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Despite a lull in US retail as a whole, opportunities in secondary markets especially in the Bay Area are evident as reduced investor demand has increased yields and low cost capital is still readily available.
"This strategically-located tract presents a tremendous opportunity to continue our e-commerce and industrial building program in the Mid-Atlantic region."
The company “took a hard look at workplace strategy and committed to providing the type of live/work/play environments that appeal not only to current employees but those who will join the company as it continues to expand,” Cushman & Wakefield's Warren Searles says.
The firm, which is also engaged in the exhibitions and events business, signed a 10-year 59,613-square-foot lease covering three full floors at the 1.1 million Class A office tower owned by Fisher Brothers.
Legacy at Spring Creek will feature up to 100,000 square feet of retail space, three office buildings of eight to 10 floors each (up to 2 million square feet overall) and a boutique hotel, according to Provident.
Ken Loeber and Terry Rennaker, who has also joined the firm, previously were founding principals of Eagle Rock Partners, a specialty project management firm.
With up to 30% price differentials between class-A and class-B space and conversions and renovations being better suited to those smaller buildings, it's not surprising that absorption is greater in that space, PMRG's Oliver Fleener tells GlobeSt.com.