KENOSHA, WIS. — The Barry Company has arranged the sale of a lot that spans about three-quarters of an acre in Kenosha. The buyer, S&L Properties Kenosha 142 LLC, plans to construct a Culver’s restaurant on the site. The lot is located at the intersection of Highway 142 and I-94 and is adjacent to Amazon’s 1.5 million-square-foot distribution campus. Kevin Barry of Barry Co. represented the undisclosed seller. Tom Treder of Founders 3 Real Estate Services represented the buyer. Culver’s is known for its burgers and frozen custards.
OREGON, OHIO — Reichle Klein Group has negotiated the $1.4 million sale of a Dollar General-occupied property in Oregon, a suburb of Toledo. Completed in October 2018, the 9,100-square-foot building is located at 2450 Woodville Road. Christian Zaciewski of Reichle Klein represented the seller, Linden Avenue LLC. Net Realty Advisors represented the buyer, California-based Frank Living Trust.
RICHARDSON, TEXAS — Dallas-based Texas Instruments (NASDAQ: TXN) will open a $3.1 billion manufacturing facility in Richardson, a northeastern suburb of Dallas, in a move that is expected to create approximately 500 new jobs. Texas Gov. Greg Abbott made the announcement on Thursday, April 18. The facility, which local news sources report will span approximately 870,000 square feet, will be dedicated to the manufacturing of semiconductors and chips used in a variety of devices, including smartphones and other industrial machinery. A timeline for construction was not released. Texas Instruments (TI) had been engaged in site selection for a new plant for several months and even considered locations outside Texas, according to The Dallas Morning News. The paper reports that TI owns the land on which the new factory will be built, and that the Plano Independent School District, which serves the area in which the new plant will be located, has agreed to reduce TI’s property taxes for 10 years, which will save the company approximately $100 million. Company officials also cited Richardson’s strong workforce and proximity to key pieces of infrastructure as reasons to expand in the area. “We’ve selected Richardson because of its access to talent, an existing …
Even before the city’s population growth began exploding and its reputation as a tech hub became entrenched, Austin was always a true last-mile market for industrial users. Now that e-commerce has morphed into a worldwide phenomenon with real staying power, Austin looks like one of the next ideal locations for institutional industrial developers to make their marks with larger projects. However, the market does present a handful of challenges, including an intricate entitlement process, expensive land and a slightly higher cost of construction as compared to Texas’ other major markets. These barriers to entry have helped characterize the Austin industrial market we see today, with local developers leading the way. The Austin Market Today From both a developer’s and a broker’s perspective, the biggest advantage of being in a high-barrier-to-entry market, aside from less competition, is that the likelihood of becoming overbuilt is minimized. We saw this in 2008 and 2009, when the recession forced industrial users to cut operating costs and landlords to lower rents. Like the rest of the country, Austin took some hits during the Great Recession and saw a handful of properties foreclosed upon. But due to minimal new development, the market was able to maintain …
TAMPA, FLA. — Bromley Cos. has partnered with Concord Hospitality to build the dual-branded Aloft and Element hotel within the $500 million Midtown Tampa development. The seven-story Marriott hotel will share 226 rooms, a rooftop terrace and swimming pool. Additionally, the hotel will feature meeting space on the seventh floor, a 1,000-square-foot fitness center and 24,000 square feet of street-level retail space. The joint venture plans to break ground this summer with anticipated completion slated for 2021. The Bromley Cos. and Concord Hospitality are teaming with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co. and Crescent Communities to develop Midtown Tampa, a 1.8 million-square-foot mixed-use project that will feature office, hotel, residential and retail space, including a new Whole Foods Market, True Food Kitchen and REI.
GAINESVILLE, FLA. — A joint venture between Campus Advantage and Stark Enterprises has broken ground on Liv+ Gainesville, a 618-bed student housing community located near the University of Florida. The 279,075-square-foot property will offer a range of floor plans, from studios to six-bedroom units with bed-to-bath parity. Shared amenities will include a fitness wing with a cardio room, free weight room and boxing equipment; a mini market with fresh snack and drink offerings; a coffee bar; study rooms on each floor; a pool and courtyard; and a dog park. The community is scheduled for completion in fall 2020 and will be managed by Campus Advantage.
SANDY SPRINGS, GA. — Hudson Properties has sold The Preserve at Dunwoody, a garden-style apartment complex in Sandy Springs. The property is situated near the Chattahoochee River and Chattahoochee Nature Preserve, 20 miles north of downtown Atlanta. The Preserve at Dunwoody was built in 1984 and offers one- and two-bedroom floor plans. Community amenities include two swimming pools with sundecks, internet café, tennis court, fitness center, private lake, clubhouse and a health club. Kevin Geiger of CBRE represented the buyer, Magnolia Capital, in the transaction.
HUNTSVILLE, ALA. — Big V Property Group has acquired Westside Centre, a 655,638-square-foot shopping center in Huntsville, for $35.9 million. The property was 74 percent leased at the time of the sale to tenants including Big Lots, Stein Mart, Tuesday Morning, PetSmart, Ross Dress for Less, Shoe Carnival and Party City. Super Target shadow anchors the center. Westside Centre is situated at 6275 University Drive NW, adjacent to the 4,000-acre Cummings Research Park and six miles west of downtown Huntsville. The seller was not disclosed.
COLUMBIA, S.C. — Cushman & Wakefield has arranged the sale of The Southern @ 1051, a 350-unit student housing community located near the University of South Carolina in Columbia. The property offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, clubhouse, package service, picnic and barbecue area, business center, fitness center and basketball and volleyball courts. Travis Prince, Victoria Marks, Jordan McCarley and Paul Marley of Cushman & Wakefield arranged the disposition on behalf of the seller, an undisclosed CMBS trust. Ernet Capital Management acquired the property for an undisclosed amount.
CORPUS CHRISTI, TEXAS — JLL has negotiated the sale of Parkview Apartments, a 224-unit multifamily community in Corpus Christi. Built in 1969, the property offers one-, two-, three- and four-bedroom units and amenities such as a business center, resident clubhouse and a lounge. Zar Haro, Moses Siller and Robert Arzola of JLL represented the seller, Raybec Management Co. Ltd., in the transaction. The buyer, GVA Real Estate Group, will implement a value-add program at the community.