Property Type

Ocean Land Investments to Build 401-Unit Seniors Housing Community in South Florida

by Camren Skelton October 12, 2017

FORT LAUDERDALE, FLA. — The Fort Lauderdale City Commission has approved Ocean Land Investments’ proposed Riverwalk Residences of Las Olas project in Fort Lauderdale. The seniors housing community will offer 401 units of independent living, assisted living and memory care. Borges Architects + Associates designed the 42-story tower that will be Fort Lauderdale’s tallest building once completed. Amenities will include restaurants, a rooftop bar, full-service spa, fitness center, virtual sport rooms, theater, outdoor pool, hotel rooms, on-site doctor’s offices and valet parking. The project will also feature a ground-level gourmet market that will be open to the public. The property is located near downtown Fort Lauderdale’s Riverwalk, museums, the Broward Center for the Performing Arts, shopping and dining. Ocean Land Investments specializes in the development of prime waterfront properties.

October 12, 2017

Multifamily Southeast Tennessee

North American Properties Delivers 361-Unit Apartment Community Near Nashville

by Camren Skelton October 12, 2017

FRANKLIN, TENN. — North American Properties has delivered Emblem, a 361-unit multifamily community in Franklin, roughly 20 miles south of Nashville. The new community includes a mix of one- and two-bedroom units ranging in size from 617 to 1,209 square feet. Individual units features open floor plans, stainless steel appliances, 11-foot ceilings and accented backsplashes. Emblem also features a fitness center, resort-style pool with outdoor grilling stations, internet café, conference room and a coffee bar. Meeks + Partners was the architect for the project.

October 12, 2017

North Carolina Retail Southeast

ECHO Realty Acquires Two Harris Teeter-Anchored Retail Centers Near Charlotte

by Camren Skelton October 12, 2017

CONCORD AND MATTHEWS, N.C. — ECHO Realty has acquired two Harris Teeter-anchored shopping centers in metro Charlotte: Cannon Crossroads in Concord and Matthews Township Shopping Center in Matthews. The sales prices and sellers were not disclosed. The acquisitions bring ECHO’s portfolio in the Charlotte area to six grocery-anchored centers totaling 500,000 square feet. The 67,000-square-foot Cannon Crossroads is located at the intersection of Harris and Poplar Tent roads, roughly 25 miles northeast of Charlotte. At the time of sale, the property was 96 percent leased to Harris Teeter, Great Clips, State Farm Insurance and Johnny Brusco’s. The 128,650-square-foot Matthews Township Shopping Center is located at the intersection of Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles southeast of Charlotte. At the time of sale, the property was fully leased to anchor tenants Harris Teeter and Stein Mart, as well as Rack Room Shoes, Hallmark and Chipotle Mexican Grill.

October 12, 2017

Colorado Retail Western

Hutensky Capital Partners Acquires Power Center in Metro Denver for $48M

by Nellie Day October 12, 2017

NORTHGLENN, COLO. — Hutensky Capital Partners has purchased Marketplace at Northglenn, a 439,000-square-foot shopping center in Northglenn, a northern suburb of Denver, for $48 million. The center is shadow-anchored by Lowe’s Home Improvement, and is also home to Ross Dress for Less, Bed Bath & Beyond, Office Depot, PetSmart and JoAnn Fabrics. The seller was not disclosed.

October 12, 2017

Colorado Retail Western

Simon Breaks Ground on Denver Premium Outlets in Thornton

by Nellie Day October 12, 2017

THORNTON, COLO. — Simon has broken ground on Denver Premium Outlets, a 330,000-square-foot open-air outlet center located 12 miles outside Denver in Thornton. The mall will be home to 80 outlet stores offering discount, name-brand merchandise. The location marks the first and only Premium Outlets development in the state of Colorado. It is scheduled to open in fall 2018.

October 12, 2017

Arizona Office Western

Flagstaff Office Building Sells for $7.3M

by Nellie Day October 12, 2017

FLAGSTAFF, ARIZ. — The Shoppes at Osgood LLC has acquired a 27,711-square-foot office building in Flagstaff for $7.3 million. The two-story building is located at 399 S. Malpais Lane. The Class A asset was built in 2014 just west of Northern Arizona University. It is about 85 percent leased to tenants like CollegeAmerica, NextCare Urgent Care and Arizona Arthritis & Rheumatology Associates PC. Matt Olson of Property Resource Group represented the buyer. CBRE’s Andrew Fosberg, Dylan Brown and Jeffrey Pion represented the seller, Anthem Boise LLC, in this transaction.

