Property Type

Confluent, Harbor Retirement Break Ground on New Assisted Living Property in Stuart, Florida

by John Nelson May 30, 2019

STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as the project owner. HRA will manage HarborChase of Stuart. The project is anticipated to open in summer 2020. Confluent Senior Living and HRA previously co-developed and opened their first Florida seniors housing community in Wildwood in 2018.

May 30, 2019

Acquisitions Net Lease Retail Southeast Virginia

Consolidated-Tomoka Land Buys Metro D.C. Retail Asset Leased to 24 Hour Fitness for $21.3M

by John Nelson May 30, 2019

FALLS CHURCH, VA. — Consolidated-Tomoka Land Co. has purchased a 46,000-square-foot retail property in Falls Church for $21.3 million. The store has nine years remaining on its lease to 24 Hour Fitness and includes rental escalations. The property is also zoned for up to four stories and multiple uses, including residential. Consolidated-Tomoka Land bought the store in a 1031 exchange using proceeds from an $18.3 million sale of a 112,000-square-foot store in Winter Park, Fla., that is also leased to 24 Hour Fitness. The property includes a 1.6-acre outparcel that is under a 20-year ground lease to Wawa. Consolidated-Tomoka Land is a Florida-based, publicly traded real estate investor that owns approximately 2.3 million square feet of income properties in diversified markets in the United States, as well as more than 5,300 acres of land in its home market of Daytona Beach.

May 30, 2019

Acquisitions Multifamily North Carolina Southeast

Eller Capital Purchases Apartment Community in Winston-Salem for $16.4M

by John Nelson May 30, 2019

WINSTON-SALEM, N.C. — Eller Capital Partners has purchased Ashton Oaks, a 288-unit apartment community in Winston-Salem, for $16.4 million. The seller was not disclosed. Built in 1988, the property offers one- and two-bedroom layouts and is situated within one mile of Wake Forest University’s campus. Chapel Hill, N.C.-based Eller Capital plans to renovate Ashton Oak’s exteriors, build new amenities and upgrade the interior finishes. Affiliate firm Eller Residential Living will manage the property and oversee the construction project.

May 30, 2019

Acquisitions Retail Top Stories

Sansome Pacific Acquires 11 Cabela’s Stores for $324.3M

by Jeff Shaw May 30, 2019

SAN FRANCISCO — A joint venture led by Sansome Pacific, a real estate investment firm based in San Francisco, has acquired 11 locations of outdoor sports retailer Cabela’s for $324.3 million. The transaction was structured as a sale-leaseback with the seller, Bass Pro Shops, which owns the Cabela’s brand. Much like Bass Pro Shops, Cabela’s is known for its sprawling retail campuses. The 11-property portfolio spans 1.6 million square feet on 227 acres of land. Bass Pro Shops is based in Springfield, Missouri, while Cabela’s is based in Sidney, Nebraska. The specific locations of the 11 stores were not disclosed. B+E brokered the deal, claiming it as the largest transaction ever brokered by a digital sales platform. Co-founders Camille Renshaw and Scott Scurich are longtime real estate brokers that founded the company in 2017 after a stint with Ten-X, another digital real estate sales platform. The program “uses artificial intelligence to track the most active buyers in the real-time, net-lease market, much as stock and bond software tracks institutional investors,” according to the company. “The algorithm evaluates a buyer’s past purchases, as well as current acquisition criteria and dollars raised that must be allocated within a given year.” Bass Pro …

May 30, 2019

Acquisitions Civic Louisiana Southeast

Easterly Government Acquires 137,679 SF FBI Field Office in New Orleans

by John Nelson May 30, 2019

NEW ORLEANS — Easterly Government Properties Inc. has acquired a 137,679-square-foot Federal Bureau of Investigation (FBI) Field Office in New Orleans. The seller and sales price were not disclosed. FBI-New Orleans is a four-story, single-tenant facility located on a 6.6-acre site. The FBI’s New Orleans Division oversees federal operations in all of Louisiana, including six satellite offices in Baton Rouge, Alexandria, Lafayette, Lake Charles, Monroe and Shreveport. This build-to-suit construction was originally completed in 1999 and renovated in 2006. The project is now 100 percent occupied by the FBI until August 2029 under a non-cancelable remaining lease term. Additionally, the FBI has an option to renew the lease for an additional 10-year term, expiring in 2039. The building has numerous security features such as a security crash traffic barrier, 24/7 security, visitor screening center and bullet-resistant interior walls, doors and a roof. Easterly Government Properties now owns nine of the nation’s 56 FBI field offices and is the single-largest private owner of FBI field offices in the country.

