- The land on the corner of Thomasville and Ox Bottom Roads could be rezoned to allow a gas station and fast-food restaurant.
- Justin Ghazvini, someone working on the project, says there are no plans yet for businesses on the site.
BROADCAST TRANSCRIPT:
It’s a construction site thousands drive past every day in Northeast Tallahassee.
Potential new zoning for the land has many wondering what’s the plan.
After driving past this site myself, I decided to dig into it.
Teri Cleeland has been wondering about the project on the corner of Ox Bottom Thomasville Roads since 2018.
“This was in 2018. They wanted to rezone open space to commercial,” Cleeland said. “That’s a huge change and it would’ve involved taking down all of the trees.”
Years later, with the trees gone and the land rezoned:
“I found the rezoning when I was out for a walk in the neighborhood,” Cleeland said.
Teri asked the city for that new rezoning request.
She shared those documents with me.
The developer, Ox Bottom Thomasville LLC, is asking the city to allow a gas station and fast food restaurant on the property.
Currently, that is not allowed in District 4.
“There’s a reason why fast food and gas stations are not in that list of the commercial possibilities,” Cleeland said. “It’s because of the kind of use that they bring which is high volume, high traffic.”
I reached out to Justin Ghazvini, a manager on the project. While he did not go on camera for an interview, he said there are not yet set plans for businesses on that space.
Although, no final plans, rezoning in that area could open the door for businesses like another fast food restaurant or something else entirely.
To get better perspective, I spoke with Slaton Murray, a commercial real estate expert with NAI Talcor.
“Particularly, in that area, there are not a lot of gas stations north of I-10,” Murray said. “When you get near that Walmart area, there aren’t a lot of options.”
He said the boom in residential development will bring more commercial with it.
“That’s probably why you’re seeing a demand of more commercial development headed to the northeast part of town to follow that single family home growth,” Murray said.
Cleeland posted the information online to get people involved with the planning of their community.
“When the bulldozers come, it’s too late to start protesting,” Cleeland said.
City leaders will review the proposed changes in November.
RALEIGH, N.C. — Construction cranes are rising at both ends of Oberlin Road in Raleigh.
The Village District is getting its first hotel along with hundreds of new apartments next door.
To the north, a new neighborhood known as Budleigh East is going up next to Oberlin Magnet Middle school where Country Club Homes used to be.
Village District General Manager Brooke Conn oversees a shopping center which is becoming a destination from daybreak to late at night.
“Our 75th anniversary is next year,” she said. “We really want to have the 6 a.m. to midnight vibe.”
What was the K&W Cafeteria will soon see the Village District’s first hotel.
The 7-story Oberlin Hotel will bring 153 rooms with a rooftop restaurant and bar.
“We needed additional overnight accommodations – not just for the proximity to NC State, but also for the business class we have surrounding this area,” Conn said.
The hotel’s name to honors the neighborhood’s past. Oberlin Village was established as a community of African-Americans freed from slavery, built on a former plantation.
{A: SYLVESTER PERCIVAL, RALEIGH ROADWAY DESIGN & CONSTRUCTION DIVISION MANAGER 1:42-1:47}
At the corner of Fairview Road, the new Budleigh East neighborhood will include dozens of new homes, condos and a 214-unit independent senior living community.
Oberlin Road is getting a streetscape makeover, too. The project will reduce traffic from two lanes to one in each direction to add new bike lanes, sidewalks and crosswalks.
Sylvester Percival, division manager of Raleigh Roadway Design & Construction, says, limiting vehicle traffic will decrease congestion without taking away from the properties that exist along the road.
The city expects the road project to take about a year to complete, with work on the streetscape set to begin in November 2023.
Published: 9/19/2023 5:00:09 PM
Modified: 9/19/2023 5:00:11 PM
ATHOL – A series of proposed changes to the town’s zoning bylaws would allow developments similar to Fitchburg developer Bill Krikorian’s 43-unit project for downtown to proceed with fewer variances.
Approximately 14 months ago, Bill Krikorian approached Athol officials with a proposal to construct a building which would accommodate 48 units of mostly affordable housing. The plan has since been modified to 43 units and Krikorian has had to secure the approval of the Zoning Board of Appeals for several variances allowing him to move ahead.
