VESTAVIA HILLS, ALA. — Cushman & Wakefield has arranged the sale of 1800 Vestavia, a 170-unit apartment community in Vestavia Hills, roughly six miles south of Birmingham. Josh Jacobs and Jimmy Adams of Cushman & Wakefield arranged the transaction on behalf of the buyer, Springer Capital. The seller and sales price were not disclosed. Interior upgrades have been completed for 20 units, and the new ownership plans to redevelop the property’s interiors and amenity package.
LATHROP, CALIF. — Carpenter Co. has sold a 417,600-square-foot industrial building south of Stockton to an undisclosed buyer for $21.5 million. The facility is located at 17100 S. Harlan Road in Lathrop. The property is situated on nearly 35 acres about 60 miles east of the Port of Oakland. Jim Martin of Lee & Associates Stockton represented Carpenter Co. in this transaction.
LAS VEGAS — The 158-room Homewood Suites by Hilton Las Vegas City Center has opened in Las Vegas. The hotel is located at 4625 Dean Martin Drive, half a mile from the Las Vegas Strip. Heritage Inn and Suites of Las Vegas owns the property, which Tharaldson Hospitality Management Co. manages. It offers studio to two-bedroom units that feature fully equipped kitchens, as well as separate living and sleeping areas.
DENVER — An unnamed buyer has purchased a 41-unit apartment community in Denver for $6.6 million. The community is located at 2920 W. 32nd Ave. in the Highlands neighborhood. The asset is fully occupied. Josh Newell of the Newell Team represented the buyer in a 1031 exchange that swapped a stabilized asset for this value-add opportunity. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the seller in this transaction.
AURORA, COLO. — An Inland Real Estate Acquisitions affiliate has acquired the 200-unit Arterra Place Apartments in Aurora for an undisclosed sum. The community is located at 17036 E. Ohio Drive. Arterra Place was built in 2014. Each unit features nine-foot ceilings, granite countertops, a fireplace, walk-in closets, full-size washer and dryer, balcony and scenic mountain views. The property also features community amenities like a clubhouse with Wi-Fi, media room, heated swimming pool, outdoor fireplaces, 24-hour fitness center, bicycle/jogging path, barbecue grills, playground and heated pet wash station. Matthew Tice of Inland Real Estate Acquisitions executed the transaction.
SALT LAKE CITY — Refrigeration Supplies Distributor (RSD) has purchased the former Daltile Stone & Slab Center, a 40,000-square-foot industrial building in Salt Lake City, for an undisclosed sum. The property is located at 250 W. Gregson Ave. RSD is a refrigeration parts and equipment wholesaler in the Western United States. Skyler Peterson of Newmark Grubb ACRES represented RSD, while the firm’s Eli Priest represented the undisclosed seller in this transaction.
Although so-called “creative office space” is for now a tiny slice of the overall supply in Atlanta, it represents the most significant change in the use of office space in generations. Tenants and landlords have only begun to use creative design principles to push rents past levels previously thought unreachable, while increasing worker productivity and satisfaction. Trends in this sector will define the American workplace for decades. The largest users of creative office space — also commonly referred to as loft office space — today are in the TAMI sector (tech, advertising, media and information), but law practices, engineering firms and others are also embracing the open office concept. In Atlanta, there is 3 million square feet of creative office space, which is only 1.2 percent of the metro area’s total inventory. But the vacancy rate for creative spaces is just 8.3 percent and the gross asking price is $29.90 per square foot, both considerably outperforming the traditional office arena. Since 2013 the asking rate for traditional office space in Atlanta has grown 17.2 percent. For creative space the asking rate has shot up 62.5 percent. The top end asking rate for creative spaces is more than $6.50 higher than …
NEW YORK — Retailers with a brick-and-mortar presence captured approximately 75 percent of all sales transacted over Thanksgiving weekend 2017, according to a report by the International Council of Shopping Centers (ICSC) released Monday, Nov. 27. Combined, online and brick-and-mortar retail sales during Thanksgiving and Black Friday clocked in just shy of $8 billion, an 18 percent increase over the same two-day period in 2016, according to Adobe Analytics, which measures transactions of the 100 largest American web retailers. On Black Friday itself, online sales eclipsed $ 5 billion, up from $3.34 billion in 2016. The ICSC report found that over the course of the weekend, more than 145 million Americans shopped at malls and shopping centers — 105 million on Black Friday alone — where they spent an average of $377.50 per shopper. Approximately one-quarter of the average shopper’s total expenditure went to dining and other experiences. All told, consumers spent an average of $78.70 per head at dining and entertainment destinations in association with Black Friday 2017. “Shopping centers across the country should feel very optimistic about the season ahead,” says Tom McGee, president and CEO of ICSC. “What we are seeing over the course of the year, and …
ISSAQUAH, WASH. — Kennedy Wilson (KW) has purchased the 343-unit Atlas apartment complex in the Seattle suburb of Issaquah for $135 million. The community is located at 1036 7th Ave. NW. Atlas features a mix of studio, one- and two-bedroom units ranging from 513 square feet to 1,239 square feet across five mid-rise buildings. The brand-new community includes a fitness center and exercise studio, co-working pods, lounge areas, fire pit, and large outdoor courtyard with seating and barbecue grills. Atlas was one of four properties acquired through a 1031 exchange with proceeds generated from the recent sale of Summer House, a wholly owned, 615-unit apartment community in Alameda, Calif. KW invested $52 million of equity and secured a 10-year, interest-only loan for $84 million at a fixed-rate of 3.86 percent.
VISALIA, CALIF. — G4 Enterprises Ltd. has acquired Midstate 99 Distribution Center, a 790,000-square-foot industrial complex in Visalia, for $33.4 million. The facility is situated in a major agricultural hub in California’s Central Valley, about 40 miles south of Fresno. G4 Enterprises made an unsolicited offer to purchase the property from Alexander & Baldwin (A&B). The seller plans to use the funds to invest in Hawaii and enhance its current communities.
