125 Votes Separate LVMH From Building Cheval Blanc Hotel in Beverly Hills – Robert Khodadadian
Bernard Arnault. AFP via Getty Images A slim margin of votes separates French billionaire Bernard Arnault from building an ultra-high-end hotel that would allow the rich and famous to be as close as possible to the luxury items they love …
Adams Plans Streetscape Upgrades in Jamaica – Robert Khodadadian
Mayor Eric Adams’ administration is looking to stimulate housing and job growth in Jamaica, Queens, by reworking the neighborhood’s streetscape. The plans — done by New York City Department of Transportation (DOT) and the Department of City Planning (DCP) — …
Citi Bike Operator Motivate Takes 45K SF in Long Island City – Robert Khodadadian
On the 10th anniversary of the city’s Citi Bike program, its operator plans to dock in Long Island City, Queens. Motivate inked a six-year deal for 49,000 square feet in the two-story warehouse at 42-11 9th Street for bike storage, …
St. John Properties to Develop Spec Commercial Park in Baltimore County – Robert Khodadadian
St. John Properties, a Baltimore-based developer, has acquired a 17-acre parcel in Cockeysville, Md., with plans to build the Hunt Valley Exchange, a speculative commercial development with flex, office and retail components. Cosmetics and skin cream manufacturer Noxzema, which has …
Brooklyn’s Green-Wood Cemetery Breaks Ground on New Educational Center – Robert Khodadadian
Green-Wood Cemetery, the Brooklyn burial site for the rich and famous of the 19th and early 20th centuries and the site of a Revolutionary War battle, remains one of the most historic and unique places in New York City. But, …
How Default Risk Triggers Credit Downgrades – Robert Khodadadian
As the U.S. inches closer to the June 1 deadline to avoid defaulting on our $31.4 trillion national debt, ratings agencies have already begun hinting at downgrading the nation’s credit — a move that would unleash vast consequences across commercial …
Bradford Allen Inks Suburban Chicago Office Leases – What is a Ground Lease?
Bradford Allen Inks Suburban Chicago Office Leases – What is a Ground Lease?
Brokerage, Chicago, Midwest, News, Office, Bespoke Commercial Real Estate, Bradford Allen Investment Advisors, Kimley-Horn, Savills, Venture X
Bradford Allen has completed two lease agreements totaling 35,000 square feet at 570 Lake Cook Road, a 138,000-square-foot office building in Deerfield, Ill., a northern suburb of Chicago. The landlord handled the lease signing in-house, while Bespoke Commercial Real Estate and Savills provided tenant representation.
Coworking firm Venture X signed a 19,000-square-foot lease, to operate a new flex office location on the third floor of the property. Set to open later this year, the space will be the firm’s second location within metro Chicago.
READ ALSO: Designing the Suburbs of the Future
Venture X’s expansion represents a response to the growing need for coworking space in suburban areas. Bradford Senior Managing Director Joel Berger negotiated the deal on behalf of the landlord, while Bespoke Commercial Real Estate Co-Founder Vic Sanmiguel acted on behalf of the flex office provider.
Planning and design consulting firm Kimley-Horn signed a long-term extension and expanded its office space to 16,000 square feet. Berger negotiated the lease on behalf of the ownership, while Savills Senior Director Hayden Rasmussen and Senior Managing Director Jon Azulay brokered the agreement on behalf of the tenant.
The property’s existing tenant roster comprises Ferris & Thompson, Coast To Coast Logistics, Banner Real Estate Group, The Pinnacle Financial Group and Newman Insurance Services, according to CommercialEdge.
The five-story 570 Lake Cook Road underwent renovations last year and features heated underground parking, a solarium on the top floor, conference facilities and on-site property management services. The building is in close proximity to the Lake Cook Road Metra station, while Chicago Executive Airport-PWK is some 6 miles away.
Office rents increase in suburban areas
According to the latest CommercialEdge report, suburban office properties took the lead in terms of rent increase, with a 4.2 percent growth year-over-year through April, bringing the rate to $31.0 per square foot. CBD office rents followed closely behind, up 3.7 percent, to reach an average of $51.1 per square foot. Urban office rents remained on a downward trend, with a year-over-year decrease of 3.2 percent, averaging at $44.0 per square foot.
At $27.9 per square foot, Chicago asking rents were $10.3 lower than the national average, which hit $38.2 per square foot in April. That same month, the metro’s vacancy rate clocked in at 18.8 percent, higher than the national average of 16.7 percent.
The post Bradford Allen Inks Suburban Chicago Office Leases appeared first on Commercial Property Executive.
The pair of deals totaled 35,000 square feet.
The post Bradford Allen Inks Suburban Chicago Office Leases 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 pair of deals totaled 35,000 square feet.
The post Bradford Allen Inks Suburban Chicago Office Leases 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.
Harrison Street JV Lands Refi for Michigan MOB – What is a Ground Lease?
Harrison Street JV Lands Refi for Michigan MOB – What is a Ground Lease?
Finance, Medical Office, Midwest, News, Office, Berkadia, CIBC Bank, Harrison Street, Murphy Development Group LLC
Health Innovation Partners has received a non-recourse loan at 65 percent LTV for the 205,534-square-foot Doug Meijer Medical Innovation Building in Grand Rapids, Mich. Berkadia Medical and Life Sciences secured the financing for the sponsor, which is a joint venture between Harrison Street, Walsh Construction, Murphy Development Group and Rockford Construction.
According to CommercialEdge data, the property became subject to a $58.9 million construction loan provided by CIBC Bank USA in 2020. Initial investment in the $85 million facility also included a $19.5 million gift from Doug Meijer and the Meijer Foundation.
READ ALSO: How to Build Flexibility Into Life Science Projects
Michigan State University had proposed the development of the property back in 2018 as the second phase of its Grand Rapids Innovation Park, an innovation hub for biomedical research, bioengineering and health technology anchoring the city’s Medical Mile. Health Innovation Partners won the proposal in 2019 and broke ground the same year. The medical office and biomedical building came online in late 2021.
SmithGroup designed the Class A, seven-story building that includes a theranostics clinic with a cyclotron-equipped radiopharmacy and PET/MR scanner. BAMF Health, which anchors the property, provides advanced imaging technology and cancer treatments. In early 2023, Spartan Innovations and Health Innovation Partners opened The Bridge, an office incubator space for high-tech and high-growth startups, on the fourth floor of the facility.
The 2.7-acre property at 109 Michigan St. NW is adjacent to the MSU Grand Rapids Research Center in downtown Grand Rapids, having access to Interstate 196. Other health-care facilities in the surrounding area include Corewell Health Hospital and Trinity Health Grand Rapids, among others.
Investment in the life science sector
A new report from Savills Research and Data Services shows the pandemic created a conjuncture in which the life science sector thrived, resulting in significant investment through venture capital funding.
Despite a slow down in 2022 compared to the previous year, which saw $81.2 billion in investment across the U.S., the interest in this asset class remained high, with well-known metros still on the receiving end of the most VC life science funding such as the Bay Area, Boston and other emerging markets like Chicago, Seattle and Raleigh-Durham, N.C.
A significant deal took place just last month when Alexandria Real Estate Equities Inc. and National Development recapitalized a 345,995-square-foot life science project in Boston, in what was considered the largest single-building transaction of its kind in the U.S. at that time. The development is slated for delivery later this year.
The post Harrison Street JV Lands Refi for Michigan MOB appeared first on Commercial Property Executive.