Those variances were ultimately approved, but now the Planning Department is proposing changes to the zoning bylaws. One of the proposed changes would provide more flexibility regarding the requirement for commercial space on the first floor of a multistory downtown building. Under current regulations, the first floor must be dedicated solely to commercial space. The proposed new wording allows “residential use of…first floor locations lacking public exposure to the street frontage in a building used for commercial purposes.”
Because Krikorian had proposed the construction of two residential units at the rear of the first floor of his development, with two commercial spaces streetside, it was necessary for him to seek the variance granted by the ZBA.
“What Krikorian said, was to make the project economically feasible, he’s still going to have some commercial storefronts on the first floor, but he wants to have a hallway with two apartments in the back,” Planning and Development Director Eric Smith recently told the Downtown Vitality Committee. “The new language would basically be more flexible.”
Another suggested change would reduce the size requirement for downtown housing units.
Krikorian had proposed construction of several 500-square-foot units. Under existing bylaws, Smith noted, “If you own a single-family house and you want to make that into apartments, you can do 500-square-foot units. But if you’re doing a development in our downtown area, there’s a 600-square-foot requirement. (Krikorian) wanted to do 500 square feet, but that variance was denied. To me, why can’t downtown also be 500 square feet? This change would make it 500 square feet for everybody.”
The final proposed zoning change would do away with the existing limit on the number of stories allowed in a downtown development.
Smith explained, “Fifty feet is the height limit for downtown, but it’s the only district in town that has a footnote that basically says buildings will not exceed four stories. Remember, he wants to build a five-story building, so he needed another variance for that. Well, if a builder can design a building with more than four stories, why should he have to go over that separate hurdle? Why not make it 50 feet in height – that’s the limit – and if he can build five stories, let him as long as it doesn’t change the character of the downtown.”
The ZBA did ultimately vote to give Krikorian the variance to construct five stories, while also giving him permission to make his building 54 feet in height.
All three zoning changes have been endorsed by the Board of Planning and Community Development. A public hearing on these changes will be held on Wednesday, Oct. 4, at 7:10 p.m. in Room #21 at Town Hall. It will be up to voters at the Oct. 16 fall Town Meeting whether to approve the amended bylaws.
Greg Vine can be reached at gvineadn@gmail.com.
(HOUSTON) – Hines, the global real estate investment, development, and property manager, today released its new global investment outlook titled, “Opportunistic Patience Prevails.” Informed by Hines Research, the report delivers a holistic view of current and emerging considerations for real estate investors.
Hines global chief investment officer David Steinbach introduces his view of the “Four Ds” systemically reshaping the economic, social, and real estate landscape: deleveraging, deglobalization, decarbonization and demography.
The report also explores what Hines believes are two signals of a potential recovery. The increase in transaction volume in some markets across the globe point to nascent improvement, though the U.S. recovery appears to be lagging Europe given the persistent spread between appraised capitalization (cap) rates and transaction cap rates. Additionally, by back testing the data on bank sentiment, Hines found a relationship between changes in bank lending standards and real estate investment performance. Once again, the European market in Hines observations appears to be further along in its transition with notable decreases in tightening compared to the U.S. where Q2 was the third quarter in a row with more than 60% of surveyed banks tightening underwriting standards on CRE loans.
“Our research points toward two key signals to watch in the current environment — an increase in global transactions and a link between shifts in bank lending norms and real estate performance,” said David Steinbach, global chief investment officer at Hines. “This, combined with emerging macrotrends, and economic and geopolitical forces, are the factors redefining investment strategies and priorities today. While change always carries some level of risk, it is also a catalyst for meaningful long-term transformation that often leads to new sources of demand, revenue, and opportunity.”
Hines’ regional insights reveal further distinctions between the markets:
- Americas – While deal volume in the U.S. and Canada is at half the level before the Fed began tightening, a number of regions (e.g., East, Midwest, and Canada), may soon see widespread “buy” signals given ongoing repricing. From a sector perspective, the fundamental health of U.S. warehouse and retail markets is moderating while apartment and office fundamentals are falling sharply.
- Europe – Positive signals in Europe are somewhat tempered by persistent cost-of-living concerns, the potential impact of demographic changes to the workforce on long-term growth, and a mixed economic outlook. In terms of real estate, despite lower transaction volumes and dips in leasing activity (aside from logistics and apartments), public market data suggests that the worst of the pricing declines may be over.
