HUMBLE, TEXAS — Floor & Décor will open a 79,864-square-foot store within Park Air 59, a 111-acre mixed-use development in Humble, located near Houston’s George Bush Intercontinental Airport. Construction of the space is expected to begin in January. Austin Alvis of NewQuest Properties and Preston Cunningham of Cunningham Ventures represented the developer, Archway Properties, in the negotiations. Jeff Kittleson and Matt Keener of CBRE represented Floor & Décor.
PHILADELPHIA — If you own a piece of land that you think might be suitable for a seniors housing development, what is your best course of action to determine the feasibility of such a project? “The first step is to do a desktop study,” advises Cheri Clarke-Doyle, senior vice president of Trammell Crow Co. In other words, conduct a supply-demand analysis that projects demand based on current supply and population growth within a radius of five to seven miles, or a 15- to 20-minute drive time. If those analytics turn out to be favorable and help justify the site to the prospective operator or equity partner, proceed to the next step, urges Clarke-Doyle, who is responsible for sourcing and overseeing new healthcare, wellness and science development in the Northeast for Trammell Crow. “Once you get the results of that desktop study, I think you go into other factors relative to the site. Those factors include the size of the site: Will it support what you want to build? If you’re doing a specific prototype, will the prototype fit on that piece of land? It’s important to go through several checks on the land before you go into a more detailed study.” The …
The industrial market’s direct vacancy in greater Reno increased by 80 basis points to 4.53 percent at the end of the third quarter of 2018. It was carried by 715,821 square feet of positive net absorption, a relatively below average figure, as well as by an increase in new deliveries. Notwithstanding, pending transactions currently underway in the fourth quarter should mitigate the increase in the market’s overall vacancy. Tenant demand in the third quarter was robust for spaces with less than 50,000 square feet. Transactions that involved Class A space accounted for 84 percent of the total gross absorption. The North Valley was the best performer of all the submarkets, resulting in a 35 percent decrease in availability. The I-80/East submarket, however, recorded a substantially negative quarter due to deliveries/new availability pushing the vacancy to 12 percent. Sublease availability was static for yet another quarter, which demonstrates stability in the market. The average transaction size in Reno decreased slightly to 53,195 square feet. Heading into the fourth quarter, the market witnessed an increase in inquiries and tours involving more than 200,000 square feet. This gave existing landlords confidence that vacancies and new deliveries will be leased in the short term. …
OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for $110 million. Located at the intersection of Broadway and 12th Street, the 522,000-square-foot office building was 99 percent leased at the time of sale to various tenants, including Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkeroff. The LEED-Platinum certified building offers direct access to Bay Area Rapid Transit (BART) in its lobby, one of only three Oakland office buildings with that amenity. The property also features panoramic views of the Oakland skyline and the Bay, as well as onsite retail amenities, bike lockers, showers and parking. This acquisition is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in July. KKR is making the investment through …
BRASELTON, GA. — Uline Inc. has purchased Braselton Logistics Center, a 1 million-square-foot distribution facility in Braselton, for $70 million. Uline bought the property as part of a purchase option in its 10-year lease from Atlanta-based Ackerman & Co., The Yates Group and JAC Real Estate Investments. Uline, which is a national shipping and business supply company, has occupied the space since it was delivered in late 2017.
ALEXANDRIA, VA. — PGIM Real Estate Finance has provided a $78 million FHA refinancing loan to Bonaventure Realty Group for Encore Apartments, a 461-unit apartment community in Alexandria. The 35-year, fixed-rate loan is fully amortizing, non-recourse and approved for green certification through HUD’s Green MIP program. The borrower, Bonaventure, will use the loan proceeds to recover costs incurred for capital improvements. Amenities at Encore Apartments include a swimming pool, movie theater/clubroom, fitness center and free community shuttle service.
NORTH CHARLESTON, S.C. — Charlotte, N.C.-based companies FCA Partners and Spectrum have kicked off the construction of a multifamily development in North Charleston. The joint venture acquired the land in late October for the project, which is expected to cost $43 million and bring 286 units near Charleston International Airport. Amenities are set to include a saltwater pool, two-story clubhouse, fitness center and a dog park. Completion is slated for summer 2020. This is the second project under development for the firms’ partnership. In September, the joint venture began construction on a 199-unit apartment complex in Greenville. This is the first time since 2014 FCA has capital investment in the multifamily sector.
OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.
SAVANNAH, GA. — Monmouth Real Estate Investment Corp. has acquired a new 126,520-square-foot industrial building in Savannah for $27.8 million. The building is part of Morgan Lakes Industrial Boulevard, a property that consists of three industrial buildings on about 29 acres. Freehold Township, N.J.-based Monmouth Real Estate’s newest acquisition is net-leased to Memphis-based FedEx for 10 years. The seller was undisclosed.
PHILADELPHIA — New York Life Real Estate Investors has provided a $45 million loan to refinance The Versailles, a 113-unit apartment building in the Rittenhouse Square section ofPhiladelphia. Located at 530 Locust St., the property was built in the 1920s and was recently renovated. New York Life Real Estate Investors, whose parent company is New York Life Insurance Co., provided the 12-year, fixed-rate loan for the borrower, Philadelphia-based family office Spring Creek.
