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A $128.3 million loan has been secured for the development by JLL, working on behalf of the developer, Kaizen Development Partners, to secure the five-year floating-rate construction loan.
The $1 billion 150-acre development accounts for nearly half of the total office space in Hidden Ridge, which includes roughly 3 million square feet of office as well as multifamily and retail space.
A Capital One survey found that urban professionals have higher expectations that employers will provide resources to support mental health and well-being, which includes thoughtful office design.
The properties in the portfolio have an average vintage of 2004, boast low vacancy rates, and offer affordable options for renters in attractive Texas and Florida markets, Starwood Capital states.
McCarthy Holdings selected Raymond J. Sedey as the firm's next chief executive officer effective January 1, 2020, a position currently being held by Michael Bolen, who will continue as chairman of the board.
The $5.5-million sale for the 4,350-square-foot freestanding property features a 15-year triple-net lease with options to extend. The property was acquired by an affiliate of Bayrock Investment Co. of Charlotte, NC.
In response to the strength of the state economy and the firm's growth and momentum in key markets, JQ has formed four major market sector initiatives led by four veteran JQ leadership team members.
In Chicago, nearly half (47.9%) of that space is pre-leased. New York ranked as the top market, with 14.6 million square feet (21% pre-leased) followed by Washington, D.C. with 10.9 million square feet (61% pre-leased), and Dallas, with 7.8 million square feet (63.9% pre-leased).
The building features one-, two- and three-bedroom units range from 791 square feet to nearly 1,400 square feet with rents ranging from $1,115 to $1,698. The project is currently 93% occupied.
The Dallas MSA continues to have strong demand for the foreseeable future, most notably with its addition of more than 100,000 jobs during the past year and almost 75,000 new residents in the same period.