- Asia – Despite slowing in China, Asia’s growth is still expected to outpace the globe.1 Central banks in Asia remain vigilant, but with inflation trending in the right direction, consensus expects policy rates to ease in 2024 and 2025 though the yield curve for sovereign bonds suggests that long rates in the region could stay elevated or even rise over the next five years. Markets with rising cap rates are seeing relatively healthy rent growth and sectors like retail and office are showing signs of improving fundamentals and stabilization, respectively.
“To date, real estate performance is on pace with what we predicted entering 2023,” said Josh Scoville, head of global research at Hines. “With starts increasingly decelerating, lack of new supply will be an important contributor to the ultimate recovery, potentially leading to strong rent growth once demand inevitably improves. As we head towards the confluence of better fundamentals and heightened liquidity, we expect investor patience to be rewarded with a range of lucrative new global opportunities.”
The content herein and in the report is provided for informational purposes only. Nothing above or in the report constitutes investment, legal, or tax advice or recommendations. Such content should not be relied upon as a basis for making an investment decision and is not an offer of advisory services or an offer to invest in any product or asset class. It should not be assumed that any investment in an asset class described herein will be profitable. Any projections, estimates, forecasts, targets, prospects and/or opinions expressed in these materials are subject to change without notice. Opinions or beliefs expressed in these materials may differ or be contrary to opinions expressed by others. Certain information above and in the report has been obtained from third-party sources. Hines has not independently verified such information. Back-tested results are not a guarantee of future performance.
About Hines
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $94.6B1 in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling nearly 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of June 30, 2023.
The owners of the Jeffco Estates mobile home community are suing Arnold, claiming the city is trying to force the park out of existence.
Lawsuits have been filed by Jeffco Estates MHC LCC in Jefferson County Circuit Court and the U.S. District Court of the Eastern District of Missouri challenging Arnold’s ordinance governing mobile home districts as unconstitutional.
“We have the gumption and the money to stand up to the town on not just behalf of us but the other 10 or 11 communities in the city of Arnold and the thousands of residents who own homes in these communities who are getting screwed over in the long term by this ordinance,” said Ryan Hotchkiss, CEO of Horizon Land Management, a Maryland-based company that bought Jeffco Estates in 2021 as part of a multi-mobile-home-park purchase.
“It is a horrible ordinance that is clearly drafted with the intent of slowly strangling mobile home parks out of existence,” Hotchkiss said. “Basically, it makes it impossible to ever put homes in the community.”
Jeffco Estates, at 654 Jeffco Boulevard in the northern part of the city near the Fox schools campus, has existed since 1968, four years before Arnold was incorporated as a city in 1972. According to the city’s website, the first ordinance establishing regulations for mobile home communities was established in 1972, and the ordinance has been updated five times, with the City Council approving the most recent change in July 2022.
Hotchkiss said Jeffco Estates, which has 150 lots for mobile homes, had 102 residents when his company purchased the park, but that number has since dropped to 95.
According to the lawsuits Horizon Land Management has filed against Arnold, new homes cannot be installed and existing homes cannot be renovated because of the city’s regulations, which will prevent the owners from continuing to use the property as a mobile home community.
Arnold City Administrator Bryan Richison said the city is not trying to force mobile homes out of Arnold.
“We still have a mobile home park zoning district,” he said. “Just like all of the other zoning districts, it has regulations that you have to meet. Just like all of the other zoning districts, if you are legally nonconforming, you are fine until you want to change something. When you want to change something, you have to conform.
“We have spoken with (Jeffco Estates owners) numerous times about how we will work with them if they put a plan together to reconfigure with new pads that meet all of the regulations. We will let people phase it in, because it is a lot to undertake at one time.”
Hotchkiss said the city’s regulations regarding mobile home communities make it virtually impossible for his company to add new homes or change existing mobile home pads in Jeffco Estates, and the city has not offered options for his company to come into compliance.
“If I could turn this park into a 120-site park out of 150 and fill it up, I would do that all day long. They won’t do that for us.”
