Property Type

Albertsons to Buy Drugstore Chain Rite Aid

by Nellie Day February 21, 2018

BOISE, IDAHO — Boise-based grocery chain Albertsons Cos. has agreed to acquire Rite Aid Corp. (NYSE: RAD), one of the nation’s largest drugstore chains, for an undisclosed sum. The integrated company will operate about 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C., serving 40 more than million customers per week. The majority of Albertsons’ pharmacies will be rebranded as Rite Aid. The company will continue to operate Rite Aid standalone pharmacies. The Rite Aid merger will allow Albertsons to go public. Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders can receive either one share of Albertsons common stock plus about $1.83 in cash, or 1.079 shares of Albertsons stock. Depending upon the results of cash elections, upon closing of the merger, shareholders of Rite Aid will own a 28 percent to 29.6 percent stake in the combined company, while current Albertsons shareholders will own a 70.4 percent to 72.0 percent stake in the combined company on a fully diluted basis. The combined company plans to seek expanded opportunities in Albertsons’ many brands, including O Organics and Lucerne, along with its manufacturing and …

February 21, 2018

Delaware Market Reports Northeast Northeast Market Reports Office

Increase in Tech Employment Drives Growth in Wilmington, Del. Office Market

by Taylor Williams February 21, 2018

In Delaware’s largest city, Wilmington, it is a tenant’s market when it comes to office leasing. There is much activity and redevelopment to attract new tenants downtown. Rental rates hover around $18 to $21 per square foot for Class B office space and $23-plus for Class A office space. Vacancy for Wilmington and its suburbs combined has decreased to around 13 percent. In the past year, nearly vacant office buildings have garnered activity from new investors looking to purchase at lower price points, freeing up excess capital for renovations or redevelopment. Some office buildings are being redeveloped into residential apartments due to the demand of millennials and professionals who desire a “live-work-play” lifestyle in downtown Wilmington, and who wish to reside near the city’s Amtrak station to take advantage of the easy access to larger cities like Philadelphia, New York, and Baltimore. The Buccini/Pollin Group has been putting hundreds of millions into the construction or redevelopment of residential, office, and hotel, as well as sports and entertainment properties on Market Street and in the Riverfront area. The company recently acquired a 13-story building comprising the former DuPont headquarters and the Hotel DuPont, which will be converted into a mixed-use complex …

February 21, 2018

Multifamily Texas

Cypress to Develop 294-Unit Apartment Community in Uptown Dallas

by Taylor Williams February 20, 2018

DALLAS — Cypress Real Estate Advisors Inc. will develop a 294-unit apartment community at 4600 Ross Ave. in the Uptown district of Dallas. Oden Hughes Taylor Construction is serving as general contractor for the project and JHP Architects is designing the community, which is expected to break ground this quarter. The target completion date is early 2020. Steve Williamson of Transwestern brokered the sale of the 3.8-ace land parcel, which previously housed the headquarters of the Dallas Teacher Credit Union and Credit Union of Texas.

February 20, 2018

Retail Texas

Star Cinema Grill to Open 49,500 SF Theater in Metro Houston

by Taylor Williams February 20, 2018

SPRING, TEXAS — Star Cinema Grill will open a 49,500-square-foot theater and restaurant within CityPlace at Springwoods Village, a 60-acre mixed-use development in the northern Houston metro of Spring. The 10-screen theater, which is expected to open during the second quarter of 2019, will be the company’s 10th overall location. Other projects currently under construction at CityPlace at Springwoods Village include office campuses for the American Bureau of Shipping (ABS) and Hewlett Packard (HP), as well as a Marriott-branded hotel.

