FARMERS BRANCH, TEXAS — California-based Panattoni Development has acquired 8.4 acres in the northern Dallas suburb of Farmers Branch for the development of a 159,405-square-foot speculative distribution center. The site is located near Interstates 35 and 635. Completion is slated for the second quarter of 2020. The seller was Centurion American Development Group. Biel Partners Commercial Real Estate represented Panattoni in the land acquisition.
DALLAS — G.W. Floyd Ventures LLC has acquired Switzer Business Park, a 123,000-square-foot development featuring a mix of office, industrial and flex spaces in northeast Dallas. Brian Pafford and Jason Finch of Bradford Commercial Real Estate Services represented the seller, a California-based partnership that is exiting the Texas market. Bradford will continue to lease the property, which houses more than 60 tenants, on behalf of the new ownership.
SAN ANTONIO — Orlando-based Capstone Manufactured Housing has arranged the sale of Crescent Place, a 319-site manufactured housing asset located on 60 acres in San Antonio. Amenities include a swimming pool, clubhouse, basketball court, playground and a dog park. Ian Hilpl, Kevan Enger and Brian Hummell of Capstone represented the seller, a private investor, in the sale.
FORT WORTH, TEXAS — Cantrell Co. & Partners has brokered the sale of Antiqua Village, a 152-unit multifamily community in southeast Fort Worth. The property was 93.5 percent occupied at the time of sale. Sam Pettigrew of Cantrell represented the seller, Republic Village LP. The buyer of record is M&D Antiqua Village LLC, a Texas-based entity.
As retailers rise and fall in the age of Amazon, property taxes remain one of retailers’ largest operating expenses. That makes it critical to monitor assessments of retail properties and be ready to contest unfairly high taxable valuations. Assessors — and property owners attempting to educate those assessors — must understand how the changes taking place in the retail sector affect property value. Assessors must adjust their models to reflect new market realities, and property owners or their representatives must be able to explain why previously held valuation assumptions could no longer be valid. No Going Back Changing consumer tastes have always required retailers to adapt in order to survive, but traditional retailers are facing a different kind of challenge today. The increasing role of e-commerce in overall sales reflects a fundamental change in consumer behavior that will not reverse course with the whims of fashion. The ability to shop online is resetting consumer expectations, and retailers are struggling to adapt and stay competitive. This struggle is evident in store closings that in 2019 are outpacing closings from the prior year. In addition to the threat of e-commerce, some economists believe a recession is coming in 2020. Falling retail sales, …
NAMPA, IDAHO — Amazon has announced plans to open its first fulfillment center in Idaho, creating more than 1,000 full-time jobs. Located in Nampa, the 650,000-square-foot facility is slated to open in 2020. The fulfillment center is being developed in partnership with Pannotoni Development Co. Inc. Amazon plans to utilize the center to fulfill customer orders such as books, electronics and toys.
SAN MARCOS, CALIF. — San Diego-based SENTRE Inc. has purchased San Marcos Village, a neighborhood retail center located in San Marcos. A San Diego-based joint venture partnership sold the property for $19.2 million. At the time of sale, the grocery-anchored center was 92 percent leased to a variety of tenants, including Grocery Outlet, 99 Cents Only Store and AutoZone. Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain of CBRE National Retail Partners-West represented both parties in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE’s San Diego Debt & Structured Finance team arranged an $11.6 million, seven-year, fixed-rate loan through a regional bank for the buyer.
LAS VEGAS — Healthcare Transactions Group has arranged the sale of Kindred Transitional Care and Rehabilitation – Spring Valley, a 160-bed skilled nursing facility in Las Vegas. Constructed in 2015, Kindred Spring Valley is a two-story, 90,244-square-foot building. The property is next to Spring Valley Medical Center, a 292-bed acute care hospital. Mark Davis of Healthcare Transactions Group served as advisor to Kindred Healthcare. The buyer was Capital Senior Ventures, which already has a portfolio of skilled nursing properties in the Southwest. Sapphire Healthcare Management will operate the asset. The sales price was not disclosed. Kindred announced in 2016 that it was divesting of all its skilled nursing facilities to focus on other areas of its business.
NORTHGLENN, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Huron Business Center, an industrial facility in Northglenn, 15 miles north of Denver. An undisclosed seller sold the property for $11 million, or $140.69 per square foot. The name of the buyer was not released. Located at 405-475 W. 115th Ave., the asset features 78,187 square feet of industrial space. Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors represented the seller in the deal.
SOUTH PASADENA, CALIF. — An out-of-state family trust has sold the ground lease of a parking lot adjacent to a Rite Aid store located at 900 S. Fair Oaks Ave. in South Pasadena. A Southern California-based private investment company acquired the approximately 27,000-square-foot site for $7.2 million. Dan Elliott, Sean Lutz, Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Brandon Burns and Brandon Gill of Cushman & Wakefield represented the buyer in the transaction.
