SAN ANTONIO — The San Antonio retail market has maintained an occupancy rate of 95 percent or higher for the past three years, clocking in at 95.1 percent as of the first quarter of 2019, according to a recent report from NAI Partners.With just 1.7 million square feet of new retail space under construction, roughly half of which is preleased, San Antonio’s tight occupancy is paving the way for stronger rent growth. According to the report, the city’s average asking rent has risen by 13 percent over the past 12 months on a triple-net basis, increasing from $14.37 per square foot to $16.24 per square foot.
DALLAS — JP Morgan Chase has signed a 41,906-square-foot office lease renewal at Preston Commons, a three-building office park located in the University Park area of Dallas. The 427,799-square-foot property, which is owned by California-based KBS, features an outdoor patio, fitness center and an onsite restaurant and bar. Russell Cosby and Torrey Littlejohn of JLL represented JP Morgan Chase in the lease negotiations.
SAN ANTONIO — SRS Real Estate Partners has arranged the $3.2 million sale of a 17,633-square-foot freestanding retail property in San Antonio. The property was built in 1980 and is leased to Bank of America, which recently extended its triple-net lease term by seven years. Patrick Luther, Matthew Mousavi and Chris Edwards of SRS represented the seller, an affiliate of New York-based The Feil Organization. The buyer, a private investor, acquired the property at a 6.4 percent cap rate.
DALLAS — Holt Lunsford Commercial has negotiated a 13,440-square-foot industrial lease renewal at 10990 Petal St. in Dallas. Josh Barnes and Ben Wallace of Holt Lunsford represented the landlord, Rialto Capital Management, in the lease negotiations. The representative of the tenant, Ferguson Fire & Fabrication, was not disclosed.
SUGAR LAND, TEXAS — Houston-based Baker Katz has brokered the sale of a 3,700-square-foot retail asset in Sugar Land, a southwestern suburb of Houston. Lunden McGill of Baker Katz represented the seller and former occupant of the building, Amegy Bank. Barkley Peschel of Colliers International represented the buyer, a private investor. Other terms of sale were not disclosed.
DAVIS, CALIF. — A public-private partnership between the University of California, Davis and University Student Living has broken ground on a student housing complex that will add 3,300 beds to the university’s West Village neighborhood. The first 1,000 beds of the project are expected for completion in fall 2020. The joint venture recently announced the closing of $575 million in financing, which comes from the proceeds of a tax-exempt bond sale. The new complex, set on 34 acres, will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room and student support services. The development team includes general contractor CBG Building Co. and architect Stantec. When complete, the new apartment communities at West Village will be owned by the non-profit Collegiate Housing Foundation, which will hold the ground lease from the University of California. University Student Living is the student housing arm of The Michaels Organization, a residential real estate firm with full-service capabilities in development, property management, finance and construction.
RIALTO, CALIF. — Dermody Properties has acquired a 19-acre site in Rialto for the development of LogistiCenter at Rialto I. Terms of the transaction were not released. The 411,330-square-foot distribution facility will feature 36-foot clear heights, a 185-foot concrete truck court, 49 dock-high doors, 77 truck trailer spots and 245 auto parking stalls. Dermody Properties selected HPA as the architect and Fullmer Construction as the general contractor for the project. The company plans to begin construction soon on the property, with delivery slated for December. The facility is situated within Renaissance Rialto Business Park, which is home to Amazon, Target, Under Armour, Ozburn-Hessey Logistics, Niagara Bottling, Medlin Industries, Monster Energy, Distribution Alternatives and Lifetime Brands. Darla Longo and Barbara Perrier of CBRE represented all parties in the sale. Dan De La Paz, David Consani and Jim Koenig, also of CBRE, will be the leasing brokers for the project.
PHOENIX — George Oliver has unveiled plans for its redevelopment of CASA, an office building in Phoenix’s Uptown neighborhood. The company plans to implement a $17 million renovation to re-establish CASA from a 1989-built project, previously known as Catalina Terraces, into a modern Class A office space focused on community, health and wellness. Renovations will keep the 181,188-square-foot building’s Spanish architectural roots, including natural wood elements and smooth stucco finishes, as well as updated modern lobbies, updated restrooms, an exterior facelift and new landscaping. Tenant amenities will include a tenant lounge and café operated by Kaleidoscope Juice and a training center with the ability to host approximately 60 guests. The property will feature two centralized courtyards with water features and seating, as well as an on-site co-working facility operated by the ownership accommodating users ranging from one to 10 desks. CASA will also include a wellness center with a yoga room, new fitness center with showers, on-site meditation room, salon with hair stylist and dog park. The ownership also plans to include a two-story dining experience with dedicated food truck parking, climate-controlled space, a shaded outdoor dining area, and outdoor games and lounge space. Phoenix-based George Oliver purchased the CASA …
PHOENIX — Owner-Operator Life Care Services (an LCS Company) and general contractor The Weitz Company have started construction of a four-story independent living expansion at Sagewood, a continuing care retirement community in Phoenix. This is the largest expansion at the property since it opened in 2010.The 280,000-square-foot project includes 101 new units, 23,000 square feet of common space and a 156-stall underground parking garage. The independent living units will feature both one- and two-bedroom floor plans with a living room and full-size kitchen. New amenities will include an 18-hole putting course, chapel, top-floor lounge and guest suites. This phase of construction will also deliver new administration offices for the Sagewood operations staff; renovations to the existing Canyon Café and Palo Verde kitchen and dining hall; and a new dining venue. Designed by architect Todd & Associates, this phase of construction is scheduled for completion by the end of 2020. This will be the 14th project Weitz has built at Sagewood since originally constructing the 85-acre community, and the fourth since the start of 2017.
HESPERIA, CALIF. — Progressive Real Estate Partners has directed the sale of a free-standing gas station and convenience store, located at 16815 Main St. in Hesperia. An Orange County, Calif.-based private investor sold the property to a Nevada-based private investor for $4.6 million. Encompassing a 1-acre site, the transaction included an eight-pump ARCO Gas Station and a 2,500-square-foot AM/PM Convenience Store. The building was built in the late 1980s. Victor Buendia of Progressive Real Estate Partners represented the seller and buyer in the deal.