Berkadia Medical and Life Science secured the loan for the $85 million facility.
The post Harrison Street JV Lands Refi for Michigan MOB 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
Berkadia Medical and Life Science secured the loan for the $85 million facility.
The post Harrison Street JV Lands Refi for Michigan MOB 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.
Rexford Industrial Secures Full-Building LA Lease – What is a Ground Lease?
Rexford Industrial Secures Full-Building LA Lease – What is a Ground Lease?
Brokerage, Industrial, Los Angeles, News, West, JLL, NAI Capital, Rexford Industrial Realty Inc.
Rexford Industrial Realty Inc. has secured a full-building lease at its recently completed 86,879-square-foot, Class A industrial property in Gardena, Calif. NAI Capital Commercial acted on behalf of the new tenant, bakery company Puratos Corp., while JLL represented the landlord.
Located at 15601 S. Avalon Blvd., the distribution facility was recently completed and includes 32-foot clear heights, one grade level door, LED lightning, an ESFR sprinkler system, nine dock high positions, electrical vehicle charging stations and 97 parking spots.
READ ALSO: How Debt Costs Will Affect Industrial Demand This Year
Spreading across almost 4 acres in one of Southern California’s tightest industrial markets, Puratos Corp.’s new warehouse is close to interstates 110 and 105, roughly 13 miles from Los Angeles International Airport, 14 miles from Port of Los Angeles and downtown Los Angeles, and within 15 miles of Port of Long Beach.
NAI Capital Commercial Vice President Edward Michino negotiated on behalf of the tenant. Senior Vice President Brianna Demus, Executive Managing Director Zachary Sakowski and Associate Danny Irish were part of the JLL team that represented Rexford Industrial Realty Inc.
At the beginning of this year, JLL’s brokers assisted the tenant in another significant deal in the area: Provider of sets and storage for the film and TV industry Scenic Expressions signed a 299,234-square-foot lease in Santa Clarita, Calif.
The post Rexford Industrial Secures Full-Building LA Lease appeared first on Commercial Property Executive.
A bakery company will occupy the 86,879-square-foot Class A facility in Gardena, Calif.
The post Rexford Industrial Secures Full-Building LA Lease 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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A bakery company will occupy the 86,879-square-foot Class A facility in Gardena, Calif.
The post Rexford Industrial Secures Full-Building LA Lease 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.
Major Food Group Won’t Open Planned Sadelle’s in Miami Beach – Robert Khodadadian
Major Food Group (MFG) has pulled out of a 10,000-square-foot lease at Miami Beach’s Lincoln Road, Commercial Observer has learned. The hospitality powerhouse, led by Mario Carbone, Rich Torrisi, and Jeff Zalaznick, had finalized a deal at the 1212 Lincoln …
Holland, NASH, Lowe Top Out $400M San Diego Project – What is a Ground Lease?
Holland, NASH, Lowe Top Out $400M San Diego Project – What is a Ground Lease?
Development, Featured, Mixed Use, News, Office, Sustainability, West, Carrier Johnson + CULTURE, Holland Partner Group, JLL, Lowe Enterprises, North America Sekisui House
A partnership of Holland Partner Group, North America Sekisui House (NASH) and Lowe has topped out West, a $400 million, 37-story mixed-use project in downtown San Diego.
Designed by Carrier Johnson + CULTURE, West will be a WELL-certified project that prioritizes health and well-being. The development is set to encompass 280,000 square feet of office space, 19,000 square feet of retail space and 431 luxury residential units. Holland Construction serves as general contractor. The anticipated completion of West is scheduled for the first quarter of 2024.
Flexible spaces, tenant-focused amenities
The office spaces at West will offer flexible floorplates, ranging from 10,000 to 280,000 square feet, to accommodate a variety of users. Moreover, there are potential expansion opportunities available, allowing for as much as 870,000 square feet of space across two adjacent blocks.
READ ALSO: What Office Users Want in Flex Space Now
The ownership trio tapped JLL Managing Director Tony Russell and Executive Vice President Richard Gonor to oversee the leasing activity at the property.
A lounge, meeting room, gathering areas, ground-floor restaurants and retail shops, as well as direct access to building parking and tenant community engagement programs are among the planned amenities. Hospitality at Work is the on-site property manager.
The ninth floor and 37th floor roof decks incorporate meeting spaces that blend indoor and outdoor elements. These areas also feature green roof spaces, outdoor seating and entertainment areas. To cater to the demands of the modern hybrid work environment, there are additional amenities including a fitness center, private workspaces, conference rooms and flexible areas that complement the office component of the project.
San Diego’s robust construction pipeline
Located at 1011 Union St., the property is close to San Diego’s Little Italy neighborhood, offering access to various dining, retail and entertainment destinations. San Diego International Airport is less than 3 miles from West and various transit options are nearby as well.
Despite the anticipated ongoing reduction in the national supply pipeline, construction activity in the Western region, particularly in San Diego, remained relatively robust.
According to the latest CommercialEdge report, developers in San Diego are leading the way with 4.9 million square feet of office space under construction as of April, which accounts for 5.3 percent of the local stock. San Diego ended April with an office vacancy rate of 14.7 percent, the same source reveals.
The post Holland, NASH, Lowe Top Out $400M San Diego Project appeared first on Commercial Property Executive.
Designed by Carrier Johnson + CULTURE, West is scheduled for delivery in 2024.
The post Holland, NASH, Lowe Top Out $400M San Diego Project 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
Designed by Carrier Johnson + CULTURE, West is scheduled for delivery in 2024.
The post Holland, NASH, Lowe Top Out $400M San Diego Project 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.
Empire State Realty Inks Long-Term Lease in Midtown – What is a Ground Lease?
Empire State Realty Inks Long-Term Lease in Midtown – What is a Ground Lease?
Brokerage, New York, News, Northeast, Office, Cushman & Wakefield, Empire State Realty Trust, OPEN Impact Real Estate
Empire State Realty Trust has secured a 30-year, full-floor lease at 1333 Broadway, a 362,531-square-foot office building in New York City. Nonprofit organization Rising Ground will occupy 29,566 square feet at the property.
OPEN Impact Real Estate negotiated on behalf of the new tenant, while the landlord represented itself, with the assistance of Cushman & Wakefield.
ESRT purchased the asset from Helmsley Enterprises in 2013, as part of a $164.3 million portfolio deal, CommercialEdge data shows. Built in 1915 and designed by architecture firm Clinton & Russell, 1333 Broadway is a 12-story multi-tenant office property that includes 11.6-foot clear heights, 29,500-square-foot floor plates, five passenger elevators and 62,000 square feet of ground-floor retail space.
READ ALSO: How CRE Boosts the Economy: NAIOP
Common-area amenities include an upgraded lobby, an upcoming 8,000-square-foot rooftop lounge, a renovated event space with video conferencing systems and a tenant lounge that can host more than 300 people. Additionally, the building is within walking distance from Penn Station and Grand Central Terminal.
OPEN Impact Real Estate’s Lindsay Ornstein, Stephen Powers, Arthur Skelskie, Alexander Smith and Kendall Elliott assisted Rising Ground in the lease negotiations. ESRT was represented in-house by Shanae Ursini, along with Cushman & Wakefield’s Robert Lowe, Ron LoRusso, Heather Thomas, Anthony LoPresti and Dan Organ.
