RED BANK, N.J. — DefinedLogic LLC, a digital consultant agency, has signed a 12,224-square-foot office lease in Red Bank, a southern suburb of New York City. The office is part The Rail @ Red Bank Station, an upcoming 30,898-square-foot mixed-use development that will also feature 57 units of multifamily housing and 6,000 square feet of retail of space. Denholtz Properties, a New Jersey-based firm, is developing the project. Construction is slated for completion in 2020.
Multifamily rental demand in Metro Phoenix has been supported by higher education, while job growth has bolstered construction in the core and neighboring suburbs. Arizona State University has transformed the multifamily properties surrounding its large campuses in Tempe, Downtown Phoenix, Glendale and Mesa. The multifamily rental assets in the West Valley submarket have also been rejuvenated by Grand Canyon University. Thanks to these institutions and several others in the Greater Phoenix area, the growing skilled labor force has benefitted from job growth by supporting several Fortune 500 companies that have continued to increase their presence throughout the region. The recent expansions allow more graduates to remain in the Phoenix area and attract many new professionals to the market, ultimately enhancing rental demand in Phoenix and its neighboring suburbs. The rising number of residences has compressed vacancy rates in the metro as thousands of units are absorbed annually. This market demand will support the continued rise in rental prices and spur apartment development in the upcoming years. Apartment development has continued its strong pace in Phoenix. The metro is expanding its rental supply with about 8,250 units finalizing in 2019. Of this year’s deposit, roughly 2,600 units will be added to …
NEW YORK CITY — PUMA has opened an 18,000-square-foot flagship store in Manhattan, the company’s first location of this kind in North America. Customers can use the store’s PUMA x YOU technology to customize clothing and accessories before purchase. Additional in-store technology includes virtual racing and soccer simulators, 3-D knitting and screens that display alternate selections and colors of in-store merchandise.
Until about six years ago, the Dallas-Fort Worth (DFW) industrial market was considered a second-tier market, lagging behind the likes of New York-New Jersey, Chicago and Los Angeles in terms of investor interest and demand. Today, the metroplex is not only holding its own with the traditional gateway markets, but in some cases surpassing them, thanks to growth from an exceptionally diverse group of tenants and industries. Natural population growth throughout North Texas has prompted stronger demand for industrial space across a range of user bases: e-commerce, global logistics, consumer products, building materials, pharmaceuticals, food, furniture, aviation. Some notable, six-figure leases that have been executed in the metroplex over the last 12 months and which reflect the diversity of tenant demand — as well as the geographic range of submarkets seeing strong activity — include the following: Smuckers (1.1 million square feet in south Dallas), furniture provider Steelcase (618,000 square feet in Carrollton), marketing firm Taylor Communications (232,000 square feet in south Dallas), ITW Food Equipment (184,000 square feet in Fort Worth), Alliance Glazing (137,000 square feet in Garland), Panoramic Doors (127,500 square feet in Fort Worth) and CEVA Logistics U.S. (100,000 square feet in Coppell). As these deals illustrate, …
NEW YORK CITY — Le Tote, an online clothing rental subscription service based in San Francisco, has entered an agreement to acquire Lord & Taylor, a New York-based clothing department store chain previously owned by Canadian retail group Hudson’s Bay Company (TSX: HBC). Le Tote will assume responsibility of Lord & Taylor’s 38 brick-and-mortar stores, digital channels and inventory. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s Board of Directors and certain rights as a minority shareholder. The transaction is expected to close before the start of the 2019 holiday season. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after two years. Helena Foulkes, CEO of HBC, said the company will focus on its other brands, Saks Fifth Avenue and Hudson’s Bay. “We’re excited to have reached an agreement with Le Tote that creates a new model for Lord & Taylor, bringing together fashion rental subscriptions with traditional retail,” Foulkes said. “Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord & Taylor, its loyal customers and dedicated …
PANAMA CITY BEACH, FLA. — The St. Joe Co. and Key International have broken ground on a 255-room Embassy Suites hotel in Panama City Beach. Hotel amenities will include a swimming pool, meeting space, fitness center, onsite restaurant and an event space on the upper level with views of the Gulf of Mexico. St. Joe Co. owns the land and will operate the hotel day-to-day upon completion, which is slated for 2021.
FORT MYERS, FLA. — Northland Investment Corp. has sold Iona Lakes, a 350-unit multifamily community in Fort Myers, for $53 million. The complex was built in 1986 and comprises 50 two-story buildings, a clubhouse and a 24-hour laundry facility. The property offers one-, two- and three-bedroom floor plans averaging 811 square feet. Communal amenities include a billiards room, fitness center, grill area, mini golf, pet park, swimming pool and a spa. Cardone Capital acquired the asset for $151,429 per unit.
HAGERSTOWN, MD. — Continental Realty Corp. has acquired Centre at Hagerstown, a 331,000-square-foot retail center in Hagerstown, for $23.5 million. The property was 93 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Books-A-Million, OfficeMax, PetSmart, Regency Furniture, 2nd & Charles and A.C. Moore. Centre at Hagerstown is located at 17850 Garland Grosh Blvd., three miles from downtown Hagerstown, the county seat of Washington County. Danny Finkle, Jordan Lex and John Owendoff of JLL represented the seller, WashREIT, in the transaction.
NEW ORLEANS — Marcus & Millichap has arranged the $6.4 million sale of River Commons, a 59,483-square-foot shopping center in New Orleans. River Commons, which is shadow-anchored by Walmart, was leased to 17 tenants at the time of sale, including Dollar Tree, Shoe Show, Cato and Sally Beauty. Zach Taylor and Don McMinn of Marcus & Millichap represented the seller, Rivercrest Realty, in the transaction. The buyer was Salim Rupani, a private investor based in Texas.
ATLANTA — Traditionally, mixed-use developments are multifamily-based with ground-floor retail or dining and a few floors of offices in between or adjacent. That combination still works, but changing demographics demand more variety from the popular model, according to panelists of InterFace Mixed-Use Southeast on Aug. 22 at the Westin Buckhead in Atlanta. Projects like The Battery Atlanta and the upcoming Revel development in nearby Duluth are anchored by popular entertainment sites — SunTrust Park and Infinite Energy Center, respectively. Other upcoming developments in the Southeast like Kern’s Bakery in Knoxville, Tennessee, will feature student housing, while others like 12|12 Aventura in South Florida will feature seniors housing units. Speakers at the show cautioned that while restaurants are necessary elements of a successful mixed-use project and often bring some added variety, food and beverage options nationwide are becoming oversaturated, especially in mixed-use settings. Professionals involved with some of the most successful mixed-use developments in the Southeast spoke about prominent trends and the future of the product type at the conference. Overall the various speakers were bullish on the product type going forward as demand generators such as job and population growth are strong in the Southeast’s top markets. “I see two …
