Palm Beach Market Enjoys $4.2 Billion of Residential Sales in Q2

Miami Association of Realtors | August 14, 2019

The Miami Association of Realtors is reporting this week that Palm Beach County single-family home sales and median prices rose in 2Q 2019. Palm Beach County single-family home sales rose 1.2% year-over-year in 2Q 2019, increasing from 5,216 to 5,276. Condo transactions declined 4.1%, from 4,173 to 4,003. "Palm Beach real estate continues to see strong demand and low supply in particular price points," JTHS-MIAMI President Kim Price said. "Several Palm Beach County cities are in hot demand with low months' supply of inventory. We expect to see an increased number of buyers from tax burdened states."

Spotlight

The joint Office of Real Estate and Asset Development (“OREAD”) for the Massachusetts Department of Transportation (“MassDOT”) and the Massachusetts Bay Transportation Authority (the “MBTA”), hereby makes the following amendments, additions, and clarifications to the “Request for Proposals; September 2, 2014.

Spotlight

The joint Office of Real Estate and Asset Development (“OREAD”) for the Massachusetts Department of Transportation (“MassDOT”) and the Massachusetts Bay Transportation Authority (the “MBTA”), hereby makes the following amendments, additions, and clarifications to the “Request for Proposals; September 2, 2014.

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REAL ESTATE INVESTMENT

MRA Group Acquires Dupont Campus in Wilmington, Delaware

MRA Group | December 01, 2021

MRA Group (MRA) announced that they have closed on the acquisition of DuPont's Chestnut Run Lab Campus located at 984 Centre Rd in Wilmington, DE, and have embarked on an ambitious $500 million redevelopment plan. Renamed Chestnut Run Innovation & Science Park (CRISP), the 163-acre campus contains approximately 780,000 square feet of existing lab, research, and advanced manufacturing space. Located in the Greenville area of Wilmington, Chestnut Run Innovation & Science Park is four miles west of Central Wilmington, DE, and just ¼ mile south of Barley Mill Plaza, which is currently developing over 110 residential units and commercial spaces, including the area's first Wegmans supermarket. "We recognized the amazing potential for the campus to address the regional demand for market-ready life science and advanced manufacturing facilities, particularly when combined with its superior location along the I-95 corridor, Northern Delaware is ideally positioned to emerge as a hub for life science, research & development, and pharmaceutical manufacturing companies. The deep pool of educated and experienced professionals is an incredible asset to any firm locating here." - Mike Wojewodka, MRA Group Executive Vice President and Partner. Wojewodka believes the CRISP campus will further Delaware's attractiveness to innovative companies from around the world. Development plans include shared amenities to foster interaction and collaboration between tenants and the surrounding community. Dupont will continue to maintain its presence on the campus by leasing approximately 190,000 square feet in two buildings. This is the third major campus redevelopment for MRA, having reinvented the 133-acre 600,000 square foot Spring House Innovation Park in Lower Gwynedd Township, PA, and the 137-acre, 800,000 square foot TEK Park in the Lehigh Valley, PA. MRA will utilize and enhance the existing infrastructure to create state of the art life science laboratories, scientific research facilities, and Class A office space. Planned campus amenities include a hotel, fitness center, conference space, an outdoor amphitheater, and accommodations for food services including restaurants and eateries. "We are excited to be back in Delaware with such an incredible opportunity, and grateful to be at the helm of such an impactful project, Our vision for CRISP will set a new standard for innovative campus redevelopment in the region, as we believe it will become Delaware's leading biotechnology and science hub, while also providing an engaging community experience." - MRA Group Founder and CEO Lawrence Stuardi. About MRA Group MRA Group (MRA), based in Horsham, PA, is a privately-held, multi-disciplined real estate solutions firm servicing the life sciences, health care and higher education sectors. Founded in 1991 by president and CEO Lawrence J. Stuardi, MRA prides itself on maintaining the same high level of integrity and excellence that led to its recognition as one of the most respected real estate firms in the mid-Atlantic region. With 30 years of providing clients with real estate solutions varying from development to advisory and management services, MRA has more than 4.5M square feet of medical, life sciences and office real estate under management, and has structured over $1B of financing. A few recent and notable development projects include Spring House Innovation Park, the Holy Redeemer Medical Building at 201 Veterans Way, Pennovation Lab at the University of Pennsylvania's Pennovation Works Campus, TEK Park, Oxford Valley Medical Plaza and the St. Clair Medical Office Building at St. Mary Medical Center.

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REAL ESTATE TECHNOLOGY

Tower 16 Capital Partners in Tucson, Arizona Acquires Sierra Vista Apartments

prnewswire | December 01, 2020

San Diego-based Tower 16 Capital Partners, in organization with Drake Real Estate Partners, has obtained Sierra Vista Apartments, a 258-unit multifamily venture in Tucson, Ariz. The property was gained from a private vender in an off-market exchange. Since its establishing in 2017, Tower 16 has taken comparable actions into business sectors all through the west, having gained more than 4,000 units in California, Las Vegas, Phoenix and Denver. The organization looks for business sectors with expanding interest for labor force lodging driven by work development and in-movement however with moderately low degrees of new gracefully. As indicated by organization chiefs, Tower 16 plans to fabricate an arrangement of more than 1,000 units in the Tucson market. Sierra Vista Apartments is situated at 3535 N. First Avenue in Tucson, Ariz. The property is minutes from the I-10 turnpike and a little ways from Downtown Tucson and the University of Arizona grounds. The people group comprises of one-, two-and three-room condos with a huge clubhouse, exercise center and two pools. Pinnacle 16 will administer near $4 million in overhauls and remodels to the property including modernized unit redesigns, another clubhouse, exercise center and refreshed pool territories. The organization will likewise be adding outside civilities including grills, seating and open air gaming regions.

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REAL ESTATE TECHNOLOGY

Realogy Tops the T3 Sixty Enterprise 20 Report

Realogy Holdings Corp. | April 11, 2022

On April 8th, the annual Real Estate Almanac publication released its T3 Sixty Enterprise 20 Report. The U.S.’s largest real estate company, Realogy topped the rankings as the leading real estate enterprise with the highest sales volume, agent count, and transaction sides for the year 2021. In addition, six Realogy residential real estate brands, namely, Better Homes and Gardens® Real Estate, CENTURY 21®, Corcoran®, Coldwell Banker®, ERA, and Sotheby’s International Realty® led the report’s top franchise brand lists. Corcoran was recognized as the fastest growing franchise brand based on year-on-year sales volume. Realogy's leadership in the T3 Sixty Enterprise Report year after year is a testament to the powerful affiliated agents, brokers, and franchise owners who dedicate themselves every day to supporting consumers with one of life's most significant transactions. Their critical role at the center of every transaction helps fuel Realogy as we continue to move the real estate industry to what's next." Ryan Schneider,Realogy's chief executive officer and president

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