A closer look at Manhattan’s recent leasing activity
Other tenants at 1333 Broadway include Wiesner Products, ActiveHealth Management, Signature Bank, Sanne Group and Canon U.S.A.
The borough is still struggling with rising vacancy rates. As of April, Manhattan’s office vacancy reached 16.5 percent, marking a 210-basis-point increase year-over-year, CommercialEdge data shows.
Earlier this week, Flagster Bank N.A., the buyer of the recently collapsed Signature Bank’s liquid assets, debt and service centers, has assumed one of the latter’s office spaces in Midtown Manhattan. ESRT is the owner of the 313,109-square-foot space at 1400 Broadway, a Class A, 919,405-square-foot property.
The post Empire State Realty Inks Long-Term Lease in Midtown appeared first on Commercial Property Executive.
A nonprofit organization signed a full-floor commitment at 1333 Broadway.
The post Empire State Realty Inks Long-Term Lease in Midtown 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
A nonprofit organization signed a full-floor commitment at 1333 Broadway.
The post Empire State Realty Inks Long-Term Lease in Midtown 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.
Cawley Partners Debuts 2nd Phase of DFW Office Development – What is a Ground Lease?
Cawley Partners Debuts 2nd Phase of DFW Office Development – What is a Ground Lease?
Dallas, Development, News, Office, Southwest, Cawley Partners
Cawley Partners has broken ground on the second phase of The Parkwood office campus, a 120,000-square-foot Class A development in Plano, Texas. The Haggard family and First United Bank are also part of the project team, with Crawley Partners handling leasing activity for the upcoming property in house.
Set to rise at the intersection of SEC Windhaven & Dallas Parkways, this phase is slated to feature conference rooms, outdoor patios, a fitness center and a pickleball court. The development is expected to be completed by the end of next year.
READ ALSO: Developing Office in Turbulent Times
The first phase of The Parkwood was delivered in 2022 and encompasses 120,000 square feet. The building is fully occupied, while Phase II is already 43 percent preleased. The upcoming building will house SFMG Wealth Advisors’ headquarters.
An open courtyard is set to connect the two office structures at The Parkwood. Within a mile of the campus, there are more than 25 restaurants, eight hotels and six shopping centers.
Despite economic challenges arising toward the end of the year, the Dallas-Fort Worth office market exhibited strong performance in 2022, as reported by CommercialEdge. The metro area saw a 6.2 percent year-over-year growth in office-using jobs, the highest in the country. This surge in job opportunities continues to fuel commercial development in the metro area.
The post Cawley Partners Debuts 2nd Phase of DFW Office Development appeared first on Commercial Property Executive.
Set to be completed by the end of 2024, the Class A project will add 120,000 square feet to the metro’s inventory.
The post Cawley Partners Debuts 2nd Phase of DFW Office Development 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
Set to be completed by the end of 2024, the Class A project will add 120,000 square feet to the metro’s inventory.
The post Cawley Partners Debuts 2nd Phase of DFW Office Development 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.
Invesco Real Estate JV Breaks Ground on Dallas-Area Industrial Park – What is a Ground Lease?
Invesco Real Estate JV Breaks Ground on Dallas-Area Industrial Park – What is a Ground Lease?
Dallas, Development, Industrial, News, Southwest, Bandera Ventures, Invesco Real Estate, JLL
A joint venture between Invesco Real Estate and Bandera Ventures has broken ground on Southport Logistics Center, a two-building, 1.5 million-square-foot industrial park in Wilmer, Texas. Completion is expected in the third quarter of this year.
JLL Managing Directors Kurt Griffin and Nathan Orbin, alongside Senior Associate Dalton Knipe, are the property’s leasing brokers. Griffin anticipates various capabilities within the space, which will be exploited particularly during possible re-shorings of manufacturing operations.
READ ALSO: How Debt Costs Will Affect Industrial Demand This Year
“Whether it’s serving as a hub for third-party logistics centers, facilitating the distribution and fulfillment needs of e-commerce retailers or supporting various manufacturing types in the market, the center offers versatile solutions for businesses to optimize their operations, enhance supply chain efficiency and meet their storage, distribution and manufacturing goals,” Griffin told Commercial Property Executive.
An industrial development taking shape near Dallas
Located in a designated foreign-trade zone at 1900 Southport Parkway and 1701 E. Pleasant Run Road, Southport Logistics Center comprises two buildings of 746,420 and 744,452 square feet, respectively. The cross-dock facilities feature 40-foot clear heights, 60-foot loading bays, 56- by 50-foot column spacing, 185-foot truck courts and depths of 620 feet. The campus is surrounded by full-circulation vehicle queuing lanes with the ability to add guard shacks.
Situated along Southport Parkway, the facilities are flanked by warehouses and processing facilities operated by Amazon and DHL among others. The buildings provide direct access to Interstate 45 and are 2 miles away from a Union Pacific intermodal freighting terminal, 15 miles from the Dallas Central Business District and 35 miles from Dallas-Fort Worth International Airport.
The property is adjacent to Southport Logistics Park, a 252-acre campus where Nike signed a 1 million-square-foot lease earlier this year, bringing the industrial park’s occupied space to more than 2.5 million square feet. CJ Logistics is also a tenant at the location.
The post Invesco Real Estate JV Breaks Ground on Dallas-Area Industrial Park appeared first on Commercial Property Executive.
At full build-out, the campus will total 1.5 million square feet.
The post Invesco Real Estate JV Breaks Ground on Dallas-Area 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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At full build-out, the campus will total 1.5 million square feet.
The post Invesco Real Estate JV Breaks Ground on Dallas-Area 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.
Boston Scientific Inks 207 KSF Prelease in Atlanta – What is a Ground Lease?
Boston Scientific Inks 207 KSF Prelease in Atlanta – What is a Ground Lease?
Atlanta, Brokerage, Development, Industrial, News, Southeast, Bain Capital Real Estate, Boston Scientific, CBRE, Colliers, State Farm Life Insurance
Boston Scientific Corp. has signed a long-term lease for a life science manufacturing and supply chain facility to be constructed in Johns Creek, Ga., in the Atlanta area. A joint venture between US Realty Advisors and Bain Capital is the landlord, while Pure Development serves as development partner. CBRE represented the tenant and Colliers worked on behalf of the landlord.
The 206,686-square-foot building will be constructed on a lot currently occupied by a State Farm campus which was constructed in 1991 and spans 339,862 square feet, according to CommercialEdge data. The existing structure will be demolished and development costs are estimated at $62.5 million, according to a prior release issued by Governor Brian Kemp.
Located at 11350 Johns Creek Parkway, the 45-acre site is close to Highway 41 and roughly 30 miles north of Atlanta. Numerous retail, dining and fitness options are located within walking distance of the property. Emory Johns Creek Hospital is also situated about 1 mile away.
A budding life science market
Colliers Executive Vice President Jessica Doyle, along with Senior Vice President Deming Fish, facilitated the transaction, representing the landlord. US Realty Advisors President David Grazioli stated in prepared remarks that the development represents an initial step toward creating a larger city center in Johns Creek.
Doyle also mentioned that the life sciences industry is expected to keep growing in the state of Georgia. Last year, Trammell Crow Co. broke ground on a 13-story tower in Atlanta which will include 364,750 square feet of lab and office space, along with 280 residential units. It represents the first phase of Science Square, an 18-acre master-planned district to include multiple lab and R&D developments.
