ARLINGTON, TEXAS — Stonelake Capital Partners, a private equity firm with offices in Austin, Houston and Dallas, has purchased a 56,960-square-foot industrial building located at 616 111th St. in Arlington. According to LoopNet Inc., the property was built in 1981 and features 20-foot clear heights. Mark Graybill and Colton Rhodes of Lee & Associates brokered the deal. The seller was not disclosed.
The industrial market in Orange County remains strong as demand continues to far outweigh supply. Vacancy throughout the region remains at historic lows, staying below 3 percent for the 13th consecutive quarter through the third quarter of this year. The largest submarket, North Orange County, is also the tightest submarket with a 1.2 percent overall vacancy. As an infill market, we do not anticipate significant increases in vacancy within the Orange County industrial marketplace for the foreseeable future, despite the new developments recently delivered, planned or under construction. There are several significant industrial development projects in various stages in the county. This is welcome news by users seeking to upgrade and expand into modern facilities while maintaining local operations. The first is a 30-acre redevelopment site in Huntington Beach that was purchased by Sares Regis Group earlier this year. Sares Regis is expected to begin construction shortly, with plans to deliver more than 600,000 square feet of new product in late 2019. Shea Properties recently began construction on Shea Business Center in Santa Ana, which is planned for nearly 530,000 square feet and a completion date in 2019. Western Realco is also nearing completion of Beckman Business Center, a 900,000-square-foot, …
LOS ANGELES — CBS Corp. (NYSE: CBS) has signed a definitive agreement for the sale of its landmark CBS Television City property and sound stage operation in Los Angeles. Hackman Capital Partners, a Los Angeles-based real estate developer, is purchasing the 25-acre campus from the mass media company for $750 million. As part of the agreement, Hackman Capital will have the rights to use the Television City trademark in connection with its operations on the property. CBS programs including “The Late Late Show With James Corden,” “The Price is Right” and “The Young and The Restless” will continue to be produced on the Television City campus for at least the next five years. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site. The transaction is expected to close in early 2019. The Los Angeles Times reported that CBS has been considering selling its studio complex since 2017 to capture increased value for developers looking to build in the Fairfax area. The campus features surface parking that Hackman Capital could redevelop, according to the newspaper. Joseph Ianniello, president and acting CEO of CBS Corp. says the company will use …
SANFORD, FLA. — Newmark Knight Frank Multifamily (NKF) has brokered the $45.7 million sale of Solara, a multifamily community in Sanford, about 20 miles north of Orlando. Scott Ramey, Kevin Judd and Patrick Dufour of NKF represented the seller, a multifamily investment company based in Montgomery, Ala. The buyer was Tampa- and Boston- based Robbins Property Associates. The 272-unit Solara was built in 2014 and features amenities such as a saltwater pool, lounge areas and a club lounge, featuring a billiards table and full bar with catering kitchen.
SARALAND, ALA. — Hampton Inn & Suites has opened a new 100-room, $15.5 million hotel in Saraland. Located about 12 miles north of Mobile, the hotel is Hampton’s first new prototype in a decade. Guestrooms have been redesigned to feature larger windows and bathrooms with improved lighting, décor and bath fixtures. Other amenities include 900 square feet of meeting space, a board room, complimentary breakfast, pool, fitness center and a business center. The business employs more than 18 full-time workers and will eventually employ 30 full- and part-time workers.
CHARLOTTE, N.C. — Dallas-based Lantower Residential has acquired Lantower Waverly, a 375-unit apartment community in Charlotte’s Ballantyne neighborhood. Charlotte Business Journal reports that the property sold for more than $84 million. The complex is located about 13 miles south of downtown Charlotte, and amenities include a saltwater pool, fitness center, dog park, electric car charging stations and a media center/movie theater. The seller was undisclosed.
MEMPHIS, TENN. — Money360 has provided a $4.7 million bridge loan to an undisclosed borrower for the Winbranch Apartments in Memphis. The 24-month, non-recourse refinance loan was structured with an 8.5 percent interest rate. Amenities at Winbranch include a swimming pool, tennis court, playground and a clubhouse.
BOCA RATON, FLA. — Crocker Partners has unveiled plans to develop Restaurant Row, a 22,500-square-foot property that would feature four 5,000-square-foot restaurants with patios and the potential for an additional 2,500-square-foot outpost. Aaron Gentry of tvsdesign is the architect of the only exclusive restaurant complex ever built in Boca Raton. Crocker Partners presented its vision to the City of Boca Raton’s Community Appearance Board on Nov. 27. The property would be located at the site of The Plaza office building, which Crocker Partners reacquired in 2014.
SALT LAKE CITY — E-commerce has emerged both as a major driver and hindrance to manufacturing growth in Salt Lake City, where increasing costs of technology are limiting the speed at which industrial users deliver goods to consumers. The rise of online shopping has been predicated on rapid delivery of product, but achieving an expedient pace of distribution requires greater investment in automated technology that can package and ship goods faster than human laborers. But e-commerce is not cheap to execute. According to Wick Udy, managing director in the Salt Lake City office of brokerage giant JLL, the cost of delivering an item purchased online generally accounts for about 25 to 30 percent of the total purchase price. “We’re starting to see a lot of these companies re-evaluate their network,” said Udy. “They’re going closer to the consumer, and that’s helping with logistics costs. E-commerce and certainly manufacturing are really what’s driving our market here.” Udy made his remarks during InterFace Industrial Real Estate in Salt Lake City on Nov. 29. The half-day conference at Little America Hotel and was followed by InterFace Multifamily Real Estate later that same day. All totaled, the two events drew 306 professionals from across …
NEW YORK CITY — A partnership between Taconic Investment Partners LLC and TH Real Estate has acquired 440 Ninth Avenue, a 411,000-square-foot office building in Manhattan, for $269 million. The property, known locally as the Harding Building, is located at Ninth Avenue and West 35th Street near the Hudson Yards mixed-use development on Manhattan’s west side. The 18-story building was originally constructed in 1927 and currently includes retail space. The seller was UNIZO Holdings Co. Ltd., a Japanese real estate investment firm. Darcy Stacom and Bill Shanahan of CBRE represented UNIZO in the deal. Evan Pariser and Michael Gigliotti of HFF represented the buyer. Tom Traynor and James Millon of CBRE arranged acquisition financing through MetLife Real Estate Investors for the transaction. The new ownership will implement a value-add plan that will upgrade the lobby, elevators and mechanical systems.