Property Type

Coldwell Banker Negotiates $14.4M Sale of Mixed-Use Development Site in Temple City, California

by Amy Works July 24, 2020

TEMPLE CITY, CALIF. — Coldwell Banker Commercial has arranged the sale of a development site located at 5570 Rosemead Blvd. in Temple City. An undisclosed buyer acquired the site for $14.4 million. The buyer plans to redevelop the 1.4-acre land parcel into a mixed-use community with 73 residential units and 15,000 square feet of ground-floor retail space. The four-story building will offer units ranging from 732 square feet to 1,251 square feet, with three live-work units and lofts on the top floors. A 12,000-square-foot building, which was formerly used as the Learning Center, currently occupies the site. Steve Hayashi of Coldwell Banker Commercial George Realty represented the undisclosed seller in the deal.

July 24, 2020

Acquisitions Arizona Industrial Western

CBRE Brokers $9.2M Sale of Industrial Property in Chandler, Arizona

by Amy Works July 24, 2020

CHANDLER, ARIZ. — CBRE has negotiated the sale of an industrial building located at 6615 W. Boston St. in Chandler. Ivanhoe/Evergreen acquired the asset from Cabot Properties for $9.2 million. The 96,000-square-foot property features 4,405 square feet of office space, 22-foot clear heights, 11 dock-high doors, one grade-level door and up to 189 parking spaces. At the time of sale, Advanced Circuits and a second tenant fully occupied the property. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented both parties in the transaction.

July 24, 2020

Company News New Jersey Northeast Retail Top Stories

Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

by Alex Tostado July 24, 2020

MAHWAH, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of permanent store closings was not disclosed, but the company said it will close a “significant” number of Justice stores, as well as a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores. Additionally, the company will permanently close all stores across all brands in Puerto Rico, Mexico and Canada. “The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the COVID-19 pandemic,” says Carrie Teffner, interim executive chair of Ascena. “As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders.” Ascena also announced it will close all Catherines stores and has entered into an agreement with City Chic …

July 24, 2020

Features Florida Retail Southeast Southeast Feature Archive

First Inning: South Florida Retail Market Resets as COVID-19 Throws a Curveball, Says SCB Webinar

by John Nelson July 23, 2020

The outbreak of COVID-19 has had an outsized impact on South Florida. According to Johns Hopkins University School of Medicine, the region’s three primary counties rank in the top 20 of confirmed COVID-19 cases as of Wednesday, July 22. At 92,345 cases, Miami-Dade County is No. 4 on the list. Broward County comes in at No. 9 with 43,747 cases, and Palm Beach County is No. 20 with 27,506 cases. The surge in cases has had a pronounced effect on the area’s retailers as citizens have resumed their caution in public settings for fear of contracting the virus. “There is a tremendous amount of distress across South Florida’s economy, and especially in retail,” said Philip Rosen, shareholder and real estate chair of law firm Becker. Rosen’s comments came during South Florida Retail Outlook, a webinar hosted by Shopping Center Business that discussed the impact of COVID-19 on South Florida’s retail sector. Rosen moderated the panel discussion, which had 337 registrants. The pandemic’s effect is not all negative as grocers, drugstores and hardware stores have enjoyed increased sales activity amid the crisis. However, the bulk of retail categories are suffering from extended closures and operating at limited capacities. Restaurants in particular …

July 23, 2020

Development Florida Industrial Southeast

Sansone Group to Construct 3.2 MSF Distribution Center in South Florida

by Alex Tostado July 23, 2020

PORT ST. LUCIE, FLA. — Sansone Group plans to develop Tradition Commerce Park, a 3.2 million-square-foot light industrial and distribution center in Port St. Lucie. The St. Louis-based developer entered into an agreement with the Port St. Lucie City Council to acquire 300 acres for the property, which is situated at the northwest corner of Southwest Becker Street and Interstate 95. Sansone expects to break ground by the end of 2020 and deliver Phase I by the third quarter of 2021. Development of Phases II and III will depend on market conditions, according to Peter Crane, regional director of Sansone Florida. Sansone paid the City of Port St. Lucie $5 million for the 63 acres needed for Phase I and will pay $82,764 and $87,120 per acre for the land needed for Phases II and III, respectively. Crane and Alex Pappas of Sansone, along with Lee & Associates, represented the developer in the land transaction.

