PHOENIX — Five new tenants are joining Christown Spectrum, a retail center in Phoenix. Naughty Tacos has opened a 1,540-square-foot restaurant at the property. KTK Chiropractic will lease 3,337 square feet at the center beginning this summer. Burlington is scheduled to open a location at the property in 2024. Hobby Lobby and Five Below will also open next year, occupying 60,000 and 10,000 square feet, respectively.
PISCATAWAY, N.J. — A joint venture between Levin Properties and an undisclosed partner has broken ground on a 78,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The site at 30 Duke Road is located within Rutgers Industrial Center, a seven-building, 650,000-square-foot development. Building features will include a clear height of 40 feet, 13 bays and an ESFR sprinkler system. Completion is slated for the fourth quarter. Cushman & Wakefield is marketing the property for lease.
Birmingham’s office market is facing many of the same challenges our peer markets are encountering. Lingering economic uncertainties have created a very cautious environment. Most tenants and business owners I speak with are either cautiously pessimistic or cautiously optimistic about the economy. Regardless of which side is right, economic projections for 2023 have caused a general slowdown in deal flow as decision makers have become more guarded with business decisions and commitment levels. Is there cause for concern in Birmingham? Historically, Birmingham’s office market has remained stable during challenging times, dodging the extreme highs and lows as markets ebb and flow nationwide. Birmingham’s office market consists of approximately 19 million square feet of multi-tenant inventory across five submarkets, four of which have Class A inventory. Fundamentals, subleases As of fourth-quarter 2022, the occupancy rate for Birmingham’s office market sits at 83.8 percent. For the same period over the last five years, the occupancy rate has only slightly fluctuated year-over-year, ranging from 86.1 percent in fourth-quarter 2018 to 83.8 percent in fourth-quarter 2020. The current rate is at 83.8 percent, illustrating consistency throughout a very problematic time for the office sector. Birmingham’s office sublease inventory is rising, but again, not to …
DURHAM, N.C. — Oxford Properties Group has finalized its acquisition of 78 TW Alexander in Durham, a biomanufacturing facility in Durham comprising 95,000 square feet with expansion capabilities up to 190,500 square feet. Oxford first entered into a forward-purchase agreement with the developer, Davidson Craven, in the fourth quarter of 2021. CBRE|Raleigh arranged the transaction. Construction of the facility, which features 36-foot clear heights, seven loading docks and robust power and water systems, was fully completed in February of this year.
Beacon Partners Signs Four Tenants Totaling 202,403 SF at Carolina Logistics Park in Metro Charlotte
PINEVILLE, N.C. — Beacon Partners has signed four tenants to leases at 12004 Carolina Logistics Drive within Carolina Logistics Park in Pineville, roughly 13 miles outside Charlotte. Together the companies will fully occupy the property’s full 202,403 square feet, which was completed last month and features 32-foot ceilings and a full concrete truck court. ProSource, a Greenville-founded distributor of plumbing supplies, luxury plumbing fixtures, lighting fixtures and cabinet and door hardware, will lease 54,694 square feet. VIP Products, a pet toy and product distributor, will occupy 54,605 square feet. E2i Solutions, a supplier of multifamily and seniors housing lighting, will open a 40,237-square-foot distribution hub at the property, and Elnik Systems, a metal injection molding furnace and debinding oven manufacturer, will occupy 52,867 square feet for production and training. Jay Hill of JLL represented ProSource in the lease negotiations, Dave Hanna of Foundry Commercial represented VIP Products, Bradley Dunn of Stream Realty Partners represented E2i Solutions and Hill and John Cashion of JLL represented Elnik Systems.
NASHVILLE, TENN. — Sports & Social, a dining and entertainment concept, has signed an 8,900-square-foot lease at The Mall at Green Hills, a shopping mall located in Nashville. The venue will feature a menu curated by James Beard Award nominee Chef John Suley and a 33-foot LED media wall for viewing games and sporting events. The Taubman Realty Group, a joint venture between mall giant Simon and the Taubman family, is the owner of the mall. Sports & Social is a dining and entertainment concept headed by Live! Hospitality & Entertainment, a division of The Cordish Cos. No opening date was announced, but Live! Hospitality expects Sports & Social to open before the end of the year.
PALM BEACH, FLA. — Cushman & Wakefield has arranged an $8.6 million acquisition loan for the purchase of an office building located at 100 Ave. of Champions in Palm Beach. Totaling two stories and 42,090 square feet, the property served as PGA of America’s headquarters since its construction more than 50 years ago prior to the organization’s relocation to Frisco, Texas. Jason Hochman and Ron Granite of Cushman & Wakefield secured the financing through a local bank on behalf of the borrower, Blue Water Advisors LP, which plans to convert the property to a multi-tenant building.
COLORADO SPRINGS, COLO. — An affiliate of the Axton Group and the Bascom Group have divested two multifamily complexes in Colorado Springs for a total of $74.1 million. The sale includes the 374-unit Park at Penrose and the 112-unit Park at Palmer. The communities are located at 3802 and 3903 Half Turn Road, respectively. Formerly known as Summer Grove and Tanglewood, the Axton/Bascom partnership purchased the properties for $41.2 million in June 2019. The companies then completed a multi-year renovation program to upgrade the apartment units and community amenities.
WEST VALLEY CITY, UTAH — Westcore has purchased Raceway Commerce Center in West Valley City for $52.2 million. The two-building, 397,894-square-foot industrial property is located at 6075 W SR-201 Frontage Road and 2234 South 5900 West. The brand-new, tilt-up construction center is 33 percent pre-leased to three tenants. Westcore plans to build out improvements for the tenants, and potentially build out two more spec office suites, one per building. Westcore represented itself in the transaction. Phillip Eilers and Jon Schreck of Cushman & Wakefield represented the seller, Brennan Investment Group.
GRIFFIN, GA. — Burlington Stores Inc. has signed a 20,000-square-foot lease at North Griffin Square, a retail center located in Griffin, approximately 40 miles south of Atlanta. Beginning this summer, Burlington will open a store at the 226,694-square-foot center, located at 1617 N. Expressway. Belk, Bealls and Big Lots anchor the property, which is also leased to tenants including PetSmart, T-Mobile, Little Caesars, LongHorn Steakhouse and Starbucks Coffee. Sandy Springs, Ga.-based Halpern Enterprises Inc., which developed North Griffin Square in 1979, is the landlord and is currently finalizing an exterior improvement program at the shopping center.