NEW YORK CITY — Apparel retailer Vuori will open a 4,500-square-foot store at 120 Fifth Avenue, a 70,000-square-foot building in Manhattan’s Union Square neighborhood. Richard Skulnik and Lindsay Zegans of RIPCO Real Estate represented the tenant in the lease negotiations. Alan Schmerzler, Sean Moran and Patrick O’Rourke of Cushman & Wakefield represented the landlord, Bromley Cos. The opening is scheduled for the fall.
NEW YORK CITY — Holding company Tide Rock has signed a two-year, 4,123-square-foot office lease at 340 Madison Avenue in Manhattan. The company is taking space on the 22nd floor of the 750,000-square-foot building. Jack Cohen of Spaces CRE represented the tenant in the lease negotiations. William Elder and Andrew Ackerman represented the landlord, RXR, in an internal basis.
NEW CARLISLE, IND. — Amazon Web Services (AWS), the web hosting division of Amazon (NASDAQ: AMZN) has announced plans for an $11 billion data center campus in New Carlisle, a town of roughly 1,600 people located near the Michigan-Indiana border. The exact location of the site was not disclosed, but the campus will be situated within the Indiana Enterprise Center, a master-planned development in St. Joseph County that spans nearly 3,000 acres. The Indiana Economic Development Corp. has committed to several incentives for the project. These incentives include up to $18.3 million in employment-based tax credits, up to $5 million in training grants, up to $55 million in Hoosier Business Investment tax credits and up to $20 million in redevelopment tax credits. These incentives are performance-based, meaning the company is eligible to claim state benefits once investments are made. In addition to its community investment and engagement activities, AWS will also contribute up to $7 million to support road infrastructure improvements in and around the site. Details on the development timeline were not immediately available. Amazon claims the project will create at least 1,000 new jobs. “Amazon has long been an important economic partner in Indiana, and we are excited …
By Mandi Backhaus, The Lerner Co. As we finish out the first quarter of 2024, we reflect on the Omaha retail real estate market with consideration to the internal and external factors of trends, challenges, opportunities and the state of the economy. It can be said that the Omaha metropolitan area remains steadfast throughout difficult times. With its robust and diverse nature, anchored by industries such as healthcare, technology and finance, Omaha, although sometimes called a “flyover city,” remains a hidden gem for those looking for a steady yet vital lifestyle at an attractive cost. This favorability trickles down to how real estate is valued and utilized in the area. According to a Merrill Lynch article, approximately $84 trillion in assets is set to change hands over the next 20 years, from baby boomers onto their children and so on. While the various generations may invest differently, one constant remains: real estate. From a national standpoint, the unstable scenario results from a blend of factors, with inflation, interest rates and the collapse of banks in early 2023 being particularly prominent. This perfect storm had left the industry in a precarious position. The Mortgage Bankers Association revealed a 56 percent drop …
DALLAS — CBRE has arranged the sale of a portfolio of four seniors housing properties in the Dallas metro area. The names of the recently rebranded properties in the portfolio are Village on the Park Plano, Village on the Park Denton, Village on the Park Stonebridge Ranch and Village on the Park McKinney. All properties were built between 2014 and 2017 and offer assisted living and memory care services. The buyer is a joint venture between Artemis Real Estate Partners and Bridgewood Property Co. The seller and sales price were not disclosed. John Sweeny, Aron Will and Garrett Sacco of CBRE brokered the deal.
HOUSTON — Alternative investment management firm GID has acquired Beltway Northwest, a 299,000-square-foot industrial property in Houston. Built in 2007, the five-building development features 17- to 24-foot clear heights, 62 dock high doors and 18 drive-in doors. Beltway Northwest was fully leased to 17 tenants at the time of sale. The seller and sales price were not disclosed. Transwestern has been appointed as the leasing agent.
WESLACO, TEXAS — Glazer’s Beer & Beverage has opened a 250,000-square-foot distribution center in the Rio Grande Valley city of Weslaco. The wholesale alcoholic beverage distributor is the anchor tenant of Mid Valley International Industrial Park, a 122-acre master-planned development by the Weslaco Economic Development Corp. The project is ultimately expected to add about 200 new jobs to the local economy at full operational capacity.
HOUSTON — JLL has brokered the sale of 777 Post Oak Boulevard, a 176,779-square-foot office building located in the Galleria/Uptown area of West Houston. The nine-story building, which was 70 percent leased at the time of sale, was most recently renovated in 2021. Kevin McConn and Marty Hogan of JLL represented the undisclosed seller in the transaction. Fertitta Entertainment Inc., which is owned by Houston Rockets owner Tillman Fertitta, purchased the asset for an undisclosed price.
CYPRESS, TEXAS — Big Air Trampoline Park has signed a 35,311-square-foot retail lease at Cypress Landing Shopping Center on the northwestern outskirts of Houston. The space formerly housed a Gold’s Gym. Jason Gaines of locally based brokerage firm Sturbridge Commercial Real Estate represented the undisclosed landlord in the lease negotiations. R.J. Mohindra of FEC Real Estate represented Big Air, which now operates 15 facilities across the country and plans to open another 30. The opening is slated for May.
BINGHAMTON, N.Y. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus. The floating-rate loan was secured on behalf of the borrower, Chicago-based Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a fitness center, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. The direct lender was not disclosed.