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.
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 …
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.
ALLENTOWN, PA. — The Kislak Company Inc. has brokered the sale of a 32,132-square-foot industrial property in Allentown. Located at 2330 26th St. SW, the single-story building was constructed in 1966 and features a clear height of 18.5 feet, four loading docks and one drive-in door. The property was fully leased at the time of sale. The property offers convenient access to Interstate 78, State Route 309 and the Pennsylvania Turnpike. Nearby airports include Lehigh Valley International Airport and the Trenton-Mercer Airport. Matt Weilheimer of Kislak Co. represented the undisclosed seller in the transaction. Davis Briones, also of Kislak Co., represented the buyer, Mitchell Partners Group LLC. The sales price was undisclosed.
MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a proposal for a 280-acre industrial park, a project that is expected to generate about $200 million in capital investment in land, infrastructure and construction. Dallas-based Wynne/Jackson has been tapped to lead development of the project, preliminary plans for which call for six industrial buildings ranging in size from 120,000 to 1 million square feet. The site is located along the Interstate 20 corridor in an area of town known as Trinity Pointe Mesquite and will ultimately be able to accommodate as much as 3 million square feet of industrial space. The development team expects to break ground by early 2021, but notes that strong demand could necessitate an earlier start date.
SAN JOSE, CALIF. — A joint venture between Los Angeles-based AMCAL Equities and Northern California-based Swenson is developing The Grad, a student housing community in downtown San Jose. Situated within one block of San Jose State University, the 19-story, L-shaped building will feature 260 units totaling 1,039 beds. The top 17 floors will offer apartments, while building services and student amenities will occupy for first three levels, including double-height retail space on the ground floor. Interior, student-focused amenities will include a two-story lobby, yoga and spin studio, shared study rooms, computer center, multipurpose lounge area and leasing office/concierge desk. The property will feature an outdoor amenity deck with an exercise center with aerobic and weight equipment; a swimming pool with spa; sundeck; cabanas; barbeque grills; and picnic area. The amenity deck sits atop a three-story parking structure with a bicycle repair station and storage for 575 bicycles. Completion is slated for late summer 2020.
DALLAS — A partnership between Orlando-based ZOM Living and investment management firm Civitas Capital Group will develop Mezzo, a 378-unit multifamily project that will be located along the U.S. Highway 380 corridor in North Dallas. Designed by JHP Architecture, the garden-style property will consist of 13 three-story buildings with surface parking and attached garages, as well as Class A amenities. The first units are expected to be delivered in the third quarter of 2021, with preleasing beginning in summer 2021. Stanford Construction is the general contractor for the project. Synovus Bank provided construction financing.
MISSION, TEXAS — Bellomy & Co. has brokered the sale of A+ Storage, a 169-unit self-storage facility located in the Rio Grande Valley city of Mission. The property spans 24,100 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller and procured the Nebraska-based buyer in the transaction.
AUSTIN, TEXAS — Los Angeles-based developer CIM Group has completed a 44,000-square-foot creative office building located at 3601 S. Congress Ave. in Austin. The building is situated within Penn Field a 16-acre campus that was originally developed in 1918 as a U.S. Army air base and now houses tenants such as Deep Eddy Vodka, High Brew Coffee and Pandora. The new building can accommodate single or multiple users and features floor-to-ceiling windows and outdoor patios and terraces. AQUILA Commercial is handling leasing of the property.
LEWISVILLE, TEXAS — The Mansour Group, a division of Marcus & Millichap, has arranged the sale of an 80,038-square-foot office building in the northern Dallas suburb of Lewisville that serves as the headquarters of auto repair firm Caliber Collision. The property was built on 5.8 acres in 2006 and renovated in 2018. Alvin Mansour and Kevin Mansour of The Mansour Group represented the seller and buyer, both of which requested anonymity, in the transaction.