CHANDLER, ARIZ. — Scottsdale-based Store Capital Corp. has purchased a big-box retail property located at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advisors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to invest $3 million in improvements at the property to convert it into a state-of-the-art health club facility.
INDIANAPOLIS — Flaherty & Collins Properties has refinanced 360 Market Square, the company’s 27-story mixed-use tower in downtown Indianapolis. The real estate developer and property management firm used a $104 million loan from Chicago-based Heitman LLC to retire existing construction financing on the recently completed project. David Keller and Adam Mallory of HFF arranged the floating-rate financing through Heitman on behalf of Indianapolis-based Flaherty & Collins. Additional details of the loan structure were not disclosed. Delivered earlier this year, the residential and retail development features 42,000 square feet of ground-level retail space anchored by Whole Foods Market. The 40,000-square-foot grocery store opened in late March. The project also includes a 550-space parking garage, with 350 spaces reserved for residents. Sitting atop Whole Foods are 292 apartment units with 10,000 square feet of amenity space, including a fitness center, private yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool and a 28th-floor sky deck that offers panoramic skyline views. According to Apartments.com, rental rates at 360 Market Square range from about $1,400 for a studio to more than $8,000 for a three-bedroom, two-bathroom unit. 360 Market Square sits on the …
IRVINE, CALIF. — Recovery of the national office sector has failed to gain traction as completions outpaced net absorption for the fifth consecutive quarter, according to the latest U.S. Office Market Outlook report by Ten-X Commercial. “While the national market shows an office segment that is struggling, a closer look at various local markets shows several different reasons underlying this general malaise,” says Peter Muoio, chief economist for Irvine, Calif.-based Ten-X. “Strong markets with fast-growing economies saw significant development and are now grappling with increased supply, while weak markets continue to languish due to their struggling local economies.” Shrinking office space requirements for employees is at the core of market pricing softness, according to Ten-X. Employers are fitting more workers into open floor plans, enabling more employees to work remotely. Cloud computing reduces the need to spend physical space on filing cabinets and servers. These trends have caused the strong correlation between rising employment figures and the strength of the office market to weaken. “In most markets, technological innovation is an additional factor that acts as a headwind for the office sector,” adds Muoio. Top buy/sell markets Naturally, some markets are more promising than others. The top five markets in …
Albuquerque is a hidden gem. It isn’t a huge market when compared to places like Seattle, Austin or Denver, but that doesn’t mean there isn’t room for growth and development. The Urban Land Institute predicts Albuquerque’s development will trail other metros with stronger economies in 2018. But there are positive trends and developments for Albuquerque and the surrounding areas, which can make us competitive. A new Facebook data center was built in Los Lunas, a 30-minute drive from Albuquerque. This has created new jobs for the Los Lunas and Albuquerque areas. Anywhere from 800 to 1,000 workers go through the data center every day, and 80 percent of them are from New Mexico. The center will have a $2 billion impact on the state and metro areas, leading to more jobs and opportunities for the region. Albuquerque will also take part in the “Facebook Community Boost Program.” The program helps the community by offering free workshops, business training and networking to boost careers. More companies like Facebook can be recruited to New Mexico as long as we make the area business-friendly and retain talent so everyone can succeed. With more jobs and opportunity, there will be an immediate need for …
ARLINGTON, VA. — Swedish investor Akelius Residential has acquired Ballston Place, a 383-unit apartment community in Arlington, for $170 million. AvalonBay Communities sold the property, according to Real Estate Alert. Constructed in 1999, Ballston Place is located roughly seven miles west of Washington, D.C., and is within walking distance to the Ballston Metro station and near numerous restaurants and retailers. The community features a swimming pool with sundeck, fitness center, package acceptance services, an onsite convenience store and an underground parking garage. AvalonBay recently renovated unit interiors with granite countertops, vinyl plank wood flooring, dark cabinetry and stainless steel appliances.
PLANO, TEXAS — Atlanta-based Core5 Industrial Partners will develop Core5 Business Center at Plano, a 259,882-square-foot industrial facility situated on 22.9 acres in Plano. The project will deliver two buildings totaling 164,842 square feet that will feature 24- to 26-foot ceiling heights and parking for 383 cars. Core5 is reserving a third building totaling 95,040 square feet for a build-to-suit opportunity. Citadel Partners will handle the project’s leasing assignment.
HOUSTON — Canadian investment firm Nicola Crosby Real Estate has acquired Westgate I, a 248,707-square-foot office building in west Houston. The Class A property was completed in 2014 and was 95 percent leased at the time of sale to tenants such as Subsea 7 and Atkins PLC, both of which are engineering firms. Westgate I includes a café, fitness center and a five-story parking garage. Cortney Cole of HFF arranged a seven-year, fixed-rate acquisition loan through Principal Real Estate Investors for the transaction. The seller was not disclosed.
PLANO, TEXAS — Plano-based JC Penney will introduce expanded baby shops in 500 of its stores. Beginning Aug. 30, in-store shoppers will have access to a larger selection of cribs, high chairs, strollers and other childcare items, some of which were previously only available online. Most of the 500 stores in question are located near former Babies ‘R’ Us stores, which closed as part of the Toys ‘R’ Us bankruptcy liquidation that was filed earlier this year.
ARLINGTON, TEXAS — SVN | Investment Sales Group has arranged the sale of Pioneer Creek Townhomes, a 211-unit apartment community in Arlington. The property, which was 74 percent occupied at the time of sale, features one- and two-bedroom units. Amenities include a pool, community grilling area and onsite laundry facilities. Mark Allen and Todd Franks of SVN | Investment Sales Group represented the seller and procured the buyer in the transaction.
HOUSTON — NAI Partners, through its Investment Fund II vehicle, has purchased Wells Fargo Business Park, a 104,212-square-foot flex office park in north Houston. The two-building property, which will undergo capital improvements, was 88 percent leased at the time of sale. San Francisco-based Berkeley Partners sold the asset and Green Bank provided debt for the acquisition. NAI Partners will handle leasing and management of the property.