GRAND PRAIRIE, TEXAS — U.S. Auto Parts Network Inc., (NASDAQ: PRTS), an online provider of automotive aftermarket parts and accessories and owner of carparts.com, will open a 210,000-square-foot distribution center in the metroplex city of Grand Prairie. The California-based company expects to begin operations in late 2020 and to create at least 150 jobs and $10 million in economic impact during its first 18 months. The facility will also include a “will call” window where local residents who have ordered online can pick up their parts onsite.
LUBBOCK, TEXAS — Greystone has provided a $34.4 million Fannie Mae loan for the refinancing of Catalina West, a 266-unit apartment community in Lubbock. Completed in 2019, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor lounge and a dog park. The loan was structured with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Steven Mumford of Greystone originated the debt on behalf of the borrower, Avalon Estates.
HOUSTON — Locally based developer Gulf Coast Commercial Group is underway on construction of Block 14 at Garden Oaks, an 18,000-square-foot retail project the Garden Oaks neighborhood of Houston. The project is being developed on a 1.7-acre site just north of Loop 610 and is expected to be complete in July. Tenants that have already signed leases include McAlister’s Deli and Salata.
SAN ANTONIO — NorthMarq has arranged a $15.3 million CMBS loan for the refinancing of The Atrium, a 132,113-square-foot office building located at 85 N.E. Loop 410 in San Antonio. The Class B property is located near San Antonio International Airport in the city’s North Central submarket. Goldman Sachs provided the loan, which carries a 10-year term and a 30-year amortization schedule. The borrower was not disclosed. Bryan Leonard of NorthMarq handled the transaction.
AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has acquired Oakview Terrace Apartments, a 70-unit multifamily community located in Austin’s Mueller District. The acquisition follows the company’s purchase of the nearby 58-unit Mueller Square Apartments, a deal that was announced on May 19. Oakview Terrace was built in 1972 and spans more than 48,000 net rentable square feet. Rastegar will implement a value-add program to the unit interiors and utility systems. The seller was not disclosed.
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed a new executive order rescinding her stay-home order and moving the entire state to Phase IV of the “MI Safe Start Plan” in response to COVID-19. The governor’s order will enable retailers to reopen June 4 and restaurants to reopen June 8 at 50 percent capacity. Day camps for children will be permitted to open June 8. Effective immediately, groups of 100 or less will be allowed to gather outdoors with social distancing. Office work and housecleaning services can resume. Gyms and fitness centers may conduct outdoor classes, practices and games with social distancing. Michiganders must continue to wear face coverings when in enclosed public spaces and should continue to work from home whenever possible.
DANVILLE, ILL. — Marcus & Millichap has brokered the $9.7 million sale of a 65,900-square-foot medical office building in Danville in eastern Illinois. The two-tenant property is located at 707 N. Logan Ave. Constructed in 1994, the four-story building is situated near other healthcare providers, retail and restaurants. One of the building tenants, OSF HealthCare, recently executed a new 10-year lease. Frank Roti and Brett Rodgers of Marcus & Millichap represented the private seller and procured the buyer, a private equity firm. Despite the challenges presented by the COVID-19 pandemic, Marcus & Millichap says it has completed a similar volume of multi-tenant medical office building sales from March 15 to May 15 of this year compared with the same time period in 2019. “Medical office buildings are desirable investments for a variety of reasons, including strong tenant credit, the growing need for healthcare services and high lease renewal rates,” says Roti.
CINCINNATI — COhatch is expanding its Cincinnati presence to Hyde Park. The coworking startup has purchased a 13,000-square-foot building at 2727 Erie Ave. for $2 million and plans to repurpose the three-story property to house coworking and event space. COhatch will occupy the second and third floors of the building. Italian and Argentine restaurant Alfio’s Buon Cibo will continue to occupy the first floor. North High Brewing Co. will move into an adjacent first-floor space that Keegan’s Seafood Market previously leased. COhatch expects to open the Hyde Park facility in the fall. It will predominantly feature private offices along with a handful of meeting rooms. The company’s Deerfield Towne Center location is slated to open in July. There are currently 15 COhatch locations open or under development in the Midwest.
AFFTON, MO. — Hanley Investment Group Real Estate Advisors has arranged the $1.7 million sale of a single-tenant property net leased to 7-Eleven in Affton, which is about 10 miles south from downtown St. Louis. Built in 1989, the 2,845-square-foot property is located at 703 Union Road. Jeremy McChesney of Hanley represented the seller, Hermosa Beach, Calif.-based Equitas Investments. A Los Angeles-based private investor purchased the asset.
As COVID-19 disrupts the American economy, healthcare system and way of life, retailers and restaurants — the commercial real estate users whose very profitability and essence thrive on social congregation — have already been pegged as immediate casualties of war. According to data from the U.S. Department of Commerce, total U.S. retail sales fell by 16.4 percent between April and March, well above the projected drop of 12.3 percent. And specifically within the Lone Star State, the Texas Restaurant Association issued a statement in mid-April warning that as much as 40 percent of the state’s restaurants could remain permanently closed as a result of the pandemic. The month of May has seen Texas emerge as a national trendsetter for reopening retail and restaurant businesses. Texas Gov. Greg Abbott granted restaurants and malls permission to begin reopening on May 1, followed by gyms, bars and bowling alleys during the week of May 18 to 22. All establishments were required to reopen at limited occupancies. But even prior to the pandemic, landlord and tenants in brick-and-mortar retail were already engaged in a vicious battle against e-commerce. The introduction of COVID-19 has not changed physical retailers’ need to be aggressive, but it has …