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83-Marketplace-Peoria-AZ
AcquisitionsArizonaRetailWestern

Western Retail Advisors Arranges $11.1M Sale of Retail Center in Peoria, Arizona

by Amy Works

PEORIA, ARIZ. — Phoenix-based Western Retail Advisors has brokered the sale of 83 Marketplace, a newly built retail center located on the corner of 83rd Avenue and Happy Valley Road in Peoria, a suburb northwest of Phoenix. A franchisee of Hawaii-based Seven Brothers Burgers acquired the asset for $11.1 million. Developed by Scottsdale-based Cavan Cos., 83 Marketplace features three buildings offering a total of 19,800 square feet. The buyer plans to open a Seven Brothers restaurant concept at the corner of the center. Other tenants of the property include Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental. Brian Gausden and Jake McClaughry of Western Retail Advisors represented the seller, Cavan Cos., while Scott Johnson of Omni Commercial represented the buyer in the transaction.

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Saluhall-San-Fran-CA
CaliforniaDevelopmentRestaurantRetailWestern

Ingka Centres Opens 23,000 SF Vegan-Focused Food Hall at San Francisco Meeting Place

by Amy Works

SAN FRANCISCO — Ingka Centres has opened Saluhall, a food hall at San Francisco Meeting Place largely focused on plant-based vendors. Totaling 23,000 square feet, the food hall offers a capacity for 450 seats, bars and five independent food vendors. It will operate seven days a week. Designed by Stiff + Trevillion, the two-story Saluhall features Smörgåsland, an in-house bakery restaurant; Cooking Skola, which offers cooking lessons and demonstrations; La Venganza; Casa Borinqueña; Curry Up Now; Momo Noodle; and Kayma. The majority of restaurants and eateries offer plant-based menus. KERB will operate Saluhall, which means food hall in Swedish. Ingka Centres acquired 945 Market Street in September 2020 and transformed the mall into a destination anchored by a new-format IKEA, which opened in August 2023. The gross leasable area of the meeting place is approximately 256,000 square feet, with Saluhall complemented by Ingka Centres’ Hej! Workshop with Industrious, a flexible working concept. Ingka Centres is part of the same parent company, Ingka Group, as IKEA.

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AcquisitionsMultifamilyNevadaSeniors HousingWestern

Bascom Group Buys 72-Unit Seniors Housing Community in Boulder City, Nevada

by Amy Works

BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released. Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities. Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale. Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.

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Edgemere-Dallas
FeaturesMultifamilySeniors Housing

Seniors Housing Occupancy Rises to 85.6 Percent in 11th Consecutive Quarterly Increase, Says NIC

by Taylor Williams

By Jeff Shaw ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 50 basis points to 85.6 percent in the first quarter of 2024, according to data from NIC MAP Vision. It’s the 11th consecutive quarterly increase in occupancy as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy figure marks an increase of 780 basis points from the pandemic low of 77.8 percent in second-quarter 2021, but still just shy of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. Net absorption in the first quarter totaled roughly 5,000 units, a more than 40 percent increase over the level of absorption in the first quarter of 2023, according to NIC. “The continued upward climb of occupancy along with strong absorption levels supports the NIC forecast of returning to and surpassing the pre-pandemic occupancy levels sometime in 2024,” says Lisa McCracken, NIC’s head of research and analytics. Construction starts increased slightly from …

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DevelopmentMixed-UseNorth CarolinaRetailSoutheastTop Stories

Wegmans to Open 110,000 SF Grocery Store at Ballantyne Campus in Charlotte, North Carolina

by John Nelson

CHARLOTTE, N.C. — Wegmans Food Markets Inc., a Rochester, N.Y.-based grocer, plans to open a 110,000-square-foot store in Charlotte. Located along North Community House Road, the grocery store will be situated within Ballantyne, Northwood Investors’ 2,000-acre master-planned development on the south side of Charlotte adjacent to the South Carolina border. Wegmans aims to open the new store by the third quarter of 2026. The store will feature all traditional Wegmans departments, including produce, seafood, meat, bakery, deli, cheese and wine and beer. Additional offerings will include Meals2Go and catering, online shopping capabilities, a floral shop, coffee and home goods. The store will also have a market café with indoor and outdoor seating for customers dining at one of Wegmans’ multiple food outlets. “We’ve received hundreds of requests from locals asking for a store in their area, and we’ve spent years looking for exactly the right location,” says Dan Aken, vice president of real estate and store planning at Wegmans. The new Wegmans will be located on the east side of Ballantyne and half a mile from Northwood’s The Bowl at Ballantyne mixed-use development, which is currently under construction. The project will feature a wide array of retail and restaurant tenants …

