Property Type

Chipotle Increases Wages to $15 Per Hour Average, Plans to Hire 20,000 Employees

by Amy Works May 11, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) is increasing its restaurant wages, resulting in an $15 average hourly wage by the end of June, according to the Newport Beach-based company. Additionally, the Chipotle employees can advance to a “restaurateur” status, the highest general manager position, in approximately three-and-a-half years, with average compensation of $100,000. Wage increases for new and existing hourly and salaried restaurant employees will be rolled out over the next few weeks and will result in hourly crew member starting wages ranging from $11 to $18 per hour. The company has also launched a $200 employee referral bonus for crew members and a $750 referral bonus for apprentices and general managers. With approximately 200 restaurants slated to open this year coupled with continued growth and demand, Chipotle plans to hire 20,000 new team members across the United States. The company will host a virtual career fair on Discord on May 13.

May 11, 2021

California Company News Office Western

World-Renowned Commercial Real Estate Architect Art Gensler Passes Away at 85

by Amy Works May 11, 2021

SAN FRANCISCO — M. Art Gensler Jr., founder of San Francisco-based global design firm Gensler, passed away on Monday. At the age of 85, Gensler died at his Mill Creek, Calif., home following an 18-month battle with lung disease, according to the San Francisco Chronicle. In 1965, along with his wife Drucilla Cortell Gensler and James Follett, Gensler co-founded the design firm M. Arthur Gensler Jr. & Associates in San Francisco. Since its founding, the firm has grown from a three-person operation to more than 5,000 employees across 50 locations globally. “Art didn’t want to be a ‘starchitect,’” says Andy Cohen, Gensler co-CEO. “In fact, what he built was a constellation of stars by hiring smart people and getting out of their way. It’s why Gensler is a pioneer in our industry, and Art’s legacy will remain embedded in our firm’s unique culture.”

May 11, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Brokers $1.3M Sale of Retail Building in Apple Valley, California

by Amy Works May 11, 2021

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 20152 US Highway 18 in Apple Valley, approximately 90 miles northeast of Los Angeles. An Orange County-based private investor sold the property to a Riverside County-based investor for $1.3 million. Little Caesars Pizza occupies a portion of the recently renovated, 4,995-square-foot building. Roxy Klein of Progressive Real Estate Partners represented the seller in the deal.

May 11, 2021

Development Industrial Texas

Stream Realty Partners Nears Completion of 491,218 SF Spec Industrial Project in Haltom City, Texas

by Taylor Williams May 11, 2021

HALTOM CITY, TEXAS — Stream Realty Partners is nearing completion of Midway Logistics Park, a 491,218-square-foot speculative industrial project in the Fort Worth suburb of Haltom City. The development consists of a 156,085-square-foot cross-dock building, a 126,320-square-foot rear-load complex and a 208,813-square-foot rear-load facility. Stream, which is also marketing the development for lease, expects to deliver the buildings in the third quarter.

May 11, 2021

Development Multifamily Seniors Housing Texas

Joint Venture to Develop 220-Unit Grand Living Seniors Housing Community in Austin

by Taylor Williams May 11, 2021

AUSTIN, TEXAS — A joint venture between Minneapolis-based Ryan Cos., Grand Living and Castletop Capital will develop Grand Living at The Grove, a 260,000-square-foot seniors housing community in the Oakmont Heights neighborhood of Austin. The community will feature 186 independent and assisted living units, as well as a 34-unit memory care wing. Ryan Cos. is the co-developer and design-build firm; Castletop Capital is the master plan developer, and Grand Living will operate the community upon completion. Construction is set to begin next summer. The project will be the fourth Grand Living community in Texas.

May 11, 2021

Industrial Leasing Activity Texas

Careismatic Brands Signs 152,225 SF Industrial Lease in Dallas

by Taylor Williams May 11, 2021

DALLAS — Careismatic Brands Inc., a California-based apparel and textile provider, has signed a 152,225-square-foot industrial lease at Turnpike Distribution Center 4, located at 2130 French Settlement Road in Dallas. According to LoopNet Inc., the property sits on 11.5 acres and totals 312,188 square feet. Gary Lindsey of Newmark represented the tenant in the lease negotiations. Younger Partners represented the landlord, BCO Turnpike Ltd.

