Author: Sarah

Chicago Ranks 4th-largest Medical Office Market in U.S. After Houston and Dallas

Posted on by Sarah

Medical office buildings (MOBs) have proven to be a resilient asset class, especially throughout COVID-19. This is because most of these users require in-person treatment, providing a stable user base for the asset class. But they’re a little more complicated to build and operate than traditional office space, causing an undersupply in many markets across the U.S.—excluding Chicago.

In fact, Chicago ranked the fourth-largest medical office market in the country, according to 42Floors’ Medical Office Building Decade Report. Using information provided by CRE research and listing platform CommercialEdge, 42Floors analyzed U.S. MOB construction activity between 2012 and 2021.

Boasting an inventory of over 400 MOBs, totaling nearly 30 million square feet, Chicago grew 18% during the decade (4.3 million square feet since 2012) and is only expected to grow.

42Floors has predicted that the next few years will see three large deliveries across three markets in the Midwest: Chicago, Madison, Wisc.; and Milwaukee. These buildings will collectively add about 1.5 million square feet of MOB space to the region.

Texas is also a state to watch. Houston and Dallas-Fort Worth ranked No. 2 and No. 3 on 42Floors’ list, respectively. Houston added 4.3 million square feet of space during the decade, growing 15% to its current total of 33.2 million square feet. And DFW saw similar growth, adding 4.6 million square feet and growing 16% since 2012 to its now 33-million-square-foot footprint, based on the report.

The current market is strong across the U.S, and healthcare rents continue to grow while companies work on the issue of undersupply. Healthcare is a continually evolving industry, and businesses must be willing to adapt in accordance with current trends and patient needs. For example, OHM Advisors Principal and Partner Jennifer Carney said, following the pandemic, there’s been a demand for telehealth rooms, where the doctor can virtually visit with a patient in the privacy of their home.

“Physicians can use their exam and patient rooms for virtual appointments,” she said, “but we’re seeing planning spaces for telehealth that are smaller in size and scope.”

Legend Communities Sets Nov 9th for The Square at Lohmans Groundbreaking

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Legend Communities’ The Square at Lohmans Will Marry Old-Fashioned Charm with Innovative Design to Create A True Gathering Place for
Lakeway Residents

Austin, Texas—November 2, 2022. Austin-based Legend Communities — a full-service developer of single-family residential, multi-family and commercial projects in Central Texas and California — today announced the groundbreaking ceremony for Phase I of The Square at Lohmans will take place Wednesday, November 9, 10:00a.m., at 1931 Lohmans Crossing in Lakeway.

“The Square at Lohmans will be a modern take on an old-fashioned concept,” said Legend Communities

Founder and CEO Haythem Dawlett. “Main streets and town squares have been around for hundreds of years. This project will combine the charm of those traditional features with the convenience and other advantages of modern design and energy efficiency. Plus, there will be plenty of outdoor gathering spaces to accommodate families and friends, including a park featuring an amphitheater, pavilion, public restrooms and splash pad.”

Legend Communities Chief Operating Officer Bill Hayes agreed. “The Square at Lohmans will have something for everyone — singles, young families, more mature families and downsizers. We are creating something Lakeway has never really had before — a central gathering place for all the people who live here. The combination of the road network we are building and the town square, I believe, will make this the most important project this city has ever seen.

The event will begin with brief remarks by Lakeway Mayor Tim Kilgore and Legend Communities executives Dawlett and Hayes, followed by the actual groundbreaking and refreshments. Attendees will be able to view site plans, conceptual drawings and elevation renderings.

This groundbreaking will be for Phase I of The Square at Lohmans, which will take approximately one year to complete. It will encompass the construction of Main Street, Lohmans Spur, 150 homes of various types and 210 age-restricted multi-family units.

Ultimately, The Square at Lohmans will be a mixed-use development including office, retail/restaurant, hotel, and residential components. Residential offerings will include single-family homes, attached and detached townhomes, age restricted multi-family units. Construction of the entire multi-phase development that will likely take place over a period of five years or more. Total build-out value will be approximately $500 million.

Carlson, Brigance & Doering Inc. is providing civil engineering services for The Square at Lohmans. Land planning, landscape architecture and commercial architecture is being provided by DTJ Design.

Berkadia Arranges Sale of Multifamily Community in West Houston

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Berkadia has arranged the sale of Oasis at Piney Point, a 318-unit, Class-A apartment community located near the Galleria and Westchase submarkets of Houston. Managing Director Jeffrey Skipworth, Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston represented the sellers, Marlin Spring of Toronto, Canada. A California-based buyer acquired the property for an undisclosed price.

