ST. AUGUSTA, MINN. — KW Commercial has arranged the sale of Delux Retail Center, a 15,310-square-foot retail center in St. Augusta near St. Cloud. Snap Fitness and Delux Liquor anchor the property, which is located at 24086 State Highway 15. Matthew Klein and Anthony Passanante of KW Commercial/AMK Properties represented the buyer, MSK Realty LLC, which purchased the asset for $975,000. Steve Feneis and Maria Berdan of Granite City Real Estate represented the undisclosed seller.
GLEN ALLEN, VA. — Hamilton Beach Brands Holding Co. (NYSE: HBB) has announced that it will close all stores of its retail subsidiary, The Kitchen Collection, by the end of the year. Kitchen Collection employs approximately 800 people at 160 stores across 37 states. The company previously closed about 35 underperforming stores in an effort to maintain long-term profitability, but higher operating losses in the first half of 2019 have prompted Hamilton Beach Brands to shutter the chain entirely. “Despite our best efforts to return Kitchen Collection to profitability through footprint consolidation, further deterioration in foot traffic has lowered our outlook for the prospects of a future return to profitability and positive cash flow generation,” says Gregory Trepp, president and CEO of Hamilton Beach Brands Holding Co. Hilco Merchant Resources is handling the closing process for Kitchen Collection, which is now offering discounts and sales on a number of items like toasters, blenders and slow cookers. Conway MacKenzie is serving as financial advisor to the company. Hamilton Beach Brands is a designer, marketer and distributor of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, bars and hotels. Kitchen Collection is a national specialty …
The end of the second quarter of 2019 marked 120 consecutive months of U.S. economic growth, the longest on record. The steady climb in investment sales over the past few years has been fueled by record amounts of institutional capital and private equity, and office-using employment has reached an all-time high. By the end of March of this year, Florida’s private sector businesses had created over 208,000 jobs over the trailing 12-month period, and Orlando had reached 48 straight months as the state’s top location for job growth. Additionally, the U.S. Census Bureau’s latest figures indicate that three of the top 10 fastest growing cities in Florida are in the Orlando area (Kissimmee, St. Cloud and the city of Orlando itself). Altogether, there is $3.6 billion in multifamily construction underway or planned in metro Orlando, and all of this growth is fueling the need for improved transportation and logistics networks, as well as the corresponding commercial development taking place throughout the market. Finally, world-famous as a vacation destination, Orlando’s $70 billion tourism and travel industry continues to thrive with 75 million visitors during 2018 alone. Urban core grows Downtown Orlando’s renaissance continues, with a total of $2 billion in new …
FRISCO, TEXAS — General contractor Brasfield & Gorrie has been selected to build a new 500-room Omni Hotel & Resort at the future site of the PGA of America’s headquarters in Frisco. The property will include a retail village, golf villas, a clubhouse and a variety of outdoor amenities. The PGA is relocating from South Florida to a 600-acre development that is slated for completion in 2022.
AUSTIN, TEXAS — Stonelake Capital Partners is underway on construction of Domain Tower II, a 24-story office project within The Domain mixed-use development on Austin’s north side. Designed by Beck Group, the property will ultimately span 330,000 square feet. A timeline for completion was not released. Stonelake recently completed construction of Domain Tower, which is fully leased to employment search engine Indeed.
HOUSTON — Finial Investments has acquired a 23,750-square-foot industrial building located at 203 Blue Bell Road in Houston. The property was fully leased at the time of sale to ACE Steel Supply. Doc Perrier of Finial Group represented the buyer in the transaction on an internal basis. The seller was not disclosed.
MANSFIELD, TEXAS — Belk Department Store and T.J. Maxx have opened their stores at Shops at Broad, a 430,000-square-foot mixed-used development located in Mansfield, located southeast of Fort Worth. The new retail and restaurant locations will join Academy Sports + Outdoors and At Home, both of which opened in October 2018. CBRE handles leasing of the property on behalf of the owner and developer, Geyer Morris Co.
FORT WORTH, TEXAS — JLL has negotiated a 22,414-square-foot office lease for Property Damage Appraisers at the Pier 1 Imports building in Fort Worth. The space will serve as the company’s new corporate headquarters. Michael Morgan of Hertz Investment Group, which owns the building, and Pat McDowell of JLL handled the transaction.
WASHINGTON, D.C. — Community Three has broken ground on a $45 million redevelopment of the historic Grimke School in Washington, D.C., as part of the 9 1/2 Street initiative. Community Three plans for the 133,000-square-foot development to include office space, a new home for the African American Civil War Museum and residential units with ground-floor retail. The first phase, scheduled to deliver in fall 2020, includes renovating the 132-year-old Grimke School to include about 65,000 square feet of office and arts space that will house the 12,000-square-foot museum. Torti Gallas + Partners, the architect for the entire 9 1/2 Street Initiative effort, will move its international headquarters to the location. About 24,000 square feet of office space will be available for lease. The property is located on 9 1/2 Street near Vermont Avenue and U Street, a mile north of downtown D.C. Phase II, scheduled to break ground in 2021-22, will transform the Grimke School’s 1920s-era gymnasium into 40 residential units, 11 of which will be reserved for households earning less than 80 percent of median family income. The entire project is privately financed and Eagle Bank is the primary lender.
Crescent Communities to Construct 158,000 SF Office Building in Charlotte’s University Research Park
CHARLOTTE, N.C. — Crescent Communities will construct Escent Research Park, a four-story, 158,000-square-foot office building within Charlotte’s University Research Park submarket. The site spans 20 acres and is located near the intersection of West Mallard Creek Church Road and David Taylor Drive, a mile from Interstate 85. BB+M Architecture is the project architect, ColeJenest & Stone is the civil engineer and Choate Construction is the general contractor. Crescent expects to deliver the property in early 2021.