GREAT FALLS, MONT. — SSG Realty Partners has arranged the sale of Westwood Plaza, a retail center located along the Northwest Bypass in Great Falls, for an undisclosed price. Originally developed as a Pay ‘N Save and Ernst Home Center, the 70,000-square-foot shopping center was renovated in recent years. The current tenant mix includes ULTA Beauty and TJ Maxx. Greg Swedelson and Jon Eric Greene of SSG Realty Partners represented the seller and undisclosed buyer in the deal.
CULVER CITY, CALIF. — HBO has signed a long-term lease to move its West Coast corporate headquarters from Santa Monica, Calif. to Ivy Station in Culver City in 2021. HBO will fully occupy the five-story, 240,000-square-foot office building at Ivy Station. HBO’s current lease at Colorado Center in Santa Monica, where it has been based since 2004, expires at the end of this year. The Los Angeles Times reports that the new lease is for 15 years. A joint venture between Lowe, AECOM-Canyon Partners and Rockwood Capital broke ground on the $350 million, 5.2-acre mixed-use project in September 2017. Completion is scheduled for mid-2020. Ivy Station is situated adjacent to the Culver City station stop along the Los Angeles Metro Expo Line. The transit-oriented development will include 200 apartment units, a 148-room hotel, 50,000 square feet of retail and restaurant space, two acres of outdoor space and 1,500 parking spaces, 300 of which will be designated for metro transit riders. “HBO is an ideal business anchor for Ivy Station, bringing to the property creative professionals that will enjoy access to public transit, host out of town guests at the hotel, and frequent the shops and restaurants that will populate the …
NEW YORK CITY — The national retail vacancy rate stood at 10.2 percent at the end of the first quarter of 2019, unchanged from the previous period and up 20 basis from the first quarter of 2018, according to New York-based commercial real estate analytics firm Reis. The report was based on analysis of the company’s internal information on retail properties in 77 American metros. The average asking rent for U.S. retail space closed the quarter at $21.30 per square foot, up 1.6 percent from a year ago, per the report. Net absorption for the opening quarter was 949,000 square feet, which represents a small decline from that period in 2018. However, the report notes that a slower pace of new construction has helped offset occupancy dips brought on by brick-and-mortar store closures. Less than a million square feet of new product was delivered during the first quarter of 2019. In the first quarter of 2018, the volume of new deliveries was more than double that figure, and in the fourth quarter of 2018, supply additions nearly tripled that number. Reis projects that new construction will ramp up as the year unfolds, with the total U.S. retail inventory projected to …
Columbus, Ohio’s exploding population growth and strong economy are reflected in a red-hot housing market. Each weekend, open house signs dominate intersection corners. It is hard to miss big splashy billboards announcing new market-rate apartment complexes along our major I-70 and I-71 corridors. Last spring, Realtor.com named Columbus as the fourth-hottest housing market in the country. The bad news is our housing supply is not keeping up with demand. In fact, the Building Industry Association of Central Ohio notes that by 2050, when we’ll have a predicted 500,000 new jobs and 1 million new residents, a general housing shortfall of 43 percent will occur if we continue on our current building rate of 8,000 new units per year. We need 14,000 units for all incomes per year to keep up. Affordable housing gap An affordable housing crisis runs even deeper. Columbus’ booming housing market widens the gap for residents seeking affordable, safe and decent homes. Low- and moderate-income working families desperately need greater access to affordable housing near our city’s job centers. Service jobs abound in and around the city core, but most of our urban neighborhoods are quickly gentrifying, and rents have spiked due to their appeal to higher …
ATLANTA — Barings Real Estate and Bank OZK has provided a $100 million construction loan to The Allen Morris Co. for Star Metals Offices, the office component of Star Metals, a $330 million mixed-use development in West Midtown Atlanta. Situated along Howell Mill Road, Star Metals Offices will span 267,000 square feet and is expected to deliver in fall 2020. Amenities will include 35,000 square feet of ground-level retail space, a 5,000-square-foot rooftop restaurant, five levels of parking, fitness center and locker rooms. Star Metals Offices is 25 percent preleased to Spaces, a coworking company backed by Regus. Oppenheim Architecture and Warner Summers Architecture designed the asset. MBR LLC, an affiliate of The Allen Morris Co. and ICM Asset Management Inc. provided equity in the project.
NORTH EAST, MD. — Smithfield Foods Inc., a pork producer and meat packing company, will open a 420,000-square-foot distribution facility within Principio Business Park in North East. The Baltimore Sun reports the center will cost $74 million to build. According to a press release from Gov. Larry Hogan’s office, the new facility will create 240 jobs in Cecil County. Stewart Properties’ Principio Business Park is home to tenants including Amazon, Lidl and Medline. According to Baltimore Business Journal, the State of Maryland will give Smithfield $800,000 in loans through the Advantage Maryland program and, pending review, Cecil County will pitch in $80,000. A timeline for construction was not disclosed.
MIAMI — A joint venture between Adler Group, 13th Floor Investments and Barings LLC has delivered Motion at Dadeland, a 25-story, 294-unit apartment community in Miami’s Dadeland submarket. The joint venture also teamed with Miami-Dade County Department of Transportation and Public Works to deliver the asset. Motion at Dadeland offers studio, one-, two- and three-bedroom floor plans and just under 8,000 square feet of retail space. Located at 8400 S. Dixie Highway, the building is adjacent to Dadeland North Metrorail Station and the Dadeland Station retail center. Amenities at Motion Dadeland include a fitness center, swimming pool with poolside cabanas, media room and coworking space. The design team included general contractor Civic Construction and designer Corwil Architects. TD Bank and Santander Bank provided construction financing.
SPRINGFIELD, VA. — Federal Realty Investment Trust has unveiled plans to redevelop Old Keene Mill, a 90,000-square-foot shopping center in Springfield. Whole Foods Market, Planet Fitness and Walgreens anchor the center, which is situated at the corner of Old Keene Mill and Rolling roads, about 16 miles southwest of downtown Washington, D.C. Redevelopment plans include introducing an outdoor fireplace, communal village design, new landscapes, wide sidewalks and new façade and signage. Completion is expected before Thanksgiving.
LEXINGTON, S.C. — Publix Super Markets Inc. will open a GreenWise Market store at Lexington Marketplace in Lexington, about 10 miles west of downtown Columbia. GreenWise will offer a large variety of organic, specialty and traditional items. GreenWise joins Ulta Beauty, Mod Pizza, Smoothie King and Fit Body Boot Camp at the 135,000-square-foot, 80 percent-leased retail center. Darrell Palasciano and Matt Henry of The Shopping Center Group represented the landlord and developer, Columbia Development, in the lease transaction.
KEARNY, N.J. — Terreno Realty Corp has acquired a 28,000-square-foot industrial facility in Kearny for $14.1 million. Located at48 3rd St., the 4.6-acre transshipment building is fully leased to three tenants. The property is adjacent to Exit 15E of the New Jersey Turnpike. The seller was not disclosed. Terreno acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.