February 20, 2018

Multifamily Texas

CBRE Negotiates Sale of 148-Unit Apartment Complex in Houston

by Taylor Williams February 20, 2018

HOUSTON — CBRE has negotiated the sale of The Club at Stablechase, a 148-unit multifamily complex located in the Champions area of Houston. Built in 1999, the property features one-, two- and three-bedroom units that average 1,012 square feet. Amenities include a business center and 24-hour fitness center. The property was 90 percent occupied at the time of sale. Matt Phillips and Clint Duncan of CBRE represented the seller, CFH Investment Partners, in the transaction. Houston-based Mosaic Residential Inc. purchased the asset for an undisclosed price.

February 20, 2018

California Office Western

Harbor Associates Buys 198,478 SF Office Campus in Thousand Oaks for $22.9M

by Nellie Day February 20, 2018

THOUSAND OAKS, CALIF. — Harbor Associates has purchased an office campus in the North Los Angeles submarket of Thousand Oaks for $22.9 million. The Conejo Corporate Campus is a 198,478-square-foot, low-rise office complex located at 2380 & 2400 Conejo Spectrum St. Conejo Corporate Campus recently underwent a significant renovation, including addition of numerous meeting and conference rooms, grand lobbies, a landscaped outdoor plaza, high speed fiber-optic internet and Venetian plastered walls.

February 20, 2018

Industrial Texas

Bradford Commercial Arranges Sale of 38,500 SF Warehouse in Dallas

by Taylor Williams February 20, 2018

DALLAS — Bradford Commercial Real Estate Services has arranged the sale of a 38,500-square-foot warehouse located within Lone Star Business Park in Dallas. The property offers convenient access to Interstate 30 and downtown Dallas and features 3,376 square feet of office space, 23-foot clear heights and six loading docks. Joe Santaularia and Brock Wilson of Bradford Commercial represented the seller, 6 Brothers Realty Ltd. An affiliate of Dallas-based private equity firm Stonelake Capital Partners purchased the property for an undisclosed price.

February 20, 2018

Affordable Housing Multifamily Oregon Western

Bridge Housing Breaks Ground on 203-Unit Affordable Housing Project in Portland

by Nellie Day February 20, 2018

PORTLAND, ORE. — Developer Bridge Housing has broken ground on the first phase of RiverPlace Parcel 3, a 203-unit affordable housing project in Portland. Bridge Housing will deliver 90 apartments reserved for households earning less than 30 percent of the area’s median family income (MFI); 10 units dedicated to homeless veterans utilizing the Veteran Affairs Supportive Housing (VASH) program; and the balance going toward families earning 60 percent of MFI. Property amenities include a playground and landscaped courtyard, two laundry rooms, a community room with kitchen and community spaces, resident services office with adjacent program space, a conference room and a community classroom. RiverPlace Parcel 3 is a joint effort between the Portland Housing Bureau and Prosper Portland. The 88,000-square foot parcel on the corner of SW River Parkway and Moody Avenue is owned by Prosper Portland. Bridge was selected to develop the site in 2015.

February 20, 2018

Retail Texas

Retail Solutions Brokers Sale of 4,000 SF Strip Retail Center in Metro Austin

by Taylor Williams February 20, 2018

MANOR, TEXAS — Retail Solutions has brokered the sale of Manor Station, a 4,000-square-foot strip retail center located in the eastern Austin suburb of Manor. The property was built in 2009 and was 100 percent leased at the time of sale. Kevin Murphy of Retail Solutions represented the seller in the transaction and Thomas Allen of Practice Real Estate Group represented the buyer. Both parties requested anonymity.

February 20, 2018

California Industrial Western

Providence II Centerpointe Sells 60,431 SF Industrial Asset in San Diego for $8.8M

by Nellie Day February 20, 2018

SAN DIEGO — Providence II Centerpointe has sold a 60,431-square-foot flex industrial building in San Diego for $8.8 million. The building is located at 7720 Kenamar Court. The asset is fully leased to two tenants with long-term leases The buyer was 7720 Kenamar CT Holdings LLC. Colliers International represented Providence in the sale.

February 20, 2018

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