The post Boston Scientific Inks 207 KSF Prelease in Atlanta appeared first on Commercial Property Executive.
The new building will replace an existing State Farm campus.
The post Boston Scientific Inks 207 KSF Prelease in Atlanta 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 new building will replace an existing State Farm campus.
The post Boston Scientific Inks 207 KSF Prelease in Atlanta 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.
LA Brookfield Office Tower Goes to Receivership – What is a Ground Lease?
LA Brookfield Office Tower Goes to Receivership – What is a Ground Lease?
Brokerage, Featured, Los Angeles, News, Office, West, Brookfield Properties, Colliers, Morgan Stanley, Trepp Inc., Wells Fargo
After defaulting on $275 million in CMBS financing for the 920,300-square-foot EY Plaza tower in downtown Los Angeles, Brookfield’s 41-story office building has been placed in receivership.
Colliers announced yesterday that it was awarded the exclusive leasing and property management assignment for the tower at 725 S. Figueroa St. by Gregg Williams of Trident Pacific Real Estate, who was appointed receiver for the property.
Sean Fulp, Head of Office Capital Markets, U.S. Southwest, at Colliers, was named lead advisor and is tasked with ensuring EY Plaza’s value is preserved despite the turbulent market conditions. He is joined by Vice Chair Matthew Heyn and Executive Vice President Ian Gilbert, who will oversee the leasing efforts. Kevin Rude, regional managing director of West Coast, and Tina Minook, regional managing director of California Real Estate Management Services, will lead full-service property management.
READ ALSO: Office Owners Face Financing Dilemma
The news was not surprising as word spread in recent weeks that Brookfield DTLA Fund Office Trust Investor Inc. had not made payments on the 4-acre property’s CMBS package—a $220 million senior loan and $35 million mezzanine loan. Last week, Morgan Stanley and Wells Fargo, the lenders on the CMBS package, filed a lawsuit in Los Angeles County Superior Court asking that the property go to a special servicer, according to The Real Deal.
Brookfield DTLA had also stated in early April it might not be able to make payments on the EY Plaza building along with the 54-story Wells Fargo Center North Tower. Brookfield DTLA has been dealing with distressed assets in its downtown Los Angeles office portfolio since early this year. In February, the fund defaulted on $755 million in loans for the Gas Company Tower and the 777 Tower. To date, Brookfield has defaulted on $1.1 billion in loans for the portfolio.
The 52-story Gas Company Tower at 555 W. 5th St. was sent to receivership last month. Gregg Williams of Trident Pacific Real Estate was also appointed as receiver for that asset and tapped the Colliers team to lease and manage it.
Colliers noted in a prepared statement that Gilbert, who joined the firm in April from Brookfield, is ideally suited to taking on the leasing duties for the two former Brookfield assets.
Regarding EY Plaza, Gilbert said in prepared remarks few office assets of that caliber exist in downtown Los Angeles. He cited the building’s rich history, open-air design and highly desirable walkability as advantages for tenants.
READ ALSO: Today’s Most-Desired Office Amenities
Fulp agreed, noting in a prepared statement that it’s one of the best buildings in Los Angeles and its value is worth protecting. Fulp said the firm will not sit back and wait for the market to determine the building’s fate. He said it is now very well capitalized and remains one of the premier options for tenants in downtown LA.
Built in 1985, Brookfield acquired the LEED-certified Platinum building in June 2002 for approximately $150 million, according to CommercialEdge data. In September 2020, Wilmington Trust originated a $275 million loan for the property that matured in October 2022, CommercialEdge reported. The building has first-floor retail and a fitness center along with a 904-space multi-level parking structure. As of last week, EY Plaza had 114,905 square feet in available space, according to CommercialEdge.
DC dilemma
Brookfield, the Canadian-based alternative asset management firm, also recently defaulted on a mortgage for Class B office properties in the Washington, D.C., area. The properties were located mainly in the Maryland suburbs and were transferred to a special servicer working with Brookfield to execute a pre-negotiation agreement, according to several news reports. Rising interest rates that have more than doubled in the last year were cited as contributing to increased monthly payments for an approximately $161.4 million mortgage held by Brookfield that had initially backed the purchase in 2018 of a dozen smaller office buildings. At the time of the default, Brookfield still owned nine of the assets and had sold three of the assets in the mortgage.
A Brookfield spokesperson told Commercial Property Executive in April the DC-area assets represented a very small percentage of the firm’s office portfolio. The spokesperson noted most of the company’s office properties are Class A trophy buildings that see strong demand globally and benefit from the flight-to-quality trend.
Office distress
In February, asset manager PIMCO’s Columbia Property Trust defaulted on $1.7 billion of debt tied to an office portfolio that included properties in New York City and San Francisco.
The situation, exacerbated by higher interest rates and lower vacancy rates due to more companies adopting hybrid work schedules or moving to newer, higher-quality buildings, could worsen in the second half of this year and 2024. In February, Trepp reported a total of $40.47 billion in office loans is scheduled to mature by late 2024, consisting of 353 loans backed by 583 office properties.
The office delinquency rate rose to 2.77 percent in April, up from 2.61 percent in March and was up almost 1 percent over a three-month period, according to the Trepp CMBS Delinquency Rate. By comparison, in April 2022, the office delinquency rate was 1.71 percent.
The Trepp Special Servicing Rate for all property types rose 7 basis points between March and April to 5.62 percent. The largest increase in delinquency rates occurred in the office sector, which had a rate of 5.39 percent, up from 4.77 percent in March. Trepp stated the office sector was responsible for 53.4 percent of the new special servicing transfers in April. A total of $2.75 billion worth of CMBS loans were transferred to special serving in April, with office and lodging making up $2.51 billion of the total.
The post LA Brookfield Office Tower Goes to Receivership appeared first on Commercial Property Executive.
Colliers has been tapped to lease and manage the downtown property.
The post LA Brookfield Office Tower Goes to Receivership 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
Colliers has been tapped to lease and manage the downtown property.
The post LA Brookfield Office Tower Goes to Receivership 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.
Gemini Rosemont Sells Houston-Area Office Portfolio – What is a Ground Lease?
Gemini Rosemont Sells Houston-Area Office Portfolio – What is a Ground Lease?
Brokerage, Houston, Investment, News, Office, Southwest, Gemini Rosemont, JLL
Two office buildings in the Woodlands, Texas, suburb of Houston totaling 153,294 square feet have traded. The buyer is Black Forest Ventures, according to public records. The assets were last owned by Gemini Rosemont. JLL brokered the transaction, representing the seller and procuring the buyer. Together, the two properties were 66.7 percent leased at the time of the sale.
The first, five-story building is located at 10200 Grogans Mill Road and comprises 80,180 square feet. Built in 1980 on a 5-acre site, the property features a recently renovated lobby and common areas. Tenants include companies operating in a diverse mix of sectors including law, finance and civil engineering, according to CommercialEdge information.
Less than a mile away, at 1610 Woodstead Road, sits the second asset, comprising 72,601 square feet. The four-story building was constructed in 1982 and occupies a 4.7-acre site. The tenant roster encompasses firms in industries such as oil and gas, technology and consulting, as well as logistics, among others.
A strong Houston submarket
The two buildings are situated near Interstate 45, roughly 30 miles north of Houston. They are also within walking distance of The Woodlands Town Center, which encompasses a wide array of dining, retail and entertainment options.