October 12, 2017

California Multifamily Western

North Hollywood Apartment Complex Changes Hands for $4.4M

by Nellie Day October 12, 2017

LOS ANGELES — An individual/personal trust has acquired a 32-unit apartment complex in North Hollywood for $4.4 million. The community is located at 6706 Cleon Ave. in the Los Angeles submarket. Janette Monfared and Jason Tuvia of Marcus & Millichap represented both the buyer and seller, an LLC, in this transaction.

October 12, 2017

California Retail Western

Nordstrom Opens at Century City With Latest Store Design

by Nellie Day October 12, 2017

LOS ANGELES — Nordstrom Inc. opened its newest Los Angeles full-line store at Westfield Century City, a re-location from Westside Pavilion. The store offers a new store design and new customer services. Also, in West Hollywood, the retailer launched Nordstrom Local, a neighborhood hub where customers can access the company’s services in a central location. The three-level, 154,000-square-foot Century City store offers the fifth ‘Nordstrom x Nike’ sneaker boutique, a women’s-only fitness/fashion lifestyle concept; and SPACE, a boutique featuring advanced and emerging designers. The store also houses the first West Coast MAC Makeup Studio; Bar Verde, a full-service, seasonally-focused restaurant and bar; Style Bar, an area to meet with complimentary personal stylists; Nordstrom to You, a personal stylist service on wheels; Buy Online & Pick-Up In-Store; Reserve & Try In-Store; Curbside Pickup; and Two-Hour Delivery. Nordstrom Century City will have the company’s latest store design concept, which includes more windows to incorporate natural light and connect the shopping experience to the outside world. Also on the horizon: The company plans to open its 10th Nordstrom Rack location in Los Angeles at the FIGat7th shopping center downtown. Nordstrom Rack is the off-price division of Nordstrom. Nordstrom is a fashion retailer based in …

October 12, 2017

Mixed-Use North Carolina Southeast Top Stories

Eco Group Unveils $800M Mixed-Use Development in Metro Raleigh-Durham, North Carolina

by Camren Skelton October 12, 2017

PITTSBORO, N.C. — Eco Group, a joint venture between John Fugo of Montgomery Carolina LLC and Kirk Bradley of Lee-Moore Capital Co., has unveiled plans for Mosaic, an $800 million mixed-use project in Pittsboro, 30 miles southwest of Raleigh-Durham. Upon full completion, Mosaic will feature over 200,000 square feet of local and regional retailers, restaurants and services including a micro-brewery, specialty grocer and farm-to-table restaurant cluster; a 120-room hotel; 210 apartment units and 125 apartments targeting the 55-plus age group integrated into Veranillo, an active adult art colony; 88,000 square feet of technical and creative office space; 30,000 square feet of recreational and civic amenities including performing arts stages and an amphitheater; and 15,000 square feet of educational space. The 350-acre development will serve as the commercial gateway to Chatham Park, a 7,100-acre community under development in Chatham County. Eco Group is working in partnership with Chatham Park’s developer, Preston Development Co., on the combined vision for the two projects. Upon completion, Chatham Park will feature 22,000 residences along with 22 million square feet of office, research, residential, educational and community space. “With Chatham Park delivering its first homes in spring 2019, Mosaic will offer the ideal amenity hub for …

October 12, 2017

Market Reports Midwest Midwest Market Reports Minnesota Retail

Minneapolis Market Ready to Embrace Shifting Retail Trends

by Kristin Harlow October 12, 2017

The Minneapolis retail market ended the second quarter with a vacancy rate of 3.1 percent. The freestanding retail segment (buildings not contained within a shopping center) posted a vacancy rate of 1.8 percent. Over the past year, there has been a pattern of positive absorption in the market. The average quoted asking retail rental rate at the end of the second quarter was $13.94 per square foot. Comparably, a year ago this rate was $13.29 per square foot. Meanwhile, construction of retail properties has been on an upward climb. Within the past four quarters, 1.2 million square feet of retail space has been built, and there is an additional 892,910 square feet in progress, according to CoStar Group. Net absorption continues Retail net absorption was moderate in Minneapolis in the second quarter of 2017, totaling 484,120 square feet. That’s up from 135,536 square feet of positive absorption in the first quarter and 366,652 square feet in the fourth quarter of 2016. However, these figures are all down from the third quarter of 2016, when 638,183 square feet were positively absorbed in the market. Several tenants have moved out of large blocks of space in 2017. For example, Sears vacated 125,209 …

October 12, 2017

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