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HSA Commercial has acquired a 68-acre land parcel at Wilmot Road and 136th Avenue in Bristol, near I-94 and the Wisconsin-Illinois border. The firm has already received approval to develop a multi-phase business park on the parcel consisting of three buildings totaling more than 1 million square feet.
The New Jersey office market experienced a 120-basis point drop in the vacancy rate, going from 14.3% in the fourth quarter of 2018 to 13.1% at the end of the fourth quarter of 2019, according to a report released by Avison Young.
While not coming out and predicting a recession in 2020, Heil did say, "We are not going to be seeing as much economic growth as in 2019, both nationally and regionally."
Hotelier Sam Chang has acquired an assemblage of development parcels with varying air rights and sizes at 148-166 West 48th St., formerly referred to as 150 West 48th St, in Midtown Manhattan.
It is where many young people also move for innovative and creative jobs, affordable living and an outdoor, active lifestyle; specifically, Oregon had the sixth fastest US growth for 25- to 39-year-olds.
There is a percentage limit imposed on annual rent increases (capped at 5% of the gross rental rate plus cost of living not to exceed 10%) and a just cause requirement for terminating tenants who've rented 12 months or more.