DENVER — NorthPeak Commercial Advisors has arranged the sale of 995 Corona St., an apartment building in Denver. The 11-unit asset traded for $2.3 million, or $205,454 per unit. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was not released.
SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of a net-leased property located at 6401 Stockton Blvd. and 6050 Elder Creek Road in Sacramento. The asset sold for $1.6 million. The undisclosed buyer intends to lease the 43,996-square-foot property to a suitable tenant, according to Marcus & Millichap. Although the use of the property was not disclosed, the address is for a used car dealership in an industrial area. Christopher Hurd of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.
HOUSTON — KKR & Co. Inc. (NYSE: KKR), a global alternative asset management investor based in New York City, has purchased Park 8Ninety, a 1.8 million-square-foot industrial park in southwest Houston. Artis Real Estate Investment Trust, a REIT based in Winnipeg, Canada, sold the 12-building park to KKR for $234.2 million. Artis REIT and Trammell Crow Co. (TCC) developed Park 8Ninety in five phases between 2017 and 2022. The 127-acre park features a mix of single-tenant and multi-tenant logistics buildings with clear heights ranging from 24 to 36 feet. Park 8Ninety is situated along Beltway 8 (Sam Houston Parkway) and U.S. Route 90A and features multiple access points to both roads. The park is situated about 20 miles southwest of downtown Houston and 19 miles west of William P. Hobby Airport. “Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston, which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” says Ben Brudney, a managing director in the real estate group at KKR who oversees the firm’s U.S. industrial investments. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and …
The U.S. retail market is currently on a long stretch of rock-solid performance at the property level. The national vacancy rate is at a healthy 4.1 percent, according to first-quarter 2024 research from CoStar Group. This comes one quarter after a stellar 4 percent vacancy rate at year-end 2023. What’s more is net store openings are on pace to be positive for the third consecutive year, according to research from Cushman & Wakefield. There have been more than 1,700 announced retail store closures thus far in 2024, with recent examples including Family Dollar, Express, Macy’s and 99 Cents Only. However, the number of announced closures has been outpaced by the more than 3,000 announced openings this year, including from the likes of Walmart, Academy Sports + Outdoors, Aldi and Target. With tight occupancy, due in large part to limited retail deliveries compared to historical norms, plus the influence of stubbornly high inflation, rental rates are also peaking. Rental rates ended the year at about $25 per square foot, which is a 3 percent increase year-over-year, according to CoStar. Matthew Mousavi, managing principal at SRS Real Estate Partners, says that retail real estate is performing so well that it now …
— By Holly Chetwood, Retail Specialist, TOK Commercial — The Boise MSA retail market had one of its strongest quarters on record with net absorption reaching 559,000 square feet at the end of March of this year. Multiple big-box spaces were backfilled in the first 90 days of the year including the former K-Mart and Gordmans spaces in Nampa as well as both Bed, Bath, and Beyond locations in Boise and Meridian. In addition, the highly anticipated Scheels opened its first Idaho store at Ten Mile and I-84 in Meridian. Along with a healthy level of net absorption, nearly 100 transactions were recorded, the highest number of deals seen in a quarter since 2021. The top five deals of the quarter were all over 25,000 square feet, however, leasing activity continues to be primarily driven by tenants in spaces below 2,000 square feet. These deals have accounted for 52 percent of transactions over the past 12 months. As demand stayed high, vacancy continued to tighten throughout the first 3 months of the year. Total vacancy ended the quarter at 4.4 percent, its lowest level in nearly a year. The majority of submarkets are seeing vacancy remain between 2 to 4 percent. …
BRYAN AND COLLEGE STATION, TEXAS — Austin-based developer Teeple Partners has broken ground on Brazos Oaks, a 315-unit multifamily project that will be located in the Bryan/College Station area of Central Texas. Brazos Oaks represents the first of three phases of a larger development that will consist of more than 1,000 units on a 53-acre site. Units will come in one-, two- and three-bedroom floor plans and will feature stainless steel appliances, granite countertops, custom cabinetry and private yards. Amenities will include a pool, fitness center, conference room, great room lounge, mini-offices, a package locker system, two pickleball courts, a bocce ball court and two dog parks. The first units at Brazos Oaks are expected to be available for occupancy in summer 2025, and completion of the entire development is slated for summer 2026. RVK Architecture designed the project, and Interwest Construction is serving as the general contractor. San Antonio-based Mason Joseph Co. provided construction financing.
LIBERTY HILL, TEXAS — New York City-based Andover Properties has completed a 137-unit self-storage expansion project at its Storage King facility located at 14774 W. State Highway 29 in Liberty Hill, about 35 miles north of Austin. The project increased the facility’s existing volume of climate-controlled space by 20,201 net rentable square feet, or 75 percent. The expansion also created options for boat and RV storage, with spaces ranging in size from 12 x 40 feet to 12 x 25 feet.
HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of Treemont Health Care Center, a 112-bed seniors housing property in Houston. Built in 1974, the 39,058-square-foot community sits on approximately 1.3 acres and offers 42 assisted living beds and 70 skilled nursing beds The buyer was a local seniors housing owner-operator, and the seller was a regional owner-operator. Vince Viverito, Matt Alley, Jason Punzel, Brad Goodsell and Jake Anderson of SLIB brokered the deal.
HOUSTON — Finial Group has negotiated a 10,000-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the building at 8550 Fallbrook Drive was constructed in 2020 and totals 90,000 square feet. Andrew Bischoff and Tyler Holt of Finial Group represented the tenant, Buckeye Cleaners, in the lease negotiations. The name and representative of the landlord were not disclosed.
HOUSTON — Law firm Fahl & Donaldson PLLC has signed a 5,316-square-foot office lease renewal at 801 Louisiana St. in downtown Houston. According to LoopNet Inc., the eight-story, 105,145-square-foot building was constructed in 1979 and renovated in 2009. Ryan Hartsell of locally based brokerage firm Oxford Partners represented the tenant in the lease negotiations. Trey Miller of Boxer Property represented the landlord.
