CENTENNIAL, COLO. — Blue West Capital has brokered the sale of a single-tenant retail property, located at 20201 E. Smoky Hill Road in Centennial. A Colorado-based real estate investment company sold the asset to a Colorado-based family for $2.7 million. Starbucks Coffee occupies the newly constructed building on a net-lease basis. Tom Ethington of Blue West Capital represented the seller in the transaction.
PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) plans to open as many as “75 to 100” new House of Sport stores over the next five years, according to Lauren Hobart, CEO of the Pittsburgh-based retailer. House of Sport is a retail concept that provides interaction and experiences including putting greens, rock walls, batting cages and turf baseball fields, along with sports-related apparel and equipment for sale. There are currently three House of Sport stores in Rochester, N.Y.; Knoxville, Tenn.; and Minnetonka, Minn. “House of Sport will be a significant part of our future growth story,” says Hobart. “Over the next two years, we plan to open around 20 additional locations, including downtown Boston and our two hometowns of Pittsburgh and Binghamton, N.Y.” Hobart’s comments came during an earnings call following the release of Dick’s Sporting Goods’ fiscal fourth-quarter 2022 earnings report. According to CNBC, Dick’s outperformed expectations with a 5.3 percent increase in same-store sales during its fiscal 2022, which ended Jan. 28. Analysts predicted the retailer’s same-store sales would rise only 2.1 percent. Dick’s recently announced its decision to exit its Field & Stream brand, which focused on outdoor sports such as fishing and hunting. As a result, the …
— By Shane Shafer, Managing Director, Northmarq — Orange County remains a highly desirable market for multifamily investors — and for good reason. It’s a flight-to-quality market with a strong employment base and continued expectations of future job growth. This drives demand for rental units and pushes rent growth and occupancy. Add to that a severe shortage of rental housing supply, more would-be homebuyers remaining renter, and Orange County’s affordability compared with other Southern California markets, and it points to a robust investor market. The employment market continues to show signs of growth and resurgence, adding 73,000 jobs in 2022. Unemployment is an extremely low 2.5 percent. Orange County is long known for its tech startups, tourism and hospitality sectors, though healthcare and bioscience are expanding here as well. For example, Washington-based health system Providence is investing $712 million in Orange County to build two new multi-specialty medical centers and a new patient care tower for Providence Mission Hospital. The centers will be in San Clemente and Rancho Mission Viejo. This strong job market gives multifamily investors confidence in their expected returns as they aggressively pursue assets when they hit the market. Central OC Leads in Rental Gains Central Orange County experienced a …
WEST PALM BEACH, FLA. — Related Group has delivered Icon Marina Village, a luxury apartment community in West Palm Beach totaling 399 units. Situated along the Intracoastal Waterway, the project comprises two high-rise towers and represents the first phase of the 20-acre Marina Village master plan. Icon Marina Village comprises studio, one-, two- and three-bedroom apartments, with each unit featuring condominium-level touches such as floor-to-ceiling windows, high ceilings and oversized balconies. The project also includes 22 penthouses. Pricing at Icon Marina Village ranges from $2,900 for a studio to more than $10,000 for a 3,000-square-foot penthouse. Additionally, Icon Marina Village’s amenities include an oceanside pool with private cabanas, fitness studio, spa and wellness center, club room and a private theater. The design-build team includes architectural firm Arquitectonica, interior designer V Starr and general contractor Balfour Beatty.
HUNTSVILLE, ALA. — Northmarq has arranged a $52.8 million construction loan for Anthem House Apartments, a 304-unit multifamily project that is part of the MidCity District master-planned development in Huntsville. In addition to apartments, Anthem House will include 32,000 square feet of ground-level retail space and 35,000 square feet of collaborative office space, as well as an amenity package comprising a coffee bar, coworking lounge, fitness center, yoga studios, community gardens, resort-style pool and a courtyard. Randy Wolfe and Drew Markley of Northmarq arranged the five-year loan through a major regional bank on behalf of the undisclosed borrower.
DELRAY BEACH, FLA. — Pebb Capital has broken ground on Sundy Village, a mixed-use development located at 22 W. Atlantic Ave. in downtown Delray Beach. Designed by Gensler and RLC Architects, the seven-acre development will feature 99,000 square feet of Class A offices, more than 28,000 square feet of shops and restaurants and multiple structures listed on the National Register of Historic Places that will be preserved throughout the development process. This includes the Sundy House, the oldest house in Delray Beach, in addition to The Rectory and the Cathcart House. The general contractor, Bluewater Builders, expects to deliver Sundy Village by summer 2024. CBRE oversees Sundy Village’s office leasing, while Vertical Real Estate handles retail leasing.
GARNER, N.C. — Beacon Partners and HM Partners have signed four leases with separate tenants in the past 60 days at Beacon Commerce Park, a 48-acre industrial park in the Raleigh suburb of Garner. Situated within one mile of I-40 and 6.5 miles from downtown Raleigh, the park will span 631,000 square feet upon completion and feature clear heights ranging from 30 to 36 feet and full concrete truck courts. The four leases included Greentech Renewables-Solar Distribution, an affiliate of Consolidated Electrical Distributors, leasing 68,700 square feet at Building 3, a 260,000-square-foot facility. Also coming to Building 3 is an undisclosed tenant taking 164,956 square feet. At Building 1, Alcami Corp. will occupy 65,002 square feet, and an undisclosed third-party logistics firm will take 64,549 square feet. Ann Stewart Patterson and Austin Nagy of CBRE | Raleigh represented the landlord in all four lease transactions.
MIAMI — Kaseya, an IT and security management software firm, has signed a new 101,000-square-foot office lease at Wells Fargo Center, a 47-story office tower located on the corner of Brickell Avenue and Biscayne Boulevard in downtown Miami. The firm has already begun to move into its new space, which represents the company’s fourth office location. Ryan Holtzman, Eddie Quinon, Brian Gale and Andrew Trench of Cushman & Wakefield represented the landlord, Metropolitan Life Insurance Co., in the lease negotiations. Tony Jones of Cushman & Wakefield represented the tenant. Kaseya plans to grow its workforce in Miami to 4,000 staffers by the end of 2025.
AUSTIN, TEXAS — New York-based brokerage firm Keen-Summit Capital Partners has arranged the $102.2 million bankruptcy sale of a portfolio of 13 office buildings, which are collectively known as Braker Metric Business Park, and one retail strip center in Austin. The sales price represents a cap rate of 5.7 percent. According to the Austin Business Journal, the portfolio was previously owned by locally based investment firm World Class Holdings. The buyer was MIG Real Estate Partners. The office component totals 544,497 square feet, and the retail property spans 15,302 square feet. The properties are located at the intersections of West Braker Lane, Kramer Lane and Metric Boulevard on the city’s north-central side.
SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has sold a roughly 300,000-square-foot facility located at the intersection of I-10 and Loop 410 in San Antonio. The newly built facility features convertible spaces with temperatures ranging from -20 to 55 degrees Fahrenheit to accommodate a range of food uses. Additional building features include 48-foot clear heights, 45,000 pallet positions and 6,000 square feet of office space. ARCO National Construction served as the general contractor for the project.
