STURGIS, S.D. — The Boulder Group has arranged the sale of a single-tenant retail property net leased to Shopko Hometown in Sturgis for $2 million. The 30,500-square-foot building is located at 2105 Lazelle St. in western South Dakota. There are approximately 13 years remaining on the triple net lease. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Texas-based real estate investment trust. A Wyoming-based real estate investor purchased the asset.
GOODYEAR, ARIZ. — Lincoln Property Co. has completed Lincoln Logistics 40, an industrial building situated on 50 acres at Interstate 10 and Bullard Avenue in Phoenix’s West Valley. The 901,770-square-foot building is the area’s first-ever 40-foot clear height fully speculative industrial development. Located within The Airport Gateway at Goodyear, the building features 161 dock- and grade-level doors, 185 trailer storage units, 551 parking stalls (expandable to 1,340 stalls), fiber optic data and energy efficient clerestory windows in lieu of skylights. Additionally, the building offers move-in ready speculative suites with 3,202 square feet of fully built-out office space and high-end Class A finishes, 13-foot ceiling-to-floor glass, an outdoor amenity area and a functional interior layout with the ability to add office, conference room and administrative uses. The property also features a Foreign Trade Zone Magnet Site classification and direct access to the amenities of The Airport Gateway Center at Goodyear, which at build-out will include more than 2.5 million square feet of regional retail, hospitality, office and medical uses and 3 million square feet of industrial and warehouse space. The project team included Layton Construction and Butler Design Group. John Werstler, Rusty Kennedy and Cooper Fratt of CBRE are serving as …
PORTLAND, ORE. — Portland-based NBP Capital has purchased the historic Central Courthouse, located at 1021 SW Fourth Ave. in downtown Portland. Multnomah County sold the property for $28 million. Built between 1909 and 19014, the eight-story, neo-classical building offers a gross building area of 323,486 square feet, with a rentable building area to be determined after conversion. The courthouse has large floor plates more than 30,000 square feet and flexible CXd Zoning allowing for a variety of commercial uses. The building is currently home to Multnomah County’s court operations, and the County will continue to lease the property until completion of its new Central Courthouse at SW First Avenue and SW Madison Street. The new property is slated for completion in 2020. Charles Safley and Graham Taylor of CBRE’s Portland office represented the seller in the transaction.
ROHNERT PARK, CALIF. — HFF has arranged the sale of a four-property multifamily portfolio in Rohnert Park, a community in Sonoma County. A Colorado-based private firm acquired the portfolio from a private investor for $41 million. The assets are Atherton, a 40-unit community at 181 Avram Ave.; Brewster Ames, a 27-unit property at 7300 Adrian Drive; Tivoli Gardens, a 29-unit complex located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit property at 8288 Lancaster Drive. The properties have an average occupancy greater than 97 percent and provide direct access to Highway 101 and the Cotati and Rohnert Park SMART stations. Scott Bales and Peter Yorck of HFF represented the seller and procured the buyer in the deal.
RIVERSIDE, CALIF. — CBRE has arranged the sale of Sterling Highlander, a 658-bed student housing community located near the University of California, Riverside. The property comprises four buildings and a clubhouse offering studio, two-, three- and four-bedroom units. Shared amenities include a swimming pool, fitness center, tanning dome, gourmet coffee bar, basketball court, private study rooms, a computer center, game room and courtyards with barbecue areas. Seattle-based Horizon Realty Advisors purchased the asset from Houston-based The Dinerstein Companies for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Cray Carlson of CBRE brokered the transaction. Ben Roelke and Ian Walker, also of CBRE, secured long-term financing on behalf of the buyer. The 10-year, fixed-rate loan was provided through CBRE’s Fannie Mae DUS program.
ESCONDIDO, CALIF. — MCA Realty has entered the North San Diego submarket with the acquisition of a multi-tenant industrial property in Escondido. A private investor sold the property for $5.9 million. Located at 2750 Auto Park Way, the two-building asset features 40,990 square feet of industrial space spread across 13 suites. MCA Realty plans to renovate the existing vacant space, as well as update individual suites as leases expire. Additionally, the buyer plans to upgrade the exterior and increase identity signage. Tucker Hohenstein and Conor Boyle of Colliers International represented the buyer, while the seller was self-represented in the deal.
Like most major cities, Houston has had its fair share of market cycles. However, this most recent decline in the local economy’s growth rate that was caused by a steep drop of oil prices put a heightened level of stress on the Houston office market. Fortunately, the energy sector has turned the corner, and, paired with the ever-diversifying economic base, the Houston economy is buzzing again. As such, Houston’s population and job growth have translated into early signs of improvement in office market fundamentals. The metro’s employment base, which is currently seeing some of the highest employment numbers in history, is growing at more than twice the national rate. This rapid rate of expansion has provided the office market with much-needed positive momentum as we look toward the new year. Improving Fundamentals The much-anticipated turnaround in the office market is here. Asking rents, occupancy rates and absorption are all increasing across the metro area and across all building classifications. In the third quarter of 2018, the office market posted approximately 1.1 million square feet of positive net absorption. This is a significant improvement compared to the negative net absorption of roughly 1.1 million square feet in the first quarter of …
ORLANDO, FLA. — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the Grande Lakes Orlando Resort. Blackstone Group sold the property for $900 million, according to local media reports. The 409-acre development includes two hotels, a 582-room Ritz-Carlton and a 998-room JW Marriott. The resort also features an 18-hole golf course designed by Greg Norman, an Australian professional golfer and entrepreneur. The Grande Lakes Orlando Resort includes 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, swimming pools, sporting facilities and a 40,000-square-foot spa. Since 2015, both hotels have undergone multi-million-dollar renovation projects. Trinity and Elliott plan to implement a multi-year capital improvement plan to further enhance the resort’s offerings. In addition to guestroom renovations, plans call for upgrades to the resort’s ballroom, meeting spaces, water features and food offerings. The buyers are hoping to capitalize on Orlando’s booming tourism industry. In 2017, Orlando set a record and became the first ever U.S. destination to surpass 70 million visitors in a year, according to the city’s tourism association, Visit Orlando. Honolulu-based Trinity is a private real estate investment firm that has completed more than $4 …
OCALA, FLA. — Red Rock Developments, Westport Capital Partners LLC and Wharton Industrial will build Florida Crossroads Logistics Center, a 617,046-square-foot speculative distribution center in Ocala. The 46-acre site is located about 35 miles south of Gainesville, and is situated approximately one hour from Tampa and Orlando, two hours from Jacksonville and four hours from Miami, allowing the facility to potentially service 14 million people with same-day deliveries. Deborah Mickler and David Wilson of Colliers International are listing the property, which is slated to open in the fourth quarter of 2019.
JACKSONVILLE, FLA. — The Praedium Group has purchased The Point at Town Center, an apartment community in Jacksonville comprising eight three-story buildings offering one- and two-bedroom floor plans. The Praedium Group bought the property from Block One Ventures for $46.7 million, according to Jacksonville Business Journal. Block One delivered the property earlier this year. Amenities at The Point include a dog park with wash station, yoga lawn, pool and package concierge.