Located at 9100 Westheimer Road, Oasis at Piney Point was completed in 2004 by Trammel Crow Residential and consists of three- and four-story garden-style buildings on a 10-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 727 square feet to 1,304 square feet, as well as two-bedroom townhome designs up to 1,412 square feet. Individual units feature nine-foot ceilings, eight-foot entry doors, chef-inspired kitchens with stainless steel appliances, double basin sinks, track lighting, walk-in closets, and patios or balconies. Upgraded units include such features as quartz or granite countertops, built-in bookshelves, plank flooring and premium low-pile carpet.

Community amenities include beautifully landscaped courtyards, a resort-style pool, an elegant clubhouse with Wi-Fi, a coffee/tea bar, a business center, a media/TV lounge with a gas fireplace, and a fully equipped fitness center. Reserved parking and storage units are available.

Oasis at Piney Point is located two miles from the Sam Houston Tollway, and four miles outside of Houston’s inner loop (610) in an affluent area surrounded by three million square feet of retail. The property is located 15 minutes from major employment areas like Galleria/Uptown and Westchase, and 30 minutes from Downtown Houston.

CheckSammy Headquarters Relocates to Addison

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Cushman & Wakefield announced the commercial real estate services firm has arranged a new 22,549-square-foot office lease at The Madison in Addison on behalf of CheckSammy, a sustainable waste removal and recycling solutions company. The full-floor space will serve as CheckSammy’s new North America headquarters location.

Travis Boothe, Hanna Henley, and Robbie Baty of Cushman & Wakefield represented CheckSammy in the lease negotiation. Chris Andler and Michael Foster represented the landlord, Property Advisers Realty, Inc.

CheckSammy offers waste removal, recycling and sustainability services throughout North America. CheckSammy utilizes data-centric proprietary technology and its nationwide network of haulers to tackle complex waste and recycling challenges in a fiscally and environmentally sustainable way. The company relocated their North American headquarters from Las Vegas to D-FW in 2021, and quickly grew from three local employees to over 90.

Located at 15851 Dallas Parkway, the Madison is featured within the Quorum/Bent Tree submarket. The Madison features a newly remodeled lobby, a 7,500-square-foot fitness center with brand new equipment, and locker rooms. The building also offers two large conference centers and on-site deli for the tenants. The open atrium design provides ample light throughout the building creating an inviting and bright environment for the tenants.

Westmount Realty Capital Sells Garden-style Apt Community in San Antonio

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Westmount Realty Capital announced the recent sale of Westmount at Cape Cod, an 11-building Class-B garden-style community located at 13030 Blanco Road on the corner intersection of Blanco Road and Wurzbach Parkway. Westmount has owned the property for six years and this year to date, achieved 14% growth on new leases with more than 6% growth on renewals.

Westmount at Cape Cod was built in 1984 and features 212 units, ranging from one- and two-bedrooms averaging 687 square feet. The community spans 145,680 square feet and features a fitness center, a two-tier saltwater swimming pool with spa and an outdoor kitchen. Residents have direct access to Salado Creek Greenway which has more than seven miles of hiking and multi-use trails that can be accessed from a gated entrance at the property. The property also has direct access to Phil Hardberger Park Conservancy, an urban oasis with over 311 acres of park and multi-use land and the Salado Creek Greenway.

Westmount has made significant interior and exterior renovations including extensive remodeling of the clubhouse/leasing center, relocation and renovation of the fitness center, refreshed landscaping, new signage, new air conditioning units and upgraded mechanical systems. Additionally, 147 interior units were upgraded and refreshed with faux wood plank flooring throughout the property, new lighting and plumbing fixtures, resurfaced countertops and new stainless-steel appliances.

San Antonio was ranked the fastest growing city in America according to the U.S. Census Bureau. Nearly 14,000 people moved to the area between 2020 and 2021.

Cushman & Wakefield Arranges 1,253-SF Lease for Code Wiz Oak Forest

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Cushman & Wakefield has arranged a 1,253-square-foot lease for Code Wiz Oak Forest, a coding and robotics center for children.

Michael Burgower and Michael “Mike” Pittman II, CCIM of Cushman & Wakefield represented the tenant in the lease negotiations. Simon Ha represented the landlord, Braun Enterprises.

Code Wiz focuses on coding and robotics classes, camps, and competitions for children ages 7 to 17. Launched in 2017 in Westford, Massachusetts, Code Wiz now boasts 12 locations across the U.S. with three more expected in the coming months. Code Wiz children learn, create, collaborate and gain the problem-solving savvy they need to compete in a changing world.

Located at 2015 W. 34th, Suite G in Northwest Houston, the site will be the first Code Wiz location in Houston. Code Wiz is planning to open additional locations in the Houston market.