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.

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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 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

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 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.

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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 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
The post Ross Dress for Less to open second shop on SF’s Market Street appeared first on The Real Deal. Robert Khodadadian – The Real Deal

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

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 

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 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
The post Stack Infrastructure to deliver large data center in San Jose appeared first on The Real Deal. Robert Khodadadian – The Real Deal

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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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 

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 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. 
The post Team Carte Blanche returns to Compass from The Agency appeared first on The Real Deal. Robert Khodadadian – The Real Deal

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. 

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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 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
The post MG2 buys aging industrial in North Austin appeared first on The Real Deal. Robert Khodadadian – The Real Deal

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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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 

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 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
The post Farpoint lands big Rosemont office lease appeared first on The Real Deal. Robert Khodadadian – The Real Deal

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 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

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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 

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 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
The post Core starts 400 for-rent homes near Dallas appeared first on The Real Deal. Robert Khodadadian – The Real Deal

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.

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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.