HUNTSVILLE, ALA. — Dallas-based Venture Commercial Real Estate has arranged a 20,000-square-foot lease for Northern Tool + Equipment in Huntsville. The new store will be located at 7262 Governors West along Interstate 565. Clay Mote of Venture Commercial is the master broker for Northern Tool in all markets across the U.S. and represented the tenant in lease negotiations. Kathy Dennis of The Shopping Center Group’s Birmingham office represented the landlord, Sen LLC.
Memphis may be known for its industrial market, but there are several interesting stories unfolding in the Memphis office market as well. Investors, both local and national, have found opportunities in an office market that can relate to the phrase, “slow and steady wins the race.” The Memphis office market consists of just over 52 million square feet, with nearly 60 percent of that in the Downtown, East and 385 Corridor submarkets and more than 85 percent of the Class A space located in those same submarkets. The Memphis metro ended 2016 with overall vacancy rates of 10.5 percent. Those rates have remained in the 10.5 to 10.9 percent range for the last two years. Class A vacancy has been on a slow and steady decline, falling from 10.2 percent at the end of 2014 to 7.9 percent at the end of 2016, its lowest level in more than a decade. This has prompted Class B owners to make investments in their properties, like the $7 million capital investment by Clark Tower, located in the East Memphis submarket, to upgrade mechanical systems and common areas. Rates, too, have been relatively steady for the last decade. At $17.07 per square foot …
FORT WORTH, TEXAS — Dallas-based developer Hunt Southwest will open a 493,000-square-foot distribution center in Fort Worth for apparel wholesaler S&S Activewear. The center will be located at 35/820@Mercantile Center, a 657,000-square-foot, Class A warehouse facility in north Fort Worth. Slated to open by the end of the year, the project is expected to create roughly 300 new jobs in the metro. Building amenities include 36-foot clear heights, a seven-inch reinforced concrete slab, cross-dock configuration and a sprinkler system.
PROSPER, TEXAS — MQ Development Co. has received an $18.8 million construction loan for Shops at Prosper Trail, a retail center under construction in the North Texas city of Prosper. Kroger will anchor the 27.7-acre project, which is currently in its second stage of development. Todd McNeill of Metropolitan Capital Advisors Ltd. arranged the loan, which features 4.5 percent interest and a 70 percent loan-to-cost ratio.
SACHSE, TEXAS — Mustang Creek Estates will develop a $7.5 million assisted living and memory care facility in the Dallas-Fort Worth metro of Sachse. The 42,000-square-foot Mustang Creek Estates at Sachse is expected to open this fall and create as many as 50 new staffing jobs. The property will be Mustang Creek’s fifth seniors housing asset in the Dallas-Fort Worth area.
DALLAS — Weitzman has negotiated the sale of the Forest Theater retail block located at 1902-1920 Martin Luther King Jr. Blvd. in South Dallas. The block totals 81,221 square feet, including 31,114 square feet of retail space and the 14,565-square-foot Forest Theater, a landmark property that will be restored as part of the deal. David Zoller of Weitzman represented both the buyer and seller in the transaction. Both parties requested anonymity.
DALLAS — CBRE has arranged the sale of 4895 Mountain Creek, a build-to-suit industrial property in Dallas. LBA Realty, a California-based management company, purchased the asset from the Courtland Development LC, Dallas-based developer for an undisclosed price. Jack Fraker, Jonathan Bryan and Ryan Thornton of CBRE represented the seller in the transaction. Courtland Group built the facility in 2016 for Cummins Inc., an engine and machinery manufacturer
PHOENIX — Young’s Market Company has purchased a 248,900-square-foot refrigerated/cold storage industrial building in Phoenix for $20 million. The building is located at 402 S. 54th Place. It was built in 1999 and renovated in 2003. Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the family-owned wines, spirits and select beverages distributor. The seller was Barley Equites V LLC.
GUNNISON, COLO. — A limited liability company has acquired the 107-room Holiday Inn Express & Suites Gunnison for $9.7 million. The hotel is located at 910 E. Tomichi Ave., southeast of Grand Junction. The LLC plans to improve the hotel. Gordon Allred, Shane Hanrahan and Neville Rustomjee of Marcus & Millichap represented the buyer. Allred and Rustomjee also represented the seller, another LLC, in this transaction.
SAN JUAN CAPISTRANO, CALIF. — CBRE has arranged the $9.1 million sale of a net-leased property in San Juan Capistrano to a private local buyer utilizing a 1031 tax-deferred exchange. The property, a car dealership, traded for $348 per square foot. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, TerraCotta Group LLC, a private investment firm based in El Segundo. CBRE’s Emil Gurfinkel, Tim Kuruzar and Ken McLeod represented the buyer. The 26,181-square-foot Fiat Chrysler Automobiles car dealership, located at 32881 Camino Capistrano, traded at a 5.1 percent capitalization rate.
