DEARBORN, MICH. — Reichle Klein Group has arranged the sale of a 57,846-square-foot industrial building in Dearborn for $1.3 million. The manufacturing facility sits on 3.5 acres at 6340 Miller Road. Lynette Reichle and Wyen Koan of Reichle Klein Group represented the seller, Nopac LLC. Hussein Bazzi of Real Estate One represented the buyer, Dearborn-based Dabazzi Properties LLC.
HILLSBORO, ORE. — Norris & Stevens Inc. has brokered the acquisition of an office building, located at 5625 NE Elam Young Parkway in Hillsboro. Pioneer Utility Resources, formerly known as Ruralite Services Corp., purchased the building for $2.6 million. The buyer plans to move its corporate offices into the building vacancy. The remainder of the building is occupied by medical and professional tenants. Tim Budelman of Norris & Stevens represented the buyer in the transaction.
Notions of Seattle as a grunge-rock town with logging roots are in the rear-view mirror. While Seattle’s past is marked by the 1850s Klondike Gold Rush, 1970s Boeing Bust and 1990s Microsoft Millionaires run, today’s economy is dotted with news of exceptional growth from Apple, Amazon, Facebook, Google and Salesforce. To say that Seattle’s economy is both booming and diversified is an understatement. A benefactor of such continued growth is the regional rental market. Jobs, Jobs, Jobs Ecommerce juggernaut Amazon has assembled 12 million square feet of Class A office space in Downtown Seattle over the past several years. Now, Bellevue — not more than 10 miles from Downtown Seattle — is receiving attention from Amazon with commitments for 2 million square feet. Adding to that, Apple is committing to more than 625,000 square feet of office space; Facebook’s footprint is around 2.7 million square feet; and Salesforce has chosen Seattle as its second global headquarters. Given high wages and more economical for-rent and for-sale office and housing space (on a relative basis), it’s no surprise Seattle still has runway for sustainable economic growth. Development Pipeline Apartment developers seized upon Seattle’s modern day Gold Rush. Developers added 55,000 apartment units …
LOUISVILLE, KY. — Pizza Hut will close as many as 500 dine-in stores over the next 24 months as part of a broader strategy to bolster its delivery and carryout services, company executives said during the second-quarter earnings call. Food Business News first reported the announcement. Pizza Hut, which is owned by Louisville, Ky.-based YUM! Brands (NYSE: YUM), operates about 7,500 locations across the United States and 18,000 worldwide. In the United States, roughly 6,100 of the company’s locations are dine-in restaurants. The remaining locations are express units, which feature limited menus and minimal to no in-store seating to prioritize delivery and takeout services. All shuttered stores will be dine-in locations. “We plan to accelerate the transition of our Pizza Hut assets to a more modern delivery carryout and delivery asset base,” YUM! Brands CEO Greg Creed said on the call. “We are excited about collaborating with franchisees who have a growth mindset to accelerate the closure of underperforming dining stores and replacement with new delivery or fast-casual delivery assets.” YUM! Brands owns Pizza Hut and several other restaurant chains, including Kentucky Fried Chicken, Taco Bell and Wingstreet. Pizza Hut express units sometimes share building space with these concepts. All …
While there are mass retail closings around the country, in Miami, there is typically someone waiting on space to become available. Think about it: In Miami, there is actually a shortage of retail space. Uber luxury markets in Miami are performing extremely well with Bal Harbour Shops (owned by Whitman Family Development) being one of the top retail complexes in the country, followed closely by Dadeland Mall and Aventura Mall. These malls are continuously reinvented and expanded, adding various entertainment and diverse dining options to their multi-level retail outlets. The Dolphin Mall, a 1.4 million-square-foot mixed-used complex owned by Taubman Cos., continues to be its No. 1 performing mall in the country, with over 240 retail shops, dining and entertainment venues to choose from including Bass Pro Shops Outdoor World, Cobb Dolphin 19 Cinema, The Cheesecake Factory, Dave and Buster’s, Texas de Brazil, Bloomingdales The Outlet Store, Neiman Marcus Last Call and Saks Fifth Avenue OFF 5th. Miami is cruising There are several factors driving this phenomenon. First, Miami International Airport traffic is setting month-over-month and year-over-year records, according to the Greater Miami Convention and Visitors Bureau. Traffic in February 2019 was 5.7 percent higher compared to February 2018. Cruise …
