FRANKLIN, WIS. — JTL Carriers, a trucking company, has renewed its 3,230-square-foot office lease at Franklin Corporate Center in Franklin, a suburb of Milwaukee. The property is located at 9809 S. Franklin Drive. Jenna Maguire and Ned Purtell of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate. With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate acquires, develops, leases, finances and manages properties throughout the Midwest. The company manages assets valued at more than $350 million.
An hour east of downtown Los Angeles, the Inland Empire office market contains about 25 million square feet of office product in San Bernardino and Riverside counties. This market has undergone tremendous growth over 10 years, and a more diverse stable of occupiers has moved in since the area was decimated by the housing crisis of 2007. At times overlooked, the Inland Empire’s office market is more than just the low-cost alternative to Southern California’s LA and Orange counties. With a sector vacancy rate of just 9 percent (lower than neighboring submarkets) the Inland Empire’s economic engine is supporting one of the fastest job growth areas in the country over the past decade, boasting an unemployment rate of only 3.6 percent. The fourth quarter of 2019 witnessed the first speculative general office building development in more than eight years. Average asking rates have also increased to $2.05 per square foot, the highest level since 2009. With sustained positive absorption and continued rising rental rates, this area has shifted to become a landlord market over the past couple years and, with this, concessions will continue to evaporate. Education and health services, government, and professional and business services have all seen recent …
NORCO, CALIF. — Goli Nutrition, a vitamin manufacturer, has inked a deal to occupy 422,432 square feet of industrial space spread across four industrial buildings located at 3300-3390 Horseless Carriage Drive in Norco, approximately 45 miles east of Los Angeles. Goli Nutrition plans to use the multi-building campus, located within Saddle Business Center, to expand its operations, including its distribution efforts. The landlord is CapRock Partners. Jeff Ruscigno of Lee & Associates Riverside, Calif., along with Paul Earnhart, Ryan Earnhart and Brian Pharriss of Lee & Associates Ontario, Calif., represented both the landlord and the tenant in the transaction.
SAN DIEGO — BPS Bioscience has acquired an office property located in San Diego’s Sorrento Mesa submarket for $8.5 million. The seller was Canada-based Ledcor Group. Located at 6405 Mira Mesa Blvd., the 37,991-square-foot, two-story building was originally built in 1990. The buyer plans to occupy the majority of the building, while leasing back a portion of the building to the seller. Matt Pourcho, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller, while an outside firm represented the buyer in the transaction.
SALT LAKE CITY — SRS Real Estate Partners has arranged the $1 million leasehold sale of a newly constructed, single-tenant retail property in Salt Lake City. Wadsworth Development sold the asset to a Washington-based investor for $1 million. Starbucks Coffee occupies the 1,920-square-foot, drive-thru building, which is located at 421 E. 400 S. The coffee retailer signed a corporate-guaranteed, 10-year triple-net lease for the property when it opened its doors in late 2019. Sabrina Kortland, Kyle Fant, Jack Cornell and Britt Raymond of SRS National Net Lease Group represented the seller in the deal.
HONOLULU — Swinerton Builders has signed a 91-month lease to occupy office space at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in Honolulu. The lease is valued at $3.2 million. The Hawaii-based contractor will relocate its local headquarters to a 12,000-square-foot space on the office tower’s fifth floor. Swinerton provides commercial construction and construction management services throughout the United States. Built in 1972 and renovated in 2006, Davies Pacific Center features 375,742 square feet of commercial office and retail space. San Diego-based Parallel Capital Partners, in partnership with Honolulu-based The Shidler Group, took over asset management of the property last year and has completed nearly $4 million in elevator modernizations and speculative suite upgrades. Additionally, another $1 million in renovations, including lobby improvements, is currently underway. Keenan J.S. Sue of JLL brokered the deal.
