Property Type

Coldwell Banker Commercial River Valley Brokers $10M Sale of Office Building in Onalaska, Wisconsin

by Kristin Harlow October 16, 2023

ONALASKA, WIS. — Coldwell Banker Commercial River Valley has brokered the $10 million sale of a three-story, 66,000-square-foot office building in Onalaska, a city in western Wisconsin. The property is located at 2700 Midwest Drive. The buyer was Kwik Trip Inc., which will use the building for its training department, part of its accounting department and other office employees. Kwik Trip’s corporate headquarters will remain at its current location on the far north side of La Crosse, where the company’s production facilities are also located. Kwik Trip operates roughly 880 convenience stores primarily in Wisconsin, Minnesota and Iowa. Chuck Olson of Coldwell Banker Commercial River Valley represented the seller, Ron Houser, owner of Midwest Investment I LLC. Houser developed the property and began utilizing it in 1993. He later sold the asset but then repurchased it a few years ago.

October 16, 2023

Acquisitions Illinois Midwest Retail

Bianco Properties Acquires 61,000 SF Schaumburg Plaza Shopping Center in Suburban Chicago

by Kristin Harlow October 16, 2023

SCHAUMBURG, ILL. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center in the Chicago suburb of Schaumburg. The sales price and seller were undisclosed. Tenants include Starbucks, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market is set to open later this year. St. Louis-based Bianco focuses on retail and industrial investment opportunities.

October 16, 2023

Iowa Leasing Activity Midwest Retail

Ann Taylor Factory Store Opens at Outlets of Des Moines

by Kristin Harlow October 16, 2023

ALTOONA, IOWA — Ann Taylor Factory Store has opened at the Outlets of Des Moines in Altoona. The store marks the first Ann Taylor Factory Store in the state of Iowa. The 4,000-square-foot store offers a wide selection of dresses, suits, separates and casual wear in regular and petite sizes as well as shoes and accessories. Outlets of Des Moines is home to retailers such as Coach Outlet, Nike Factory Store, J. Crew Factory, Under Armour Factory House, Levi’s Outlet Store, American Eagle and Victoria’s Secret.

October 16, 2023

Company News Northeast Pennsylvania Retail Top Stories

Rite Aid Files for Chapter 11 Bankruptcy, Receives $3.4B for Debt Restructuring

by Taylor Williams October 16, 2023

PHILADELPHIA — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring and rightsizing plan that would involve closing 400 to 500 of its 2,100 or so stores nationwide. The bankruptcy filing has long been expected within the industry, as Rite Aid’s position has grown more precarious in the wake of numerous lawsuits alleging the pharmacy’s role in supplying opioid drugs that contributed to overdose deaths. That legal activity reached its crescendo earlier this year when the U.S. Justice Department formally lodged a complaint against Rite Aid. According to CNN, the government alleged at that time that Rite Aid had “knowingly filled unlawful prescriptions for controlled substances.” According to CNBC, Rite Aid ended its most recent fiscal quarter on June 3 …

October 16, 2023

Industrial Market Reports Southeast Southeast Market Reports Virginia

Deal Velocity for Richmond’s Industrial Market Slows for First Time This Cycle

by John Nelson October 16, 2023

With rising interest rates from the Federal Reserve playing out across the capital markets, uncertainty has crept into all corners of commercial real estate, even in red-hot industrial markets like Richmond. For the first time this cycle, deal velocity has slowed for new acquisitions and leasing activity alike in the greater Richmond area. Borrowing costs have skyrocketed in the past 12 months, leading to an extended period of price discovery from both buyers and sellers, thus fewer investment sales. Richmond’s occupancy rate remained steady from first-quarter to second-quarter 2023 at 96 percent, according to research from Porter Realty. Occupancy ticked up 400 basis points for Class A space during that time frame — from 92 to 96 percent — and Class B stayed steady at 98 percent quarter-over-quarter. The second quarter saw more than 280,000 square feet of space returned to the market, though it had negligible impacts on occupancy rates. (Porter Realty tracks industrial facilities in the greater Richmond market sized 40,000 square feet and larger.) The bulk of new leases recently are executed by third-party logistics providers. Recent deals include Riverside Logistics taking 90,000 square feet in Henrico County, Bermuda Distribution & Trucking subleasing 48,000 square feet in …

