptive reuse of a former YWCA campus.
—Quinn Donoghue
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Kairoi eyes industrial site for mixed-use
$32.6M warehouses planned for northeast Austin
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A firm whose speciality is revitalizing old industrial properties aims to work its magic again on a North Austin holding. Fort Worth-based MG2 Ventures, led by co-founders Jessica Miller Essl and Susan Gruppi, recently acquired a 54,000-square-foot light industrial property at 4806 Commercial Park Drive, in partnership with Chicago-based Blue Vista Capital Management, the Austin
The post MG2 buys aging industrial in North Austin appeared first on The Real Deal. Uncategorized, Redevelopment, Sale The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Farpoint Development landed a big one, as a company specializing in windows, siding, doors and roofing plans to relocate and upsize its operations. Feldco has leased about 36,000 square feet in the seven-story building 6300 North River Road in Rosemont as its new headquarters location, Crain’s reported. That’s about double the size of its current
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Feldco CEO Doug Cook and 6300 N. River Road with Farpoint’s Regina Stilp (LinkedIn, Loopnet)
Farpoint Development landed a big one, as a company specializing in windows, siding, doors and roofing plans to relocate and upsize its operations.
Feldco has leased about 36,000 square feet in the seven-story building 6300 North River Road in Rosemont as its new headquarters location, Crain’s reported. That’s about double the size of its current footprint at 125 East Oakton Street in nearby Des Plaines.
The deal bodes well for a city that’s seen loads of recent company downsizings, such as Meta and Salesforce shedding a combined 240,000 square feet of office space. Such moves contributed to record-high vacancies this past quarter.
Many Feldco employees work on-site at projects, CEO Doug Cook told the outlet.
“It’s somewhat of an outlying story in this environment,” Cook said. “Our offices serve a different role — we use them to build teams, and we wanted to enhance what we had, enhance collaboration. We felt we were broken up too much and wanted one unified footprint.”
Farpoint Development, in partnership with Greco/DeRosa Investment Group, bought the North River property from the village of Rosemont for about $5 million in 2017. The venture added another $6 million in renovations and had just a few tenants lined up before the pandemic hit.
The investment was worth it, however, as North Carolina-based Farpoint refinanced the property in 2021 with a $13.6 million mortgage, following commitments from various tenants. The building is 80 percent leased with the addition of Felco, which now occupies the majority of the building. Farpoint said it’s nearing a deal with another tenant, which would bring the building’s occupancy to 95 percent.
The bulk of companies are favoring newer or freshly renovated office buildings in a post-pandemic world, as indicated by the success of Farpoint’s Rosemont property.
“It’s a boutique office building, and you don’t get that in the suburbs,” Farpoint principal Regina Stilp told the outlet. “People just want nice spaces.”
—Quinn Donoghue
The spelling of the firm Farpoint Development in the headline on this story was corrected.
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Farpoint Development landed a big one, as a company specializing in windows, siding, doors and roofing plans to relocate and upsize its operations. Feldco has leased about 36,000 square feet in the seven-story building 6300 North River Road in Rosemont as its new headquarters location, Crain’s reported. That’s about double the size of its current
The post Farpoint lands big Rosemont office lease appeared first on The Real Deal. Uncategorized, Headquarters, Office Lease, Relocation The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Institutions of higher learning are selling properties no longer needed to developers aiming to repurpose them, making a Chicagoland real estate trend. Educational organizations such as DeVry University, Wheaton College, Robert Morris and Northern Seminary have sold or listed well located sites in recent years amid declining enrollments, strained budgets and the amplification of online
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DeVry University at 1200 E. Diehl Road in Chicago, Former Robert Morris University at 401 South State Street in Chicago and Wheaton College at 501 College Avenue in Wheaton (Google Maps)
Institutions of higher learning are selling properties no longer needed to developers aiming to repurpose them, making a Chicagoland real estate trend.
Educational organizations such as DeVry University, Wheaton College, Robert Morris and Northern Seminary have sold or listed well located sites in recent years amid declining enrollments, strained budgets and the amplification of online learning by the pandemic, the Chicago Tribune reported.
Many of these properties are undergoing transformations into apartments or mixed-use developments, while others could be razed completely.
“In recent years, financial pressures, changing demographics and adaptation to new learning models are motivating institutions to rethink their physical assets,” Bill Fahrner, a consultant for colleges and universities, told the outlet.
Wheaton College, located on a 15-acre site on the border of Wheaton and Glen Ellyn since 1997, recently purchased two buildings adjacent to its campus in October for $1.1 million and is preparing to vacate its long-held Scripture Press building that sits on a 16-acre site formerly owned by the Christian publishing firm.
With plans to be out of that large site by July, Wheaton College is working with a Glen Ellen developer who has proposed demolishing the structure to construct either 90 town homes or 278 apartments on the property.
Religious institution Northern Seminary sold its 27-acre campus on Butterfield Road in Lombard to Hoffman Alpha Omega Development Group in 2021 for an undisclosed amount. Hoffman razed the site to build a mixed-use project with apartments, retail space, a car wash, gas station and a combined Moretti’s restaurant and golf driving range complex called GolfSocial.
After the Lombard Village Board approved up to $27.5 million in incentives for the development, Hoffman ditched its plans, leaving JLL a mountain of debris to sell.
As for DeVry University, former owner Adtalem Global Education hired CBRE to market the 109,000-square-foot office building at 1200 East Diehl Road in January. Sources familiar with the offering expect the property to sell for about $8.5 million, a little more than the $8.1 million DeVry paid for the site in 2004.
And when Robert Morris University merged with Roosevelt University in 2020, then owner Rampante Realty faced a major uphill battle, and lost control of the Loop office property at 401 South State Street in March.
Rampante bought the building for $68 million in 2016, but when the pandemic struck, Robert Morris vacated the building and stopped making payments. That led to CWCapital Asset Management paying $20 million for the site as part of a court-ordered sale, several years after Deutsche Bank filed a foreclosure lawsuit against the property.
The firm has so far not revealed its plans for the property, which is a historic landmark.
— Quinn Donoghue
Read more
Offices occupied by higher ed tenants for sale in western suburbs
Lutheran School of Theology sells off Hyde Park campus for $19M
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Institutions of higher learning are selling properties no longer needed to developers aiming to repurpose them, making a Chicagoland real estate trend. Educational organizations such as DeVry University, Wheaton College, Robert Morris and Northern Seminary have sold or listed well located sites in recent years amid declining enrollments, strained budgets and the amplification of online
The post School for sale: Developers eye prime properties shopped by higher ed appeared first on The Real Deal. Uncategorized The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Core Spaces is taking a deep dive into the build-to-rent world, after mostly focusing on student housing developments throughout its 13-year history. The Chicago-based firm started construction on Oxenfree, a 400-plus home community about 45 miles northeast of Dallas, in Princeton, with the first batch of homes slated for delivery in April 2024, according to
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Core Spaces’ Dan Goldberg with rendering of Oxenfree (Likedin, Core Spaces, Getty)
Core Spaces is taking a deep dive into the build-to-rent world, after mostly focusing on student housing developments throughout its 13-year history.
The Chicago-based firm started construction on Oxenfree, a 400-plus home community about 45 miles northeast of Dallas, in Princeton, with the first batch of homes slated for delivery in April 2024, according to a news release.
Oxenfree marks the debut development of Core Spaces’ BTR brand, which it launched in 2020. The company plans to build more BTR communities in North Texas down the road, along with cities like Austin, San Antonio, Nashville, Chicago and Denver.
Oxenfree’s 408 homes will comprise a blend of single-family homes and townhomes, featuring three architectural styles: modern farmhouse, warm industrial and contemporary.
A planned amenity center, dubbed the Fieldhouse, will include a coworking area, health club, market, social lounge, kids’ playroom and a pool. The community will also have plenty of green space and is near Lake Lavon.
Wisconsin-based Treehouse Builders is at the helm of construction, while Northworks Architects and Digibilt lead design duties.
Build-to-rent developments have exploded in popularity in recent years, as people seek single-family homes in the suburbs with yards and better public resources, without the burden of owning a home.