IRVINE, CALIF. — Steadfast Apartment REIT (STAR), Steadfast Income REIT (SIR) and Steadfast Apartment REIT III (STAR III) have entered into definitive merger agreements in which STAR will acquire SIR and STAR III in separate stock-for-stock, tax-free transactions. The merger will create a combined company with approximately $3.3 billion in gross real estate assets. The transactions are expected to close in the first quarter of 2020, subject to certain closing conditions, including the approval of the respective mergers by SIR and STAR III stockholders. The merger transactions are expected to close concurrently, but are not conditioned on the consummation of each other. The merger agreements were negotiated on behalf of STAR, SIR and STAR III by their respective special committees, each of which is composed exclusively of independent directors, along with each special committee’s independent financial and legal advisors. “We believe the strategic merger of these three highly complementary portfolios with similar investment strategies will create an enhanced and diversified portfolio, concentrated in high-growth markets,” said Rodney Emery, chairman of STAR, SIR and STAR III. “The enhanced size, scale and prominence of the combined portfolio will greatly improve the company’s access to attractive capital sources, which can be used to …
AUSTIN, TEXAS — JLL has negotiated the sale of Research Park, a 1.1 million-square-foot office and industrial campus located within Austin’s Silicon Hills neighborhood. The sale included approximately 95 acres of undeveloped land on the city’s northwest side. Originally part of a 466-acre tract owned by Texas Instruments, Research Park includes 1 million square feet of manufacturing space that is leased to a subsidiary of Flex Ltd., a global electronics manufacturing firm. JLL marketed the property on behalf of the seller, Equity Commonwealth. Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.
DALLAS — Westmount Realty Capital has purchased The View at Kessler, a 299-unit multifamily property located in the Kessler Park neighborhood of Dallas. Built in 1964, the 11-story building is situated adjacent to Stevens Park Golf Course and within a few miles of the Trinity River Corridor project, which will deliver the largest urban park in the country. The View at Kessler features one-, two- and three-bedroom units with up to 1,214 square feet per unit. Westmount will undertake a renovation program that will upgrade the lobby, café, pool area, fitness center, leasing center and elevator systems, as well as transform the 11th floor into a sky lounge with a kitchen, conference room and terrace. Avenue5 Residential will manage the property. The seller was not disclosed.
TEXAS CITY, TEXAS — Smart Living at Texas City LP (SLTC), a limited partnership controlled by developers Ronny Hecht and Avi Ron, has purchased 9.4 acres in Texas City for the development of a 234-unit apartment community. Designed by Ted Trout Architects, the Class A property will feature one-, two- and three-bedroom units with granite or quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, clubhouse with a kitchen and a dog park. Construction is scheduled to begin in October and be complete in the fourth quarter of 2020. Chris Bergmann Jr. of JLL represented the seller, First Baptist Church of Texas City, in the land acquisition.
BOERNE AND ROUND ROCK, TEXAS — CBRE has arranged loan for the refinancing of Franklin Park Boerne and Franklin Park Round Rock, two 76-unit assisted living and memory care communities in metro Austin. The borrower was a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The borrower developed both properties in 2017. The communities feature a variety of amenities including a full-service hair and nail salon, theater, game room and a health and wellness center. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the loan, which carried a three-year term, floating interest rate and 24 months of interest-only payments, through a national bank. Franklin Apartment Management, Franklin Development’s management affiliate, will continue to operate the communities.