Senior Director Rick Goings along with Managing Directors Marty Hogan and Kevin McConn led the JLL team that facilitated the deal. Goings stated in prepared remarks that despite economic headwinds, assets located in strong submarkets still generate investor interest. A recent CommercialEdge report shows that nationally, office transactions amounted to $9.4 billion year-over-year through April. Houston ranked as the sixth metro by volume, at $466 million.
The post Gemini Rosemont Sells Houston-Area Office Portfolio appeared first on Commercial Property Executive.
The two buildings total 153,294 square feet.
The post Gemini Rosemont Sells Houston-Area Office 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.
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
The two buildings total 153,294 square feet.
The post Gemini Rosemont Sells Houston-Area Office 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.
ShopOne Enters Massachusetts With Retail Center Buy – What is a Ground Lease?
ShopOne Enters Massachusetts With Retail Center Buy – What is a Ground Lease?
Investment, News, Northeast, Retail, ShopOne Centers REIT Inc
A joint venture between ShopOne, Pantheon and an undisclosed institutional investor has acquired Heritage Park Plaza, a 117,337-square-foot shopping center in East Longmeadow, Mass., a suburb of Springfield. The asset last traded in 2013, when KPR acquired it for $27.3 million, according to CommercialEdge data.
Completed in 1974, the property comprises two buildings on a 13.2-acre site and is anchored by a Stop & Shop. Other tenants include Petco, Dollar Tree, 99 Restaurant and Pub, Pure Barre and Panera. At the time of the purchase the shopping center was 98 percent occupied.
Located at 406 N. Main St., the property is some 4 miles from Springfield. It is also close to Interstate 91, which connects with interstates 291 and 90, and 10 miles north of the Connecticut border. In a 5-mile radius of the shopping center, 202,300 people reside with an average household income of $88,500, according to ShopOne.
ShopOne CIO Chris Reed stated in prepared remarks that the company plans on continuing to acquire assets in New England, as well as in other markets that demonstrate similar fundamentals. Heritage Park Plaza is the 12th grocery-anchored retail center the joint venture has purchased since March 2022. Recently, the partners added Bethesda Walk to their portfolio, a Walmart-anchored property in Atlanta.
The post ShopOne Enters Massachusetts With Retail Center Buy appeared first on Commercial Property Executive.
The property last traded in 2013 for $27.3 million.
The post ShopOne Enters Massachusetts With Retail Center Buy 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 property last traded in 2013 for $27.3 million.
The post ShopOne Enters Massachusetts With Retail Center Buy 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.
Davis Expands Minneapolis MOB Portfolio – What is a Ground Lease?
Davis Expands Minneapolis MOB Portfolio – What is a Ground Lease?
Development, Health Care, Medical Office, Midwest, Minneapolis-St Paul, News, Davis Healthcare Real Estate
Davis Healthcare Real Estate has completed Maple Grove Specialty Center, a 44,000-square-foot medical office building in Maple Grove, Minn. The Class A property is fully leased.
Timco Construction acted as general contractor, while Minneapolis-based Architecture Studio was project architect. Davis provides property management and leasing services.
Davis first announced the development of the health-care facility in June 2021. The project broke ground two months later. The two-story building sits on 4.2 acres on the southern end of the 8.1-acre site. The remaining acreage will be used for future retail and office space on the northern side of the property.
The property is close to the intersection of Highway 610 and Maple Grove Parkway at 105th Ave. and Niagara Lane, 20 miles from downtown Minneapolis. The medical facility is anchored by MNGI Digestive, which occupies the second floor, while Minnesota Oncology leases the entire first floor of the property. Other medical service providers in the surrounding area include North Memorial Health Clinic, Grove Circle Medical and Allina Health Maple Grove Clinic, among others.
Davis Healthcare Real Estate has completed 36 Class A medical office buildings, with combined development costs of those properties exceeding $444 million. The company has completed 57 investment transactions totaling $726 million. In the last two years, Davis expanded its Minneapolis portfolio with the acquisition of a 42,467-square-foot facility in Woodbury, Minn., and opened Xchange Medical, a 78,000-square-foot medical center in St. Louis Park, Minn.
The post Davis Expands Minneapolis MOB Portfolio appeared first on Commercial Property Executive.
The 44,000-square-foot facility is fully occupied.
The post Davis Expands Minneapolis MOB 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 44,000-square-foot facility is fully occupied.
The post Davis Expands Minneapolis MOB 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.
Dermatology Specialists Doubles Long Island City Office Footprint – Robert Khodadadian
The Dermatology Specialists’ offices in Long Island City, Queens, got quite the facelift. The skin care chain inked a seven-year lease to tack on 5,152 square feet on the first floor of 10-27 46th Avenue, doubling its footprint to 10,351 …
Aria Acquires Arlington Building Entitled for Future Apartments – Robert Khodadadian
Aria Development Group has acquired a commercial building in Arlington, Va., for $11.2 million, an almost 50 percent discount from its last sale, Commercial Observer has learned. The five-story property at 4420 Fairfax Drive is already entitled for a 23-story …
Steven Oved Buys Boutique South Beach Hotel for $15M – Robert Khodadadian
The boutique Greenview Hotel in Miami Beach, Fla., has traded for $15 million. An entity tied to investor Steven Oved was the buyer of the 45-key hotel at 1671 Washington Avenue, just north of Lincoln Road. The hotel was built …
WeWork CFO to Depart as Coworking Giant Loses Another Exec – Robert Khodadadian
WeWork Chief Financial Officer Andre Fernandez is quitting after only one year on the job, the second C-suite executive at the coworking firm to hand in a resignation this month. Fernandez’s resignation as of June 1 comes less than two …
Brookfield Fund Hands EY Plaza in Downtown LA to Special Receiver – Robert Khodadadian
The owner of Downtown Los Angeles’ EY Plaza has handed the keys to the 41-story office tower over to a special receiver. The move came after news broke that the landlord, a Brookfield-managed fund, missed payments on $275 million in …
Foxtrot, Maman and Tour Boat Firm Sign On at DC’s The Yards – Robert Khodadadian
Five retailers have signed on for Phase II of The Yards, the largest waterfront development in the Washington, D.C., region being developed by Brookfield Properties. New tenants include female-owned local plant shop Jungle & Loom, upscale corner store Foxtrot, two …
National Academy of Design Signs 8K-SF Lease at 519 West 26th Street – Robert Khodadadian
The National Academy of Design is relocating its offices and gallery to 7,815 square feet at 521 West 26th Street in Chelsea. The nearly two-century-old society for artists and architects signed a seven-year lease for the new space in the …
Serendipity Labs Expands Nashville-Area Footprint – What is a Ground Lease?
Serendipity Labs Expands Nashville-Area Footprint – What is a Ground Lease?
Brokerage, Nashville – Knoxville, News, Office, Southeast, Coworking, Serendipity Labs Coworking, The Brookdale Group
New York-based flexible office provider Serendipity Labs will open a 33,000-square-foot coworking space in Brentwood, Tenn., a suburb of Nashville. The firm will occupy the third floor at one of the four buildings within the Creekside Office Park. The campus is part of the larger Maryland Farms mixed-use community, owned by The Brookdale Group.
The flex office location will encompass dedicated private offices, team private offices for groups of up to 10 people, as well as team suites for up to 100 people, board rooms, visual studios and accommodation for corporate events. On-site amenities comprise full-service hospitality staff, complimentary fruit and drinks, as well as quiet and wellness rooms. Tenants will also have access to building facilities including a fitness center, café and tenant lounge.