Lawsuits
Jeffco Estates initially filed a lawsuit in the Jefferson County Circuit Court against Arnold in September 2022. The company filed another lawsuit in federal court against the city on March 6, the same day the Jeffco Estates lawyer voluntarily dismissed three counts in the Jefferson County court lawsuit that mirrored sections of the federal lawsuit.
“That was unexpected,” Richison said. “We were not expecting after they filed in Circuit Court for them to turn around and want to go to federal. I don’t know the legality of why they would want to do one over the other.”
Hotchkiss said his company wanted file the lawsuit only in federal court, but because the suit is challenging decisions made by Arnold’s Board of Adjustments, which rules on appeals of the city’s zoning code, it had to be filed in the Jefferson County Circuit Court.
A motion by attorney Allyson Sweeney, who represents Arnold along with her father, attorney Bob Sweeney, to dismiss the lawsuit in Jefferson County Circuit Court was denied on Aug. 29.
A pre-trial conference is scheduled for Feb. 9, 2024, court records said.
Allyson Sweeney said Arnold has filed a motion to consolidate the cases in federal court, which has a trial date set for July 29, 2024. However, Sweeney said the city is filing motions to have the federal court case dismissed as well.
“Our position is if you are going to redesign the mobile home park, you need to come into compliance,” she said.
According to the federal court lawsuit, Jeffco Estates applied for five building permits starting in the fall 2021 through May 11, 2022, and the city denied all the applications. The company appealed those denials through the city’s Board of Adjustments, which denied the appeals on Aug. 25, 2022.
The lawsuit said the application denials for building permits at 2139 and 2163 Park Drive and 2163 Lake Drive “did not rely on lawful nonconformities.”
The suit also said the city denied the applications because city code that does not allow for a larger manufactured home to be placed on an existing concrete pad also does not allow for existing concrete pads to be enlarged or modified because of required setbacks to allow space between mobile homes and mobile homes and the road.
“We purposely and strategically picked multiple applications, and each one was denied,” Hotchkiss said. “They are not allowing any homes to come in, whether we reconfigure the park or not because every new home that comes into these parks is one new home further away from them getting rid of mobile home parks.”
The federal lawsuit also said Arnold issued a nuisance violation in September 2022 against a mobile home, saying it was condemned.
The suit claims the nuisance violation was in retaliation for the company challenging the building permits it was denied for other mobile homes.
“They don’t want quote unquote trailer parks in their backyard,” Hotchkiss said of Arnold, as well as some other cities. “Often, they want to get rid of them and have a higher, better use. Who doesn’t want a nice condominium complex there that has a higher tax base that looks nicer?”
The lawsuit also said a representative of Arnold reached out to the owners of Jeffco Estates in July 2022 to tell them a commercial developer was interested in buying the mobile home park.
Richison said he did not know if that happened.
“Any kind of offer for the property would be a private transaction that we wouldn’t be part of,” he said. “I can’t say for sure if it has happened because we wouldn’t know. It would make sense to me that somebody would be interested in turning that into some kind of commercial operation, given its location.”
The lawsuit also said the city contacted Jeffco Estates owners in July 2022 and asked them to provide Arnold with a list of residents who keep pets in their homes.
“I don’t really know what that is referring to,” Richison said. “I am not aware that we would ever ask that, what we would ask that for or what we would do with that information.”
The lawsuit asks Arnold to reverse its denials for building permits and allow new mobile homes to come into Jeffco Estates, and it seeks to recoup last profits, rent and business opportunities the owners said they suffered because of the city’s regulations.
Hotchkiss said the lawsuit is not about getting money from the city, adding that his company only wants to offer an affordable housing option in Arnold.
“I want to be able to continue to operate that park as a healthy park and give it a future,” Hotchkiss said. “These people (Jeffco Estate residents) have spent good money on their homes. They can’t sell their homes because the town will not approve certificates of occupancy. They are taking property away from lower income people. It is disgusting.”
Hollywood’s studios are growing, but so is the competition.
Real estate development company PE Real Estate Holdings (PERE) is set to produce a large mixed-use film studio lot in New Mexico’s capital city, Commercial Observer has learned. The Phillip Gesue-run firm received approval from the City of Santa Fe to develop Aspect Studios with soundstages, housing, restaurants, retail outlets and more.