“As more generations make the conscious shift from city to suburban living, the single-family
home sector is poised for greater disruption and growth than has ever been possible,” Core Spaces president Dan Goldberg said.
Core Spaces also plans to build a 140-home BTR community in Glenview, just outside Chicago, where it is seeking local zoning approval.
Read more
Good + West barrels into Texas build-to-rent market
Build-to-rent and 1M sq ft industrial for Grand Prairie
The post Core starts 400 for-rent homes near Dallas appeared first on The Real Deal.
Core Spaces is taking a deep dive into the build-to-rent world, after mostly focusing on student housing developments throughout its 13-year history. The Chicago-based firm started construction on Oxenfree, a 400-plus home community about 45 miles northeast of Dallas, in Princeton, with the first batch of homes slated for delivery in April 2024, according to
The post Core starts 400 for-rent homes near Dallas appeared first on The Real Deal. Uncategorized, build-to-rent, DFW The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Kearny Real Estate Sells Inland Empire Industrial Campus for $325M – What is a Ground Lease?
Kearny Real Estate Sells Inland Empire Industrial Campus for $325M – What is a Ground Lease?
Industrial, Inland Empire, Investment, News, West, Colliers, GLP, Kearny Real Estate Company, Wells Fargo Bank
Kearny Real Estate Co. has sold Corona Lakeside Logistics Center, a roughly 730,000-square-foot industrial campus in Corona, Calif., for $325 million. The buyer was GLP Capital Partners, according to Commercial Observer. Colliers arranged the deal that marks the largest ground-lease ownership transfer in Inland Empire’s history.
The transaction was also GLP Capital Partners’ second Riverside County investment in the last six months. In December, the company paid $90 million for a 354,810-square-foot industrial facility in Perris, Calif.
A recently completed industrial campus
Kearny broke ground on Corona Lakeside, one of the largest speculative developments in the Inland Empire, in 2021. CommercialEdge data shows that the developer took out a $59 million construction loan from Wells Fargo Bank for this endeavor.
At the time, the property was already subject to a fixed-rate ground lease; Colliers had structured the deal between the developer and fee-ownership in 2019.
READ ALSO: Why CapRock Maintains Cautiously Optimistic Outlook for Industrial Development
Completed this year, Corona Lakeside comprises five buildings, ranging between 70,586 and 205,235 square feet, with 32- to 36-foot clear heights and a total of 109 dock-high loading doors. The property also includes ESFR fire sprinklers, 141 trailer parking spaces and 1,180 car parking spaces.
The 39-acre campus is at 1501 Sherborn St., close to the intersection of Interstate 15 and State Route 91 in Riverside County. Corporate neighbors in the surrounding area include US Foods, Amazon, FedEx, Vans and Fleetwood, among others.
The Colliers team which facilitated the deal included Vice Chairmen Michael Kendall and Richard Schwartz, Senior Vice President Gian Bruno, Executive Vice President Joey Reaume and Vice President Kenny Patricia.
The Inland Empire, a leader for industrial sales
Despite a slowdown in transaction activity across the U.S. in the first quarter of 2023, the Inland Empire’s industrial sector recorded $1 billion in transactions as of March, ranking second after the Bay Area, according to the latest CommercialEdge report. One of these deals, which closed in February, involved a 1.8 million-square-foot industrial property in Cherry Valley, Calif.
The same report shows the Inland Empire’s industrial market registered the highest rent growth in the nation on a year-over-year basis: The 16.3 percent hike was more than double the national average of 7.1 percent. The area still had one of the lowest vacancy rates in the nation, at 1.7 percent.
As for industrial development, the market had 27.1 million square feet under construction as of March, accounting for 4.4 percent of stock. One of the area’s major projects is a 6.6 million-square-foot logistics campus to take shape in Fontana, Calif. Last month, Hillwood Investment Properties and CBRE Investment Management paid $559 million for the 364-acre site that will host the development’s first phase.
The post Kearny Real Estate Sells Inland Empire Industrial Campus for $325M appeared first on Commercial Property Executive.
Colliers arranged the deal that marks the largest ground-lease ownership transfer in the area’s history.
The post Kearny Real Estate Sells Inland Empire Industrial Campus for $325M appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Colliers arranged the deal that marks the largest ground-lease ownership transfer in the area’s history.
The post Kearny Real Estate Sells Inland Empire Industrial Campus for $325M appeared first on Commercial Property Executive. ground lease ground leases net lease ground leases 101 ground lease nyc skyline properties skyline properties nyc Robert Khodadadian investment sales broker commercial real estate NYC real estate Skyline NYC New York City Real Estate commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties Real estate investment brokerage manhattan real estate off market broker daniel shirazi Off-market real estate Manhattan Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis.
Poll Results: The Inflation Reduction Act’s Impact on Sustainability – What is a Ground Lease?
Poll Results: The Inflation Reduction Act’s Impact on Sustainability – What is a Ground Lease?
National, News, Polls
In CPE’s latest monthly poll, respondents were asked about the $738 billion Inflation Reduction Act, its $391 billion in provisions geared toward sustainable energy and its likely impact on sustainability efforts across commercial real estate. Sustainability plays a significant role in the design and development of commercial spaces through ESG initiatives that include carbon emission reductions and on-site renewable energy sources.
READ ALSO: Sustainability Street: The Inflation Reduction Act and Commercial Real Estate
The responses reflected a diverse array of opinions, with 17 percent seeing a significant long-term impact led by the legislation’s provisions, suggesting that they will go a long way in affecting both current and future sustainability efforts. The same number anticipate no tangible impact. The majority of respondents, 42 percent, see moderate effects, while the remaining quarter of those polled anticipate a minimal impact.
Click here to see the latest poll, as well as the results of previous polls!
The post Poll Results: The Inflation Reduction Act’s Impact on Sustainability appeared first on Commercial Property Executive.
Most readers anticipate a minimal to moderate impact.
The post Poll Results: The Inflation Reduction Act’s Impact on Sustainability appeared first on Commercial Property Executive. Read More
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
ground lease, ground leases, net lease, ground leases 101, ground lease nyc, skyline properties, skyline properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, skyline properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, Skyline Properties NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, skyline properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, off market broker, daniel shirazi, Off-market real estate
Most readers anticipate a minimal to moderate impact.
The post Poll Results: The Inflation Reduction Act’s Impact on Sustainability appeared first on Commercial Property Executive. ground lease ground leases net lease ground leases 101 ground lease nyc skyline properties skyline properties nyc Robert Khodadadian investment sales broker commercial real estate NYC real estate Skyline NYC New York City Real Estate commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties Real estate investment brokerage manhattan real estate off market broker daniel shirazi Off-market real estate Manhattan Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis.
Development fight heats up in country’s richest city – Robert Khodadadian
Development fight heats up in country’s richest city – Robert Khodadadian
Stephan Curry, Marc Andreessen, Atherton mayor Bill Widmer (Getty, Bill Widmer 4 Atherton Council)
For months Atherton — a San Francisco suburb that has long ranked as the country’s richest community — has been roiled by a fight over local housing planning. It’s a debate that grew even louder when NBA star Steph Curry joined the local NIMBY team.
But now, Atherton’s housing debate has escalated further, with irate residents pleading for their elected officials to sue the state of California and one councilmember publicly arguing that the wealthy city deserves unique treatment. The dispute could garner national attention, given the city’s profile and who’s who list of wealthy residents.
“We need to convince them of the specialness of Atherton,” councilmember Elizabeth Lewis said during a recent council meeting, referring to state authorities, “and hopefully reduce their expectations of us.”
The expectation from Sacramento authorities is that every city — even wealthy ones — does its fair share to combat the state’s housing shortage.
Located in the heart of Silicon Valley, Atherton has a population of around 7,000 and an average household income of over $530,000. The city has long attracted highly affluent residents — along with Curry, other notable Athertonians have included the tech giants Paul Allen and Marc Andreessen. Part of its allure is due to its restrictive zoning and one acre minimum lot sizes; in 2021, the median home sale price was $7.5 million.
The city’s current development fight centers on California Housing Element Law and state planning mandates, the same laws at the root of major development fights in SoCal cities such as Huntington Beach and Beverly Hills.
