Property Type

Westcore Expands Arizona Portfolio with Acquisition of 164,486 SF Industrial Facility

by Amy Works June 26, 2020

CHANDLER, ARIZ. — Westcore has purchased an industrial warehouse situated on 16.5 acres at 2550 N. Nevada St. in Chandler. Greenlaw sold the property for $38 million. At the time of acquisition, the 164,486-square-foot, Class A facility was fully leased to a global e-commerce company. The secured warehouse distribution building, which was extensively renovated, features 30-foot clear heights, extensive power, ESFR sprinklers, ample loading and newly designed and constructed office space. Jeff Chiate, Will Strong and Mike Adey of Cushman & Wakefield, with support from Steve Larsen of JLL, represented the seller, while Westcore was self-represented in the deal.

June 26, 2020

Arizona Loans Multifamily Western

Gantry Arranges $27M Refinancing for Two Multifamily Properties in Tucson, Arizona

by Amy Works June 26, 2020

TUCSON, ARIZ. — Gantry has secured $27 million in refinancing for The Missions at Sentinel Peak Apartments and The Woods Apartments in Tucson. Adam Parker and Chad Metzger of Gantry’s Phoenix office arranged both loans for the undisclosed borrower through an agency lender. Located at 2410 S. Mission Road, The Missions at Sentinel Peak Apartments features 404 apartments in a mix of studio, one-, two- and three-bedroom layouts. Since 2018, the owner has extensively renovated the property with 80 percent of the units being upgraded at the time of financing. The $12 million loan was structured as a 10-year, fixed-rate loan, which allowed the owner to officially operate and rebrand the two adjacent properties, Mission Sierra 1 and 2, as one community. The Woods Apartments, located at 1970 W. Valencia Road, features 360 units in a mix of one- and two-bedroom floor plans. Gantry arranged $15 million in refinancing, structured as a 15-year, fixed-loan, for the asset.

June 26, 2020

LogistiCenter-Southport-West-Sacramento-CA

California Development Industrial Western

Dermody Properties Breaks Ground on 379,161 SF LogistiCenter at Southport in West Sacramento

by Amy Works June 26, 2020

WEST SACRAMENTO, CALIF. — Dermody Properties has broken ground on LogistiCenter at Southport, cross-dock industrial building situated on 22.7 acres in West Sacramento. The company is working with Deacon Construction as general contractor and local development partners Tom Schaal and Mark Heavey to develop the 379,161-square-foot property within Southport Business Park. Slated for completion in first-quarter 2021, the building will offer 36-foot clear heights, 58 dock-high doors, four drive-in doors, 106 trailer stalls, 222 car parking stalls and a 135-foot truck court. Plans also include an ESFR fire protection system and a seven-inch concrete floor with concrete tilt walls, as well as a build-to-suit office space.

June 26, 2020

Features Retail

Brad Umansky Takes Reins of Retail Brokers Network During Interesting Times for Retail

by Jeff Shaw June 26, 2020

As Brad Umansky assumed the volunteer role of president of the Retail Brokers Network in May, the nation — and the retail real estate industry — was in the throes of dealing with closures and stay-in-place orders brought on by the COVID-19 pandemic. Umansky is president of Rancho Cucamonga, California-based Progressive Real Estate Partners, and spoke with REBusinessOnline’s sister magazine California Centers about assuming his role for the network at this time, and how its members are helping each other cope with the changes that the pandemic has brought to their businesses and their clients’ businesses. CC: How did you get started in the commercial real estate business? Umansky: I graduated from the University of Pennsylvania in 1990. I had a short stint in the luxury hotel business; I quickly realized that wasn’t for me. My girlfriend at the time — now my wife — was from Southern California, so I moved here. I started doing retail leasing for a small brokerage. I learned the market. I went to Grubb & Ellis, where I was for four years, followed by four years at Lee & Associates. I then moved to investment sales, spending seven years at Sperry Van Ness. In 2007, I decided …

June 26, 2020

Acquisitions Office Southeast Virginia

Divaris Arranges Sale of 310,745 SF Office Building Housing Norfolk Southern’s Headquarters

by Alex Tostado June 25, 2020

NORFOLK, VA. — Divaris Real Estate has arranged the sale of the Arnold B. McKinnon Norfolk Southern headquarters, a 310,745-square-foot office building in downtown Norfolk. The building has been home to Norfolk Southern Railroad’s headquarters since 1988. The company will finish out its lease, which has 18 months remaining, then move to Midtown Atlanta. A joint venture between TowneBank and Children’s Hospital of the King’s Daughter (CHKD) acquired the 22-story tower for an undisclosed price from Norfolk Southern. As part of the acquisition, the buyers also purchased the Commercial Place Garage, a 744-space parking garage connected to the tower via skybridge. The parking garage features retailers on the ground level. TowneBank and CHKD will each occupy 10 stories, with CHKD bringing over 475 employees and TowneBank relocating 400. TowneBank has hired WM Jordan as the general contractor to renovate the bank’s future home, on floors that Norfolk Southern is not currently occupying. Creative Development Partners will manage the renovations. Gerald Divaris, Michael Divaris and Jason Oliver of Divaris Real Estate represented the buyers in the transaction. Gayle Bartlett of Divaris Property Management Corp. will continue to manage the building, as well as the parking garage and retail on the first …

