KATY, TEXAS — Marcus & Millichap has arranged the sale of a 5,000-square-foot retail property located at 9333 Spring Green Blvd. in the western Houston suburb of Katy. The property is currently leased to Starbucks Coffee and fast casual restaurant chain Salata. James Bell and Watt Harrison of Marcus & Millichap represented the buyer, a limited liability company that acquired the asset via a 1031 exchange. Other terms of sale were not released.
SAN FRANCISCO — Gap Inc. (NYSE: GPS) will close approximately 230 Gap specialty stores within the next two years, the San Francisco-based apparel chain announced in its fourth-quarter and 2018 fiscal year reports, released Thursday. Gap Inc. also revealed plans to spin off Old Navy, a brand it established in 1994, into a separate publicly traded entity, as well as to rebrand itself under a yet-to-be-determined name. In explaining their reasoning behind the split, company leaders cited a growing divergence between the customer bases, operating strategies and value-creation mechanisms of Gap and Old Navy, with the latter outperforming the former. According to The Wall Street Journal, Old Navy accounted for nearly half of Gap Inc.’s total 2018 sales of $16.6 billion. The new company will carry Gap-brand apparel in addition to clothing lines from sister brands like Athleta and Banana Republic. The two companies will trade under different ticker symbols and have separate management and leadership structures, as well as distinct financial profiles, company executives said. The company estimates that the closures of the 230 stores — roughly 20 percent of its total global store count— will result in approximately $625 million in annualized sales losses. Additionally, the company estimates …
Our borrowers’ favorite question is, “Where should we build next?” As a lender specializing in financing Texas apartment communities, it’s hard to get the answer wrong. Our state is full of cities adding jobs and people at faster rates than the nation as a whole. As we drill down to help our clients differentiate between “good markets” and “good opportunities,” we focus on several factors including the current rental market, supply and demand and location. When considering these factors, the city of Arlington stands out as an overlooked “good opportunity.” It’s surprising how little attention this city of 400,000 in the middle of the metroplex has received from multifamily developers in recent years. Even as home to an ever-expanding General Motors assembly plant, one of the state’s largest universities, an entertainment district featuring two $1 billion stadiums, an extensive highway system, easy access to Dallas-Fort Worth (DFW) International Airport and a pro-growth local government, we haven’t worked with a developer yet that had Arlington on its list before we talked. Yet the selling points are obvious. Current Rental Market Overall, market-rate properties in Arlington show steady occupancy at 93 percent with average rents of $1.20 per square foot and annual …
Skanska USA, HOK Complete $154M Expansion, Renovation of Tampa International Airport’s Main Terminal
TAMPA, FLA. — Construction and development firm Skanska USA and design firm HOK have delivered the $154 million expansion and renovation of Tampa International Airport’s main terminal. The project includes improved sight lines across the terminal floor, additional seating areas and four outdoor terraces accessible to passengers and employees. The project added 98,000 square feet of usable space and 69 concessions spaces. The work also included the installation of 32 new escalators and renovation of all 24 public elevators in the main terminal. Additionally, privacy glass was installed in restaurant and event spaces to allow for more natural light. Construction began in 2014 and is the first of a three-phase renovation. At full build-out, Tampa International Airport expects to accommodate more than 34 million passengers annually, up from 21 million in 2018.
FLORENCE, KY. — GE Aviation is expanding its footprint in northern Kentucky with a planned 68,000-square-foot facility near the Cincinnati/Northern Kentucky International Airport (CVG). The new facility in Florence, which is situated just south of the airport and about 11 miles southwest of downtown Cincinnati, will provide engine repair services. VanTrust Real Estate and Paul Hemmer Co. are developing the center, which is more than twice the size of GE’s current facility in nearby Hebron, Ky. The company is expecting to move to the new site at the end of this summer.
LITHIA SPRINGS, GA. — PointOne Holdings LLC has sold Crestmark Apartments, a 334-unit apartment complex in Lithia Springs, for $44.9 million. The asset is situated about 14 miles west of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans with amenities including a business center, car wash area, jogging trails, two tennis courts, swimming pool and a spa with a hot tub. During its ownership, PointOne Holdings increased the property’s occupancy from 93 percent to 98 percent, according to PointOne’s Ben Colonomos. Chad DeFoor, now with Franklin Street but previously with ARA Newmark, marketed and brokered the sale of Crestmark Apartments. The buyer was not disclosed.
MIRAMAR, FLA. — Bridge Development Partners has acquired a 304,428-square-foot industrial warehouse situated at 15501 SW 29th St. in Miramar. Sherm Realty Corp. sold the facility for $38 million, according to public records. Bridge plans to significantly renovate the property and rebrand it as Bridge Point Miramar. Details of the renovation and a timeline were not disclosed. Located about 26 miles north of Miami, Bridge Point Miramar sits on a 20-acre lot within Miramar Centre Business Park, a more than 1.1 million-square-foot master planned park that is home to tenants including Comcast, Bunzl, Stanley Black & Decker, Johnson Controls and Nestle Waters. Mike Davis, Chris Metzger and Rick Etner Jr. of Cushman & Wakefield represented the seller in the transaction.
FAIRFAX, VA. — Federal Realty Investment Trust has purchased Fairfax Junction, a 75,000-square-foot retail center in Fairfax, for $22.5 million. The center sits on seven acres and was fully leased to Aldi, Planet Fitness and CVS/pharmacy at the time of the sale. Fairfax Junction is situated about 17 miles west of downtown Washington, D.C. Michael Gorsage of H&R Retail Investment Properties represented the seller, Glazer Properties, in the transaction.
NEW YORK CITY — Avison Young has arranged the $68 million sale of a development site on the Upper East Side of Manhattan for $68 million. Located at 1393 York Ave., the property has a floor area of 112,420 square feet. Avison Young represented the seller, The Church of the Epiphany, in the transaction. The buyer was Weill Cornell Medical College, which plans to build housing for medical students at the site. As part of the transaction, The Church of the Epiphany will remain at 1393 York Avenue for two years as a tenant.
NEW YORK CITY — Madison Realty Capital has provided a $21.4 million loan to refinance a 78,313-square-foot mixed-use building in Queens. Located at 251-73 Jericho Turnpike, the newly constructed property is 70 percent leased to six office and retail tenants. The exterior of the building is primarily brick, steel and glass. Madison Realty Capital provided the financing to borrower AB Capstone, which plans to use the funds to refinance previous debt and support final lease-up of the property.