Property Type

InterFace Panel: Parking Spaces Present New Opportunities for Developers

by Taylor Williams May 3, 2017

HOUSTON — As e-commerce continues its siege of brick-and-mortar retail, shopping center developers in Houston are re-evaluating and repurposing the space currently allotted for parking. Virtually all centers are seeing reduced need for parking space, which creates opportunities to reclaim that space for more efficient uses, like adding another in-line store. At the InterFace Houston Retail conference on April 18, moderated by David Luther of Marcus & Millichap, industry experts spoke at length about how retail developers are cutting their parking allotments in strip centers and power centers alike, largely because of convenience-oriented technologies. Apps like Postmates and TaskRabbit have made it possible to outsource running errands to other people. Online grocery delivery services like Instacart and Shipt allow customers to do their shopping with a few quick clicks. Even Uber has gotten into the game with delivery features like UberRUSH for errands and UberEATS for meals. According to Tom Lile, president of retail development firm Gulf Coast Commercial Group and a conference panelist, such products and services have already begun to influence Houston developers’ thoughts on parking. “Fifteen years ago, if you were building a power center, you absolutely had to have five parking spaces per 1,000 square feet …

May 3, 2017

Market Reports New Jersey Northeast Northeast Market Reports Retail

Non-Traditional Retailers Are Behind Much of the Leasing Activity in New Jersey

by Camren Skelton May 3, 2017

Business was brisk in 2016 for retail real estate brokers in Central and Northern New Jersey. As online shopping continued to impact which retailers fill brick and mortar spaces, several trends emerged at malls and along New Jersey’s highways. The shrinking list of retail categories in which customers prefer or need to visit a store in person includes quick-serve and sit-down restaurants. Chick-fil-A opened new stores in Woodbridge and Jersey City; Chipotle in Holmdel; and Habit Burger in Eatontown, West Windsor, River Edge and Parsippany. Also on the list are gas stations, coffee shops, and convenience stores, including Street Corner, WaWa, Tim Horton’s, Quick Check, and 7-Eleven, which have all recently opened new locations, are under construction or are planning to open new stores throughout the state. Creative and art businesses also draw customers to brick and mortar locations. One River School of Art & Design, currently open in Englewood, is opening a second location in Allendale, and plans a roll-out nationally including a strong look at the Bell Works project in Holmdel. This art school for kids and adults and other creative concepts, such as the paint and sip retailers, remain very strong. School of Rock is another creative …

May 3, 2017

Office Texas

Granite Properties Acquires 163,861 SF Office Building in North Dallas

by Taylor Williams May 2, 2017

DALLAS — Granite Properties has acquired a 163,861-square-foot, Class A office building located at 8235 Douglas Ave. in the University Park neighborhood of north Dallas. The 13-story building, which will be rebranded “The Douglas,” was built in 1980 and recently received $3 million in interior renovations and $1.5 million in system upgrades. Granite plans to develop a customer lounge and conference center that will feature a coffee bar, grab-and-go food service and a putting green. Transwestern Investment Group sold the property to Granite for an undisclosed price.

May 2, 2017

Industrial Texas

Langford, Flaherty Start Pre-Construction of Industrial Park at Former Raytheon Campus in Garland

by Taylor Williams May 2, 2017

GARLAND, TEXAS — Dallas-based development partners Langford Property Co. and Flaherty Development have begun pre-construction demolition and remediation of asbestos for Jupiter Miller Business Park, a 40-acre industrial development in Garland situated within the former campus of defense contractor Raytheon. The first phase of construction, which will begin in June, will deliver a two-building, 800,000-square-foot distribution center.

May 2, 2017

Loans Multifamily Texas

Hunt Mortgage Secures $21M in Refinancing for Multifamily Property in Metro Dallas

by Taylor Williams May 2, 2017

BALCH SPRINGS, TEXAS — Hunt Mortgage Group has secured a $21 million Fannie Mae loan for the refinancing of Glenshire Villas Apartments, a 484-unit multifamily complex in the eastern Dallas suburb of Balch Springs. Located at 12222 Quail Drive, the garden-style property spans 89 two-story buildings. The 10-year loan, which was placed on behalf of an undisclosed borrower, features a 30-year amortization schedule and five years of interest-only payments.

May 2, 2017

Loans Multifamily Texas

Dougherty Mortgage Arranges $8.7M in Refinancing for Apartment Complex in Farmers Branch

by Taylor Williams May 2, 2017

FARMERS BRANCH, TEXAS — Dougherty Mortgage LLC has arranged an $8.7 million Fannie Mae loan for the refinancing of Villa Creek, a 161-unit apartment property located at 2835 Villa Creek Drive in the Dallas-Fort Worth metro of Farmers Branch. Dougherty arranged the 10-year loan with a 30-year amortization schedule through a partnership with Old Capital Lending on behalf of the borrower, 2835 Villa Creek Drive LLC.

May 2, 2017

Retail Texas

Bright Realty Negotiates 10,020 SF Retail Lease in Abilene

by Taylor Williams May 2, 2017

ABILENE, TEXAS — Bright Realty has negotiated a 10,020-square-foot retail lease at a former Big 5 Sporting Goods store at 2365 S. Danville Drive in the west Texas city of Abilene. Tim McNutt and Britton Lankford of Bright Realty represented the landlord in the lease negotiations. Jennifer Frank and Brian Frank of Segovia Retail Group represented the tenant, Skechers.

May 2, 2017

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $57M Sale of ADP Building in Downtown Norfolk

by John Nelson May 2, 2017

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.

May 2, 2017

Georgia Industrial Southeast

American Realty Advisors Buys 846,496 SF Distribution Center in Metro Atlanta from TCC, Allstate

by John Nelson May 2, 2017

MCDONOUGH, GA. — American Realty Advisors has purchased Phase I of King Mill Distribution Park, an 846,496-square-foot distribution center in the south Atlanta suburb of McDonough. Trammell Crow Co. (TCC) and Allstate sold the asset to American Realty Advisors for an undisclosed price. Wayfair, a furniture and décor e-commerce retailer based in Boston, fully leases the distribution center, which is being built on spec. The building will feature 36-foot clear heights, trailer storage, employee vehicle parking, ingress/egress at two separate entrances and a flexible design that can accommodate multiple tenants served by separate entrances. Frank Fallon and Chris Riley of CBRE’s Atlanta office represented the sellers in the sale.

May 2, 2017

Georgia Industrial Southeast

Duke Realty Expands Metro Atlanta Industrial Portfolio by 600,000 SF

by John Nelson May 2, 2017

ATLANTA — Duke Realty Corp. has expanded its metro Atlanta industrial portfolio by nearly 600,000 square feet. The Indianapolis-based REIT broke ground on Camp Creek 4505, a 336,960-square-foot warehouse within Camp Creek Business Center in East Point near Hartsfield-Jackson Atlanta International Airport. Camp Creek 4505 will be the 10th warehouse Duke Realty has developed in its 400-acre industrial park. Duke Realty also purchased a 250,000-square-foot industrial facility at 2601 Skyview Drive in Lithia Springs for an undisclosed price. With these transactions, Duke Realty now owns and manages more than 11.3 million square feet of industrial properties in the Atlanta metro area.

May 2, 2017

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