Author: Sarah

MAG Capital Partners Acquires Industrial Properties

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Tenanted by Lubbock Electric in Sale-Leaseback Deal

In a sale-leaseback transaction, MAG Capital Partners, LLC, acquired several industrial properties totaling 66,680 square feet along I-27 that occupy a full city block in central Lubbock, Texas. Home to Lubbock Electric Co., the site comprises 1108 34th Street and 1107, 1109, and 1123 33rd Street.

Principal of MAG Capital Partners, Dax T.S. Mitchell, said, “We are attracted to the City of Lubbock’s economic development initiatives and its diversified manufacturing base, coupled with the opportunity to acquire infill industrial real estate.”

Northmarq’s Scott Briggs and David Read represented the seller, a private investor who concurrently purchased Lubbock Electric to expand the family-owned business that was founded in 1944.

Lubbock Electric Company’s experienced team of electric motor experts, compressor specialists, hydraulic pros, electricians, automation programmers and panel builders solve some of the toughest challenges in West Texas. Its mission is to keep industry running and prevent machine downtime.

Dallas-based Investor Picks up Fort Bend County Self-storage Facility

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JLL Capital Markets has completed the sale of Savannah HWY6 Self Storage, a 678-unit, recently completed self-storage facility in Rosharon, Texas.

JLL represented the seller, Quintet Capital Group, in the sale of the property to Dallas-based Montfort Capital Partners.

Completed in September 2022, Savannah HWY6 Self Storage consists of six single-story storage buildings and 900 square feet of office space. The Class A facility is 75% climate-controlled and offers drive-up units, cylinder locks, gate access and on-site management.

Savannah HWY6 Self Storage is positioned on a 6.14-acre site at 14215 Hwy 6 in Fort Bend County, which is the fastest-growing county in the U.S. The property has excellent visibility to Hwy 6, which offers visibility to more than 30,000 vehicles per day. The immediate area surrounding Savannah HWY6 Self Storage has seen rapid population growth and commercial development over the last 20 years, including 3,000 new homes to be delivered in Sienna Plantation South.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Steve Mellon and Brian Somoza, and Directors Adam Roossien and Matthew Wheeler.

Hines Signs Sino Biological as a Tenant at Levit Green

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a 53Ac Life Science District in Houston

Hines, a global real estate investment, development, and property manager, in partnership with 2ML Real Estate Interests and Harrison Street, announced a lease at Levit Green, the new 53-acre mixed-use life science district adjacent to the Texas Medical Center in Houston, Texas. Sino Biological, Inc., an international reagent supplier and service provider, has leased approximately 10,000 square feet of commercial lab and office space in Levit Green’s first phase, which is slated for completion at the end of this year.

Headquartered in Beijing, China with subsidiaries in Suzhou, China; Taizhou, China; Frankfurt, Germany; and Wayne, Pennsylvania and listed on the Shenzhen stock exchange subsidiary ChiNext (SZSE: 301047), Sino Biological is the world’s leading provider of mammalian cell-based recombinant proteins, antibodies and related contract research services. This new site serves as the company’s first US-based manufacturing facility. Referred to as the Center for Bioprocessing (C4B), the facility will focus on both product manufacture and the implementation of contract research services. Levit Green will further establish its presence in Houston, providing companies, academics, and medical researchers in the world-renowned Texas Medical Center and across the region invaluable access to Sino Biology’s comprehensive offering of bioreagents and CRO services.

To meet the market’s need for immediate lab-ready space, Hines is also delivering two commercial lab and office turn-key suites, at 11,000 square feet and 7,000 square feet, which will be ready for occupancy by Summer 2023. This in-demand laboratory offering will give potential tenants the flexibility to accommodate constantly evolving science needs. The turn-key suites have been designed to an optimal 60%-40% lab-to-office ratio, to accommodate any wet or dry lab R&D use, such as biology, chemistry, and engineering.