Located at 8 Cadillac Drive, the 129,000-square-foot building is just off Highway 254 and close to Interstate 65, while downtown Nashville is roughly 11 miles north. This is Serendipity’s second location in Nashville, after entering the market in September with a lease in the metro’s downtown.
Coworking space represents 2.4 percent of the total rentable office space in metro Nashville, according to a recent CommercialEdge market update. The data provider identified 69 locations totaling 629,000 square feet of confirmed space and 1.4 million square feet of allocated space.
The post Serendipity Labs Expands Nashville-Area Footprint appeared first on Commercial Property Executive.
This is the coworking provider’s second location in the metro.
The post Serendipity Labs Expands Nashville-Area Footprint 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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This is the coworking provider’s second location in the metro.
The post Serendipity Labs Expands Nashville-Area Footprint 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.
Sterling Bay, Harrison Street Land $265M Life Sciences Construction Loan – Robert Khodadadian
Development firm Sterling Bay and its partner, prominent alternative investor Harrison Street, are adding another major life sciences project to the industry’s growing hub in San Diego. The joint venture on Wednesday announced a $265 million construction loan from Bank …
NexCore Group Breaks Ground on Dallas-Area MOB – What is a Ground Lease?
NexCore Group Breaks Ground on Dallas-Area MOB – What is a Ground Lease?
Dallas, Development, Medical Office, News, Southwest, Hill & Wilkinson, NexCore Group, Page Southerland Page Inc.
Groundbreaking ceremony for Hunt Regional Healthcare Medical Office Building. Image courtesy of NexCore Group
NexCore Group, on behalf of Hunt County Regional Hospital, has broken ground on the Hunt Regional Healthcare Medical Office Building, a 70,000-square-foot facility in Royse City, Texas. The development team includes Hill & Wilkinson General Contractors and architecture firm Page Southerland Page. Delivery is expected in the fall of 2024.
In April, the City awarded a $925,000 cash incentive to NexCore Group for the development of the property. The project involves a $20 million capital investment.
Upon completion, the property will be home to an emergency facility, as well as to specialty practices including women’s care and orthopedics. Medical services provided will include diagnostic imaging, laboratory services and primary care.
The health-care facility is taking shape at the intersection of Interstate 30 and Shaw Road, some 30 miles from downtown Dallas. Other medical providers in the surrounding area include Royse City Dental Care, Royse City Emergency Hospital, Texas Health Family Care and Hunt Regional Family Medicine, among others.
NexCore Group currently has four other projects, located in Indiana, Colorado, Nevada and Arizona, in its development pipeline. The medical office buildings have a completion date set for the last quarters of 2023 and 2024.
Another medical office building broke ground near Dallas earlier this year. Caddis Healthcare Real Estate kicked off the construction of a 60,000-square-foot facility in Frisco, Texas.
The post NexCore Group Breaks Ground on Dallas-Area MOB appeared first on Commercial Property Executive.
The facility will come online in late 2024.
The post NexCore Group Breaks Ground on Dallas-Area MOB 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 facility will come online in late 2024.
The post NexCore Group Breaks Ground on Dallas-Area MOB 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.
Dallas’ Chase Tower to Get Multimillion-Dollar Overhaul – What is a Ground Lease?
Dallas’ Chase Tower to Get Multimillion-Dollar Overhaul – What is a Ground Lease?
Dallas, News, Office, Southwest, CBRE, Fortis Property Group, Starwood Capital Group, Stream Realty Partners
Fortis Property Group has revealed plans for a multimillion-dollar renovation of the 55-story Chase Tower in downtown Dallas. The iconic Class A skyscraper will be rebranded as the Dallas Arts Tower.
The landlord chose the new name in collaboration with leasing broker Stream Realty Partners. Stream’s Executive Vice President & Partner J.J. Leonard and Managing Director Matt Wieser serve as the office leasing agents for the 1.3 million-square-foot office building.
The property will feature an enhanced lobby, a new art gallery, a Milkshake Concepts cafe and The Rotunda, a Greek restaurant. Construction is scheduled to commence this summer, with an estimated completion date in early 2024. ENTOS Design is collaborating with restaurant architect 75 Degree Design Studio to carry out the enhancements in the common areas.
CBRE Senior Vice President Jack Gosnell, along with Vice President Elizabeth Herman Fulton and Associate Marissa Stave, facilitated the lease negotiations for Milkshake Concepts on behalf of Fortis and are spearheading the retail leasing efforts for Dallas Arts Tower.
READ ALSO: Today’s Most-Desired Office Amenities
The building features various speculative suites and has up to 200,000 square feet of contiguous office space ready for lease. Savills, Hines, Deloitte, GreenbergTraurig and J.P. Morgan are among the existing tenants at the property, CommercialEdge reveals.
Designed by architect Richard Keating and completed in 1985, the office tower received a full renovation in 2015, the same data provider shows. Fortis picked up the asset back in 2016 for $285 million, according to the same source. The property is also subject to a $188.1 million loan originated by Starwood Capital Group, set to mature in 2031.
A revitalized Dallas skyscraper
After Fortis took ownership, the skyscraper underwent numerous enhancements, including the introduction of a fresh motor court, water features, as well as the addition of a sky lounge and meeting center on the 40th floor, along with a modern fitness center.
An executive tenant conference center, a Starbucks coffee shop, a convenience store, on-site shoeshine service, a car wash facility and a sky bridge that connects to the Dallas Marriott Downtown and the DART Light Rail station are comprised within the property’s amenity package.
Located at 2200 Ross Ave. adjacent to the city’s Arts District, the office tower is nearby Dallas Downtown Historic District, as well as other dining, retail and entertainment destinations. Additionally, the Dallas/Fort Worth International Airport is some 18 miles from the property.
The Dallas-Fort Worth office market showcases resilience amidst economic headwinds
The Dallas-Fort Worth office market was strong in 2022, despite economic challenges, CommercialEdge data reveals. The metro showcased resilience, recording a 6.2 percent growth in office-using jobs year-over-year, the highest nationwide.
The Metroplex’s vacancy rate decreased from 17.9 percent in January to 16.6 percent in March, edging nearer the national average of 16.7 percent, according to the latest CommercialEdge national office report.
The post Dallas’ Chase Tower to Get Multimillion-Dollar Overhaul appeared first on Commercial Property Executive.
The 1.3 million-square-foot office building will be rebranded as Dallas Arts Tower.
The post Dallas’ Chase Tower to Get Multimillion-Dollar Overhaul 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 1.3 million-square-foot office building will be rebranded as Dallas Arts Tower.
The post Dallas’ Chase Tower to Get Multimillion-Dollar Overhaul 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.
Video: On the Red Carpet at CO’s Miami Executive Leadership Reception – Robert Khodadadian
They don’t call it the Magic City for nothing. Miami continues to attract investors, developers, lenders and big-name tenants like never before — and for very good reason. With that in mind, Commercial Observer held its inaugural Executive Leadership Reception …
Oaktree Secures Loan Extension for 48-Story Downtown LA Tower – What is a Ground Lease?
Oaktree Secures Loan Extension for 48-Story Downtown LA Tower – What is a Ground Lease?
Featured, Finance, Los Angeles, News, Office, West, AIG, CBRE, JLL, Oaktree Capital Management
Oaktree Capital Management has secured a loan extension at FourFortyFour South Flower, a 48-story, 914,000-square-foot office tower in downtown Los Angeles. The property is subject to a $258.8 million loan from AIG Insurance Co., now set to mature in 2026, according to CommercialEdge information.