On May 8, Southeast Real Estate Business and Shopping Center Business magazines hosted “Atlanta Retail Reboot,” a webinar where experts from the Atlanta investment, retail and brokerage communities were invited to discuss what they are seeing in the retail market, the impact of the coronavirus on existing properties and on new developments, as well as what retail and restaurants will look like in the near and long term. Many retailers have been closed for weeks due to COVID-19, and the retail industry is facing a tough comeback. Listen to learn what leaders in the metro Atlanta retail real estate community are expecting for the rest of 2020. Shopping Center Business editor Randall Shearin moderates a candid discussion on what to look forward to in terms of recovery for the Atlanta’s retail owners and tenants. Webinar sponsor: Retail Specialists, a full-service, retail-centric real estate company with a focus on the Southeast and beyond. Their services include leasing and brokerage, retailer representation, property management and development. Panelists: Emil Gullia, Retail Specialists Kyle Stonis, SRS Tom McCarty, Jim ‘N Nick’s Jeff Garrison, S.J. Collins Enterprises Bill Brown of Halpern Enterprises Click here to access the complimentary webinar recording. Hear what experts in the …
BEND, Ore. — Sunshine Retirement Living, a Bend-based seniors housing operator with 32 communities in 16 states, now offers FDA-approved “Respira-ID” testing for COVID-19 at all its properties. Residents and employees that are exhibiting symptoms will now all be tested, as well as any new residents moving in regardless of symptoms. Produced by Vikor Scientific, Respira-ID tests for over 40 pathogens known to cause respiratory illness including COVID-19. The manufacturer will provide in-depth virtual training to the community nursing staff, which will administer the tests and oversee the shipment of samples for analysis within 24 hours.
FRISCO, TEXAS — Locally based developer Sam Moon Group will open the Hyatt Regency Frisco, a 303-room luxury hotel located at the intersection of Preston Road and the Sam Rayburn Tollway in Frisco on June 1. Construction began in May 2018. The 18-story hotel is connected to Stonebriar Mall, a 1.7 million-square-foot shopping and dining destination. Brookfield Properties owns the mall, with Nordstrom and Dillard’s as anchor tenants. A number of entertainment concepts such as Kidzania, Dave & Buster’s and iFly Dallas indoor skydiving are also located near the hotel. In addition, seven sports teams, including the Dallas Cowboys, Frisco RoughRiders (baseball) and FC Dallas (soccer) are located within a few miles of the property. “Frisco is a modern city brimming with attractions, and the new Hyatt Regency Frisco will reflect this contemporary mindset,” says developer Daniel Moon. “This bustling city was once a dusty cattle drive trail that was later transformed by the railroad through the North Texas plains, and now it’s a tourist destination renowned for shopping, stadiums, conventions and entertainment. Our hotel will celebrate the spirit of this vibrant community.” Amenities at the hotel include a 27,500-square-foot conference center, lobby bar, two restaurants and an outdoor pool. HKS …
As many as 150,000 to 200,000 restaurants nationwide may never fully reopen again after the COVID-19 pandemic subsides, according to estimates from the National Restaurant Association. This represents 15 to 20 percent of all U.S. restaurants. Though the metro Atlanta area’s restaurants have been allowed to reopen their dining rooms for a full two weeks following Georgia Gov. Brian Kemp’s directives in late April, early indications are that a large swath of operators are choosing to keep them closed and focus on takeout, delivery and catering. Others are making the hard choice to close their eateries permanently. As a result, there will be a wave of second-generation restaurant space that will need to be absorbed before new restaurants are built en masse in metro Atlanta, said Tom McCarty of barbecue restaurant chain Jim ’N Nick’s during a webinar hosted by France Media’s Shopping Center Business and sponsored by Retail Specialists. “From our standpoint, our developments are on hold for now,” said McCarty about the chain, which opened a location in metro Atlanta’s East Cobb district late last year. “The focus of the company is on getting our existing restaurants back up and running profitably. Once that happens, then we’ll start …