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Market ReportsNevadaOfficeWesternWestern Market Reports

Office Vacancy in Reno Grows as Investment Activity Rebounds

by Jeff Shaw

— By Jason Hallahan, associate, Colliers — Northern Nevada’s office market remained resilient throughout last year in the face of strong headwinds. Reno’s office market saw a blend of market fundamentals as net absorption declined, investment activity slowed and available sublease space shrunk. Negative net absorption in three out of four quarters brought the annual total to nearly 23,000 square feet of negative absorption — the lowest the market has seen since 2020.  Vacancy ticked up 100 basis points year over year to 11 percent by the end of 2023, though it is well below the pandemic peak of 13.4 percent of mid-2020. Average direct asking rents also softened slightly this year, though tenant demand and asking rates both remain strong among Class A office product. A combination of growing vacancy, heightened interest rates and continued uncertainty in office space needs have curbed investor appetite this year. Demand for Reno office product fell sharply at the beginning of 2023 when first-quarter sales shrank to less than 20 percent of the average quarterly sale totals from the past three years.  Buyers and sellers struggled to reach a middle ground as elevated vacancies weakened sale prices and increased borrowing costs discouraged investors. There …

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DevelopmentMultifamilySoutheastVirginia

GW Real Estate, Griffin Capital Break Ground on 250-Unit Apartment Community in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — GW Real Estate Partners and capital partner Griffin Capital Co. have broken ground on The Arrowood Charlottesville, a 250-unit apartment community located at 463 Rio Road W in Charlottesville. Situated two miles from The Shops at Stonefield and a short drive to University of Virginia, the property features studio to three-bedroom layouts, as well as a clubhouse with a fitness center, coworking space, resort-style swimming pool and a grill/lounge area. Fifth Third Bank provided construction financing for the project. The design-build team includes general contractor GW Builders, Heffner Architects, civil engineer Collins Engineering, structural engineer Cates Engineering, MEP engineer GTP Consulting Engineers and landscape architect LandDesign. The developers expect first buildings at The Arrowood to be ready for occupancy in mid-2025, with full community completion expected by March 2026.

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AcquisitionsGeorgiaIndustrialSoutheast

Dermody Properties Acquires Two Industrial Facilities at Gillem Logistics Center in Atlanta Totaling 548,040 SF

by John Nelson

ATLANTA — Dermody Properties has purchased two industrial facilities within Gillem Logistics Center, an industrial park in south Atlanta. The developer, locally based Robinson Weeks Partners, sold the assets for an undisclosed price. The properties include Building 700, a 169,520-square-foot facility, and Building 1200, a 378,520-square-foot building. Wes Hardy represented Dermody in the transaction on an internal basis, and Trey Barry of CBRE represented Robinson Weeks.

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GeorgiaIndustrialLeasing ActivitySoutheast

Stonemont Financial Signs Logistics User to 733,200 SF Industrial Lease in Metro Savannah

by John Nelson

RINCON, GA. — Stonemont Financial Group has signed Armstrong Logistics Inc., a warehousing and logistics service provider based in California, to an industrial lease near Port of Savannah. The logistics firm will fully occupy Building 4A, a 733,200-square-foot cross-dock facility, at Georgia International Trade Center (GITC), a 1,150-acre industrial park in Effingham County that Stonemont Financial is co-developing with The Davis Cos. and Chesterfield. Located in Rincon, the facility features 40-foot clear heights, 175 dock-high doors, four drive-in doors and 208 trailer stalls. Scott Mertz of NAI Global brokered the transaction. Additional partners for the project include Omega Construction as the general contractor, Atlas Collaborative as the architect and Thomas & Hutton as the civil engineer. Stephen Ezelle of Cushman & Wakefield/Gilbert & Ezelle is handling all leasing at GITC. Building 4A is the 10th warehouse that Stonemont Financial has delivered at the park.

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Build-to-RentFloridaLoansMultifamilySingle-Family RentalSoutheast

JLL Arranges $43M Loan for Build-to-Rent Residential Community in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — JLL has arranged a $43 million loan for Solamar Apartment Homes, a 210-unit build-to-rent residential community in Kissimmee, about 22 miles south of Orlando. Max La Cava, Melissa Quinn, Kenny Cutler, Josh Odessky and Pier Barinci of JLL arranged the construction take-out bridge loan on behalf of the borrower, TRUSOT Development. JLL arranged the original $35 million construction loan in 2021. Solamar Apartment Homes was completed in phases, with the final phase delivered in 2023. According to Apartments.com, the property features two- to three-bedroom homes ranging in size from 973 to 1,317 square feet.

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