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For multifamily developers, the addition of short-term rentals gives them the ability to incorporate an entirely new tenant into their planning and modeling, mitigating risks associated with vacancy.
The Greenleaf Center Portfolio consists of 13 medical office buildings clustered around a high traffic intersection within the Chicago metropolitan area. The buildings total 197,385 rentable square feet and were 93% leased at the time of sale.
TCS officials note that Miami is one of the nation's strongest industrial markets with low single-digit vacancy and demand concentrated in the Medley, Hialeah, and Miami Airport submarkets.
KHP will continue to acquire hotels that can benefit from enhanced branding and management, renovation and reposition hotels in need of capital, and adaptive reuse of historic buildings.
Columbia Property Trust completed a significant repositioning of the campus in advance of the sale. Those efforts helped drive 460,000 square feet of leasing at the property since early 2017, replacing the original anchor tenant with no downtime and returning the full property to 100% leased.
Habitat Group broke ground on Smart Brickell Tower 1 on March 29 and expects delivery in the first quarter of 2021. Vanegas says the firm hopes to begin construction in the third quarter of this year on Smart Brickell Tower 2 and deliver that project sometime in 2021.
Windsor Commons at the time of purchase was 98.2% leased. Its tenant roster also includes Starbucks, Massage Green Spa, Great Expressions Dental, Peterbrooke Chocolatier, Tropical Smoothie Café and Hair Cuttery.
The 28,890-square-foot deal, announced by commercial brokerage firm Avison Young, is the first lease transaction signed at the more than 330,000-square-foot complex.