Property Type

Finding the Right Strategies and Tactics is Key for Repositioning Retail

by Haisten Willis November 1, 2016

For real estate developers and investors, a time of transition and evolution within the retail world presents abundant opportunities to capitalize by acquiring and investing in underperforming spaces. With an infusion of capital, some strategic restructuring and re-tenanting with regional and national brands, a moribund center or underwhelming site can be transformed. Understanding the strategies deployed to effectively identify, acquire, reposition and re-tenant retail is an essential prerequisite for any commercial real estate professional looking to get involved in the process. The big picture The most critical step in the process is selecting the right opportunities to pursue in the first place. Identifying existing retail assets that are underperforming is one thing. Finding those that can be successfully reinvigorated and repositioned through an infusion of capital and the application of some expertise is a little trickier. It is a best practice to confine your search to well-established trade areas because you generally do not want a project on the fringe. The overall goal is to identify markets and trade areas where there is more demand than quality supply, and then work to find a creative and cost-effective way to deliver that supply. Once you identify those areas, familiarize yourself with …

November 1, 2016

District of Columbia Retail Southeast

PetSmart Opens First Store in D.C.

by John Nelson October 31, 2016

WASHINGTON, D.C. — PetSmart Inc. has opened a new 12,000-square-foot store at 2484 Market St. N.E. in Washington, D.C. The new store is the first location for the pet retailer inside the Washington, D.C., metro area. Located within The Shops at Dakota Crossing shopping center, the new PetSmart will feature pet food, pet products, training classes for dog owners and a full-service grooming salon for dogs and cats. PetSmart Inc. operates 1,477 pet stores in North America and employs roughly 53,000 associates.

October 31, 2016

Loans Multifamily Seniors Housing Washington Western

Walker & Dunlop Closes $25M Fannie Mae Loan for Seniors Community in Walla Walla

by Nellie Day October 31, 2016

WALLA WALLA, WASH. — Walker & Dunlop Inc. has arranged a $25 million loan for Wheatland Village, an independent living, assisted living and memory care community in Walla Walla, located in the southeastern corner of Washington near the Oregon border. Portland, Ore.-based Generations Senior Living operates the Class A community. The company developed the property in 2004 through a partnership with a nonprofit hospital. Wheatland Village features 134 independent living units, 62 assisted living units and 38 memory care units. The memory care portion was added in 2013. Jeffrey Ringwald and William Jackson of Walker & Dunlop structured the 15-year, fixed-rate, Fannie Mae loan with a 30-year amortization schedule. The transaction consolidates two existing loans and features a 60 percent loan-to-value ratio.

October 31, 2016

California Industrial Western

Stirling Capital Investments Completes Industrial Facility in Victorville

by Nellie Day October 31, 2016

VICTORVILLE, CALIF. — Stirling Capital Investments has completed construction on a 447,740-square-foot industrial facility within Southern California Logistics Centre in Victorville. The facility, known as Building 13B, was built in 19.3 acres within the 2,500-acre commercial and industrial complex. Arden Cos. has pre-leased 211,000 square feet at Building 13B, and Newell Brands leased the remaining space. Southern California Logistics Centre is entitled for 60 million square feet of development.

October 31, 2016

Industrial Washington Western

BKM Capital Partners Acquires Andover Executive Park in Washington for $19.8M

by Nellie Day October 31, 2016

KENT, WASH. — BKM Capital Partners has purchased Andover Executive Park, a 181,163-square-foot industrial business park in the Kent submarket of Tukwila for $19.8 million. The park is located at 400-774 Industry Drive. BKM plans to implement a series of capital improvements to the business park, which was built in 1974. Upgrades will include the buildings’ roofs, exterior paint, landscaping, facades and signage. CBRE represented the seller, ScanlanKemperBard, in the transaction.

