DENVER — Pinnacle Real Estate Advisors has arranged the sale of The Hanford House, a multifamily property located at 809 Dexter St. in Denver. RGD Properties sold the property to an undisclosed buyer for $7.4 million, or $330 per square foot. The building features 22,431 square feet. Kevin Calame of Pinnacle Real Estate represented the seller in the in the transaction.
BOTHELL, WASH. — Colliers International has brokered the sale of The Romero Professional Building, a medical office property located at 19110 Bothell Way NE in Bothell, a northeastern suburb of Seattle. LAIT Bothell LLC sold the property to Bothell RE Venture LLC for $3 million, or $307.88 per square foot. Built in 1987, the property features 9,744 square feet. Current tenants are Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller, while Derek Heed and Gregg Riva, also of Colliers, represented the buyer in the off-market transaction.
ATLANTA — Lincoln Property Co. Southeast (LPC Southeast) has broken ground on a fourth building at Airport-West Distribution Center, an industrial development located roughly five miles from Hartsfield-Jackson Atlanta International Airport. The facility — dubbed Building 400 — totals 108,202 square feet. Approximately 88,000 square feet is preleased to Pitney Bowes Presort Services Inc. The mail sorting and distribution services company will move from its current location at Airport-West’s Building 100 to the new facility upon its completion in November. Chick-fil-A, which already occupies 30,000 square feet at the industrial park, will fill the space currently occupied by Pitney Bowes. With the addition of Building 400, the four-building industrial park will total 507,000 square feet. LPC Southeast leads the land acquisition, development, leasing/marketing and disposition for Airport-West Distribution Center.
ST. AUGUSTINE, FLA. — Summit Contracting Group has started construction on Antigua Apartments, a $22.6 million multifamily community located in St. Augustine. The project team includes Atlanta-based developer Catalyst Development Partners and Dallas-based architect Humphreys & Partners Architects. The 249-unit community will be located adjacent to Antigua on Anastasia Island, a master-planned mixed-use development that Catalyst is also developing. Antigua Apartments will feature a resort-style pool, outdoor kitchen with grilling stations, clubhouse with media lounge, coworking spaces, dog grooming spa, dog park, fitness center and green spaces. The development team plans to wrap up construction on the community in summer 2019.
LAFAYETTE, LA. — RISE: A Real Estate Co., in partnership with University of Louisiana at Lafayette (UL Lafayette), has broken ground on a 600-bed student housing community located on the university’s campus in Lafayette. The five-building development will feature 5,000 square feet of retail space and will be catered toward upperclassmen. The community will feature two-, three- and four-bedroom apartments with full kitchens, bed-to-bath parity and in-unit washers and dryers. Community amenities will include a fitness center, business center, study rooms, game rooms, resident lounge, swimming pool, sand volleyball court and grilling stations. In addition, the community will offer direct connection to the UL Lafayette campus via a pedestrian bridge over an existing drainage canal. The Lemoine Co. is the project’s general contractor, and Niles Bolton Associates is the architect. The project will be financed through a partnership with Ragin’ Cajuns Facilities Inc., which will own the new community upon completion. The project is scheduled to deliver in advance of the fall 2019 semester.
TAMPA, FLA. — Aztec Group Inc. has arranged a $5.9 million loan for the acquisition of Westshore Center, a 77,000-square-foot office building located at 405 N. Reo St. in Tampa’s Westshore submarket. Jason Shapiro and Sean Harrington of Aztec Group arranged the seven-year, fixed-rate loan on behalf of the borrower, Reo Center Tampa LLC. The company, which acquired the property for $9.5 million, is led by Allen de Olazarra, who is also chairman and CEO of Commercial Florida Properties and Equitable Real Estate Partners. The three-story building features 25,000-square-foot floor plates, a two-story parking deck and an on-site café. The new ownership plans to renovate and reposition the property.
OAK RIDGE, TENN. — Marcus & Millichap has brokered the $4 million sale of Victory Centre, a 38,000-square-foot office property located at 575 Oak Ridge Turnpike in Oak Ridge, roughly 25 miles west of Knoxville. Justin Fenn and Dan Yozwiak of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership, and procured the buyer, a limited liability company. The two-story building was constructed in 2003. At the time of sale, the property was 95 percent leased to eight medical office, legal and consulting firm tenants.
HOFFMAN ESTATES, ILL. — In its first-quarter results released today, Sears Holdings Corp. says that it has identified approximately 100 non-profitable stores, 72 of which will begin store-closing sales in the near future. The Hoffman Estates-based retailer had already announced plans to close 103 Kmart and Sears stores nationwide at the beginning of this year. Sears says the closings are part of ongoing efforts to streamline the company’s operations and focus on its best stores. After the 72 store closings, Sears will have 822 Kmart and Sears stores in operation. A full list of store closures can be found here. Sears reported a net loss of $424 million for the first quarter of 2018. This compares to $245 million reported for the first quarter of 2017, which included a gain of $492 million from the sale of the Craftsman brand. Sears generated total revenues of approximately $2.9 billion during the first quarter of 2018, compared with $4.2 billion this time last year, with store closures contributing to nearly two-thirds of the decline. “In a challenging quarter, we continued to focus on our strategic transformation, identifying additional opportunities to streamline operations and adjust inventory and operating expenses,” says Edward Lampert, chairman …
“If you build it, he will come.” Yes, you’ve heard the Field of Dreams reference before, but never has it rang truer than with the Kansas City industrial market. The construction of 500,000-square-foot buildings suddenly ignited tenants’ interest in that space size, so much so that in the past two years Kansas City has experienced a tremendous surge in growth. In fact, Kansas City is now ranked No. 6 on the list of the top 10 U.S. industrial markets for speculative construction deliveries, according to Cushman & Wakefield. Coming off a record 5.5 million square feet of positive net absorption in 2016, the market exceeded that number by 65.7 percent in 2017 with a staggering year-end total of 9.2 million square feet of absorption. Putting that kind of tenant demand into perspective is challenging. The consensus is that while Kansas City has enjoyed a boom period for the past few years, 2018 will prove to be the best year yet. For the past six years, the vacancy rate held steady, never going above 8.3 percent and never dropping below 7.1 percent. To better understand just how fast this market is growing, let’s examine some of the largest industrial markets in …
DALLAS — Transcontinental Realty Investors Inc. (NYSE: TCI) and its subsidiary, Adobe Properties, have broken ground on Lakeside Lofts, a 498-unit apartment community in Dallas. The property will be located within Mercer Crossing, a 1,200-acre mixed-use development on the city’s northwest side. Amenities will include multiple pools, a clubhouse, fitness center, theater room, two parking garages, bocce court and hiking/biking trails. A construction timeline was not released.