Atherton’s latest Housing Element update was due on January 31, the same deadline faced by other Bay Area jurisdictions. But for this update, which details housing planning through 2031, the state had determined Atherton needed to accommodate 348 new units, far more than the 93 the state allocated eight years ago.
Residents were not happy.
Last spring, as the city was working on its update, one public meeting grew feisty, the local paper the Almanac reported, with one resident suggesting Atherton try to skirt the requirement by paying a $100,000 monthly fine. The mayor insisted the city would not fight the allocation number, and invoked the experience of nearby Woodside, another wealthy town that became something of a national joke when it tried to evade the new California duplex law SB 9 by claiming the entire town qualified as a protected mountain lion habitat.
“Woodside’s experience, where they tried to fight SB 9 with the mountain lion law, it received a severe reaction,” he said. “That kind of showed us the last thing you want is to be completely out of line with this issue and we’re not going to be.”
The town held a series of meetings, and came up with a draft plan that included townhouses. But residents consistently balked, particularly at the multifamily option, claiming the city’s new zoning would “destroy the character of the community” and represent a “grave mistake that Atherton would regret forever.”
NIMBY tantrum
Last summer Andreessen, who had previously presented himself as a housing advocate, submitted a scathing public comment to the city with his wife “to communicate our IMMENSE objection to the creation of multifamily overlay zones … They will MASSIVELY decrease our home values, the quality of life of ourselves and our neighbors and IMMENSELY increase the noise pollution and traffic.”
Months later Curry chimed in, more politely, against one specific proposal near his house, arguing “there are major concerns in terms of both privacy and safety with three-story townhomes looming directly behind us.”
The city ended up nixing the multifamily zoning plan. Instead, last July, officials submitted a draft plan to the state that relied mostly on hypothetical development from new ADU construction, lot splits from SB 9 and building on school sites to meet the quota.
The state rejected that draft as unrealistic in October 2022. Town officials considered other options, including adding more units at a local college, but resisted adding multifamily plans, even as the January approval deadline loomed and some officials sensed another rejection was coming.
“We’re just kicking this can down the road,” one councilmember told his colleagues last fall.
He was right. At a contentious meeting on January 31, the state’s deadline for compliance, city council — now fearful of potential builder’s remedy projects — ended up adopting a Housing Element that still relied predominantly on ADUs but did include one multifamily zoning overlay at 23 Oakwood Boulevard, the site Curry was worried about.
“This is over my fence and yes, I’m NIMBY, whatever everybody wants me to call me,” one neighbor said at the meeting. “I will have people staring into my yard, into my bedroom window.”
Last month, the state again rejected the plan anyway, and advised Atherton to, among other fixes, better demonstrate that its ADU and lot-split sites are realistic and “analyze and demonstrate realistic opportunities for multifamily.”
Two weeks later, at another council meeting, the councilmembers were left debating the technicalities of new criteria the town could use to identify potential multifamily sites, even as they also tried to reduce the number of actual sites that would make the list. Their constituents were still outraged, with some calling for the officials to abandon the compliance attempt altogether and pursue litigation.
“We don’t trust you anymore,” one resident said. “You betrayed our trust by presenting this.”
The reaction was quite different outside of town limits.
“What’s that on the horizon?” a San Jose resident asked on Twitter. “Looks like the Builder’s Remedy is coming to town.”
Read more
Japanese home shopping CEO pays $20M for Atherton home
Slew of pre-spring sales recorded in nation’s priciest zip code
The post Development fight heats up in country’s richest city appeared first on The Real Deal.
For months Atherton — a San Francisco suburb that has long ranked as the country’s richest community — has been roiled by a fight over local housing planning. It’s a debate that grew even louder when NBA star Steph Curry joined the local NIMBY team. But now, Atherton’s housing debate has escalated further, with irate
The post Development fight heats up in country’s richest city appeared first on The Real Deal. Uncategorized The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
For months Atherton — a San Francisco suburb that has long ranked as the country’s richest community — has been roiled by a fight over local housing planning. It’s a debate that grew even louder when NBA star Steph Curry joined the local NIMBY team. But now, Atherton’s housing debate has escalated further, with irate
The post Development fight heats up in country’s richest city appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Kroger begins DFW expansion with Plano – Robert Khodadadian
Kroger begins DFW expansion with Plano – Robert Khodadadian
Kroger’s Rodney McMullen and the new Kroger planned at Highway 121 and Coit Road in Plano (Kroger Company, LinkedIn)
The grocery race is heating up in the DFW ’burbs, as Kroger starts the first of its three new stores in Plano.
Construction on the new Kroger Marketplace on Coit Road at Highway 121 will start in late July and cost $10.5 million to build, according to a Texas Department of Licensing and Regulation filing. Kroger’s new Plano store will be located across from its store at 9700 Coit Road. The existing store will close when the new 120,000 square foot grocery opens in 2024. No other details are ready to be announced, a Kroger spokesperson said.
Kroger also plans to open new stores in Melissa and Fort Worth. The grocer operates more than 100 stores in North and East Texas and more than 200 stores total throughout the state.
A $25 billion merger between Kroger and Albertsons has yet to be finalized by the companies’ respective shareholders while they await approval from the Federal Trade Commision. If approved, the merger would make Kroger the second-largest retail chain in the country behind Walmart.
Other retail grocery companies, like H-E-B, Tom Thumb and Target, have been expanding across DFW as the region’s population continues to swell. Despite a slowdown in the final months of 2022, North Texas once again topped all the other major U.S. metros for commercial property deals, for the third year in a row. Still, the 2022 North Texas commercial real estate volume was down 15 percent from 2021′s record total of deals, according to MSCI.
The Dallas-Fort Worth area saw retail occupancy above 94 percent in 2022, the highest figure recorded since 1990, according to a report by Weitzman Group. Vacancies caused by the onset of the pandemic have been erased, and the market absorbed 1.7 million square feet in 2022, Weitzman reported.
Read more
H-E-B breaks into one of the most expensive DFW submarkets
Brixmor brings Target to Southern Dallas
Chicago retail owners undisturbed by grocers merger despite overlap
The post Kroger begins DFW expansion with Plano appeared first on The Real Deal.
The grocery race is heating up in the DFW ’burbs, as Kroger starts the first of its three new stores in Plano. Construction on the new Kroger Marketplace on Coit Road at Highway 121 will start in late July and cost $10.5 million to build, according to a Texas Department of Licensing and Regulation filing.
The post Kroger begins DFW expansion with Plano appeared first on The Real Deal. Uncategorized The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
The grocery race is heating up in the DFW ’burbs, as Kroger starts the first of its three new stores in Plano. Construction on the new Kroger Marketplace on Coit Road at Highway 121 will start in late July and cost $10.5 million to build, according to a Texas Department of Licensing and Regulation filing.
The post Kroger begins DFW expansion with Plano appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Carlyle buys a piece of Fetner’s LIC rental project – Robert Khodadadian
Carlyle buys a piece of Fetner’s LIC rental project – Robert Khodadadian
Hal Fetner, The Carlyle Group’s David Rubenstein and 26-32 Jackson Avenue (Getty)
The Carlyle Group joined Hal Fetner and his partners to develop a pair of high-rise rental towers in Long Island City.
The private equity giant purchased a stake as a limited partner in the project at 26-32 Jackson Avenue from Fetner Properties and the Lions Group. The size of the stake wasn’t clear, but property records show Carlyle bought the site for $42 million.
Carlyle’s investment was contingent on his firm completing the foundation in order to secure a 421a tax abatement, Fetner told The Real Deal. Brookfield provided a $35.8 million loan as part of a larger financing package.
Plans for the site call for a pair of apartment buildings with 363 units, 30 percent of which (109 apartments) will be set aside as income-restricted rentals.
Fetner said he was proud of the mixed-income portion of the project, “especially at this time when the creation of new housing is so critically important.”
Construction is scheduled for completion around September 2025.
It could be among the last major rental developments for a while with no clear replacement for the expired 421a incentive on the horizon.
Gov. Kathy Hochul had proposed an extension for projects vested under the expired program to finish completion in her preliminary budget in February, but offered no replacement.
It was part of her ambitious plan to create 800,000 new homes statewide over the next decade, but that housing agenda has seemingly fallen out of the budget, which is now about a month later.
