HARRISONVILLE, MO. — STRIVE has brokered the sale of Harrisonville Crossing, a 45,260-square-foot retail center in Harrisonville, a southern suburb of Kansas City. The sales price was undisclosed. The property, located off Route 291, is 82 percent leased. Hudson Lambert of STRIVE represented the seller, a California-based investor, and procured the buyer, a Pennsylvnia-based investor.
WHEATON, ILL. — Hyper Kidz has signed a 26,941-square-foot retail lease at Main Street Plaza in the Chicago suburb of Wheaton. Brad Belden and Chris Irwin of Colliers represented the landlord, RMS Properties Inc. Brendan Watt of Great Street Realty represented Hyper Kidz, which offers an indoor playground, attractions and play zones. The lease brings the 116,759-square-foot property to 75 percent occupancy. Jewel-Osco is the anchor tenant.
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Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report
Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …
BOTHELL, WASH. — LaSalle Investment Management has completed the disposition of Stonemeadow Farms, an apartment community in Bothell, a suburb of Seattle. An undisclosed buyer acquired the asset for $93.1 million. Situated on 29 acres at 23028 27th Ave. SE, Stonemeadow Farms offers 280 apartments spread across 20 residential buildings. Originally constructed in 1999, the garden-style property underwent renovations from 2014 to 2018. Each apartment features private balconies, wood-style flooring, deep soaker-style bathtubs, stainless steel appliances, Shaker-style cabinets, mosaic and subway tile backsplashes, black quartz countertops and undermount kitchen sinks. Community amenities include a 24-hour fitness center, clubhouse with a kitchen and lounge, resort-style pool and an outdoor terrace with firepits and barbecue areas. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal. JLL also represented the buyer in the transaction.
SCOTTSDALE, ARIZ. — High Street Residential, the residential subsidiary of Trammell Crow Co., and PGIM Real Estate have completed construction of Huxley Scottsdale, an apartment development in Scottsdale. Located at 8555 E. Raintree Drive, Huxley Scottsdale features 192 studio, one- and two-bedroom floor plans. Units offer work-from-home nooks, Shaker cabinets, smart appliances, in-unit washers/dryers, balconies or patios, 9- to 11-foot ceilings, walk-in closets, bathrooms with tubs and walk-in showers, linen closets and secured access from parking to each unit. Community amenities include a sky lounge with mountain views and barbecue grills, outdoor pet park, indoor pet spa, hidden speakeasy with wet bar, game room, catering kitchen with a private dining space, pool and space with an outdoor lanai, work-from-home suites and conference rooms, concierge services, fitness and yoga studio, multiple lounge and seating areas and dedicated mail and package rooms. ESG served as the project’s architect of record and Weitz served as general contractor. Greystar is handling leasing and property management for the asset. Monthly rental rates at Huxley Scottsdale range from $1,764 to $3,429, according to Apartments.com.
PHOENIX — BKM Capital Partners has acquired Wier Thirty6 Business Park, an industrial asset in Phoenix, for $21.6 million. The asset is situated on 5.8 acres at 3610-3660 E. Wier Ave. and 4633-4645 S. 36th St. in Phoenix’s Airport submarket. Built 1986, the 104,146-square-foot property consists of nine freestanding buildings housing 10 units with an average size of 10,415 square feet. The park features 18-foot clear heights, five truck wells, 10- by 12-foot grade-level doors and 243 parking spaces, as well as a 48 percent office component. The buildings are fully leased to a variety of tenants, including Service Education AZ, RestorationHQ, WSP USA Environment & Infrastructure and the U.S. General Services Administration. BKM had originally purchased the asset in 2018, when it was known as Diablo Business Center, for $8 million. The firm invested more than $2 million in deferred maintenance, cosmetic upgrades and speculative tenant improvements on the property. Bob Buckley, Tracy Cartledge, Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield represented the undisclosed seller in the deal.
LA HABRA, CALIF. — Marcus & Millichap has arranged the $15.6 million sale of Beachmont, a beachfront apartment community in La Habra. The names of the buyer and seller were not released. Located in North Orange County, Beachmont offers 45 apartments, 82 percent of which are townhome style. Each unit features individual water heaters, washer/dryer hookups, private patios and two assigned parking spaces. Recent property upgrades include new windows and roofs in 2023, exterior painting in 2024 and asphalt reconditioning in 2019. W. Michael Cavner and Tyler Leeson of Marcus & Millichap’s Orange County office handled the transaction.
DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building in Denver. Collaborative Healing Initiative Within Communities (CHIC Denver) acquired the asset from Unbridled Wealth for $2.1 million, or $327.14 per square foot. Located at 1525 Josephine St., the property offers 6,358 square feet of office space. Cody Stambaugh, Liz Morgan and Kyle Moyer of The Morgan Stambaugh Group at Pinnacle Real Estate Advisors handled the transaction.
NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower. Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore. According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing. Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million. — Hayden Spiess
FORT MYERS, FLA. — A joint venture between Chicago-based Glenstar Logistics and Dallas-based Columnar Investments has sold Tri-County 75, an 818,000-square-foot industrial park located on a 72-acre site in Fort Myers. The four-building, Class A park was built in October 2023 and was 95 percent leased at the time of sale. The buyer and sales price were not disclosed. Jose Lobon, Frank Fallon, Trey Barry, Royce Rose, Kris Courier, Rian Smith, Gabriel Braun and Daniel Sarmiento of CBRE represented Glenstar and Columnar in the transaction. Tri-County 75 is located at 6115-6150 Tri County Commerce Way and offers proximity to I-75 and Southwest Florida International Airport. Designed by Ware Malcomb, the park’s rear-load and cross-dock facilities range in size from 76,210 to 404,050 square feet and feature concrete tilt-up construction, 32- to 36-foot clear heights, 142 trailer parking spots, large truck courts and trailer stalls. Tenants at Tri-County 75 include Ferguson Enterprises, a national distributor of plumbing and HVAC supplies; a Fortune 500 beverage company; Orlando-based Mechanical One, a home repair and maintenance company; NB Handy, a Virginia-based distributor of metals, HVAC, commercial roofing and machinery products; Coldest, a Florida-based manufacturer of water bottles; and a Fortune 500 third-party logistics firm.