Property Type

Cyrus & Emilia Investments Buys Lincoln Hotel in Downtown San Diego for $2.5M

by Jeff Shaw May 9, 2023

SAN DIEGO – Cyrus and Emilia Investments has acquired the Lincoln Hotel in downtown San Diego for $2.5 million. The hotel is located at 534-536 5th Ave. in the Gaslamp Quarter. The four-story building totals 14,503 square feet. El Cabron Restaurant occupies the ground floor, and 41 affordable housing units comprise the upper floors. Lincoln Hotel Partnership sold the property with representation by Bill Shrader of UPG. The buyer plans to renovate the affordable housing component of the property.

May 9, 2023

Leasing Activity Nevada Office Western

Deloitte Leases 14,000 SF Space at UnCommons in Las Vegas

by Jeff Shaw May 9, 2023

LAS VEGAS — Deloitte has leased a 14,000-square-foot office space in Phase II of UnCommons in Las Vegas. The firm’s space will be on the third floor of the development’s fourth office building, which will be completed this summer. Deloitte will take occupancy in late 2023. Matter Real Estate Group owns the building.

May 9, 2023

Features Heartland Feature Archive Retail

Placemaking at Heart of Retail Redevelopment Projects

by Kristin Harlow May 9, 2023

The future of retail has been questioned many times in the last few years, but the sector continues to evolve and overcome any obstacles that arise. Today’s consumers want a gathering place to dine, drink and be entertained, especially after the isolation and stay-at-home mandates they endured throughout the pandemic. With that in mind, owners are redeveloping many underutilized retail properties into new concepts that invigorate the towns in which they reside. Take ROECO, for example, a project that aims to transform a former Sears Roebuck location in Lansing, Michigan, into a retail and entertainment destination. Owner Gillespie Group purchased the property about 10 years ago when Sears was still operating. Sears opened the property in 1953 and vacated it about four years ago. Most recently, a local hospital utilized the site for COVID-19 testing. Pat Gillespie, CEO of Lansing-based Gillespie Group, says his firm is actively marketing the project and has about seven to eight letters of intent with retailers. Gillespie’s main focus is retail and entertainment, but the firm is having conversations about hospitality or housing for the far northeast corner of the 14-acre property. Gillespie says the design of ROECO will have a retro feel to play …

May 9, 2023

Company News Development Georgia Industrial Nebraska New York Retail South Carolina Southeast Tennessee Texas Top Stories

Dollar General Grows Supply Chain Network by 3.2 MSF With Five Distribution Facilities

by John Nelson May 9, 2023

GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

May 9, 2023

Pacific-Summit-Logistics-Center-Salt-Lake-City-UT

Industrial Market Reports Utah Western Western Market Reports

Salt Lake City’s Industrial Market Sees 2023 as the Year of the Sublease

by Jeff Shaw May 9, 2023

— By Wick Udy, Senior Managing Director, JLL — Salt Lake City’s industrial market continued its exceptional performance in 2022. Last year was the third consecutive year of above-average leasing and the second-highest volume of annual absorption on record. The largest volume of completions was recorded in 2022 with 13 million square feet delivered. However, leasing and absorption volumes were both below 2021 levels, which is something industry leaders are watching in 2023. Developers were forced to push pause on new building projects toward the end of 2022 due to rising interest rates and tighter capital markets. Because of this, JLL predicts 2023 could be the year of the sublease. What was a landlord-favorable market for many years is slowly leaning toward a tenant-favorable market. Based on current activity within the marketplace, absorption should be positive in first-quarter 2023. Companies are signing leases on existing buildings instead of waiting for new builds, which will keep vacancy low for the foreseeable future. The market has remained as robust as it has because companies from California are relocating to Salt Lake City. They want to take advantage of its affordable real estate, quality of the workforce and the market’s proximity to large …

May 9, 2023

Alabama Development Loans Multifamily Southeast

3650 REIT Provides $49.5M Construction Loan for Multifamily Development in Madison, Alabama

by John Nelson May 8, 2023

MADISON, ALA. — 3650 REIT has provided a $49.5 million loan for the construction of The Gabriel, a multifamily community in Madison. Marc Tropp of Eastern Union Funding arranged the financing on behalf of the borrower, Hillcrest Acquisitions LLC. Located at 1542 Balch Road, The Gabriel will feature 288 units across 10 three-story buildings. Amenities at the community will include a swimming pool, cabanas, grilling/picnic areas, fitness center, playground, dog park, pet spa, car care center and electric vehicle charging stations. Construction, which broke ground in the third quarter of 2022, is scheduled for completion in July 2024.

May 8, 2023

Development Mixed-Use Texas

Developer Unveils Plans for 348-Acre Adelton Master-Planned Community in Bastrop, Texas

by Taylor Williams May 8, 2023

BASTROP, TEXAS — West Bastrop Village Ltd., an entity backed by Austin-based developer Benchmark Land Development Inc., has unveiled plans for Adelton, a 348-unit master-planned community in Bastrop, about 30 miles east of Austin. Adelton will be constructed in phases and will ultimately feature 1,200 residential units, 125,000 square feet of commercial space, four miles of trails and 50 acres of parks, greenbelts and other communal outdoor spaces. Amenities will include a pool, beer garden-style outdoor pavilion, playground and a sports court. Single-family homebuilders David Weekley Homes and Empire Communities are underway on the residential component of the project and building two-, three- and four-bedroom homes that range in size from 1,400 to 2,800 square feet. The first move-ins will begin this summer.

May 8, 2023

Acquisitions Alabama Retail Southeast

Albanese Cormier Acquires 430,792 SF Shopping Center in Huntsville

by John Nelson May 8, 2023

HUNTSVILLE, ALA. — AlbaneseCormier (AC) has acquired Valley Bend at Jones Farm, a 430,792-square-foot shopping center located in Huntsville. Tenants at the property include HomeGoods, Dick’s Sporting Goods, Hobby Lobby, Marshalls and PetSmart. A separately owned SuperTarget and 10 outparcels are also located at the center, which spans 57.8 acres and attracts 6 million annual visitors. The seller and sales price were not disclosed.

May 8, 2023

Acquisitions Retail Texas

Auto Dealer Acquires 5.3 Acres in Fate, Texas for New Volkswagen Dealership

by Taylor Williams May 8, 2023

FATE, TEXAS — A limited liability company led by Christopher Zamora, whose family operates 20 car dealerships around the country, has acquired 5.3 acres in Fate, located in Rockwall County, for a new Volkswagen dealership. Thurston Witt of CBRE represented the buyer and seller, an entity doing business as Petro-Hunt LLC, in the disposition of the land. The facility will be the Zamora Family’s fourth Volkswagen dealership in the country and first in the Dallas-Fort Worth metroplex. Timelines for construction and opening were not released.

May 8, 2023

Development Florida Loans Mixed-Use Southeast

Office America, Avanti Receive $31.5M Construction Financing for Mixed-Use Project in South Florida

by John Nelson May 8, 2023

LAKE WORTH BEACH, FLA. — Office America Group and Avanti Way Group have received $31.5 million in construction financing for the development of Deco Green, a mixed-use project located at 1715 N. Dixie Highway in Lake Worth Beach. Designed by Martin Architectural Group, the development in Palm Beach County will span 125,000 square feet and comprise 125 residential units, 8,000 square feet of office and retail space and roughly 20,000 square feet of green space. Construction is scheduled to begin in late 2024.

May 8, 2023

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