Carlyle, meanwhile, has been active on the multifamily front. The company recently joined Ofer Yardeni’s Stonehenge NYC on its purchase of the 196-unit RiverEast rental tower at 408 East 92nd Street for $114 million.
Read more
Carlyle joins Stonehenge on $114M deal for UES apartments
Fetner to finally break ground on 23-story UWS apartment building
The post Carlyle buys a piece of Fetner’s LIC rental project appeared first on The Real Deal.
The Carlyle Group joined Hal Fetner and his partners to develop a pair of high-rise rental towers in Long Island City. The private equity giant purchased a stake as a limited partner in the project at 26-32 Jackson Avenue from Fetner Properties and the Lions Group. The size of the stake wasn’t clear, but property
The post Carlyle buys a piece of Fetner’s LIC rental project appeared first on The Real Deal. Uncategorized The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
The Carlyle Group joined Hal Fetner and his partners to develop a pair of high-rise rental towers in Long Island City. The private equity giant purchased a stake as a limited partner in the project at 26-32 Jackson Avenue from Fetner Properties and the Lions Group. The size of the stake wasn’t clear, but property
The post Carlyle buys a piece of Fetner’s LIC rental project appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Ross Dress for Less to open second shop on SF’s Market Street – Robert Khodadadian
Ross Dress for Less to open second shop on SF’s Market Street – Robert Khodadadian
Ross Stores’ Barbara Rentler and 901 Market Street (Getty, Ross Stores, Google Maps)
Ross Dress for Less plans to open a second, 40,000-square-foot store on San Francisco’s Market Street.
The Dublin-based discount clothier will set up shop at 901 Market Street in South of Market, which Saks Off Fifth has listed for sublease since before the pandemic, the San Francisco Business Times reported.
The bargain retailer is at work on tenant improvements on the 10,300-square-foot ground-floor, storefront and 30,000-square-foot lower level.
An employee at Saks Off Fifth said the company was unaware of a closing timeline for the store.
Ross has a Union Square store a block away at 799 Market Street. It’s not clear whether the new store is a convenient move or a doubling-down on retail space.
The opening suggests a bold commitment to the Market Street corridor after years of big box desertions.
The building is owned by Hudson Pacific Properties. Broker Julie Taylor Colliers represented the Los Angeles-based company in the SoMa deal.
Ross is so busy that for years the company has shown interest in a second San Francisco store to shorten the lines in Union Square, a broker unaffiliated with the deal told the Business Times.
Customers often line up to enter, and the 55,000-square-foot store was described as one of the chain’s “top five” performing locations when Jamestown Properties acquired the building in 2012.
Ross Stores does little e-commerce, yet meets customer demand through its treasure-hunt style bargains. The publicly traded firm has 1,700 stores and aims to add 100 more each year.
In January, the company closed its Richmond District store at 5200 Geary Boulevard, bringing its San Francisco locations to three, including 2300 16th Street and 1545 Sloat Boulevard. The new SoMa store in SoMa will bring its presence back up to four locations.
Early this year, Ross put 74,000 square feet of its headquarters at 5130 Hacienda Drive up for lease. By shedding offices, Ross joins Chevron and Oracle in shrinking its Tri-Valley real estate footprint.
Read more
Ross Stores shrinks headquarters office in Dublin
Aralon bets on SF’s Union Square with $9M redevelopment plan
In 2020, Hudson Pacific sued both major retail tenants at 901 Market Street, Saks Off Fifth and Nordstrom Rack, after both refused to pay hundreds of thousands of dollars of rent during the pandemic.
The landlord dismissed its case against Saks Off Fifth early last year just ahead of a scheduled jury trial, indicating a likely settlement. Similarly, Hudson Pacific dismissed its lawsuit against Nordstrom within four months of the complaint in 2020.
— Dana Bartholomew
The post Ross Dress for Less to open second shop on SF’s Market Street appeared first on The Real Deal.
Ross Dress for Less plans to open a second, 40,000-square-foot store on San Francisco’s Market Street. The Dublin-based discount clothier will set up shop at 901 Market Street in South of Market, which Saks Off Fifth has listed for sublease since before the pandemic, the San Francisco Business Times reported. The bargain retailer is at
The post Ross Dress for Less to open second shop on SF’s Market Street appeared first on The Real Deal. Uncategorized, Ross Dress for Less, San Francisco, Union Square The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Ross Dress for Less plans to open a second, 40,000-square-foot store on San Francisco’s Market Street. The Dublin-based discount clothier will set up shop at 901 Market Street in South of Market, which Saks Off Fifth has listed for sublease since before the pandemic, the San Francisco Business Times reported. The bargain retailer is at
The post Ross Dress for Less to open second shop on SF’s Market Street appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Team Carte Blanche returns to Compass from The Agency – Robert Khodadadian
Team Carte Blanche returns to Compass from The Agency – Robert Khodadadian
From left: Team Carte Blanche’s Aaron Seawood, Andrew Pritchard and Priscilla Diaz (The Agency)
A three-person team is heading back to Compass after nearly three years.
Team Carte Blanche is returning from a stint with Triplemint and The Agency. Team leader Aaron Seawood said the move was in the interest of expanding into new markets and the company’s back-end platform, which was still under construction when the team left.
Seawood and his team worked at Compass for five years before leaving in January 2020 to join Triplemint, which The Agency acquired one year ago. At the time of their departure, the team was tapped to lead Triplemint’s expansion into Brooklyn.
Seawood is a former entertainment executive who was a founding member of Compass’ sports and entertainment division. The broker said he brings $55 million in listings to Compass, including the loft former NBA player Carmelo Anthony paid $11 million for in 2015 at 508 West 24th Street.
Seawood isn’t the only broker leaving The Agency for another turn at Compass. Genna Skolnik, a Dallas-area broker, recently brought her team back to Compass after just two months at The Agency, as did the Henry Horn Group in Beverly Hills.
Compass last month ended a year-long pause on expansions when it added a 300-broker firm in Scottsdale, Arizona, in a deferred, all-equity deal, and picked up a team in upstate New York.
Compass was ranked the largest brokerage by volume in 2022 — the second year in a row, according to Real Trends. But the firm saw its headcount sputter at the end of last year.
The number of principal agents — defined as a team leader or agent operating independently — was up by 112 in the fourth quarter of last year, while its total number of agents rose by just 58, according to its annual report.
The brokerage, which lost $600 million last year and predicted it will be cash-flow positive in the second quarter, is slated to announce its first quarter results next week.
Read more
The post Team Carte Blanche returns to Compass from The Agency appeared first on The Real Deal.
A three-person team is heading back to Compass after nearly three years. Team Carte Blanche is returning from a stint with Triplemint and The Agency. Team leader Aaron Seawood said the move was in the interest of expanding into new markets and the company’s back-end platform, which was still under construction when the team left.
The post Team Carte Blanche returns to Compass from The Agency appeared first on The Real Deal. Uncategorized, Brooklyn, Compass, Luxury Real Estate, Residential Real Estate, The Agency The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
A three-person team is heading back to Compass after nearly three years. Team Carte Blanche is returning from a stint with Triplemint and The Agency. Team leader Aaron Seawood said the move was in the interest of expanding into new markets and the company’s back-end platform, which was still under construction when the team left.
The post Team Carte Blanche returns to Compass from The Agency appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Stack Infrastructure to deliver large data center in San Jose – Robert Khodadadian
Stack Infrastructure to deliver large data center in San Jose – Robert Khodadadian
Stack Infrastructure’s Brian Cox with 2400 Ringwood Avenue and 1849 Fortune Drive (LinkedIn, Google Maps, Getty)
Denver-based developer Stack Infrastructure has proposed to build 500,000 square feet of data center space in San Jose, according to public records, adding to the large Silicon Valley pipeline for such developments.
Data centers house technological infrastructure for building, running and delivering online applications and services.
The project calls for two buildings located at 2400 Ringwood Avenue and 1849 Fortune Drive. The two data centers will total 522,194 square feet, along with a 36,573-square-foot manufacturing building and a 150,000-square-foot parking structure. Both centers would have a maximum height of 80 feet and feature loading docks, storage, office space and commercial space.