The loan extension provides the opportunity to finance the implementation of new leases, spec suites and amenities within the building, according to the ownership, also enabling funding for future projects. Oaktree will invest in enhancing FourFortyFour, transforming it into a more sustainable building.
READ ALSO: Office Owners Face Financing Dilemma
Oaktree assumed ownership of the building after a UCC foreclosure in January. To handle the leasing process, the firm tapped a JLL team comprising Managing Directors Hayley Blockley, Josh Wrobel and Peter Hajimihalis. Additionally, CBRE was retained to oversee property management.
Since the acquisition, the owner secured leases for a total of 90,000 square feet. According to CommercialEdge, Esquire Depositions Solutions, PeopleSpace, Syska Hennessy Group, Project Management Advisors and Chelsea Management are among the tenants at the property.
An LA skyscraper achieving new sustainable heights
FourFortyFour South Flower is one of the early multi-tenant commercial office buildings in downtown L.A. to achieve Carbon Neutral status, said Blockley in a prepared statement. The building holds several certifications, including WELL-Building for Health and Safety, LEED Gold, Global Biorisk Advisory Council star rating, Energy Star Certification, a BOMA Earth Award, as well as UL’s Tier 2 and Tier 3 Healthy Building Verification for Indoor Environment.
Designed by AC Martin, the office tower came online in 1981 and underwent cosmetic renovations in 2011, CommercialEdge shows. The property features an open-air atrium and multiple levels of terraces. Additionally, three of the tenants have created indoor/outdoor balconies by carving out windows on the corner of Fifth and Flower.
Boosting workers’ return: amenity-rich properties in focus
Blockley also added that, amid the ongoing evolution of the downtown Los Angeles office market, leasing interest predominantly stems from companies specifically seeking amenity-rich properties meant to encourage the return to office of their workforce.
FourFortyFour South Flower encompasses a handful of on-site amenities including a fitness facility, a restaurant and a Starbucks, as well as a hair and nail salon, in addition to a shared conference and events center.
READ ALSO: A Closer Look at Tech Layoffs’ Impact on Office Leasing
The vacancy rate in Los Angeles stood at 14.4 percent by the end of April, according to a recent CommercialEdge report. When it comes to sales volume, Los Angeles emerged as the leader of the Western region, with deals totaling $629 million at an average price of $251 per square foot year-to-date through April.
The post Oaktree Secures Loan Extension for 48-Story Downtown LA Tower appeared first on Commercial Property Executive.
AIG Insurance Co. holds the $258.8 million loan.
The post Oaktree Secures Loan Extension for 48-Story Downtown LA Tower 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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AIG Insurance Co. holds the $258.8 million loan.
The post Oaktree Secures Loan Extension for 48-Story Downtown LA Tower 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.
LaPour Partners to Develop Denver-Area Industrial Park – What is a Ground Lease?
LaPour Partners to Develop Denver-Area Industrial Park – What is a Ground Lease?
Denver, Development, Industrial, News, West, Stream Realty Partners
Arista 36 aerial rendering. Image by Norris Design, courtesy of Stream Realty Partners
LaPour Partners is one step closer to starting construction on Arista 36, a 359,800-square-foot industrial park in Broomfield, Colo. The developer has received the City Council’s approval for the development of the three-building project located on a 29.2-acre lot in the Northwest submarket. Groundbreaking is set for September of this year, with completion anticipated in 2025.
Arista 36 will come online at 11210-11250 Wadsworth Parkway. The three facilities, ranging from 75,600 to 150,000 square feet, will feature 28-foot clear heights and a total of 104 dock-high doors and 12 drive-in doors. Amenities will include 48 electric vehicle charging stations, bike racks, walking and biking trails and two community gathering areas with seating.
READ ALSO: How Debt Costs Will Affect Industrial Demand This Year
All buildings will cater to different uses such as manufacturing, distribution, life sciences, research and development and assembly. A 185-foot truck court will be shared between Building One and Building Two. Stream Realty Partners’ Tyler Reed, executive managing director, Peter Beugg, managing director, Dominic DiOrio, executive vice president, and Buzz Miller, senior associate, will serve as Arista 36’s leasing brokers.
Interstate 25 and the Northwest Parkway connect Arista 36 to major transportation routes leading to Denver and the Denver International Airport. The Rocky Mountain Metropolitan Airport is less than 3 miles away, while the nearby RTD Broomfield Station offers easy commuting. Brands including Google, Honeywell, Ball Corp., Lockheed Martin, Cisco, Century Link and Oracle are in proximity to the property.
A glimpse into the Denver industrial scene
Some 12.7 million square feet of industrial space were under construction in metro Denver at the end of March, representing 5.1 percent of total stock, according to a recent CommercialEdge report. However, the metro’s vacancy rate of 7.2 percent was nearly double the one recorded on a national level (3.9 percent).
One of the current developments will total 1.2 million square feet at full build-out. Trammell Crow and Clarion Partners completed the 571,000-square-foot first phase of the Commerce City, Colo., project in March.
In Denver’s North Central submarket an industrial asset recently traded hands for $39.6 million. At the time of the project’s completion it beat the record for the fastest lease-up of a speculative development in Central Denver.
The post LaPour Partners to Develop Denver-Area Industrial Park appeared first on Commercial Property Executive.
Completion is expected in early 2025.
The post LaPour Partners to Develop Denver-Area 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.
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
Completion is expected in early 2025.
The post LaPour Partners to Develop Denver-Area 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.
How Evolving Entertainment Concepts Impact Retail – What is a Ground Lease?
How Evolving Entertainment Concepts Impact Retail – What is a Ground Lease?
Development, Featured, National, News, Retail, JLL
A broadening variety of retail entertainment concepts beckons consumers—and therefore operators, developers and investors, too—but even though entertainment spending is growing, numerous obstacles need to be navigated, according to a new report from JLL.
“Consumers want fun experiences,” the report says, “and entertainment concepts plan to open new locations to give them what they want.”
The dollars are there, JLL makes clear. In the fourth quarter of last year, spending on dining out in the U.S. jumped by 13.7 percent year-over-year, while spending at amusement parks and arcades surged by 20.6 percent year-over-year.
READ ALSO: Retail Leasing Trends to Watch
The most popular category, “eatertainment,” features food, drink and multiple games in one venue and is expected to see the highest number of new locations. Dave & Busters, for example, is among the legacy brands. Promising new concepts include Andretti Karting & Games, Fat Cats and EVO Entertainment.
The categories of Virtual Reality (VR) and “Competitive Socializing,” a single game along with food and drink, are estimated to have the second and third most openings planned. Brands to watch are Immersive Gamebox, Sandbox VR and Zero Latency VR, and Puttshack, Chicken N Pickle, X-Golf and Flight Club, respectively.
Over 9.1 million square feet of entertainment planned for U.S. and Canada. Chart courtesy of JLL Research
Many of these concepts need substantial space, and JLL has identified 9.1 million square feet of new entertainment space scheduled to open in the U.S. and Canada over the next two years.
Economic obstacles
So that’s the sizable potential, but there are also hurdles.
Those larger spaces that many concepts need are costly to build, assuming the raw space can be found. JLL cautions that the biggest obstacle in negotiations between landlords and tenants is the amount of money the landlord needs to contribute in upfront construction dollars, while tenant improvement allowances for an expensive concept could cost as much as $400 per square foot.
