ST. LOUIS — HREC Investment Advisors has arranged the sale of the Holiday Inn Airport West-Earth City in St. Louis. The sales price was not disclosed. The 155-room hotel is located less than eight miles from Lambert-St. Louis International Airport. Ted Anka and Tom Sommer of HREC represented the undisclosed seller in the transaction.
ST. LOUIS — JAB Holding Co., the private investment firm that purchased Krispy Kreme Doughnuts last year, has agreed to purchase Panera Bread Co. (NASDAQ: PNRA) in a transaction valued at approximately $7.5 billion. JAB will acquire Panera Bread for $315 per share in cash and will assume approximately $340 million of net debt. Panera Bread’s board of directors has unanimously approved the purchase agreement, which is expected to close in the third quarter of this year. “We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation and balanced company versus franchise store mix,” says Olivier Goudet, partner and CEO of JAB. “We are excited to invest in, and work together with, Panera’s management team and franchisees to continue to lead the industry.” As of Dec. 27, 2016, there were 2,036 bakery-cafes in 46 states and in Ontario, Canada operating under the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names. Information about whether or not the transaction will affect Panera Bread’s restaurant locations was not disclosed. After 25 years operating as a publicly traded company, Panera Bread will become private and continue to be operated independently by its management team. Speaking to The …
Retail sales vaulted 4.4 percent in 2016, driven by consistent job growth, wage growth and high consumer confidence, according to a research brief from Marcus & Millichap. These three trends have fostered a strong retail consumption environment that will continue to support retail center performance. Consistent job growth saw the addition of 2.4 million workers in 2016. Wage growth has averaged 2.3 percent annually and consumer confidence has remained near decade highs. Obscuring the positive performance in local community retail establishments was the department store closures from Sears, Macy’s and JC Penney, as well as the bankruptcy of hhgregg. In 2016, sales fell 5.6 percent in the department store segment and 6 percent for electronics retailers. Other specialty stores, such as Ulta Beauty and Dick’s Sporting Goods, have reported strong sales growth and opportunity for expansion. Ulta Beauty unveiled plans for 100 new locations over the coming year. Sales in the health and personal care sector grew 6.1 percent last year. Dick’s Sporting Goods plans to open 43 new stores this year. Sporting goods sales rose 4.6 percent. Vigorous grocery demand continues in local communities. Grocery chains will anchor and open more than 280 local neighborhood centers this year. As …
The Chicagoland industrial market has started 2017 with a full head of steam and doesn’t appear ready to cool down anytime soon. With historically low vacancy rates, high net absorption and strong tenant demand, the outlook is positive for new construction in the pipeline, even with the recent uptick in interest rates. Net absorption of industrial space topped 19.3 million square feet in 2016, outpacing the 18.2 million square feet of new product delivered, according to CoStar Group. The metro Chicago vacancy rate at the end of the year was 6.5 percent, a drop of about 50 basis points over the previous 12 months. As for 2017, we see increasing competition for well-located land sites, especially from speculative developers who see opportunity in the rising demand for state-of-the-art facilities equipped for today’s sophisticated users. The jungle effect We have seen strong activity from tenants ranging from global logistics providers to regional distributors. However, a large share of the total net absorption in 2016 came from one well-known and much sought-after tenant — Amazon. The retailing giant has been leasing warehouse/distribution space at a rapid pace, and it seems as though every other week we are reading about a new distribution method, business …
BOULDER, COLO. — The Boulder Housing Authority has acquired the 185-unit Tantra Lake Apartments in Boulder for $45.6 million. The garden-style community is located at 1000 W. Moorhead Circle. Tantra Lake is situated about three miles southeast of downtown Boulder and the University of Colorado Boulder campus. Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, playground, 24-hour fitness facility, resident lounge, business center, man-made lake and views of the Rocky Mountains. HFF’s Matthew Lawton and Jordan Robbins represented the seller, Waterton, in this transaction.
PLEASANT HILL, CALIF. — Graham Street Realty has acquired the Hookston Square office campus in the East Bay community of Pleasant Hill for $30.4 million. The two-building, 207,555-square-foot campus is located at 3478 and 3480 Buskirk Ave. Hookston Square is situated east of Interstate 680 and close to State Route 24, which provides access to downtown San Francisco. The campus is currently 87 percent leased to tenants like John Muir Health, Pacific Business Center, Accelrys, Maze & Associates and the Source Group. HFF’s David Dokko and Garrett Calbert represented both the buyer and seller, True North Management Group, in this transaction. The firm also secured a three-year, floating-rate acquisition loan through a commercial bank for the buyer.
SEATTLE — Capitol Hill Partners has acquired the 58-unit Carroll and Kensington Apartments in Seattle for an undisclosed sum. The community is located at 305 Bellevue Ave. E. The acquisition includes two mid-rise buildings with shared parking. The Carroll and Kensington Apartments were built in 1908 and 1994, respectively. The historic Carroll Apartments were upgraded in 2003. Marty Leith of ARA Newmark represented the seller, Family Apartments LLC, in this transaction.
LOS ANGELES — Summit Financial Consultants has renewed its lease and expanded its footprint at Westlake Park Place in the Westlake Village submarket of Los Angeles. The wealth management firm has leased 6,090 square feet at the final building that was constructed at Westlake Park Place. The new space is located at 3075 Townsgate Road. Mike Foxworthy of DAUM Commercial represented Summit Financial. Craig Cahow and Mike Foxworthy of DAUM Commercial represented the landlord, Westlake Plaza Center East – II LLC.
DALLAS — Stonelake Capital Partners has released its latest plans for Trinity Green, a $250 million, 25-acre multifamily project along Singleton Avenue in west Dallas. The company has released updates on Phase III, which features a 355-unit, Class A development with a fitness center, 24-hour coffee bar, pool and outdoor grilling stations. Stonelake will break ground on Phase IV of the development, which will feature a 324-unit, Class A apartment complex, in the fall. Trinity Green will comprise 1,500 units at full build-out.
HOUSTON — A partnership led by Performance Properties, a Dallas-based property management firm, has acquired Timberwalk Apartment Homes, a 300-unit multifamily complex in Houston. Situated on 10.2 acres at 5635 Timber Creek Place Drive, the gated property features a pool, fitness center, clubhouse and common areas. Built in 1984, the community was 93 percent occupied at the time of sale. Todd White and David McQuaid of Performance Properties represented the partnership, known as Timberwalk Associates LP, in the transaction. Russell Jones, Matt Saunders and Zach Springer of ARA Newmark represented the seller, Mosaic Residential Inc. The new ownership plans to invest $1.2 million to complete a renovation program at Timberwalk that Mosaic Residential began in 2014.
