The retail market in Reno/Sparks continues to improve with big box retailers moving to the market and a steady decrease in the vacancy rate. The retail market in Reno/Sparks has seen an overall decrease in vacancy for the fifth consecutive quarter with the current vacancy rate hovering just under 7 percent. Average market rent is currently $1.50 per square foot, triple net, and appears to be slowly climbing as we continue to experience positive net absorption. Tenants moving and expanding in the area include Big Lots leasing 30,112 square feet in Spanish Springs, and Harbor Freight and Tractor Supply Company leasing 16,016 square feet and 38,326 square feet, respectively, in Sparks. Sprouts Farmers Market has opened two new locations in Reno and Sparks over the past 12 months, absorbing roughly 60,000 square feet. Grocery Outlet, Tuesday Morning, Marshall’s Home Goods, Burlington and Raley’s Supermarkets have also expanded in northern Nevada. The Reno/Sparks market has seen increased activity in the finance services and fast-casual restaurant industries. New fast-casual restaurants in the area include Mod Pizza, California Pizza Kitchen, Burrito Bandito, Sizzle Pie, Pine State Biscuits and Habit Burger. Chase Bank and United Federal Credit Union have opened several locations in Northern …
HOUSTON — A robust American economy is strengthening the fundamentals of the country’s office market, keeping vacancy in check and driving asking rents up, according to a new report from Houston-based Transwestern. Strong job growth resulting in a 3.7 percent unemployment rate in October, coupled with a 3.5 percent increase in GDP during the third quarter, propelled the U.S. office market to nearly 23 million square feet of positive net absorption. Year-to-date absorption in the office market has now increased by 17.1 percent compared to the first three quarters of 2017, per the report. Year-over-year, the national vacancy rate has held steady at 10.1 percent, nearing its lowest mark during the current cycle. Asking rents have increased by 4 percent year-over-year to a national average of $26.03 per square foot. Transwestern’s report tracked competitive single- and multi-tenant office buildings in 49 select U.S. markets. Owner-occupied, medical offices and government-owned buildings were not included in the analysis. According to Ryan Tharp, director of research in Transwestern’s Dallas office, the combined momentum from quarterly job and GDP growth was strong enough to offset soft wage gains, which would otherwise have dampened the sector’s performance. Despite a tight labor market, wages increased by …
BOSTON — Cushman & Wakefield Senior Housing Capital Markets, acting as advisor to HCP Inc., has arranged the sale of a portfolio of seniors housing communities managed by Brookdale Senior Living. HCP agreed to sell the 17 Brookdale-managed properties to funds managed by affiliates of Apollo Global Management LLC (NYSE: APO) for $264 million. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, James Dooley and Sam Dylag.
NEW YORK CITY — Cushman & Wakefield has arranged the $16.2 million sale of Bathhouse Studios, a 14,000-square-foot mixed-use building in the East Village of Manhattan. Located at 538 E. 11th St., the property includes studio and event space as well as a residential unit above. Built in 1905, the property is a former public bathhouse and was converted into a studio in 1995 by Pulitzer Prize-winning photographer Eddie Adams. The ground floor of the building features 20-foot ceilings with oak floors, exposed brick and antique frosted windows. The residence above possesses 16-foot ceilings with oak floors throughout and a 2,200 square-foot outdoor deck. Michael DeCheser, Andrew Berry, Mei Ling Wong and Bryan Hurley of Cushman & Wakefield represented the seller, Alyssa Adams, in the transaction. The buyer was 538 East Eleventh LLC.
FORT WORTH, TEXAS — McLane Co. Inc., a supply chain firm owned by Berkshire Hathaway that specializes in groceries, will open a 650,000-square-foot distribution center within Carter Industrial Park in Fort Worth. According to The Fort Worth Star-Telegram, Associated Wholesale Grocers Inc. operated at the site until 2017, when it left the park and laid off more than 2,000 workers. McLane will invest at least $18 million in construction and upgrades to the existing site by January 1, 2020. Under the terms of an incentives package recently approved by the Fort Worth City Council, McLane will employ about 550 people at the facility, 30 percent of which must be Fort Worth residents.
NEW YORK CITY — Encore Real Estate Investment Services has brokered the $9.4 million sale of a retail property occupied by Rite Aid in the Bronx. Brandon Hanna and Charles Slane of Encore represented the seller, a private developer and landowner in New York City, in the transaction. The buyer was undisclosed.
SAYREVILLE, N.J. — Marcus & Millichap has negotiated the $1.1 million sale of a nine-unit apartment building in Sayreville. Located at 107 MacArthur Ave., the property was recently fully renovated, including all kitchens, bathrooms and windows. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
PLANO, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Legends at Ridgeview Ranch, a 480-unit multifamily community in Plano. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as two pools, grilling stations, a fitness center, basketball court, resident clubhouse, business center and a dog park. American Landmark will invest approximately $3.6 million in capital improvements to the unit interiors and certain amenity spaces. The seller of the property, which was 96 percent occupied at the time of sale, was not disclosed.
FRISCO, TEXAS — Dallas-based Caddis has broken ground on Frisco Medical Pavilion, a 34,650-square-foot healthcare facility that will be located in the northeastern Dallas metro of Frisco. The Class A, single-story building is expected to be complete by summer 2019. Texas Health Physicians Group will be the anchor tenant. Two Dallas-area firms, Corgan and Novel Builders, are serving as architect and general contractor, respectively, for the project.
NORMAN, OKLA. — Minneapolis-based investment firm Timberland Partners has purchased The Renaissance at Norman, a 228-unit multifamily asset in Norman. Situated about three miles south of the University of Oklahoma, the property was built in 1999 and features one-, two- and three-bedroom units. Amenities include a fitness center with a yoga studio, resort-style pool, an outdoor kitchen and a clubhouse. Allan Murow of N&M Brokerage Services and Ed Fleming of Colliers International represented the undisclosed seller in the transaction, which marks Timberland Partner’s third acquisition in Oklahoma and seventh of the year.