Two commercial buildings totaling 135,000 square feet would be demolished to make room for the project.
The facility will be powered by a 100 megavolt electrical substation on the eastern section of the property. The buildings will also be powered by 36 three-megawatt and three one-megawatt diesel-fired backup generators. In the industry, space is measured in megawatts as an indication of how much power is required to operate the facility.
Silicon Valley has seen the demand for data center space swell in the past year, which has led to a number of projects added to the pipeline. According to a CBRE report, Silicon Valley ranks third in North America in terms of net absorption of data centers with 62.4 megawatts, just slightly trailing 64.4 MW in Hillsboro, Oregon. Northern Virginia leads the pack by a wide margin with 436.9 MW of net absorption in 2022.
While Silicon Valley was third in net absorption, it had the largest data center construction pipeline at the end of 2022. More than 141 MW was under construction, 66 percent of which was pre-leased. There were 66 MW of new deliveries in 2022, up significantly from 21.5 MW in 2021. The market’s inventory now totals 379.6 MW.
“Limited land and power supply has led some providers to move from Santa Clara to neighboring parts of Silicon Valley, where there are redevelopment opportunities,” Jerry Inguagiato from CBRE said. “Despite the uncertainty of the macroeconomic environment and rising construction costs, providers are eager to find ways to meet demand as it continues to outpace supply.”
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Construction pipeline swells for Silicon Valley data centers
Microsoft plans massive data center campus in San Jose
The post Stack Infrastructure to deliver large data center in San Jose appeared first on The Real Deal.
Denver-based developer Stack Infrastructure has proposed to build 500,000 square feet of data center space in San Jose, according to public records, adding to the large Silicon Valley pipeline for such developments. Data centers house technological infrastructure for building, running and delivering online applications and services. The project calls for two buildings located at 2400
The post Stack Infrastructure to deliver large data center in San Jose appeared first on The Real Deal. Uncategorized, Development The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Denver-based developer Stack Infrastructure has proposed to build 500,000 square feet of data center space in San Jose, according to public records, adding to the large Silicon Valley pipeline for such developments. Data centers house technological infrastructure for building, running and delivering online applications and services. The project calls for two buildings located at 2400
The post Stack Infrastructure to deliver large data center in San Jose appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
MG2 buys aging industrial in North Austin – Robert Khodadadian
MG2 buys aging industrial in North Austin – Robert Khodadadian
MG2’s Jessica Miller Essl and Susan Grupp with 4806 Commercial Park Drive (MG2 Ventures, Google Maps)
A firm whose speciality is revitalizing old industrial properties aims to work its magic again on a North Austin holding.
Fort Worth-based MG2 Ventures, led by co-founders Jessica Miller Essl and Susan Gruppi, recently acquired a 54,000-square-foot light industrial property at 4806 Commercial Park Drive, in partnership with Chicago-based Blue Vista Capital Management, the Austin Business Journal reported.
The venture bought the site from East Monroe Block for an undisclosed amount, although it was recently valued at $5 million, according to Travis Central Appraisal District records. Aquila Commercial’s Leigh Ellis, Will Sikora and Chris Perry brokered the sale and will also lease the property.
MG2 plans to renovate the 40-year-old property through improved landscaping, move-in ready interior offices, storefront upgrades, new signage, repainting the building and an expanded food court — a move that’s on par with the company’s business model since its formation in 2014.
It was last renovated about 10 years ago, MG2’s Brett Zimmerman said in a news release.
The firm chose the North Austin property because of the area’s steady growth and its easy access to U.S. Highway 183, U.S. 290 and State Highway 130. The newly-acquired building is less than 7 miles north of the 71-acre industrial site at 827 Ed Bluestein Boulevard, where Kairoi Residential is planning a massive mixed-use redevelopment with 2,000-plus homes.
MG2 has delivered other light industrial projects, such as the 50,000-square-foot Woodall in Dallas, as well as the Bogart office building, an adaptive reuse of a former YWCA campus.
—Quinn Donoghue
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Kairoi eyes industrial site for mixed-use
$32.6M warehouses planned for northeast Austin
The post MG2 buys aging industrial in North Austin appeared first on The Real Deal.
A firm whose speciality is revitalizing old industrial properties aims to work its magic again on a North Austin holding. Fort Worth-based MG2 Ventures, led by co-founders Jessica Miller Essl and Susan Gruppi, recently acquired a 54,000-square-foot light industrial property at 4806 Commercial Park Drive, in partnership with Chicago-based Blue Vista Capital Management, the Austin
The post MG2 buys aging industrial in North Austin appeared first on The Real Deal. Uncategorized, Redevelopment, Sale The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
A firm whose speciality is revitalizing old industrial properties aims to work its magic again on a North Austin holding. Fort Worth-based MG2 Ventures, led by co-founders Jessica Miller Essl and Susan Gruppi, recently acquired a 54,000-square-foot light industrial property at 4806 Commercial Park Drive, in partnership with Chicago-based Blue Vista Capital Management, the Austin
The post MG2 buys aging industrial in North Austin appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
School for sale: Developers eye prime properties shopped by higher ed – Robert Khodadadian
School for sale: Developers eye prime properties shopped by higher ed – Robert Khodadadian
DeVry University at 1200 E. Diehl Road in Chicago, Former Robert Morris University at 401 South State Street in Chicago and Wheaton College at 501 College Avenue in Wheaton (Google Maps)
Institutions of higher learning are selling properties no longer needed to developers aiming to repurpose them, making a Chicagoland real estate trend.
Educational organizations such as DeVry University, Wheaton College, Robert Morris and Northern Seminary have sold or listed well located sites in recent years amid declining enrollments, strained budgets and the amplification of online learning by the pandemic, the Chicago Tribune reported.
Many of these properties are undergoing transformations into apartments or mixed-use developments, while others could be razed completely.
“In recent years, financial pressures, changing demographics and adaptation to new learning models are motivating institutions to rethink their physical assets,” Bill Fahrner, a consultant for colleges and universities, told the outlet.
Wheaton College, located on a 15-acre site on the border of Wheaton and Glen Ellyn since 1997, recently purchased two buildings adjacent to its campus in October for $1.1 million and is preparing to vacate its long-held Scripture Press building that sits on a 16-acre site formerly owned by the Christian publishing firm.
With plans to be out of that large site by July, Wheaton College is working with a Glen Ellen developer who has proposed demolishing the structure to construct either 90 town homes or 278 apartments on the property.
Religious institution Northern Seminary sold its 27-acre campus on Butterfield Road in Lombard to Hoffman Alpha Omega Development Group in 2021 for an undisclosed amount. Hoffman razed the site to build a mixed-use project with apartments, retail space, a car wash, gas station and a combined Moretti’s restaurant and golf driving range complex called GolfSocial.
After the Lombard Village Board approved up to $27.5 million in incentives for the development, Hoffman ditched its plans, leaving JLL a mountain of debris to sell.
As for DeVry University, former owner Adtalem Global Education hired CBRE to market the 109,000-square-foot office building at 1200 East Diehl Road in January. Sources familiar with the offering expect the property to sell for about $8.5 million, a little more than the $8.1 million DeVry paid for the site in 2004.
And when Robert Morris University merged with Roosevelt University in 2020, then owner Rampante Realty faced a major uphill battle, and lost control of the Loop office property at 401 South State Street in March.
Rampante bought the building for $68 million in 2016, but when the pandemic struck, Robert Morris vacated the building and stopped making payments. That led to CWCapital Asset Management paying $20 million for the site as part of a court-ordered sale, several years after Deutsche Bank filed a foreclosure lawsuit against the property.
The firm has so far not revealed its plans for the property, which is a historic landmark.
— Quinn Donoghue
Read more
Offices occupied by higher ed tenants for sale in western suburbs
Lutheran School of Theology sells off Hyde Park campus for $19M
The post School for sale: Developers eye prime properties shopped by higher ed appeared first on The Real Deal.