The proposal fulfills the city’s request for proposals to redevelop a city-owned film production campus as part of the recently approved master plan to revive Santa Fe’s 64-acre Midtown District as a new city center. The deal includes the acquisition and development of a “Studio Village” by merging the city-owned site with an adjacent 8.6-acre production studios that PERE recently acquired.
Santa Fe’s entire Midtown District falls in a federally designated opportunity zone, and New York City-based PERE will use its opportunity zone fund to acquire and develop the project.
The new combined studios will encompass approximately 20 acres and become the largest studio in northern New Mexico, featuring eight soundstages totaling 120,000 square feet, nearly 350,000 square feet of production and support space across five buildings, as well as retail, residential and hospitality. PERE estimates the development will produce nearly $100 million of real estate and construction investment, and generate billions in film production spending over time.
PERE expects to begin work on the residential building on the campus in the spring, and the company is in discussions with several chefs and restaurateurs for the planned destination restaurant, a representative said.
The site is on the former Santa Fe University of Art and Design campus. Other than limited film production, it has been largely vacant since the institution declared bankruptcy and closed in 2018, prior to the city taking ownership.
The film industry is one of the fastest-growing economic drivers in New Mexico with $5.75 billion in aggregate production spending.
Los Angeles-based Rios architecture firm designed Aspect Studios.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
In the radically evolving commercial real estate landscape amid rising uncertainty, multifamily assets appear to be among the best positioned to withstand any sharp post-pandemic declines.
But it’s an uncertain time for Los Angeles County’s housing market and many of the 9.5 million residents within it. For one, multifamily investment activity has slowed to a crawl compared to the rapid pace of sales the past few years, prior to higher borrowing costs.
In the city of L.A. specifically, investors are also dealing with the newly implemented Measure ULA, which adds an additional 4 and 5.5 percent transfer tax on asset sales of at least $5 million and $10 million, respectively. Since then, apartment property sales over $5 million have plummeted. There are also the issues of rising homelessness, high inflation, record out-migration, and more new rent controls and freezes.
Commercial Observer looked at data provided by CoStar (CSGP) regarding the biggest multifamily real estate investment trusts (REITs), developers, equity funds and other apartment owners in L.A. County to see who’s sitting where in the housing landscape. The list is delineated by units owned, but details also include square footage, total properties owned, and vacancy rates, all of which CoStar compiled.
1. Equity Residential (EQR) — 13,027 units
The Chicago-based REIT owns more than 13,000 units in Los Angeles County. The portfolio boasts a 3 percent vacancy rate, and spans more than 12.5 million square feet in 48 properties on almost 400 acres. Equity Residential’s L.A. County portfolio represents a little more than 15 percent of its total units. The firm is at the top of the list despite unloading more than 1,000 units in Santa Monica in 2021.
2. AvalonBay Communities — 11,039 units
The REIT from Arlington, Va., owns 11,039 units in 33 properties that span 11.8 million square feet over 346 acres. The portfolio has a 2.6 percent vacancy rate, and represents just under 12 percent of AvalonBay’s total units.
3. Essex Property Trust — 10,954 units
Yet another REIT, and this one is from San Mateo, Calif., and not far from second place. Essex Property Trust owns and manages more than 9.9 million square feet of multifamily space in 48 properties on 206 acres in L.A. County, with a 4.3 percent vacancy rate.
4. G.H. Palmer Associates – 10,237 units
Geoff Palmer’s Beverly Hills-based firm is the largest non-REIT on the list. G.H. Palmer Associates owns 20 properties in L.A. County with 9.8 million square feet of space over 345 acres, and a 9.1 percent vacancy rate. The firm’s units in L.A. County represent over 65 percent of its whole portfolio.
5. Jamison Properties — 6,768 units
The private, L.A.-based developer has long been turning underperforming offices into residential properties, and has a loaded pipeline of such projects throughout the city. Jamison currently has 38 properties in L.A. County at almost 6 million square feet and a 6.1 percent vacancy rate.
The rest of the top 10 includes Sterling Corporation with 6,764 units; J.K. Residential Services with 6,745 units; Golden Management with 5,446 units; Prime Administration with 5,202 units; and Carmel Partners with 4,777 units.
