Mollenhour Gross Real Estate’s Post

Great warehouse space! Customizable to you and your business needs. Check out this great article written by Brochu.

I read with interest the latest column from Colin Farquhar in the P&J where he references the Shell building demolition. Colin rightly asks “What to do with such a building if no one else wants it” and goes on the suggest the use of former commercial properties by arts organisations up and down the UK. Great idea, but in reality the costs involved in maintaining and operating old buildings of this scale are astronomical, along with the health implications of continued use or refurbishment (disturbing) of buildings containing lead paint, asbestos and other hazardous materials that were commonly used when for example, the Shell building was constructed back in the 1970's. In his final comment, Colin asks if the closure of the “golden building on Tullos Hill (is) symbolic of an energy industry which is stumbling toward its end, or simply one that is changing, transforming and adapting as the world moves on?”  I think the move by Shell to Silverfin building was trailblazing, has had an immediate positive impact on the city, and I hope was a call to action not only to the stragglers in surrounding industrial estates, but also to commercial property developers to look more closely at opportunities in the city to develop Grade A office accommodation, sorely in short supply. And to achieve global warming energy efficiency targets for buildings, this may very well include the consideration to demolish more of the vacant or sparsely occupied, monolithic dinosaurs taking up valuable space in our city centre to build high quality, energy efficient and desirable multi-purpose buildings, designed with recycling / repurposing in mind (when the time comes). Turner & Townsend's Head of Commercial Development and Project Management, Real Estate, Nick Clare joined industry experts for a roundtable discussion hosted by Property Week which explored best practices for delivering high-quality, future-proof offices in a fast-changing world for the workplace industry. I found the piece on Repurposing v Rebuilding really insightful. You can read the full article about the discussion in Property Week. https://bit.ly/4bc0PxL What do you think? #Aberdeen #futurebuildings #Realestate

When we look at where we are seeing growth in the CRE sector at Asset Class , it’s pretty mixed based on region, but universally the Office-use sector is clearly the most challenged. It’s therefore not surprising to see the example highlighted in the post below by CoStar News. As we look across the sub-asset classes in our network of funds these key use cases emerge: - warehousing / logistics : supporting new distribution models, supply chain reengineering and e-commerce growth - self-storage : reflecting demographic and economic trends (widening affordability gap meaning settling for a smaller space when buying, increase in renting as a result, yet consumerism still high) - Mixed Residential (Rental + Retail), reflecting the work from home / rental-v-buy trend - Healthcare/ Medical usage growth, reflecting aging population coupled with rise in health-challenged 1st-world demographic. - Distressed asset funds: that take these kinds of projects with repurposing in mind to address : - Reisdential supply challenges: in many markets demand is significantly outstripping supply and as a result we see stratification of models and emerging financial structures including lease to buy, community / commonspace models, low-cost options for essential labor, student accommodation models with shared kitchens etc. CRE is changing dramatically, but I’ve got complete faith that the ingenuity of the sector coupled with investor support will see this cycle of change drive innovative thinking, innovative models and creative solutions to current challenges.

Turning Office Buildings to Apartments Here are 2 interesting articles: 1) Time Magazine - https://lnkd.in/eT8addEJ 2) NPR - https://lnkd.in/e97iSXq3 In the course of my job, making calls in the multifamily construction industry, the trend of turning office buildings into apartments is picking up steam. Curious what you think. To me, it seems there are many advantages: foundation and underground sitework is already done, shell is in place (probably want to re-skin most of the times), parking structure is probably already in place, etc. Curious if I'm missing any negatives to this strategy. Please let me know your thoughts. And PS - Send me a LinkedIn invite is we aren't connected already! And PSS - Please join my LinkedIn Group - Multifamily Construction Networking Association (https://lnkd.in/eihsmWGc) Mike Robbins Sr Recruiter The Cromwell Group (704) 241-4882 mike@tcgpm.com #multifamily,#multifamilyconstruction,#construction,#redevelopment,#capex,#renovation,#valueadd

#ForSale 100% Occupied NN lease Industrial Property 2021-2035 Midway Drive Twinsburg, OH 44087 Property website: https://lnkd.in/epFytju7 100% occupied NN lease industrial property offered at well below replacement cost. Prime NEO location only one mile from I-480 and three miles from I-271. This location offers ease of access to Cleveland and Akron markets. Both flat roofs were resurfaced in 2022 with cost exceeding $215,000. Class B buildings sited on an estimated four acres. Each unit has at least one drive-in bay and two docks with levelers. Public water & sewer present and in use by tenants. Masonry block exterior construction. Approximately 50,000 SF of onsite parking. Average unit size of 10,000 SF. Each unit has combination of warehouse and office space. Office spaces range 1,700 SF to 2,100 SF. Warehouse space for each unit is approximately 8,500 SF. Upgraded lighting with clear height ceilings of approximately 16.5 FT. Electric heat in office spaces and gas powered reznor heaters in warehouse spaces. Contact: Jeremy Bates 216.299.8799 Max Ferguson 440.225.9380 #industrial #industrialpropertyforsale #cre #commercialrealestate #cbcworldwide #twinsburg