Institutions of higher learning are selling properties no longer needed to developers aiming to repurpose them, making a Chicagoland real estate trend. Educational organizations such as DeVry University, Wheaton College, Robert Morris and Northern Seminary have sold or listed well located sites in recent years amid declining enrollments, strained budgets and the amplification of online
The post School for sale: Developers eye prime properties shopped by higher ed appeared first on The Real Deal. Uncategorized The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Institutions of higher learning are selling properties no longer needed to developers aiming to repurpose them, making a Chicagoland real estate trend. Educational organizations such as DeVry University, Wheaton College, Robert Morris and Northern Seminary have sold or listed well located sites in recent years amid declining enrollments, strained budgets and the amplification of online
The post School for sale: Developers eye prime properties shopped by higher ed appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Farpoint lands big Rosemont office lease – Robert Khodadadian
Farpoint lands big Rosemont office lease – Robert Khodadadian
Feldco CEO Doug Cook and 6300 N. River Road with Farpoint’s Regina Stilp (LinkedIn, Loopnet)
Farpoint Development landed a big one, as a company specializing in windows, siding, doors and roofing plans to relocate and upsize its operations.
Feldco has leased about 36,000 square feet in the seven-story building 6300 North River Road in Rosemont as its new headquarters location, Crain’s reported. That’s about double the size of its current footprint at 125 East Oakton Street in nearby Des Plaines.
The deal bodes well for a city that’s seen loads of recent company downsizings, such as Meta and Salesforce shedding a combined 240,000 square feet of office space. Such moves contributed to record-high vacancies this past quarter.
Many Feldco employees work on-site at projects, CEO Doug Cook told the outlet.
“It’s somewhat of an outlying story in this environment,” Cook said. “Our offices serve a different role — we use them to build teams, and we wanted to enhance what we had, enhance collaboration. We felt we were broken up too much and wanted one unified footprint.”
Farpoint Development, in partnership with Greco/DeRosa Investment Group, bought the North River property from the village of Rosemont for about $5 million in 2017. The venture added another $6 million in renovations and had just a few tenants lined up before the pandemic hit.
The investment was worth it, however, as North Carolina-based Farpoint refinanced the property in 2021 with a $13.6 million mortgage, following commitments from various tenants. The building is 80 percent leased with the addition of Felco, which now occupies the majority of the building. Farpoint said it’s nearing a deal with another tenant, which would bring the building’s occupancy to 95 percent.
The bulk of companies are favoring newer or freshly renovated office buildings in a post-pandemic world, as indicated by the success of Farpoint’s Rosemont property.
“It’s a boutique office building, and you don’t get that in the suburbs,” Farpoint principal Regina Stilp told the outlet. “People just want nice spaces.”
—Quinn Donoghue
The spelling of the firm Farpoint Development in the headline on this story was corrected.
Read more
CF Industries relocates suburban HQ to Northbrook with downsize
Riverside, Convexity score Antares lease at BMO Tower
The post Farpoint lands big Rosemont office lease appeared first on The Real Deal.
Farpoint Development landed a big one, as a company specializing in windows, siding, doors and roofing plans to relocate and upsize its operations. Feldco has leased about 36,000 square feet in the seven-story building 6300 North River Road in Rosemont as its new headquarters location, Crain’s reported. That’s about double the size of its current
The post Farpoint lands big Rosemont office lease appeared first on The Real Deal. Uncategorized, Headquarters, Office Lease, Relocation The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Farpoint Development landed a big one, as a company specializing in windows, siding, doors and roofing plans to relocate and upsize its operations. Feldco has leased about 36,000 square feet in the seven-story building 6300 North River Road in Rosemont as its new headquarters location, Crain’s reported. That’s about double the size of its current
The post Farpoint lands big Rosemont office lease appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Core starts 400 for-rent homes near Dallas – Robert Khodadadian
Core starts 400 for-rent homes near Dallas – Robert Khodadadian
Core Spaces’ Dan Goldberg with rendering of Oxenfree (Likedin, Core Spaces, Getty)
Core Spaces is taking a deep dive into the build-to-rent world, after mostly focusing on student housing developments throughout its 13-year history.
The Chicago-based firm started construction on Oxenfree, a 400-plus home community about 45 miles northeast of Dallas, in Princeton, with the first batch of homes slated for delivery in April 2024, according to a news release.
Oxenfree marks the debut development of Core Spaces’ BTR brand, which it launched in 2020. The company plans to build more BTR communities in North Texas down the road, along with cities like Austin, San Antonio, Nashville, Chicago and Denver.
Oxenfree’s 408 homes will comprise a blend of single-family homes and townhomes, featuring three architectural styles: modern farmhouse, warm industrial and contemporary.
A planned amenity center, dubbed the Fieldhouse, will include a coworking area, health club, market, social lounge, kids’ playroom and a pool. The community will also have plenty of green space and is near Lake Lavon.
Wisconsin-based Treehouse Builders is at the helm of construction, while Northworks Architects and Digibilt lead design duties.
Build-to-rent developments have exploded in popularity in recent years, as people seek single-family homes in the suburbs with yards and better public resources, without the burden of owning a home.
“As more generations make the conscious shift from city to suburban living, the single-family
home sector is poised for greater disruption and growth than has ever been possible,” Core Spaces president Dan Goldberg said.
Core Spaces also plans to build a 140-home BTR community in Glenview, just outside Chicago, where it is seeking local zoning approval.
Read more
Good + West barrels into Texas build-to-rent market
Build-to-rent and 1M sq ft industrial for Grand Prairie
The post Core starts 400 for-rent homes near Dallas appeared first on The Real Deal.
Core Spaces is taking a deep dive into the build-to-rent world, after mostly focusing on student housing developments throughout its 13-year history. The Chicago-based firm started construction on Oxenfree, a 400-plus home community about 45 miles northeast of Dallas, in Princeton, with the first batch of homes slated for delivery in April 2024, according to
The post Core starts 400 for-rent homes near Dallas appeared first on The Real Deal. Uncategorized, build-to-rent, DFW The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Core Spaces is taking a deep dive into the build-to-rent world, after mostly focusing on student housing developments throughout its 13-year history. The Chicago-based firm started construction on Oxenfree, a 400-plus home community about 45 miles northeast of Dallas, in Princeton, with the first batch of homes slated for delivery in April 2024, according to
The post Core starts 400 for-rent homes near Dallas appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
RDOOR Housing Names EVP of Development – Robert Khodadadian
RDOOR Housing Names EVP of Development – Robert Khodadadian
RDOOR Housing Corporation, formerly Merchants Affordable Housing Corp., has hired Ian Colgan as EVP of development. Colgan joins the RDOOR team at their new headquarters located at the former Girls Inc. building at 441 W. Michigan St. in downtown Indianapolis.
Colgan brings nearly a decade of experience in housing development and urban planning to RDOOR’s team. Prior to joining RDOOR, Colgan worked as an Assistant Executive Director of the Oklahoma City Housing Authority where he spearheaded affordable housing initiatives, portfolio recapitalization and real estate development. Before this, he was the Assistant Planning Director for the City of Oklahoma City and Principal at Development Concepts, Inc. in Indianapolis.
“We at RDOOR are thrilled that Ian has joined the team and our mission to bring stable multifamily housing units to Indianapolis, the state and beyond,” said president and CEO Bruce R. Baird.
The post RDOOR Housing Names EVP of Development appeared first on Connect CRE.
RDOOR Housing Corporation, formerly Merchants Affordable Housing Corp., has hired Ian Colgan as EVP of development. Colgan joins the RDOOR team at their new headquarters located at the former Girls Inc. building at 441 W. Michigan St. in downtown Indianapolis. Colgan brings nearly a decade of experience in housing development and urban planning to RDOOR’s team. Prior to joining RDOOR, …
The post RDOOR Housing Names EVP of Development appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
RDOOR Housing Corporation, formerly Merchants Affordable Housing Corp., has hired Ian Colgan as EVP of development. Colgan joins the RDOOR team at their new headquarters located at the former Girls Inc. building at 441 W. Michigan St. in downtown Indianapolis. Colgan brings nearly a decade of experience in housing development and urban planning to RDOOR’s team. Prior to joining RDOOR, …
The post RDOOR Housing Names EVP of Development appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Brookfield CEO Steers Clear of San Francisco Office Development – Robert Khodadadian
Brookfield CEO Steers Clear of San Francisco Office Development – Robert Khodadadian
Bruce Flatt, the CEO of Brookfield Asset Management, says the company would not develop a new office building in San Francisco at the moment given market conditions, the San Francisco Business Times reported.