Other notable landlords in the top 15 include Goldrich Kest, Brookfield, Positive Investments and Onni Group. CIM Group is 28th with 2,635 units, CityView is 29th with 2,618 units, and Douglas Emmett is 30th with 2,616 units. Greystar is 33rd, Blackstone (BX) is 35th, Crow Holdings is 37th, the Kroenke Group is 41st, and NMS Properties is 47th.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Development firm LPC West is adding more to its plate in Culver City, Calif., with a fresh plan to replace an older office property with a mixed-use apartment complex.
Lincoln Property Company’s West Coast subsidiary filed plans for the entitlements, including density and height bonuses, to build 309 units in the growing Fox Hills neighborhood, Urbanize reported. Twenty-seven of the units would be designated as very low-income affordable housing.
The six-story building will rise on a 2.2-acre site at 5700 Hannum Avenue with studio, one-bedroom and two-bedroom apartments. The KFA Architecture-designed plan also calls for 5,600 square feet of ground-floor commercial space; more than 54,000 square feet of open space, including a central courtyard, a gym, common rooms, and a rooftop amenity deck; and parking for 428 vehicles.
Construction could begin in the first quarter of 2025 and conclude after approximately 30 months in the fourth quarter of 2027, Urbanize reported.
LPC West has other active projects in Culver City. The firm is planning to build 145,831 square feet of offices along Watseka Street downtown with joint venture partner Clarion Partners. LPC West also previously built a new office project in Culver City leased to Apple, and the Entrada office complex.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
A joint venture between Greco, a Minneapolis real estate developer, and Eagle Ridge Partners, a Minneapolis development, acquisition and asset management firm, has secured $69 million in equity and construction financing for a mid-rise, luxury housing development in Eden Prairie, Minn.
JLL Capital Markets arranged $47 million in construction financing through MidWestOne Bank and Alerus Financial. The JLL Capital Markets team also secured nearly $22 million in joint venture equity from Amstar Group, a Denver-based real estate investment manager.
The JLL Capital Markets advisory team represented the sponsors and was led by Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Max Gunderson.
“The project will be a significant development for the city of Eden Prairie, and we are thankful to have a part in advancing it,” said Talberg in a statement. “The execution of Eagle Ridge and Greco, from concept to closing, has been remarkably impressive.”
Golden Triangle Station, a mid-rise, multi-housing development, has been in the works since 2019, when Eagle Ridge Partners bought 40 acres of land in Eden Prairie for $28.6 million. The affluent southwest suburb outside Minneapolis is located the famous “Golden Triangle Innovation Hub,” a central business district that boasts 600 companies and more than 20,000 jobs.
Located at 6901 Flying Cloud Drive, Golden Triangle Station is expected to add much-needed housing capacity to a growing area, one that has been plagued in recent years by a lack of available land contributing to high-barriers to entry for developers with multifamily projects.
“The Twin Cities markets, particularly sought-after suburban areas like Eden Prairie, consistently experience robust interest and demand from investors and lenders for premium assets,” said Talberg. “This project showcases this continuing trend and signals a promising outlook for both the region and the high-growth submarket.”
Golden Triangle Station is expected to feature 237 luxury units of one-, two-, and three-bedroom apartments. Using Eden Prairie’s exclusionary zoning statutes, between 25 percent of the apartments will be rented at 50 percent to 80 percent of the area median income, allowing the project to capitalize on a Tax Increment Financing Structure it received from the Eden Prairie City Council. The buildings will also include roughly 315 underground parking spaces, an outdoor pool, a spa, theater room, club room and pickleball courts.
Located near the Golden Triangle LRT Train Line, and the future Green Line station—currently under development— Golden Triangle Station is positioned to attract workers looking for easy access into Minneapolis-St.Paul, a metropolitan area that carries a low-level of unemployment at only 3.3 percent, and features the headquarters of companies like target, Xcel Energy, General Mills, and U.S. Bank.
Founded in 2002, Greco has a portfolio of more than 5,000 housing units and 350,000 square feet of commercial real estate space.
Eagle Ridge Partners has owned and developed more than $1 billion worth of commercial real estate over the last 25 years. The firm’s commercial real estate portfolio in Minneapolis alone comprises more than 3 million square feet of space across multiple asset classes.
Brian Pascus can be reached at bpascus@commercialobserver.com