Property Type

Tepuy Properties Buys 26,400 SF Industrial Property in Broomfield, Colorado

by Amy Works February 22, 2021

BROOMFIELD, COLO. — Tepuy Properties, a real estate syndicator and property management company, has purchased its second asset in Broomfield. The company acquired a single-story industrial building located at 1 Park St. for $1.7 million. Tepuy plans to spend more than $1 million on repairs and improvements at the 26,400-square-foot property, which was built in 1986 and suffered years of neglect due to bankruptcy and lien proceedings. At the time of sale, the property was 54 percent vacant with Shoot Indoors, a public gun range, as the sole tenant. Eric Rutherford of WK Real Estate represented Tepuy, while Joe Krahn of Cushman & Wakefield represented the seller in the deal.

February 22, 2021

Life Sciences Market Reports North Carolina Office Southeast Southeast Market Reports

Raleigh-Durham Office Market Remains Stable, Life Sciences Actively Leasing Space

by John Nelson February 22, 2021

The Raleigh-Durham commercial real estate market continues to be one of growth and perseverance despite the global pandemic. Its economy is rich with an array of industries, healthcare and university systems that support population growth and expansion. Commercial real estate is experiencing its own challenges and opportunities through this pandemic, including one of the most talked about asset classes, office. The sector is the subject of the big “pause” discussion as there’s uncertainty going forward. Despite the lack of commitment to many significant leases, the office market’s fundamentals have remained stable in Raleigh-Durham. Rates are holding steady with an average Class A rental rate of $29.59 per square foot. Vacancy and absorption are maintaining competitive levels, allowing market rates to hold somewhat steady. Over the last year, activity reflected these trends as many landlords negotiated short-term renewals without rate increases. If the leasing trend continues this year, renewals and space consolidation will possibly lead to a reduction in rental rates. One of the key driving forces of office product in Raleigh-Durham stems from the life sciences industry. The market is currently ranked No. 5 among life sciences markets in the United States, according to CBRE’s annual report. The life sciences …

February 22, 2021

Development Illinois Industrial Midwest Top Stories

Wayfair Plans 1.2 MSF Fulfillment Center in Metro Chicago, Will Add 250 Full-Time Jobs

by Taylor Williams February 22, 2021

ROMEOVILLE, ILL. — Wayfair Inc. (NYSE: W) has announced plans for a 1.2 million-square-foot fulfillment center on a 60-acre tract in Romeoville, located along the Interstate 55 corridor about 30 miles southwest of downtown Chicago. Construction of the facility is scheduled to begin this spring with a projected opening date of mid-2022. The Boston-based online furniture retailer anticipates hiring about 250 people on a full-time basis at the facility, with that figure expected to grow to as many as 500 positions over time. The new facility will be located on Renwick Road near the Lewis University Airport. As part of the development, the Village of Romeoville partnered with Illinois State Sen. John Connor to secure funding for a road extension from Airport Road to Renwick Road. “Our new fulfillment center in Romeoville will enable us to further scale our shopping experience to meet the needs of our rapidly growing customer base in the greater Chicago region and across the U.S.,” says Thomas Netzer, COO of Wayfair. “Online retail continues to be the dominant force in the market today,” adds Romeoville Mayor John Noak. “Facilities such as this are large property and sales tax generators, which provide additional funding to our …

February 22, 2021

Arizona Development Multifamily Seniors Housing Top Stories Western

McCarthy Completes $252M Mirabella at ASU Continuing Care Retirement Community in Tempe, Arizona

by Julia Sanders February 19, 2021

TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …

February 19, 2021

Development Midwest Nebraska Retail

Lerner Co. to Develop NorthStar Crossing Project in Lincoln, Nebraska

by Kristin Harlow February 19, 2021

LINCOLN, NEB. — The Lerner Co. will develop NorthStar Crossing, a retail and commercial project at the corner of 27th Street and Folkways Boulevard in Lincoln. Situated immediately in front of North Star High School, the 50-acre project will ultimately include up to 500,000 square feet of commercial space. The site has sat vacant for 30 years. The Lincoln Planning Department approved the use permit for the project in January. Construction is expected to commence later this month, with the first tenants slated to open in early 2022. Lerner was also the developer behind Lincoln Crossing, a shopping center located one block away from the new project site.

February 19, 2021

Acquisitions Midwest Minnesota Retail

Phillips Edison Acquires 142,724 SF West Village Center in Minnesota

by Kristin Harlow February 19, 2021

CHANHASSEN, MINN. — Phillips Edison & Co. Inc. (PECO) has acquired West Village Center in Chanhassen, about 20 miles southwest of Minneapolis. A 64,643-square-foot Lunds & Byerlys grocery store anchors the 142,724-square-foot shopping center. Other tenants include Party City, TCF Bank, FedEx, OfficeMax, Caribou Coffee, Great Clips, a nail salon and an orthodontic office. The purchase price and seller were undisclosed.

February 19, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Sale of Historic Building in Chicago for $2.5M

by Kristin Harlow February 19, 2021

CHICAGO — Interra Realty has brokered the sale of the Chicago Defender Building in Chicago’s Bronzeville neighborhood for $2.5 million. Built in 1899 and designed by Henry Newhouse, the property served as a Jewish synagogue before housing the Chicago Defender newspaper from 1920 to 1960. In 2016, the building was renovated to include one ground-floor commercial space and eight apartment units. A medical supply company currently occupies the commercial space. Joe Smazal of Interra represented the seller, TRB Properties One LLC, as well as the undisclosed buyer.

February 19, 2021

Acquisitions Midwest Missouri Retail

Block & Co. Purchases Goodyear-Occupied Property in Kansas City

by Kristin Harlow February 19, 2021

KANSAS CITY, MO. — An investment group headed by Block & Co. Inc. Realtors has purchased a Goodyear Auto Service-occupied property in Kansas City for an undisclosed price. The 6,840-square-foot building is located at 7620 Wornall Road. Block & Co. will provide property management services for the asset. This is the second net-lease investment purchase for the company so far this year.

February 19, 2021

Leasing Activity Midwest Missouri Restaurant Retail

Loaded Elevated Nachos Opens at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow February 19, 2021

ST. CHARLES, MO. — Loaded Elevated Nachos is now open at The Streets of St. Charles in suburban St. Louis. The nacho concept occupies 1,400 square feet at 1450 Beale St., which is also home to Narwhal’s Crafted, Yoga Six and Napoli III. The menu boasts 10 different nacho dishes. Loaded is a new concept from the owners of Narwhal’s Crafted, a frozen drink bar. The Streets of St. Charles is a 27-acre development with retail, dining, entertainment, hospitality, multifamily and office components. Cullinan Properties Ltd. is the owner and manager.

February 19, 2021

Development Hospitality Texas

PEG Cos. Acquires Austin Hotel, Plans Class B Multifamily Conversion

by Taylor Williams February 19, 2021

AUSTIN, TEXAS — PEG Cos., a Utah-based investment and development firm, has acquired The Habitat Suites Austin, an extended-stay hotel located at 500 E. Highland Mall Blvd. in Austin. The company plans to convert the hotel into a Class B multifamily community. PEG plans to undertake a full renovation of the property, including the addition of new amenities like a fitness center and workspaces. Completion is slated for the summer.

February 19, 2021

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