![]() A business park in Boulder encompassing nearly two dozen buildings has changed hands, representing one of the largest transactions of its kind in the state. The San Diego-based BioMed Realty, a real estate investment trust company, has acquired Boulder’s Flatiron Business Park, located at 2545 Central Avenue, for around $625 million. That master-planned park, located on the east side of Boulder, takes in 1 million square feet with a series of attractively designed, high-tech structures located in a walkable community setting. Since its launch more than four decades ago the park has attracted any number of life science and technology firms and is currently around 90% leased. A press release issued by BioMed Realty said that by acquiring the park, the company will have a “unique opportunity to expand its portfolio beyond its existing core markets and invest in the vibrant, growing, talent-rich community of Boulder.” Jon Bergschneider, president of BioMed’s West coast markets, said the company plans to eventually invest upwards of $200 million in the Flatirons park. The Flatirons acquisition will be added to a BioMed portfolio that includes nearly 14 million square feet of lab and office real estate in both the U.S. and United Kingdom. By Garry Boulard
0 Comments
![]() Six of the country’s ten largest emerging industrial property markets are in the West, according to a new report released by the commercial real estate services giant Colliers International Group. Those markets have been bolstered by a confluence of factors, including overall net absorption, decreasing vacancy rates, what’s in the construction pipeline, and rental rates. The Colliers report, 10 Emerging U.S. Industrial Markets to Watch in 2022, notes that the country’s industrial real estate market “shattered records in 2021 and closed the year with record gains in occupancy, rental rates, and construction activity.” Providing more evidence that the country has entered a post-pandemic economy, the report notes that “core markets across the country have thrived during this time, building and absorbing millions of square feet of industrial real estate.” While the report nonetheless forecasts what it calls a coming cooling off period, it is quick to add that “significant opportunities remain for both investors and occupiers of industrial space.” Spurring the boom has been the Covid 19-related surge in e-commerce, requiring new warehouse space, as well as a trend towards speculative development. The Western half dozen largest markets identified in the Colliers report: Austin, with 2.7 million square feet of industrial space currently under construction; Las Vegas, at 6 million square feet of new built space; and the Reno-Sparks metro area, with 5.8 million square feet in construction. Sacramento, California is seeing 3 million square feet built; Salt Lake City, breaking records with 13.2 million square feet; and the Stockton/Central Valley region with 5 million square feet. The top ten growth markets appeared to share certain characteristics: they are enjoying a population boom, and have readily available port, highway, and rail intermodal facilities. The four remaining locations on Colliers top ten list were all located in the South: Charleston, South Carolina; the Greenville-Spartanburg, South Carolina metro area; Norfolk, Virginia; and Savannah, Georgia. By Garry Boulard ![]() A high-end apartment complex on the northwest side of Albuquerque may soon see some upgrading because of its acquisition by a Beverly Hills, California-based real estate investment company. The San Miguel Del Bosque complex, located at 9180 Coors Boulevard NW, was built in 2007 and is made up of 39 separate buildings. Altogether, the complex comprises 365 one, two, and three-bedroom units, ranging in size from 726 square feet to just over 1,200 square feet. The Kennedy Wilson company has purchased the Coors Boulevard complex as part of a just-announced three-property acquisition that includes similar-sized complexes in Las Vegas, Nevada, and Scottsdale, Arizona. According to a news release, the company plans to spend upwards of $19 million updating the three complexes, which could mean that the Albuquerque property will see at least $6 million in new work. La Privada complex, located at 10255 East Via Linda Road in northwest Scottsdale, like the San Miguel Del Bosque complex, caters to a higher-end tenant base. Built in 1985, the Scottsdale complex is made up of 404 one-, two-, and three-bedroom units. Those units measure anywhere from 715 square feet to 1,200 square feet. Kennedy Wilson, with properties primarily along the West coast, says that it will renovate upwards of 65% and more of the units at both the Albuquerque, Las Vegas, and Scottsdale properties, as well as “refreshing common areas and enhancing amenities.” Founded in 1977, Kennedy Wilson currently owns more than 37,000 apartment units nationally. Two years ago, the company approved a $63 million loan for the creation of a multi-family development based in Boulder. The company has a net operating income of $434 million and saw its investments grow by just under $6 million during the final quarter of last year. By Garry Boulard ![]() Efforts are underway for the facility expansion of a high-tech company based in Arlington, Virginia