TERRE HAUTE, IND. — Prairie Hill Holdings has purchased a three-building industrial portfolio totaling 385,830 square feet in Terre Haute for $10.1 million. The properties are leased to Distributors Terminal Corp., a third-party logistics company that has been in business for over 100 years. Prairie Hill is a private real estate investment manager that focuses exclusively on triple net lease properties.
COLORADO SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the purchase of a retail space located at 4425 Buckingham Drive in Colorado Springs. The asset traded for $2.6 million, or $1,100 per square foot. The property features 2,347 square feet of retail space, which a Dunkin location currently occupies. Matt Lewallen and Kevin Calame of NorthPeak Commercial Advisors represented the buyer in the deal. Further details were not disclosed.
DELAWARE, OHIO — Time Equities Inc. has acquired a 119,960-square-foot industrial building located at 1275 S. Houk Road in Delaware, about 30 miles north of Columbus. The purchase price was $7.5 million. Cardinal Industrial was the seller.
AMERY, WIS. — Kraus-Anderson has completed the first phase of renovations at Amery Hospital & Clinics in Amery, a city in Northwest Wisconsin. Designed by BWBR Architects, this phase included a $2.3 million infusion and emergency room totaling 4,813 square feet. Phase II, which is nearing completion, includes a remodel of the emergency department’s waiting area, triage area and low acuity rooms as well as a build-out of a new at-risk behavioral health room and central nursing station. Next month, Kraus-Anderson will begin an extensive remodel of the emergency department’s procedure room and break room as well as an additional build-out of the behavioral health room and exam rooms. This final phase is slated for completion in March.
MIAMI — Inter Miami FC has begun construction on Miami Freedom Park, the Major League Soccer (MLS) club’s new 131-acre entertainment district, the centerpiece of which will be a 25,000-seat stadium. The project is a redevelopment of the former site of the Melreese Country Club in the city’s Grapeland Heights neighborhood. In addition to the stadium, Miami Freedom Park will feature a 58-acre public park that will have soccer and youth athletic fields for the community, as well as office, hospitality, retail and restaurant uses. Leasing campaigns for the retail and restaurant components are already underway, as are efforts to cultivate corporate partnerships. Crews are now performing preliminary earthwork and sitework that will overlap with the start of vertical construction. A formal groundbreaking ceremony will take place later this year, and the development is slated for a 2025 completion. Redevelopment plans were previously approved by voters and the City of Miami Commission. A major impetus behind the development has been the club’s signing of international superstar Lionel Messi. The Miami Herald reports that the club intends for Messi, who previously signed a 2.5-year, $150 million deal that includes a future ownership stake in the team after he retires, to play at …
— By Gabe Kadosh, Vice President at Colliers in Los Angeles — Retail leasing activity in Los Angeles is robust. Demand is particularly strong in the home/furniture industries. The quick-service restaurant segment is another one that continues to grow, with a large uptick in demand for drive-thru accommodations. Now, for the good news — or bad news, depending on whether you’re a landlord or tenant. Los Angeles remains a tenant market. There is currently too much available retail space. Oftentimes, retail tenants can simply go across the street if they find a particular landlord’s rent — or lease terms — unfavorable. The current vacancy rate for retail in Greater Los Angeles stands at about 6 percent. Significant concessions and incentives are being offered in various regions of Los Angeles. Downtown Los Angeles is seeing the largest number of concessions. That’s because the office market has been shuttered so dramatically, thanks to the pandemic and the work-from-home trend that just won’t go away. This has caused some Downtown mixed-use office and retail landlords to offer base CAM or even no rent just to keep the doors open. In other cases, some retail tenants only pay a percentage of sales with no …
The multifamily sector is under general disruption from a variety of factors, such as falling valuations, financing difficulties, questions about forward net operating income, shifts in regulations and more. Chris Town, who works in commercial sales and leasing at NAI Latter & Blum in Baton Rouge, La., is an expert in single-family rental (SFR) and built-to-rent (BTR) investment sales. Town says that there are challenges, but a solid future ahead for the sector. The overarching challenges take the form of the Federal Reserve interest rate hikes. “It’s the major factor behind the immediate slowdown of home construction and home buying,” Town explains. “Another factor, of course, is land. These are true whether you’re talking true multifamily or the submarkets of BTR and SFR.” A combination of factors has created a tug-of-war among incentives. High interest rates, with home prices at or near historical highs, mean millions of people need places to live. Many of these potential homeowners have families and want the ameliorations and amenities of a detached single-family housing. “Depending on the metric and organization’s research used, you could say the country is five to six million units short on single-family homes,” Town says. The Larger Economy’s Impact on …
WOODBRIDGE, VA. — Kimco Realty has purchased Stonebridge at Potomac Town Center, a 504,000-square-foot shopping center located in the Washington, D.C., suburb of Woodbridge, Va., for $172.5 million. A 138,500-square-foot Wegmans anchors the property, which was 96 percent leased at the time of sale. Tenants at the center include REI, Ulta Beauty, Starbucks Coffee, Cava, Firebirds Wood Fired Grill, Alamo Drafthouse Cinema and Apple Store, as well as boutique fitness, service and medical retailers. Jericho, N.Y.-based Kimco Realty is looking at redevelopment opportunities at Stonebridge at Potomac Town Center, including three retail outparcels and adding mixed-use elements to the center. The seller was not disclosed.
WASHINGTON, D.C. — Hoffman & Associates is nearing completion of The Westerly, a 449-unit apartment community in the Southwest neighborhood of Washington, D.C. Set to deliver later this year, the community will include residences in one- and two-bedroom layouts, 20,000 square feet of amenity space and 29,000 square feet of retail space. Committed retail tenants will include Good Company Doughnut Café and Apple Tree Public Charter School. Thirty percent of apartments at The Westerly will be reserved for households earning at or below 30 and 50 percent of the median family income (MFI). Amenities will include a rooftop with a pool deck, terrace, grills and lounge areas, game rooms, TV and library lounges, a 3,900-square-foot fitness center and 2,200 square feet of coworking and meeting space. Leasing at the property, which was designed by Hickok Cole, is scheduled to begin later this summer. The Westerly will be situated three blocks from The Wharf, a $3.6 billion mixed-use development that Hoffman & Associates co-developed, and one block from the Waterfront Metro station.
MYRTLE BEACH, S.C. — Harbor Group International (HGI) has acquired Artisan Carolina Forest, a 276-unit apartment community located in Myrtle Beach, for $64.4 million. Developed in 2022, the property is located directly off SC Highway 31. Amenities at Artisan Carolina Forest include a swimming pool with a TV lounge and cabanas, dog park, electrical vehicle charging stations, a fitness and yoga center and coworking and conference rooms. John Currin and Andrea Howard of Northmarq brokered the transaction. The seller was not disclosed.