In response to the record levels of new #industrial developments in #GreaterPhoenix, Ryan Steele, one of Keyser's Industrial Practice Leaders states things are looking up for #industrial #tenants... “Currently, Phoenix leads the nation in Under Construction industrial projects, surpassing Dallas Fort Worth, which is a much larger market overall (over 1B SF in industrial inventory). With the continued new construction and already significant amount of deliveries the past 2 quarters, we anticipate a substantial shift in the market, benefitting tenants and occupiers of space. There’s no denying Industrial remains a strong and well-supported product type, but our expectation is that rates will level out, if not slightly dip, primarily due to increased competition on the supply side. This should put occupiers in a much better position when planning their expansion or relocation strategy – more options to pick from, more concessions, and overall better deal terms compared to the past 3 years.” Check out the article by In Business Magazine: Levels of New Space Deliveries Drive Up Vacancy in Phoenix Industrial Market https://hubs.la/Q02jz86x0

** NEW CONSTRUCTION AVAILABLE FOR LEASE OR SALE ** Located in the Business Park zone of Adelanto, this new construction industrial building is an 80 x 100 ft insulated steel structure with 28-foot ceilings. The facility includes four dock doors for efficient logistics and material flow. The entire building is equipped with motion-activated lighting for energy savings. The building can be divided, with each section having its own entrance, two dock doors, office space with mini-split AC, and restroom facilities. If needed, the space can also be completely opened by the removal of the dividing wall. The property sits on a fully fenced and secure 1.7-acre lot with a motorized gate, providing ample parking and space for trucks. Installation of a ramp door, as well as other TI’s are available for committed lease occupants. Approved zoning uses include Warehouse/Distribution Center, Wholesale Business, Assembly/Manufacturing, and more. This facility is suitable for both owner-occupants and tenants, ready for immediate use. https://posts.gle/NbvuSS

More significant developments on the horizon for New York City! The Port Authority Bus Terminal (PABT), a 9-story relic from the 1950s that has long been an eyesore for many, is finally set to undergo the renovations, infrastructure upgrades, and traffic flow improvements it so desperately needs. It's easy to understand why Erik Bottcher referred to it as "one of the most aesthetically unpleasing" buildings NYC has seen in the last century, a statement I very much agree with. Not exactly how you want to describe the busiest bus station by volume in the world, and the largest in the Western Hemisphere. The $10 billion project by The Port Authority of New York & New Jersey, designed by Foster + Partners, is projected to be fully completed by 2032, with groundbreaking as early as Q4'24. The plan includes the addition of bus ramps directly connected to the Lincoln Tunnel, parking enhancements, and additional services aimed at transforming it into a true destination rather than a glorified bus stop. Notable enhancements also include two 60-story office towers, a potential extension of the Metropolitan Transportation Authority's 7 line to facilitate more efficient multimodal transportation (per their strategic plan), and charging infrastructure to support electric buses, all centered around a multi-story glass atrium to maximize natural light within the space. Sam Schwartz #urbanrenewal #nycconstruction #transitorienteddevelopment

If you hated the renovation and reconstuction of the North Ave bridge at the river, just wait for the Chicago Ave bridge! This location is going to change dramatically in the next 1-2 years with the multiple developments about to break ground. -Bally's Casino is going to go up on the west side of the river as well as 4 mid-rises and a river walk and boat slip. -Onni Group is building on the old Greyhound Bus Station site at 901 N Halsted. Split into four phases, the proposal will produce up to 2,650 residential units, office space, retail space, and a hotel. 1,470 parking spaces will be located on site, but mostly underground. 20 percent of the units will be designated as affordable and be located onsite, interspersed between buildings and unit types. South of the Chicago Ave bridge, between Ohio & Chicago Ave and Halsted St and the river are 4-5 proposed high-rises. These projects have not been approved yet. #patrickobriendreamtown #patrickobrienrealtor #chicagoilpropertiesforsale #chicagodevelopments #onnigroup #ballyscasino #ballyscasinochicago #realestateexpert #chicago #chicagoskyline https://lnkd.in/gZw-fJne

Before/After - All in one picture. The client facing aspects of this job were a bit nerve-wracking, but we walked away with another ecstatic client. The job was to renovate 8 floors of corridors in a premium office building off the Dallas Tollway without interrupting the day-to-day operations of the individual tenants, ultimately leaving them with a modernized building to enjoy their work every day. The goal - replace the ceiling, lighting, ductwork, 40 years of wallpaper, prime, and paint, all without interrupting the flow of the end users. In the top floor of the picture you can see what we were working with before. The bottom portion, you'll find the end result. Mission success!