July 23, 2020

Alabama Development Industrial Southeast

Aldi to Develop 564,000 SF Distribution Center in Loxley, Alabama

by Alex Tostado July 23, 2020

LOXLEY, ALA. — Aldi will develop a regional office and distribution center in Loxley. The facility will serve Aldi grocery stores in southern Alabama, the Florida Panhandle and Louisiana. Details of the building were not disclosed, but multiple media outlets report the property will span 564,000 square feet upon completion. Aldi operates 180 stores in Florida and Alabama. The German-based grocer plans to break ground on the distribution center in 2021. The exact location of the facility was not disclosed. but Loxley is located 22 miles east of Mobile and 40 miles west of Pensacola, Fla. Aldi plans to open 70 stores nationwide by the end of 2020.

July 23, 2020

Development Florida Industrial Office Southeast

North American Properties Acquires 21 Acres in Florida’s Space Coast for Industrial, Office Development

by Alex Tostado July 23, 2020

TITUSVILLE, FLA. — North American Properties (NAP) has acquired 21 acres in Titusville to develop industrial and office space. Phase I of the project will include 135,000 square feet of commercial space spread across multiple buildings. DAG Architects is the designer, NAI Talcor is handling sales and leasing, The Taproot Agency is serving as an advisor, Collins Brown Barkett Chartered is providing legal counsel and Atkins is the civil engineer. NAP expects to have Phase I ready to lease in the next 12 months, according to Shawn McIntyre, NAP Florida managing partner. A timeline for construction was not disclosed. The land is situated on the southeast corner of U.S. Highway 1 and NASA Causeway, seven miles west of the Kennedy Space Center. This is the first project in Florida’s Space Coast for the Cincinnati-based developer, which was attracted to the area’s concentration of global aerospace giants such as SpaceX, Blue Origin, Boeing, Lockheed Martin and United Launch Alliance.

July 23, 2020

NAI Retail South Carolina Southeast

Rents Begin to Bounce Back for Retail Sector in Upstate South Carolina as Vacancy Ticks Up, NAI Earle Furman Finds

by Alex Tostado July 23, 2020

GREENVILLE, S.C. — Asking rents for the retail market in Upstate South Carolina are beginning to bounce back from the COVID-19 hit the sector took in the first quarter, NAI Earle Furman research has found. The Greenville-based brokerage firm reports that second-quarter rents were up nearly 10 cents to just shy of $10.90 across the region and $1.10 higher in the Greenville central business district (CBD) and West End. For the region, asking rates were around $11 per square foot at year-end 2019, showing the market still has some recovering to do, though. Additionally, the vacancy rate has climbed to nearly 5 percent in the second quarter, up from 4.5 percent the previous quarter and just over 4 percent at the end of 2019. Vacancy in the Greenville CBD was relatively flat, coming in at 5.3 percent in the second quarter, compared with 5 percent in the first quarter. Absorption fell slightly in Upstate, too, from 8,000 square feet to 1,000 square feet of positive absorption.

July 23, 2020

Acts-Retirement-Fort-Washington-Pennsylvania

Loans Multifamily Northeast Pennsylvania Seniors Housing

Ziegler Arranges $199.4M Bond Financing for Pennsylvania-Based Seniors Housing Owner

by Taylor Williams July 23, 2020

FORT WASHINGTON, PA. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities, a seniors housing owner-operator based in Fort Washington, Pa. Acts is the country’s third-largest nonprofit seniors housing operator in the country with a portfolio of 26 communities in nine states totaling 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia and one location in Alabama. The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida) and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania). The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.

July 23, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $30.3M in Loans for Refinancing, Renovation of Boston Apartments

by Taylor Williams July 23, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided a $30.3 million in loans for the refinancing, renovation and preservation of affordability of Newcastle Saranac in Boston’s South End neighborhood. The borrower, a partnership between Fenway Community Development Corp. and Schochet Cos., acquired the property in 2018 when its 97 affordable housing units were at risk of being converted to market-rate residences. The financing package consists of a $17.6 million tax-exempt construction and permanent loan, a $10.5 million tax credit equity bridge loan and $2.25 million in Section 13A preservation financing. The latter piece of the capital stack preserves the affordability of units, 38 of which are reserved for renters earning 30 percent or less of the area median income (AMI); 31 of which are for households earning 60 percent or less of AMI; 13 of which are restricted for tenants earning 90 percent or less of AMI; and 15 of which are earmarked for renters earning 100 percent or less of AMI.

July 23, 2020

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