SAN ANTONIO — Bellomy & Co. has secured the sale of the 606-unit Judson Self Storage facility located at 14989 Judson Road in San Antonio. Rockville, Md.-based Store It All Self Storage purchased the facility for an undisclosed price. Harry Botkin of HLB Investments in New Braunfels represented the San Antonio-based seller. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. procured the buyer. The 129,573-square-foot Judson Self Storage was 72 percent occupied at the time of sale.
OKLAHOMA CITY — BMC Capital has arranged a $4.7 million acquisition loan for a 148-unit multifamily community in Oklahoma City. Clayton Wells of BMC Capital’s Dallas office arranged the 10-year, nonrecourse loan with a fixed 4.17 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s undisclosed agency relationships.
KILLEEN, TEXAS — The Woodmont Co. has closed four leases totaling 105,851 square feet at Wendland Plaza, a 205,224-square-foot shopping center located at 901 S. Fort Hood St. in Killeen. The four transactions bring the center to 85 percent occupancy. Conn’s Home Plus will lease 45,000 square feet, Altitude Trampoline Park will lease 44,580 square feet, Dollar Tree will lease 10,500 square feet and Lumber Liquidators will lease 5,771 square feet. Grant Gary and Dan Rebensdorf of The Woodmont Co. represented the landlord, Killeen ATM LLC.
BEVERLY HILLS, CALIF. — CIM Commercial Trust Corp. (NASDAQ: CMCT), a REIT that owns and manages Class A office assets, has signed a definitive agreement to purchase a nine-story office building located at 9460 Wilshire Blvd. in the Golden Triangle area of Beverly Hills. The sales price was undisclosed, but multiple media outlets are reporting the Dallas-based REIT bought the Class A office building from Beverly Union Co. for approximately $130 million. The acquisition is expected to close this quarter. “9460 Wilshire is in a highly desirable and high-barrier-to-entry office market. It is a strong addition to CIM Commercial Trust’s portfolio,” says Charles Garner, CEO of CIM Commercial Trust. “The property has not changed ownership in almost 40 years, and is positioned for growth by tapping CIM’s operational expertise and long-term experience in the Los Angeles market.” The 97,000-square-foot office building was built in 1959 and last renovated in 2008. The building is located at the corner of Wilshire Boulevard and Beverly Drive, adjacent to the Four Seasons Beverly Wilshire Hotel and one block from the future Metro Purple Line Wilshire/Rodeo Station. Beverly Hills is situated within the Los Angeles West office submarket, which had a vacancy rate of 12.7 …
When Gene Munster, managing partner of Minneapolis-based venture capital firm Loup Ventures, predicted that e-commerce giant Amazon (NASDAQ: AMZN) would buy department store chain Target (NYSE: TGT) this year, he knew such a declaration would make waves. In a New Year’s Day post on the Loup Ventures website titled “8 Tech Predictions for 2018,” Munster admitted it was his “boldest prediction.” “Seeing the value of the combination is easy. Amazon believes the future of retail is a mix of mostly online and some offline,” wrote Munster. “Target is the ideal offline partner for Amazon for two reasons: shared demographics and a manageable-but-comprehensive store count.” Business websites and magazines were quick to respond with skepticism, authoring headlines such as “Stop The Insanity Amazon Will Not Be Buying Target” (TheStreet), “Amazon Buying Target Isn’t as Likely as One Tech Analyst Seems to Think” (Adweek) and “No, Amazon Isn’t Buying Target in 2018” (Forbes). Garrick Brown, vice president of retail research for the Americas with Cushman & Wakefield, says “the rumor’s been floating around for a while” that Amazon is looking to buy Target. He estimates the odds of the deal happening at between 25 percent and 33 percent. Jeff Green, president and …
The overall Kansas City retail market remains very healthy and active. As retailers continue to navigate through e-commerce challenges, developers continue to get creative with the redevelopment of existing centers, adding mixed-use components and consolidation of big box vacancies. Restaurants and hospitality seem to be catalysts in helping to kick-start these redevelopments from the retail side. Over the past year, retail spending in Kansas City has continued to increase, but there remains a limited amount of speculative construction in the market. Therefore, the vacancy rate has dropped from 6.2 percent in 2016 to 5.7 percent as of the third quarter of 2017. The average rental rate has increased from $12.85 to $13.05 per square foot as of the third quarter. Solid job creation from major employers like Cerner and Garmin has helped the unemployment rate of 3.7 percent stay below the national average of 4.1 percent. The restaurant sector is in the process of evolving just as the retail sector is. We are seeing a lot of the major chains slowly shuttering locations where the larger footprint is no longer viable. These properties are getting backfilled fairly quickly by retailers and smaller local restaurant groups. Retail investors have stayed active. …
SANTA MONICA, CALIF. — Olive Hill has purchased a 112,987-square-foot office building in downtown Santa Monica for $117 million. The Class A building is located at 520 Broadway. The asset was built in 1981. It underwent a $13.2 million renovation in 2013. The space is now 82 percent occupied. Eastdil Secured represented Olive Hill in this transaction, while Steven Edwards and Grace Winters of Manatt, Phelps & Phillips served as its legal guidance. The seller was not named.
PERRIS, CALIF. — An affiliate of Heitman LLC has purchased a 475,235-square-foot warehouse in the Inland Empire submarket of Perris for an undisclosed sum. The warehouse is located at 290 Markham St. The asset was developed in 2017. It is fully leased to e-commerce fashion company TechStyle. The building features 112 dock doors, 153 trailer stalls, 36-foot clear heights and a low office finish at 1.26 percent of the square footage. HFF’s Andrew Briner, Anthony Brent and Ryan Martin represented the seller, Circle Industrial, in this transaction.
LOS ANGELES — Essex Property Trust has acquired The Village at Toluca Lake, a 146-unit apartment complex in the Los Angeles submarket of Burbank, for $59 million. The community is located at 211 and 235 N. Valley St. Michael Koshet of KW Commercial represented both Essex and the seller, Cusumano Real Estate Group. Koshet notes Cusumano felt it had a great run with the asset and invested a large amount of capital during the time of ownership, but was willing to sell if it could hit the requested price quota.
PORTLAND, ORE. — Sentre has purchased The Thornton, a 123-unit apartment complex in Portland, for $25.5 million. The community is located at 1953 N.W. Overton St. in the Northwest District. The company will invest $1 million to renovate the common areas and unit interiors. The community will then be rebranded. The Thornton was originally built in 2016. Renovations are slated to begin in January 2018 and finish in fall 2018.