Building I at Levit Green—a 290,000-square-foot, five-story building with wet lab and incubator space—is part of the broader nine-building Levit Green masterplan, which will offer a curated mix of research facilities, office, retail, residential, and outdoor amenities. It is equipped with 100% redundant emergency power, enhanced structural vibration attenuation, augmented mechanical systems, 33-foot structural bay depths, and floorplates of more than 60,000 square feet. Additionally, the building will feature best-in-class amenities that include a 5,800-square-foot fitness center and outdoor garden, a 7,000-square-foot conference center, 3,500 square feet of café and restaurant space, and ample on-site parking. The ground floor plan is also programmed to accommodate more than 25,000 square feet of lab incubator space which will provide entrepreneurs and early-stage life science companies with top-tier, strategically located laboratory and office space.

Building I is slated for completion in late 2022, with Sino Biological’s occupancy anticipated for the Q3 2023. JLL represented Levit Green in the lease.

Still Quitting? Waiters and Fast-food Workers are Seeking Greener Pastures

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Fast-food workers, chefs and waiters are quitting their jobs at a faster rate than are any other workers, according to a study released last week.

The study, from document-management tool SmallPDF, analyzed numbers from the Bureau of Labor Statistics to score every industry’s quit rates, the percentage of total workers quitting an industry every month, and quit levels, a measurement of how many employees quit in total each month.

According to SmallPDF, the accommodation and food services industry saw an average of 5.8% of its workforce quit between April and August of 2022, the period in which the study was done. That industry includes chefs, waiters and fast-food workers.

More than 773,600 of these employees left every month on average during SmallPDF’s study. In August of 2022, 128,000 more workers in the accommodation and food services industry left their jobs than did during the same month a year earlier. It’s little surprise, then, that fast-food and other restaurants are struggling to hire enough workers.

In second place in the survey was the retail trade industry, which includes jobs such as customer-service representatives, cashiers and stock clerks. An average of 600,400 employees quit these jobs every month from April to August of 2022. In good news for this sector, though, about 109,000 fewer employees quit these jobs this August compared to the same month in 2021.

The arts, entertainment and recreation industry ranked third on the list, a sector that includes fitness trainers, recreation attendants and musicians. About 7,000 more employees quit these industries in August of 2022 compared to August of 2021.

Fourth place goes to the professional and business services industry, including lawyers, accountants and architects. About 754,000 employees quit every month between April and August. The quit rate was, on average, 3.36% during these months. In a sign that workers are holding onto their jobs a bit more in these fields, August 2022’s quit number came in at 63,000 fewer employees than the quit level of August 2021.

Rounding out the top five is the transportation, warehousing and utilities industry, which includes pilots, bus drivers and truck drivers. An average of 199,400 quits took place in these industries every month from April and August of this year. August 2022’s quit level in these industries came in at 32,000 employees higher than August 2021’s level.

“Forethought and Intentionality” Developers Turn to Mixed-Use

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Developers Turn to Mixed-use Developments to Fill Community Needs

It’s difficult to fully explain the impact of the COVID-19 pandemic on commercial real estate. It changed consumer behavior in such a significant way, every sector was impacted in one way or another. Some, such as industrial, were strengthened, while sectors such as office and retail were forced to adapt to survive. Multifamily also saw a boom as it evolved to answer the needs of its residents, reinforcing a model that’s been growing in popularity: mixed-use developments.

“There has been a big push for live-work-play and mixed-use communities over the past decade, fueled by a number of factors including a preference for many professionals to live and work in the same community, which significantly reduces commute time to and from work,” said Srinath Pai Kasturi, Executive Vice President of Cadence McShane, which is recognized as one of the largest multifamily builders in the nation.

He added that since the pandemic, the trend of working from home is more of a reality now than it has ever been.

“Although many companies are currently requiring employees to report back to work in person, most companies have recognized certain efficiencies with remote workplaces and are allowing for some type of hybrid model in order to attract and retain top talent,” Kasturi said. “In response to this, developers are building communities that cater to new resident preferences by offering a more holistic community environment where residents can enjoy the most common amenities at their fingertips, with additional amenities including transit, retail, and entertainment all within walking distance.” Click to read more at www.rednews.com.