October 16, 2023

Acquisitions Multifamily Texas

CIM Group Acquires 390-Unit Apartment Community in Northwest Austin

by Taylor Williams October 13, 2023

AUSTIN, TEXAS — Los Angeles-based CIM Group, in partnership with an undisclosed entity, has acquired Onyx183, a 390-unit apartment community in northwest Austin’s Parmer Corridor. Built on 21 acres in 1995, the recently renovated property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include two pools, outdoor grilling and dining stations, a pet park and spa, fitness center and a resident clubhouse. The seller and sales price were not disclosed.

October 13, 2023

Development Multifamily Texas

Marquette Cos. Breaks Ground on 300-Unit Residential Project in Metro Houston

by Taylor Williams October 13, 2023

THE WOODLANDS, TEXAS — Marquette Cos., an Illinois-based developer, has broken ground on The Sylvan, a 300-unit residential project located about 30 miles north of Houston in The Woodlands. The Sylvan will consist of 188 single-family rentals and townhouses and 112 apartments. Single-family homes will feature three- and four-bedroom floor plans, range in size from 1,495 to 1,805 square feet and include private yards and garages. Ranging from 1,456 to 1,581 square feet, townhomes will have two- and three-bedroom floor plans with attached garages and private outdoor space. Apartments will come in one-, two- and three-bedroom formats and range from 650 to 1,574 square feet. Amenities will include a clubhouse, pool, fitness center and walking paths. Completion is slated for August 2025.

October 13, 2023

Development Hospitality Texas

Provident Realty Advisors, Trez Capital to Develop 196-Site RV Park in Burleson, Texas

by Taylor Williams October 13, 2023

BURLESON, TEXAS — A partnership between Provident Realty Advisors and Trez Capital has acquired 22 acres in Burleson, a southern suburb of Fort Worth, for the development of a 196-site RV park. The development will be known as Roaming Trails RV Retreat (RTRV) Burleson and will offer multi-vehicle parking at every pad, back-in and pull-through spots, private fenced yards and weatherproof covers. Communal amenities will include a pool, package lockers and a dog park. Construction is scheduled to begin before the end of the year.

October 13, 2023

Leasing Activity Office Texas

AMLI Residential Signs 13,214 SF Office Lease Renewal, Expansion in North Dallas

by Taylor Williams October 13, 2023

DALLAS — AMLI Residential has signed a 13,214-square-foot office lease renewal and expansion at Liberty Plaza, a two-building, 218,934-square-foot office complex in North Dallas. Tyler Howarth and Caroline Hix of Holt Lunsford Commercial represented the landlord, Franklin Street Properties, in the lease negotiations. The representative of the tenant was not disclosed.

October 13, 2023

Leasing Activity Restaurant Retail Texas

Littwitz Investments Arranges Three Restaurant Leases Totaling 8,733 SF in Houston Area

by Taylor Williams October 13, 2023

HOUSTON, MONT BELVIEU AND RICHMOND, TEXAS — Littwitz Investments has arranged three restaurant leases totaling 8,733 square feet in the Houston area. Blue Tuba Euro-Tex Cuisine has signed a 5,141-square-foot lease at the Harold’s Heights retail building in Houston. Additionally, Beaky’s Hot Chicken will open a 2,436-square-foot restaurant in the eastern suburb of Mont Belvieu. Lastly, Cinnaholic Gourmet Cinnamon Rolls will occupy 1,156 square feet at Waterview Town Center in Richmond. David Littwitz of Littwitz Investments represented the tenants in the lease negotiations.

October 13, 2023

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