NEW YORK CITY — Macerich (NYSE: MAC) has signed a 12,000-square-foot office lease at 825 Third Avenue in Midtown Manhattan. The Southern California-based retail owner-operator is relocating its New York City office from Fifth Avenue to the 33rd floor of the 40-story building, which recently underwent a $150 million capital improvement program. Gordon Ogden and James Hart of Bradford Allen represented Macerich in the lease negotiations. Tom Bow, Ashlea Aaron, Bailey Caliban and Sayo Kamara represented the landlord, The Durst Organization, on an internal basis.
Charlotte: “The Queen City” named after Queen Charlotte, wife of George III, has been on a tear post-COVID with new and expanding retail concepts. Vacancy rates have hovered under 4 percent the last few years, with little signs of changing , according to research from Institutional Property Advisors (IPA). Much of that vacancy has occurred in less desirable markets, or in junior and big-box bankruptcies (JOANN, Big Lots, Party City, etc.) that are being snatched up as quickly as they become vacant. Tenants are desperate and clamoring for new locations to keep up with the strong residential growth (24,000+ new residents in the city limits in 2024 and 46,000 in the CSA), making charlotte the 14th largest city in the country, and 19th-largest CSA in terms of overall population. This factor combined with unemployment hovering in the low 4 percent range, plus household income growth has called for desperate measures to ID new space or weakness in the market. We as local experts have seen a slight uptick, over the past 12 months, in some “shadow inventory.” This occurring when an existing retailer or restaurant might be struggling with sales, or in partial default, and the landlord has the opportunity …
PORTERVILLE, CALIF. — Tutor Perini Building Corp. — a subsidiary of civil, building and construction company Tutor Perini Corp. — has been awarded a $220 million contract to construct an expansion of the Eagle Mountain Casino in Porterville. The casino is located at 1850 West St., which is about 50 miles north of Bakersfield, Calif., and adjacent to the Porterville Fairgrounds. Tutor Perini will build the development on behalf of the Tule River Gaming Authority, which is operated by the Tule River Indian Tribe of California. Eagle Mountain Casino opened in 2023, replacing another casino that the Tule River Tribe had operated on the site since 1996. Dubbed the Eagle Mountain Casino Phase 2 Expansion, the project is scheduled to begin construction this summer. Substantial completion of the development is expected in 2027. Upon completion, the new phase will feature a 193-room tower with a rooftop restaurant; a central warehouse and offices; expansion of an existing restaurant; a new, 2,000-seat events center with convention space, breakout meeting rooms, pre-function space; and hotel amenities including a new spa, arcade and swimming pool. According to the Eagle Mountain Casino website, the current casino features 1,750 new and classic slot machines and 20 …
DALLAS — Cushman & Wakefield has brokered the sale of the Greater Valwood Industrial Portfolio, a collection of seven buildings totaling 775,013 square feet in metro Dallas. The buildings are located in the Valwood/North Stemmons and Addison submarkets and were fully leased at the time of sale. Jim Carpenter, Jud Clements, Robby Rieke, Emily Brandt and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. John Alascio, T.J. Sullivan and Jason Blankfein, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing through Lincoln Financial Group on behalf of the buyer, San Francisco-based investment firm Stockbridge Capital.
HOUSTON — Colliers has negotiated the sale of Green Arbor Apartments, a 252-unit multifamily property in southeast Houston. The site spans 8.7 acres at 10601 Sabo Road in the Southbelt‑Ellington area, and the property offers one-, two- and three-bedroom units, some of which are equipped with private balconies/patios. Amenities include two pools and a playground. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
SAN ANTONIO — Atlanta-based hospitality owner-operator Peachtree Group and Austin-based Merritt Development Group have topped out construction of the 10-story, 171-room Residence Inn by Marriott hotel in downtown San Antonio. The hotel will feature studio suites with fully equipped kitchens and separate living and working areas. Amenities will include a fitness center, meeting rooms, outdoor social spaces and a coffee bar. Completion is slated for next summer.
ROSENBERG, TEXAS — STATS International has signed a 72,761-square-foot industrial lease in Rosenberg, a southwestern suburb of Houston. The pipeline services firm will occupy all three buildings on the 10-acre site at 3782 Reese Road for both maintenance and manufacturing purposes. Anthony Squillante and Drew Coupe of Avison Young represented the tenant in the lease negotiations. Ryan Wasaff, Brad Berry and Cole Bercher represented the landlord, local owner-operator The Welcome Group, on an internal basis.
HOUSTON — A partnership between Dallas-based Apricus Realty Capital and Baltimore-based ABR Capital Partners has purchased an 11.3-acre industrial outdoor storage (IOS) facility in northwest Houston. The site includes 32,358 square feet of crane-served warehouse space that is leased to Knight Oil Tools. Jason Tangen and Paul Dominique of Colliers represented the undisclosed seller in the transaction. C.W. Sheehan, Jack Britton, Peyton Ackerman and Nate Henderson of JLL arranged acquisition financing for the deal.
RINCON, GA. — JLL has negotiated the sale of NFI Distribution Center Savannah, a 1 million-square-foot distribution facility located at 1200 Logistics Parkway in Rincon. The distribution center is fully leased to National Distribution Centers LLC, a major subsidiary of New Jersey-based supply chains solutions provider NFI Industries. Britton Burdette, John Huguenard, Dennis Mitchell, Jim Freeman and Maggie Dominguez of JLL represented the seller, a joint venture between Becknell Industrial and Goldman Sachs Alternatives, in the transaction. Stockbridge purchased the Class A facility for an undisclosed price. Situated within Old Augusta Commerce Center, the cross-dock property is situated 10.7 miles from the Port of Savannah’s Garden City Terminal and within five miles of I-95. The property was completed in 2022 and features 40-foot clear heights, 190-foot truck courts, 270 trailer parking spaces (expandable to 307) and 102 dock levelers.
ONTARIO, CALIF. — Real Estate Development Associates and Clarion Partners, along with Premier Design + Build Group, have broken ground on South Ontario Logistics Center — Building 6 (SOLC) in Ontario. Slated for delivery in June 2026, the 700,000-square-foot asset will feature 113 dock doors, 261 trailer stalls, 445 parking spaces, dual 2,000-kilowatt generators and a 16,000-amp electrical service.