May 11, 2021

Acquisitions Retail Texas

Weitzman Brokers Sale of 34,448 SF Weatherford Commons Retail Center Near Fort Worth

by Taylor Williams May 11, 2021

WEATHERFORD, TEXAS — Weitzman has brokered the sale of Weatherford Commons, a 34,448-square-foot retail center located in the western Fort Worth suburb of Weatherford. Shadow-anchored by a Walmart Supercenter, the property houses tenants such as Starbucks, T-Mobile, Great Clips and GameStop. Gretchen Miller and Matthew Rosenfeld of Weitzman represented the locally based seller in the transaction. The buyer and sales price were also not disclosed.

May 11, 2021

Industrial Loans Self-Storage Texas

Terrydale Capital Arranges $1.2M Acquisition Loan for Self-Storage Asset in Lindale, Texas

by Taylor Williams May 11, 2021

LINDALE, TEXAS — Terrydale Capital, a Dallas-based financial intermediary, has arranged a $1.2 million acquisition loan for a self-storage asset in Lindale, located outside of Tyler in East Texas. Cody Baker of Terrydale Capital arranged the loan, which carried a fixed 4.25 percent interest rate for five years, a 25-year amortization schedule and one year of interest-only payments, through an undisclosed bank. The borrower was also undisclosed.

May 11, 2021

Acquisitions Florida Office Southeast

KBS Sells Office Campus in South Florida to Banyan Street Capital for $52.3M

by Julia Sanders May 11, 2021

WESTON, FLA. — KBS has sold a two-building, 149,103-square-foot office campus in Weston, a suburb of Fort Lauderdale in Broward County. The Class A property, Weston Corporate Center, was sold to an affiliate of Banyan Street Capital for $52.3 million. Christian Lee and José Lobón of CBRE represented KBS in the sale transaction. KBS acquired Weston Corporate Center in 2015 and implemented upgrades to the center, including updated atrium lobbies with new furniture and a coffee bar, as well as a full renovation of all the multi-tenant restrooms in both buildings. In addition, the KBS previously implemented significant structural enhancements, including a new roof section on Weston Corporate Center I, substantial HVAC and LED lighting upgrades, a resealed and restriped parking lot and an updated exterior sitting area. Weston Corporate Center is located at 2500 Weston Road and 2700 S. Commerce Parkway, and is located close to Interstates 75, 595 and 95 and the Florida Turnpike. Built in 1997 and 1998, Weston Corporate Center comprises two four-story buildings that were a combined 94 percent leased at the time of sale.

May 11, 2021

Development Florida Loans Multifamily Southeast

Berkadia Arranges $50.3M Construction Financing for Belmont Tampa Apartments Near Tampa

by Julia Sanders May 11, 2021

BELMONT, FLA. — Berkadia has arranged $50.3 million in debt and equity financing for the construction of Belmont Tampa Apartments, a planned 300-unit, garden-style community to be built in Belmont, a master-planned development located south of Tampa. Scott Wadler of Berkadia’s Miami office and Wyatt Krapf of the firm’s Tampa office structured the financing on behalf of the sponsor, a joint venture between New York City-based Cross Lake Partners and Jacksonville-based GreenPointe Holdings. Synovus Bank provided a $33.1 million senior loan, and Federal Capital Partners provided $17.2 million in preferred equity. Located at 14323 S US Highway 301, Belmont Tampa Apartments will consist of 12 three-story residential buildings on 15.5 acres, along with one central leasing building and clubhouse. The community will offer one-, two- and three-bedroom floor plans averaging 1,107 square feet. Community amenities will include a resort-style pool, dog park and 24-hour gym, as well as trails and active open spaces. It will also be located close to a new Publix grocery store and Belmont Elementary School. The apartment community is expected to deliver in the spring of 2023.

May 11, 2021

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