June 25, 2020

Development North Carolina Office Southeast

Atco, Shorenstein Open 140,000 SF Office Building at Camp North End in Charlotte

by Alex Tostado June 25, 2020

CHARLOTTE, N.C. — Atco Properties & Management and Shorenstein Properties LLC have opened the Gama Goat Building, a 140,000-square-foot office building in Charlotte. The new building is situated at 1701 N. Graham St. within the 1 million-square-foot mixed-use development, Camp North End. The open-air property also features four food halls, including La Caseta, Bleu Barn Bistro and Saru by Bow Ramen, which were all unveiled during the grand opening ceremony held Wednesday. S9 Architecture served as the design architect, BB+M Architecture served as the local production architect and LandDesign served as the civil engineer and landscape architect for the Gama Goat Building. Jessica Brown, David Dorsch, Kris Westmoreland and Grant Keyes of Cushman & Wakefield will handle leasing efforts at the building. Approximately 3,000 square feet of retail space is available for lease, including the fourth food stall. Fitness concept bloc also leases space at the Gama Goat Building.

June 25, 2020

Alabama Development Multifamily Southeast

Middleburg Communities Breaks Ground on 290-Unit Multifamily Community in Huntsville

by Alex Tostado June 25, 2020

HUNTSVILLE, ALA. — Middleburg Communities has broken ground on Mosby Bridge Street, a planned 290-unit multifamily community in Huntsville. The community is situated within a designated Opportunity Zone in Cummings Research Park. Middleburg expects to complete the property in April 2022 with preleasing beginning in May 2021. Once complete, the community will offer one-, two- and three-bedroom floor plans across four four-story buildings. Unit interiors will feature stainless steel Energy Star appliances, granite countertops, balconies, Bluetooth keyless entry and nine-foot ceilings. Communal amenities will include valet trash pickup, package locker concierge, pool, dog park, pet spa and a two-story clubhouse. Cline Design Architects is the designer and Johnson & Associates is the civil engineer. Middleburg is serving as the general contractor and will manage the property.

June 25, 2020

Acquisitions North Carolina Retail Southeast

TSCG Negotiates $7.1M Sale of Newly Built Retail Center in Metro Charlotte

by Alex Tostado June 25, 2020

CONCORD, N.C. — TSCG has negotiated the $7.1 million sale of The Shops at Christenbury, an 11,350-square-foot retail property in Concord. The asset was fully leased at the time of sale to tenants including Aspen Dental, First Watch, Atrium Health and Brownlee Jewelers. A Kohl’s store, McDonald’s outparcel and an Andy’s Frozen Custard outparcel sit on the property but were not part of the sale. The seller, Thompson Thrift Development, delivered the property in 2019. The Shops at Christenbury is located at 8825 Christenbury Parkway, 15 miles north of downtown Charlotte. Anthony Blanco of TSCG represented the Indianapolis-based seller in the transaction. Erin Patton of Marcus & Millichap represented the buyer, an affiliate of Ohio-based Deville Developments.

June 25, 2020

New York Northeast Retail

Macy’s Inc. to Cut 3,900 Corporate Jobs, Projects $365M Savings in Operating Costs

by Alex Patton June 25, 2020

NEW YORK CITY — Macy’s Inc. will lay off 3,900 employees in corporate and management positions, representing approximately 3 percent of its total workforce, according to a company statement issued today. Macy’s expects the reduction of staff to save approximately $365 million in operating costs for its 2020 fiscal year. Macy’s recently projected that it would show a $1.1 billion loss in operating income for its first quarter ending in early May, a result of temporary and permanent store closures, as well as significantly reduced sales amid the COVID-19 outbreak. The company will release its final first-quarter earnings results on July 1. At the close of 2019, Macy’s owned and operated a total of nearly 840 stores across its flagship and Bloomingdale’s brands. Prior to the health and economic crisis, Macy’s had announced plans to close 125 of its least productive stores over the next three years beginning in February. As part of the plan, the retailer also closed its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as its sole corporate headquarters. Macy’s stock price closed at $6.78 per share on June 24, down from $37.43 per share at the same time …

June 25, 2020

Acquisitions Multifamily New York Northeast

Kassin Sabbagh Arranges Sale of 72-Unit Multifamily Building in Brooklyn

by Alex Patton June 25, 2020

NEW YORK CITY — Kassin Sabbagh Realty LLC has arranged the $17.1 million sale of a 67-unit multifamily building in the Bay Ridge neighborhood of Brooklyn. Located at 515 Ovington Ave., the 72,000-square-foot building was constructed in 1956 and offers studio, one-, two-, three- and four-bedroom floor plans. Jeffrey Znaty of Kassin Sabbagh represented the seller, Lang Development Corp., in the transaction. Znaty also represented the buyer, a locally based developer.

June 25, 2020

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