May 30, 2019

Features Mixed-Use Retail

ICSC Roundup: Developer Talks Construction Costs, Store Closures, Role of Mixed-Use

by Taylor Williams May 30, 2019

LAS VEGAS — Besides rampant store closures, one of the biggest challenges retail developers currently face is high construction costs. An ongoing labor shortage, higher prices on certain materials that have been tariffed, and the general impact of inflation have all driven costs of new development to historically high levels. That said, developers that play the long game and have the vision and resources to execute multiple uses are up for the challenge. Structured Development, a Chicago-based real estate firm that builds a variety of project types, but tends to specialize in retail and mixed-use, is an example of such a company. Jeff Berta, the company’s senior director of real estate, met with REBusinessOnline at this year’s ICSC RECon show in Las Vegas to discuss current trends within the retail sector and the challenges of executing mixed-use developments. Berta has held a number of positions in the real estate development, construction management and architecture fields. What follows is an edited transcript of the conversation. REBusinessOnline.com: Construction costs are very high right now and are making projects more difficult to pencil out. What’s the real story behind these rising costs as it pertains to developing a mixed-use project? Jeff Berta: There …

May 30, 2019

Kansas Market Reports Midwest Midwest Market Reports Mixed-Use

Increased Development Brings New Life to Wichita’s Core

by Kristin Harlow May 30, 2019

Like many U.S. cities, Wichita’s downtown has experienced an unprecedented revitalization in recent years, with new development and the reimagining of older structures. Growth in the core is not slowing anytime soon if current projects under construction or on the drawing board are any indication. A number of projects, revolving around a new baseball stadium, are poised to inject new life into the historic Delano District. Plans for a new performing arts center are under discussion, and major mixed-use developments and public improvement projects along East Douglas Avenue are positioned to enhance the link between Delano and the city’s Old Town district. According to the organization Downtown Wichita, more than $1 billion has been invested in the urban core in the last 10 years, $631 million of which was private investment. The city center has retained a number of high-profile businesses after a decade of notable companies relocating to northeast suburban office locations. Project pipeline Following the recent addition of more than 800 apartment units in and around the central business district, commercial activity is on the upswing. The Spaghetti Works District, expected to be completed this fall, is a $23 million mixed-use development led by TGC Development Group and …

May 30, 2019

Arizona Development Industrial Western

Graycor Delivers Final Phase of 10 West Logistics Center in Phoenix

by Amy Works May 29, 2019

PHOENIX — Graycor Construction Co. has completed the final phase of 10 West Logistics Center, a Class A industrial bulk distribution park in southwest Phoenix. Developed by New York Life Real Estate Investors, 10 West Logistics Center is a 1.3 million-square-foot, two-building distribution campus. Totaling 569,301 square feet, 10 West Logistics Center Phase II is the final building at the distribution park. Amazon has leased the entire building to use a fulfillment center. Graycor is managing all tenant improvement construction for Amazon. The first building, 10 West Logistics Center Phase I, features 660,000 square feet of Class A distribution space. Ozburn-Hessey Logistics occupies 43 percent of the first building. Located at the northwest corner of Van Buren Street and 59th Avenue, 10 West building amenities include 36-foot clear heights, dock-high and grade-level loading, 200-foot minimum truck courts, ESFR fire sprinklers, energy-efficient motion sensor lighting, a fenced and secured yard, and ample car and trailer parking. Additionally, the buildings are divisible down to 100,000 square feet, offering A-1 equivalent zoning and Foreign Trade Zone approved. Butler Design Group served as architect for the development. Wentworth Property Co. serves as the owner’s representation. Andy Markham, Mike Haenel, Will Strong and Phil Haenel …

May 29, 2019

California Development Industrial Western

Stirling Capital Completes 466,255 SF Expansion at Southern California Logistics Airport

by Amy Works May 29, 2019

VICTORVILLE, CALIF. — Stirling Capital Investments has completed a building expansion for Newell Brands at Southern California Logistics Airport (SCLA) in Victorville. This is Newell’s second expansion at the property since it original lease for 407,600 square feet in 2006, bringing the new building total size to 1 million square feet. With the new 466,255-square-foot expansion, the building now features 78 dock-high doors with 32-foot clear heights. Newell first expanded its footprint at SCLA in 2012 by adding 176,800 square feet to accommodate increased regional and national distribution of company products. Newell will occupy the new building through 2029.

May 29, 2019

California Development Industrial Western

Dempsey Finishes Construction of 174,200 SF Industrial Building in San Diego

by Amy Works May 29, 2019

SAN DIEGO — Dempsey Construction has completed the ground-up construction of an industrial building at Frontera Business Park, located at 2695 Customhouse Court in the Otay Mesa neighborhood of San Diego. The concrete tilt-up building totals 174,200 square feet of space. Three main storefront entries feature spandrel glass and pop-out elevations. Situated on 9.2 acres, the facility has 43 dock-high truck doors, a 36-foot clear height and six grade-level truck doors. The building is part of Frontera Business Park, a seven-building, 517,207-square-foot industrial campus.

May 29, 2019

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