“San Francisco’s tougher — there’s a lot of excess space and you wouldn’t do it today, but eventually yes,” Flatt said in an interview Monday on CNBC’s Squawk on the Street. “San Francisco is going to come back. It’ll be a great city in the long term. We don’t have a big exposure to San Francisco, but longer term it will come back.”
The company owns a number of office buildings in San Francisco, including One Post Street, 685 Market St. and the 5M office building at 415 Natoma St., which was delivered early last year. It also owns Stonestown Galleria, where it is seeking approval for a massive redevelopment.
The post Brookfield CEO Steers Clear of San Francisco Office Development appeared first on Connect CRE.
Bruce Flatt, the CEO of Brookfield Asset Management, says the company would not develop a new office building in San Francisco at the moment given market conditions, the San Francisco Business Times reported. “San Francisco’s tougher — there’s a lot of excess space and you wouldn’t do it today, but eventually yes,” Flatt said in an interview …
The post Brookfield CEO Steers Clear of San Francisco Office Development appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Bruce Flatt, the CEO of Brookfield Asset Management, says the company would not develop a new office building in San Francisco at the moment given market conditions, the San Francisco Business Times reported. “San Francisco’s tougher — there’s a lot of excess space and you wouldn’t do it today, but eventually yes,” Flatt said in an interview …
The post Brookfield CEO Steers Clear of San Francisco Office Development appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
New Library Branches Will Anchor MXUs on South, West Sides – Robert Khodadadian
New Library Branches Will Anchor MXUs on South, West Sides – Robert Khodadadian
Chicago Public Library said Monday that two new libraries will be part of mixed-use developments planned for the Back of the Yards and Humboldt Park communities on Chicago’s South and West Sides, respectively. Part of the city’s INVEST South/West initiative, each of the new libraries will anchor MXUs that also include residential and commercial spaces.
“The inclusion and creative reimagining of library resources as community hubs within the buildings elevates these two simple mixed-use, residential projects to the status of new civic icon,” said Commissioner Maurice Cox of Chicago Department of Planning and Development.
Each new library facility will offer a built-out early childhood active learning space, and programs and spaces for area children, teens and families. Free one-on-one homework assistance will be provided for school-aged children. Teens will have access to technology, resources, and classes that inspire exploration, creativity, and learning through the YOUmedia program.
The post New Library Branches Will Anchor MXUs on South, West Sides appeared first on Connect CRE.
Chicago Public Library said Monday that two new libraries will be part of mixed-use developments planned for the Back of the Yards and Humboldt Park communities on Chicago’s South and West Sides, respectively. Part of the city’s INVEST South/West initiative, each of the new libraries will anchor MXUs that also include residential and commercial spaces. …
The post New Library Branches Will Anchor MXUs on South, West Sides appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Chicago Public Library said Monday that two new libraries will be part of mixed-use developments planned for the Back of the Yards and Humboldt Park communities on Chicago’s South and West Sides, respectively. Part of the city’s INVEST South/West initiative, each of the new libraries will anchor MXUs that also include residential and commercial spaces. …
The post New Library Branches Will Anchor MXUs on South, West Sides appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Capital Markets Veterans Reeder and Tecca Join Newmark in San Diego – Robert Khodadadian
Capital Markets Veterans Reeder and Tecca Join Newmark in San Diego – Robert Khodadadian
Rick Reeder and Brad Tecca have joined Newmark in San Diego as executive managing directors. Reeder and Tecca have closed more than $10 billion in sales since formalizing their team in 2008, representing some of the world’s most active and renowned institutional investors, primarily focusing on the San Diego and Las Vegas markets.
“Having these two veteran producers join us at Newmark is a testament to our platform’s consistent growth and strong presence, which continues to attract and retain top talent,” said Kevin Shannon, Newmark co-head of U.S. Capital Markets.
Colleagues for more than 28 years at Cushman and Wakefield, Reeder and Tecca’s notable transactions include the $230-million sale of Manchester Pacific Gateway in downtown San Diego, the $200-million sale of American Nevada Company’s 1.2-million-square-foot office portfolio in Las Vegas, the $185-million sale of Sorrento Towers in San Diego and the $135-million sale of a creative office portfolio in Carlsbad.
Pictured, at top: Brad Reeder. Below: Rick Tecca.
The post Capital Markets Veterans Reeder and Tecca Join Newmark in San Diego appeared first on Connect CRE.
Rick Reeder and Brad Tecca have joined Newmark in San Diego as executive managing directors. Reeder and Tecca have closed more than $10 billion in sales since formalizing their team in 2008, representing some of the world’s most active and renowned institutional investors, primarily focusing on the San Diego and Las Vegas markets. “Having these two …
The post Capital Markets Veterans Reeder and Tecca Join Newmark in San Diego appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Rick Reeder and Brad Tecca have joined Newmark in San Diego as executive managing directors. Reeder and Tecca have closed more than $10 billion in sales since formalizing their team in 2008, representing some of the world’s most active and renowned institutional investors, primarily focusing on the San Diego and Las Vegas markets. “Having these two …
The post Capital Markets Veterans Reeder and Tecca Join Newmark in San Diego appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Skender Partnership Launches Renovations to West Side Senior Living Properties – Robert Khodadadian
Skender Partnership Launches Renovations to West Side Senior Living Properties – Robert Khodadadian
Skender and its joint venture partner, Blackwood Group, have started the extensive renovation of two West Side senior living apartment buildings for the Chicago Housing Authority and Michaels Development. The properties include the following:
Irene McCoy Gaines Apartments. Located at 3700 W Congress Pkwy. in East Garfield Park, the 17-story, 150-unit property was built in 1964 and is undergoing substantial renovations to all units, including the updated HVAC, electrical and plumbing systems. New amenity spaces, including a redesigned dining and community room, an exterior courtyard, and upgraded laundry spaces will be added.
Albany Terrace Apartments. Located at 3030 W 21st Pl. in South Lawndale, the 17-story, 350-unit senior complex was built in 1974 and is also undergoing a significant rehabilitation to upgrade resident units, amenity common spaces, and HVAC systems. Electrical and plumbing systems will also be replaced, and an additional elevator will be installed to meet residents’ needs.
The post Skender Partnership Launches Renovations to West Side Senior Living Properties appeared first on Connect CRE.
Skender and its joint venture partner, Blackwood Group, have started the extensive renovation of two West Side senior living apartment buildings for the Chicago Housing Authority and Michaels Development. The properties include the following: Irene McCoy Gaines Apartments. Located at 3700 W Congress Pkwy. in East Garfield Park, the 17-story, 150-unit property was built in 1964 and …
The post Skender Partnership Launches Renovations to West Side Senior Living Properties appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Skender and its joint venture partner, Blackwood Group, have started the extensive renovation of two West Side senior living apartment buildings for the Chicago Housing Authority and Michaels Development. The properties include the following: Irene McCoy Gaines Apartments. Located at 3700 W Congress Pkwy. in East Garfield Park, the 17-story, 150-unit property was built in 1964 and …
The post Skender Partnership Launches Renovations to West Side Senior Living Properties appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Newly Developed Retail Pad Building Sells to Private Buyer – Robert Khodadadian
Newly Developed Retail Pad Building Sells to Private Buyer – Robert Khodadadian
Wood Investments Companies, Inc., a fully integrated commercial real estate investment company specializing in retail, has sold a newly developed 4,000-square-foot single-tenant net-lease retail pad building occupied by Sherwin-Williams in Beaumont. The sale price was $3,240,000 at a 4.50% cap rate.
According to Patrick Wood, CEO and president of Wood Investments Companies, the Sherwin-Williams property is a new ground-up development of a pad located in front of Cinema West’s 2nd Street Cinema. Sherwin-Williams, which opened last November, signed a new 10-year triple-net lease with rental increases every five years.
Hanley Investment Group Real Estate Advisors SVP Lee Csenar and president Ed Hanley represented Wood Investments. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the Hemet-based private buyer.
“The sale of the Sherwin-Williams occupied property was part of the strategic plan when we had originally purchased the property over three years ago,” said Wood.