October 31, 2016

California Multifamily Western

MBK Rental Living Buys Buena Vista Apartments in California for $5.8M

by Nellie Day October 31, 2016

PASO ROBLES, CALIF. — MBK Rental Living has purchased the 144-unit Buena Vista Apartments in Paso Robles for $5.8 million. The community is located at 708-1002 Experimental Station Road. MBK plans to upgrade the property. The company represented itself in this transaction, while Marty Indvik of Lee & Associates and Jim Fisher and Michael Smith of Berkadia, represented the seller, Arjun Buena Vista Properties LLC.

October 31, 2016

California Retail Western

Wet Seal to Open 13 Pop-Up Stores for the Holiday Season

by Nellie Day October 31, 2016

IRVINE, CALIF. — Wet Seal will open 13 pop-up locations during the 2016 holiday season at GGP regional shopping centers throughout the United States, including Arizona and Washington. The temporary locations are slated to open simultaneously on Nov. 3. The stores will range from 3,000 to 5,000 square feet. The Tucson Mall in Tucson, Ariz., will receive a pop-up shop, as will Northtown Mall in Spokane, Wash. The Wet Seal LLC is an Irvine, Calif.-based specialty retailer of young contemporary women’s apparel and accessories with over 160 stores in the United States. Chicago-based General Growth Properties, Inc. (GGP) is an S&P 500 company focused on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States.

October 31, 2016

Office Texas

WatchGuard Video to Build $46M Office Facility in Allen

by Haisten Willis October 31, 2016

ALLEN, TEXAS — WatchGuard Video, a manufacturer of law enforcement video systems, will be building its new corporate headquarters in Allen, accommodating up to 700 employees. The build-to-suit project will be completed in two phases for a total of 200,000 square feet of office space and a corporate investment of $46 million. WatchGuard’s new corporate headquarters will be located on 12 acres at the intersection of Exchange and Andrews parkways near Cabela’s and Topgolf, just east of Central Expressway. The first phase of the two-story, 140,000-square-foot office facility is expected to cost $36 million and will open at the end of 2017. The company’s second phase, set for a 2022 completion, will add another 60,000 square feet of space and is expected to require an additional $10 million investment. The company expects to move between 280 and 300 employees into the new office, with a total capacity of around 500 employees before further expansion is necessary. The facility will include open group areas for collaborating, training rooms, an outdoor recreation space, indoor racquetball court, gym, health clinic and a “customer experience room” that allows demonstrations of the company’s products.

October 31, 2016

Illinois Midwest Multifamily

Smithfield Properties Constructs Chicago’s First Ground-up Micro Apartments

by Kristin Harlow October 31, 2016

CHICAGO — Developer Smithfield Properties is nearing completion of SoNu Digs, Chicago’s first ground-up, micro-apartment building. SoNu is located at 1515 N. Fremont St. in the Lincoln Park/SoNo neighborhood. The apartments, which will be ready for occupancy in December, range in size from 336 square feet to 438 square feet. Monthly rental rates range from $1,300 to $1,655. SoNu is the final part of a planned SoNo complex built by Smithfield Properties, which includes the SoNo East apartments and SoNo West condominiums. Calibrate Management will lease and manage the property.

October 31, 2016

Midwest Minnesota Multifamily

WNC Provides Nearly $2 Million in LIHTC Equity for Homeless Veterans in Suburban Minneapolis

by Kristin Harlow October 31, 2016

MINNEAPOLIS — WNC has provided nearly $2 million in low-income housing tax credit (LIHTC) equity to fund the development of Linden Grove Veteran Apartments, a 37-unit affordable housing complex exclusively constructed for homeless veterans of the U.S. Armed Forces in the Minneapolis suburb of St. Cloud. The three-story building sits on six acres of land and is located at 4804 Veterans Drive. The apartments are part of the St. Cloud VA Health Care System and designated as permanent housing for low-income veterans who are homeless or at risk of homelessness. St. Michael Development Group LLC, a subsidiary of The Sand Companies Inc., developed the apartments. Affordable Housing Initiatives LLC served as the managing general partner of the project and Jamie Thelen as its developer.

October 31, 2016

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