that wants to build out its site in Albuquerque. Specializing in national security and modern warfare research, the BlueHalo company has made its Albuquerque home in a 43,000 square foot space at the Sandia Research Park off of Eubank Boulevard. Last summer the company announced plans to build a 200,000 square foot innovation, research, and manufacturing plant at 10800 Gibson Boulevard. The project was reported to have a $60 million price tag. BlueHalo secured some $2.2 million in Local Economic Development Act funding from the New Mexico Department of Economic Development, as well as an additional $250,000 in LEDA funding from the City of Albuquerque. Upon the announcement of the state funding, New Mexico Governor Michelle Lujan Grisham said BlueHalo “represents an excellent investment in our ongoing efforts to diversify and accelerate our economy.” Now the company is seeking additional financial support from Albuquerque for its expansion efforts. According to city documents, the company is hoping to secure a $16 million industrial revenue bond, as well as additional incentives through LEDA. Work on BlueHalo’s Gibson Boulevard facility is expected to include the building of space for a control room and robotic testing. BlueHalo particularly focuses on the development of next generation capability in the areas of cyber intelligence, missile defense, and space superiority. The company was formed in the fall of 2020. By Garry Boulard ![]() In what is being described by financial experts and economists as a surprising development, the nation’s Gross Domestic Product dropped by 1.4% in the first three months of this year. That decline is even more unexpected given that during the final quarter of last year, the GDP was up by a healthy just under 7%. In a released report, the Bureau of Economic Analysis primarily attributed the GDP decline to decreases in exports and private inventory investments. The trend of the numbers was also buttressed by a surge in imported goods. The GDP is a monetary measure of the market value of all services and goods during a defined period. It is regarded as a useful metric for measuring the country’s economic progress. Before the Covid-19 outbreak in early 2020, the nation’s GDP had been enjoying a steady yearly increase between 2011 and 2019 of anywhere from 1.5% to 2.9%. In 2020, it dropped by a precipitous 3.4%, its largest decrease in three decades. But the overall 2021 GDP increase of 5.7%, showing a recovery as the nation moved to a post-pandemic economy, was the greatest recorded increase in 30 years. The BEA said the decline in private inventory investment during the first three months of this year was joined by decreases in wholesale trade, primarily with motor vehicle sales. But it also pointed to another factor that may surprise analysts in the wake of the massive Infrastructure Investment and Jobs Act: a decline in federal spending. That decline, said the BEA, “primarily reflected a decrease in defense spending on intermediate goods and services.” Despite the downward trend, many analysts say the overall 2022 picture remains promising. The latest data, says the Washington Post, “masked some signs of strength, like consumer spending.” Contends the Wall Street Journal: “The U.S. economy shrank in the first quarter as supply disruptions weighed on output, but underlying strength in consumer and business spending suggested growth will soon resume.” “The first GDP contraction since the recession ended is sure to ignite fears that the economy is stalling out,” Lydia Boussour, a senior analyst at Oxford Economics, wrote in the wake of the BEA report. But Boussour argued that “beneath the weak headline print, the details of the report point to an economy with solid underlying strength and that demonstrated resilience in the face of Omicron, lingering supply constraints, and high inflation.” In a statement from the White House, President Biden contended that the most recent GDP performance was “affected by technical factors,” but added that the overall economy “continues to be resilient in the face of historic challenges.” “Last quarter, consumer spending, business investment, and residential investment increased at strong rates,” Biden remarked. By Garry Boulard ![]() Three one-story commercial structures near the U.S.-Mexico border are on the market with a combined asking price of just under $748,000. The properties, located in the city’s historic Chihuahuita neighborhood, are located between 813 and 821 S. Stanton and were built in the late 1940s. Perhaps the most visible of the structures is the one located at 821 Stanton and housing an outlet for the popular HKG Duty Free, a store offering a wide variety of electronics and household goods and serving customers daily crossing the border into Mexico. The store spaces at 813 and 817 S. Stanton are currently vacant. Altogether, the three stores comprise around 8,300 square feet and are in a designated Opportunity Zone. Listed with Team Juan Uribe Real Estate Services of El Paso, the stores sit on a less than half-acre site. In recent years the 813 S. Stanton Street store housed the Tina’s Fashion outlet, while the 817 S. Stanton property was formerly the home to the Casa Diamante jewelers. By Garry Boulard |
Get stories like these right to your inbox.
|