Higher upfront construction costs naturally lead to higher rents over the lease term, typically 10 to 15 years. In an environment of rising interest rates, this therefore favors landlords and tenants that can avoid borrowing.
In brief, JLL says, landlords want a proven concept led by a strong team and/or backed by a solid business plan, a creditworthy tenant (Puttshack got $150 million in growth capital from BlackRock last year), a tenant that fits within a project’s overall vision, and the potential for repeated visits to the tenant.
The post How Evolving Entertainment Concepts Impact Retail appeared first on Commercial Property Executive.
More than 9 million square feet of new space is scheduled to open in the U.S. and Canada over the next two years, the latest JLL report finds.
The post How Evolving Entertainment Concepts Impact Retail 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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More than 9 million square feet of new space is scheduled to open in the U.S. and Canada over the next two years, the latest JLL report finds.
The post How Evolving Entertainment Concepts Impact Retail 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.
DivcoWest Pays $86M for San Diego Life Science Asset – What is a Ground Lease?
DivcoWest Pays $86M for San Diego Life Science Asset – What is a Ground Lease?
Featured, Investment, News, Office, San Diego, West, Alexandria Real Estate Equities Inc., DivcoWest, Eastdil Secured
DivcoWest has expanded its San Diego and life science portfolio with the acquisition of 11119 N. Torrey Pines Road, a 72,506-square-foot Class A laboratory building in the Torrey Pines research cluster, for $86 million from Alexandria Real Estate Equities Inc.
Alexandria acquired the 4.4-acre property in 2007 for $42.6 million and redeveloped the standalone building. The building is leased by the California Institute of Biomedical Research, a division of Scripps Research. Calibr has occupied the asset since 2012 and focuses on drug discovery and development for a wide range of human diseases, including cancer.
Gregg Walker, president of DivcoWest Real Estate Asset Management, said in a prepared statement the acquisition presented a rare opportunity to acquire a purpose-built lab in Torrey Pines below replacement costs and secured by credit tenancy. Walker said Torrey Pines is a strong-performing and highly sought-after submarket with long-term upside due to natural supply constraints.
READ ALSO: VC Investment in Life Science Sector Is Healthy, But Slowing
Torrey Pines is consistently viewed as one of the top life science submarkets in the country and has the highest average asking rents and lowest direct vacancy in San Diego. The acquisition is the first made by a private real estate investor since 2000 and is one of only three research properties in the market not owned by a public REIT, nonprofit or owner/user. The property was marketed to a limited group of qualified buyers by Eastdil Secured.
The LEED Gold-certified lab building was built in 1990 and completely renovated in 2012. The building has on-site showers and lockers rooms as well as conference rooms and a fitness center. It is situated across from the coastal cliffs overlooking the Pacific Ocean and the Torrey Pines Golf Course, which has hosted the U.S. Open as well as other professional golf tournaments. It is a seven-minute drive from UC San Diego’s North Campus and close to several world-renowned research institutes including Scripps Research, the Scripps Institute of Oceanography, the Salk Institute for Biological Studies and Sanford Burnham Prebys.
Walker said the asset complements DivcoWest’s existing local and national life science portfolio. The San Francisco-based company, which has six other offices in the U.S., including Cambridge, Mass., has acquired approximately 59 million square feet of commercial space in the office, R&D, lab, industrial, retail and multifamily sectors.
In November, DivcoWest topped off 441 Morgan Ave., the company’s fifth life science building within its Cambridge Crossing mixed-use development. The 375,000-square-foot lab property will have 12 stories, including two penthouse floors. The company has already completed 1.9 million square feet of the 4.5 million-square-foot development that will encompass 43 acres and feature commercial, residential, retail and dining space. Current tenants include Bristol Myers Squibb, Phillips, Sanofi and Cerevel Therapeutics.
Alexandria reinvestments
Alexandria stated in its announcement the sale is an example of its value harvesting and asset recycling strategy. The REIT capitalizes on the strong private market valuations by sourcing significant equity-type capital for reinvestment into value-add development and redevelopment projects. As of March 31, Alexandria’s highly leased pipeline of 6.7 million square feet of current and near-term projects is expected to generate more than $610 million of annual incremental net operating income through early 2026.
Peter Moglia, Alexandria CEO & co-chief investment officer, said in prepared remarks the stand-alone asset, no longer fits with the REIT’s focus on aggregating its highly sought-after mega campuses. He said the scarcity of high-quality life science assets combined with the performance of the company’s properties creates strong demand for investment opportunities. Moglia added the sale underscores Alexandria’s ability to monetize its investments at significant profit margins even in challenging times.
Alexandria is targeting $1.5 billion in dispositions and sales of partial interests this year. To date, approximately $865 million in transactions have been completed or are subject to letters of intent and sales agreements. As of March, the REIT had a total market capitalization of $33 billion and 75.6 million square feet of space in North America, including 41.9 million rentable square feet of operating properties, 9.7 million rentable square feet of space of near-term and intermediate-term development and redevelopment projects and 18.5 million square feet of future development projects. The company focuses on life science, agtech and advanced technology campuses in major U.S. innovation clusters including San Diego, Greater Boston, San Francisco Bay Area, New York City, Seattle, Maryland and the Research Triangle in North Carolina.
The post DivcoWest Pays $86M for San Diego Life Science Asset appeared first on Commercial Property Executive.
The California Institute of Biomedical Research fully occupies the property.
The post DivcoWest Pays $86M for San Diego Life Science Asset 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
The California Institute of Biomedical Research fully occupies the property.
The post DivcoWest Pays $86M for San Diego Life Science Asset 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.
Blue Vista JV Buys 56-Acre Industrial Property – What is a Ground Lease?
Blue Vista JV Buys 56-Acre Industrial Property – What is a Ground Lease?
Industrial, Investment, News, Southeast, Blue Vista Capital Management, IP Capital Partners, Schaeffler Group
A joint venture between Blue Vista Capital Management and IP Capital Partners has acquired a 56-acre industrial site in Spartanburg, S.C., which consists of a 201,718-square-foot manufacturing and warehouse building and 31 acres of land. The previous owner was Schaeffler Group, according to CommercialEdge data.
Completed in 1975, the building is located at 1298 New Cut Road. It features four dock high doors, three drive-in doors, multiple points of ingress and egress and two transformers offering 8,000 amps of power at 480 volts, along with 300 parking spaces. The property is also fully air conditioned.
Situated close to interstates 85 and 26, and within accessible range of Interstate 585, the property is some 16 miles from Greenville-Spartanburg International Airport and 15 miles from Inland Port Greer. It is also roughly 70 miles from Charlotte Douglas International Airport and less than 8 miles from Spartanburg Downtown Airport.
Blue Vista Managing Principal & Co-Head of Equity Brandon Goetzman stated in prepared remarks that there is significant demand for mid-sized industrial space in the South Carolina Upstate region. Nationally, demand for industrial assets remains healthy, but is not immune to economic crosswinds. The 65 million square feet absorbed in the first quarter of 2023 still represents a 40 percent drop from 2022’s last quarter, a Newmark report shows.
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The site includes a 201,718-square-foot building and 31 acres of undeveloped land.
The post Blue Vista JV Buys 56-Acre Industrial Property 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 site includes a 201,718-square-foot building and 31 acres of undeveloped land.
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