LOS ANGELES — Kidder Mathews brokered the $3.6 million sale of a property at 4737 Kester Ave. in the Los Angeles neighborhood of Sherman Oaks. The property offers eight units across an 8,600-square-foot site. The community was built in 2014. According to Apartments.com, 4737 Kester Ave. rises three stories and is elevator-serviced. Units come in one-, two- and three-bedroom floor plans. Michael Monempour and David Saghian represented the seller, a private investor. The buyer was not disclosed.
DEKALB, ILL. — The Kraft Heinz Co. plans to invest more than $400 million in an automated consumer packaged goods (CPG) distribution center in DeKalb, approximately 60 miles west of Chicago. The facility, which will be located along I-88 with national railway access, will total 775,000 square feet, making it one of the largest automatic distribution centers in North America, according to the company. The facility’s design includes a 24/7 automated storage and retrieval system, which will distribute more than 60 percent of Kraft Heinz’s foodservice products and approximately 30 percent of all dry goods. Kraft Heinz also expects the facility to contribute to the company’s broader environmental, social and governance (ESG) goals. More specifically, the company plans to implement sustainable technology to reduce the waste produced at the facility and minimize its overall environmental impact. Kraft Heinz says the plant will generate more than 150 jobs in the region. “As we continue on our journey to lead the future of food, our talented North America teams and collaborative external partners are innovating at a rapid pace to expand our supply chain capabilities,” says Carlos Abrams-Rivera, executive vice president and president of North America at Kraft Heinz. “The DeKalb distribution center …
— By Reg Kobzi, Senior Vice President, CBRE — Despite economic headwinds and uncertainty, there remains a positive sentiment within the San Diego retail market due to the historically low vacancies that continue to persist quarter over quarter. Inflation across consumer categories erodes spending power and challenges the retail landscape, as well as the greater economy. Landlords proactively track consumer spending and tenant resilience to mitigate risk. Inflation has proven stubbornly high, but it is predicted to decline over the coming months as the economy cools. CBRE believes the rate hiking cycle is nearing an end, and the Feds should start to cut rates by the end of the year. Despite the economic challenges, San Diego is healthy as its unemployment rate has remained relatively steady and seen significantly less expansion than at the state and national levels. June is the 35th consecutive month that unemployment in San Diego was below the state norm and the 12th straight month below the U.S. average. San Diego retail vacancy stabilized at the beginning of 2023, mirroring the rate from the last quarter of 2022 of 4.9 percent. Since vacancy rates are indicators of the market’s overall health, this stabilization is a valuable …
WEST PALM BEACH, FLA. — Cohen Brothers Realty Corp. of Florida (CRBC) plans to soon break ground on West Palm Point, a 26-story office tower located at the intersection of Okeechobee and Quadrille boulevards in downtown West Palm Beach. Situated near the Intracoastal Waterway, the 2.4-acre development will comprise a full city block and includes an adjacent, 10-story parking structure that will feature a rooftop gathering area with a café, shaded seating and a water feature. Designed by Pelli Clarke & Partners and Nichols Brosch Wurst Wolf, the office building will have a landscaped rooftop park, 14,416 square feet of ground-floor retail space, multiple fast-casual restaurants, a fitness center and conference rooms. John Criddle, Joe Freitas and Max Pawk of CBRE will lead local marketing and leasing efforts in partnership with Marc Horowitz from Cohen Brothers in New York. CRBC plans to begin construction on West Palm Point in the fourth quarter, with expected tenant occupancy beginning in the third quarter of 2026.
ANNAPOLIS, MD. — District Hospitality Partners has purchased Westin Annapolis, a 225-room hotel located in historic downtown Annapolis. The property, which underwent an extensive renovation in 2020, is situated along the Chesapeake Bay near the United States Naval Academy, Navy-Marine Corps Memorial Stadium and Maryland State House. The seller and sales price were not disclosed. Westin Annapolis features 13 meeting rooms totaling 19,000 square feet, an indoor pool and a fitness center. HEI Hotels & Resorts will continue to manage the hotel on behalf of District Hospitality, which plans to make renovations to the property’s bar, restaurant and lobby. Eastdil Secured arranged an undisclosed amount of acquisition financing through Wells Fargo Bank on behalf of the buyer.
NORCROSS, GA. — CIP Real Estate has signed Hyundai and Walgreens to leases at Gwinnett Commons, a 1.3 million-square-foot industrial park in the Atlanta suburb of Norcross. A division of Hyundai preleased a newly delivered, 88,500-square-foot distribution facility at 1760 Corporate Drive. The property features 28-foot clear heights and dock- and grade-level loading with oversize doors. Walgreens preleased an 89,500-square-foot facility at 1700 Corporate Drive that CIP plans to deliver in October. The automated warehouse will feature above-standard office finishes and 32-foot clear heights. CIP built both facilities on a speculative basis before preleasing to Hyundai and Walgreens. The properties represent $25 million in total construction costs. The design-build team includes general contractor Ordner Construction and architect Randall Paulson Architects. Pinnacle Bank provided construction financing.
PANAMA CITY BEACH, FLA. — The St. Joe Co. has opened Camp Creek Inn, a 75-room hotel located at 684 Fazio Drive in Panama City Beach. The property is situated on the grounds of the developer’s Watersound Club, a private members club that features an 18-hole golf course, 11,000-square-foot wellness center, tennis courts, pickleball courts and a resort-style pool with a hot tub, lazy river, waterslide and the Bark N’ Brine dining venue. Camp Creek Inn features two dining venues, an outfitter shop, executive meeting rooms and locker rooms for use by hotel guests and Watersound Club members. The property is the fifth hotel that St. Joe Co. has opened this year.
CUT OFF, LA. — Dorsey Development Cos. has signed four new tenants to join the roster at Tarpon Heights Shopping Center, a 57,698-square-foot retail property in Cut Off. The center took a direct hit from Hurricane Ida in 2021, after which Dorsey has replaced the roof, rebuilt the façade and cleaned up debris at the site. Joining Tarpon Heights are Dollar General, which will return to its previous 11,398-square-foot space, as well as Bayou Ju Jitsu, El Viejon and Lafourche Parish Library. Bayou Ju Jitsu is a local martial arts studio, and El Viejon is a Mexican restaurant that is replacing the former El Paso restaurant.
FRANKLIN, WIS. — Berkadia has brokered the $43.5 million sale of Statesman Apartments in Franklin, about 10 miles south of downtown Milwaukee. The 180-unit apartment community is located at 2950 W. Statesman Way near I-94. Built in 2019, the property features six buildings as well as underground parking, a clubhouse, fitness center and outdoor pool.Ralph DePasquale and Pete Evans of Berkadia represented the seller, Milwaukee-based Zilber Residential Group. The buyer was an affiliate of Chicago-based Banner Real Estate Group.
INDIANAPOLIS — Adidas has signed a 599,000-square-foot industrial lease renewal at 8677 Logo Athletic Court in Indianapolis. Adidas utilizes the property as a finishing facility and produces screen-printed team sport apparel for both professional and amateur teams around the world. Jason Speckman of Colliers represented the landlord, Link Logistics Real Estate. Jimmy Cohoat, Andrea Hopper and Billy Powers of Colliers represented Adidas.