The post Newly Developed Retail Pad Building Sells to Private Buyer appeared first on Connect CRE.
Wood Investments Companies, Inc., a fully integrated commercial real estate investment company specializing in retail, has sold a newly developed 4,000-square-foot single-tenant net-lease retail pad building occupied by Sherwin-Williams in Beaumont. The sale price was $3,240,000 at a 4.50% cap rate. According to Patrick Wood, CEO and president of Wood Investments Companies, the Sherwin-Williams property is a new ground-up development of a pad located …
The post Newly Developed Retail Pad Building Sells to Private Buyer appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Wood Investments Companies, Inc., a fully integrated commercial real estate investment company specializing in retail, has sold a newly developed 4,000-square-foot single-tenant net-lease retail pad building occupied by Sherwin-Williams in Beaumont. The sale price was $3,240,000 at a 4.50% cap rate. According to Patrick Wood, CEO and president of Wood Investments Companies, the Sherwin-Williams property is a new ground-up development of a pad located …
The post Newly Developed Retail Pad Building Sells to Private Buyer appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Real Estate AI Firm Names Marc Rutzen as CEO – Robert Khodadadian
Real Estate AI Firm Names Marc Rutzen as CEO – Robert Khodadadian
HelloData.ai, a real estate artificial intelligence company that develops algorithms to extract structured data from real estate images and documents, named Marc Rutzen as CEO. Based in Chicago, Rutzen brings more than a decade of experience in real estate technology and machine learning.
Rutzen spent the first part of his career in development, brokerage and consulting before launching Enodo, a startup that utilized machine learning to automate the real estate investment underwriting process. Timothy Gamble and Nicolas Lassaux, the cofounders of Hello Data, met Rutzen as the first two full-time hires at Enodo, acquired by Walker & Dunlop in 2019.
“Real estate data is often trapped in images, documents and various platforms that don’t integrate with each other – and I’ve seen firsthand how much time real estate analysts and underwriters spend manually moving data from one medium to another,” said Rutzen. “Tim and Nico have created a suite of AI products that can reduce the time it takes for these tasks from many hours to a few seconds.”
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HelloData.ai, a real estate artificial intelligence company that develops algorithms to extract structured data from real estate images and documents, named Marc Rutzen as CEO. Based in Chicago, Rutzen brings more than a decade of experience in real estate technology and machine learning. Rutzen spent the first part of his career in development, brokerage …
The post Real Estate AI Firm Names Marc Rutzen as CEO appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
HelloData.ai, a real estate artificial intelligence company that develops algorithms to extract structured data from real estate images and documents, named Marc Rutzen as CEO. Based in Chicago, Rutzen brings more than a decade of experience in real estate technology and machine learning. Rutzen spent the first part of his career in development, brokerage …
The post Real Estate AI Firm Names Marc Rutzen as CEO appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Loop Apartments Trade at 20% Markdown on Development Costs – Robert Khodadadian
Loop Apartments Trade at 20% Markdown on Development Costs – Robert Khodadadian
Oregon-based Green Cities has acquired Lake & Wells, a 329-unit rental apartment building at 210 N. Wells St. in Chicago’s Loop, from a joint venture between Chicago-based developer Jay Javors and the real estate investment subsidiary of the National Electrical Benefit Fund.
Although the sale price wasn’t disclosed, Crain’s Chicago Business reported it at $98 million, or 20% less than the $123 million that Javors and the NEBF invested in the high-rise when they developed it in 2008. Green Cities also took over the ground lease on the land underneath the property.
While the downtown apartment market remains strong, the jump in interest rates last year cast a chill over the entire commercial real estate sector, driving up borrowing costs and lowering the purchasing power of investors, reported Crain’s. Lenders have grown more conservative, making it harder for investors to secure financing on favorable terms.
The post Loop Apartments Trade at 20% Markdown on Development Costs appeared first on Connect CRE.
Oregon-based Green Cities has acquired Lake & Wells, a 329-unit rental apartment building at 210 N. Wells St. in Chicago’s Loop, from a joint venture between Chicago-based developer Jay Javors and the real estate investment subsidiary of the National Electrical Benefit Fund. Although the sale price wasn’t disclosed, Crain’s Chicago Business reported it at $98 million, …
The post Loop Apartments Trade at 20% Markdown on Development Costs appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Oregon-based Green Cities has acquired Lake & Wells, a 329-unit rental apartment building at 210 N. Wells St. in Chicago’s Loop, from a joint venture between Chicago-based developer Jay Javors and the real estate investment subsidiary of the National Electrical Benefit Fund. Although the sale price wasn’t disclosed, Crain’s Chicago Business reported it at $98 million, …
The post Loop Apartments Trade at 20% Markdown on Development Costs appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Distributor Acquires Aliso Viejo Warehouse for Headquarters – Robert Khodadadian
Distributor Acquires Aliso Viejo Warehouse for Headquarters – Robert Khodadadian
Sunland Nutrition, a premier distributor of nutritional ingredients, has acquired a 40,792-square-foot industrial building located at 81-91 Columbia in Aliso Viejo for $14.07 million. Sunland Nutrition will use the building for its headquarters and warehouse.
Steve Crane of Daum Commercial represented Sunland Nutrition. JLL’s Xavier Nolasco, Brian Thene, Steve Wagner and Cameron Driscoll represented the undisclosed seller.
“Orange County continues to be a sought-after location for users of small to mid-sized industrial spaces,” said Nolasco.
The post Distributor Acquires Aliso Viejo Warehouse for Headquarters appeared first on Connect CRE.
Sunland Nutrition, a premier distributor of nutritional ingredients, has acquired a 40,792-square-foot industrial building located at 81-91 Columbia in Aliso Viejo for $14.07 million. Sunland Nutrition will use the building for its headquarters and warehouse. Steve Crane of Daum Commercial represented Sunland Nutrition. JLL’s Xavier Nolasco, Brian Thene, Steve Wagner and Cameron Driscoll represented the undisclosed …
The post Distributor Acquires Aliso Viejo Warehouse for Headquarters appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Sunland Nutrition, a premier distributor of nutritional ingredients, has acquired a 40,792-square-foot industrial building located at 81-91 Columbia in Aliso Viejo for $14.07 million. Sunland Nutrition will use the building for its headquarters and warehouse. Steve Crane of Daum Commercial represented Sunland Nutrition. JLL’s Xavier Nolasco, Brian Thene, Steve Wagner and Cameron Driscoll represented the undisclosed …
The post Distributor Acquires Aliso Viejo Warehouse for Headquarters appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Six-Property Apartment Portfolio Trades for $54M to Three Separate Buyers – Robert Khodadadian
Six-Property Apartment Portfolio Trades for $54M to Three Separate Buyers – Robert Khodadadian
JLL Capital Markets closed on a six-property Los Angeles County multifamily portfolio in three separate transactions totaling $53.55 million. The apartment complexes were located at 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside, including five in the San Fernando Valley and one in West Los Angeles. The six, high-performing, low-rise apartment communities total 155 residential units.
The acquisitions included accretive assumable debt placed on all six properties by JLL in 2020. All three buyers assumed the existing debt, working with the JLL Capital Markets Debt Advisory team.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by managing director Peter Yorck and director Nick Lavin, while senior managing director Jeff Sause and director Max Mraz led the JLL Capital Markets Debt Advisory team. They worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC.
The post Six-Property Apartment Portfolio Trades for $54M to Three Separate Buyers appeared first on Connect CRE.
JLL Capital Markets closed on a six-property Los Angeles County multifamily portfolio in three separate transactions totaling $53.55 million. The apartment complexes were located at 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside, including five in the San Fernando Valley and one in West Los Angeles. The six, high-performing, low-rise …
The post Six-Property Apartment Portfolio Trades for $54M to Three Separate Buyers appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
JLL Capital Markets closed on a six-property Los Angeles County multifamily portfolio in three separate transactions totaling $53.55 million. The apartment complexes were located at 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside, including five in the San Fernando Valley and one in West Los Angeles. The six, high-performing, low-rise …
The post Six-Property Apartment Portfolio Trades for $54M to Three Separate Buyers appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment