Property Type

Wave of Store Closures Presents Opportunity to Reimagine Retail Spaces

by Christina Cannon June 22, 2016

The recent move by several national retail chains to close hundreds of their stores across the country creates a tremendous opportunity for shopping center owners, developers, communities and design professionals. This is a nationwide trend that reflects a shift in how we are shopping and living today. Property owners around the country are evaluating what to do with these empty big boxes. In years past, if a large retailer couldn’t be found, the space would be divided into two or three smaller retail spaces. This remains a viable option today in some cases. Expanding retailers with a store footprint of 10,000 to 20,000 square feet are also attracted to these locations. Breaking down the large boxes to mid-size footprints creates an opportunity for expanding retailers to open a new store in an established, mature location. However, with more cities encouraging mixed-use and vertical developments, owners are studying options to break out of the confines of the enclosed mall to create a multi-use environment. Such developments might include residential, hotel, shopping, dining and office uses, much like what is found on the vibrant streets of the world’s greatest cities. This forward thinking is redefining shopping centers and big-box retail spaces across …

June 22, 2016

Market Reports New York Northeast Northeast Market Reports Retail

In NYC, High Retail Rents Still an Issue, but e-Commerce May Loom Larger

by Jaime Lackey June 22, 2016

Although it would appear that retail landlords in New York City are reaping the benefit of high rents — and many are, if they bought at the right time — demand has declined and leasing velocity has slowed, mostly due to inflated landlord expectations, tenant hesitancy and increased supply from tenant defaults. Yes, the Manhattan retail leasing market has softened, but not enough to significantly reduce historically high asking rents. For example, the fourth quarter of 2015 saw ground-floor average asking rent decreasing in the majority of the major corridors over the second quarter 2015. Fifth Avenue, from 49th to 59th, saw an 8 percent decrease; Madison, from 57th to 72nd, saw a 5 percent decrease; West 34th Street, from Fifth to Seventh avenues, saw a 16 percent decrease; and Broadway, from Houston to Broome, saw a 15 percent decrease. The corridors which saw rent increases were modest compared to the rises we saw in early 2015 and 2014. While this is in part due to increasing supply, an adjustment in landlord expectations is having the greatest impact. High rates of default and eviction have plagued New York City for years, mostly due to inexperienced tenants relying on unrealistic revenue …

June 22, 2016

California Office Western

Align Real Estate Buys Comcast Office Center in Livermore for $59M

by Nellie Day June 21, 2016

LIVERMORE, CALIF. — Align Real Estate has acquired Comcast Office Center, 219,631-square-foot office campus in Livermore, for $59 million. The three-building campus serves as the regional headquarters for Comcast. The space is located at 3011, 3055 and 3077 Comcast Place in the Tri-Valley region of the greater San Francisco Bay Area. Comcast Office Center features outdoor seating, and volleyball and basketball courts. HFF’s Michael Leggett, Scott Pertel and Gerry Rohm represented the buyer and seller, Gramercy Property Trust, in this transaction.

June 21, 2016

Arizona Industrial Western

BKM Capital Partners Purchases Tempe Commerce Park for $58M

by Nellie Day June 21, 2016

TEMPE, ARIZ. — BKM Capital Partners has purchased Tempe Commerce Park, a 535,976-square-foot industrial asset in Tempe, for $58 million. The five-building park is located at 7410-7419 S. Roosevelt. Tempe Commerce Park was purchased at 30 percent below replacement costs. It is currently fully occupied. The asset was acquired through BKM Industrial Value Fund I L.P. JLL’s Mark Detmer and Bo Miles represented the seller, Invesco, which sold the asset on behalf of its client, Ohio Police and Fire.

June 21, 2016

Arizona Multifamily Western

Continental Realty Advisors Acquires Courtney Village Apartments in Phoenix for $45.5M

by Nellie Day June 21, 2016

PHOENIX — Continental Realty Advisors has purchased the 368-unit Courtney Village apartment complex in Phoenix for $45.5 million. The community is located at 4848 E. Roosevelt St. Courtney Village was built in 2002. It includes two resort-style pools, a spa, 24-hour fitness center, gated access and dog park. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Passco, in this transaction.

June 21, 2016

California Multifamily Western

Patio Gardens Apartment Complex in Long Beach Sells for $35.3M

by Nellie Day June 21, 2016

LONG BEACH, CALIF. — Jaison Robinson has purchased the 127-unit Patio Gardens in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Traffic Circle neighborhood. Patio Gardens is situated on nearly six acres that front Los Coyotes Diagonal. It is also less than two miles from California State University of Long Beach, and three miles from the Belmont Shore neighborhood. The property was built in 1958. It contains 19 two-story buildings. The purchase allowed Robinson to complete a 1031 exchange. Robert Stepp of Stepp Commercial represented Robinson in both transactions. Gregory Harris of Marcus & Millichap represented the seller, Patio Gardens LLC, in this transaction.

June 21, 2016

Multifamily Washington Western

Hong Kong Developer Buys Site for Multifamily Development in Seattle for $17.1M

by Nellie Day June 21, 2016

SEATTLE — Create World America has acquired an 8,748-square-foot residential development site near Pike Place Market in Seattle for $17.1 million. The space is located at 1613 2nd Ave. The acquisition includes air rights that allow for a large floor plate and protected views from the 14th floor and above. Create World America, an international construction management firm based out of Hong Kong, plans to erect a high-rise residential tower on the site. Jim Klinger and Ross Klinger of Kidder Mathews represented the seller, MJA Building, an affiliate of Principal Real Estate Investors, in this transaction.

June 21, 2016

Industrial Texas

Ascent Opens DAL1 Data Center in Metro Dallas

by Haisten Willis June 21, 2016

PLANO, TEXAS — Ascent has opened a 43,330-square-foot data center known as Ascent DAL1 in Plano. The property is designed to withstand tornadoes with winds up to 360 miles per hour. DAL1 spans 4.3 acres and includes 2.7 megawatts of power, with the ability to expand to up to 7.2 megawatts. The building has three paths for fiber access.

June 21, 2016

Mixed-Use Retail Texas

New LA Fitness Location Opens in Frisco Market Center

by Haisten Willis June 21, 2016

FRISCO, TEXAS — A 38,000-square-foot LA Fitness has opened in Frisco Market Center, a 100-acre mixed-use development located at the northwest corner of the Dallas North Tollway and Main Street in Frisco. Earlier this year, a grocery store chain purchased 19 acres along the eastern portion of Frisco Market Center for a future 100,000-square-foot store. Hermansen Development is the owner and developer for Frisco Market Center. The LA Fitness building, located at 5080 Main St., is situated on 5.1 acres. Ridgemont was the general contractor for the project and LegacyTexas was the lender. Chief Partners LP, a real estate investment firm based in Dallas, is the capital partner for Frisco Market Center. Upon completion, Frisco Market Center will include nearly 500,000 square feet of entertainment space, restaurants and retail, 250 hotel rooms and over 1,500 residences. Anchored by Main Event Entertainment and LA Fitness, the project also includes The Emerson, a 410-unit apartment community, and several restaurants. Other developments located at the intersection include Toyota Stadium and Soccer Center, a 145-acre multipurpose sports and entertainment facility consisting of the soon-to-open National Soccer Hall of Fame plus a 20,500-seat pro soccer stadium and 17 fields.

June 21, 2016

Loans Office Texas

Metropolitan Capital Advisors Arranges $14.4M Loan for Office Portfolio in Metro Dallas

by Haisten Willis June 21, 2016

COPPELL and ADDISON, TEXAS — Metropolitan Capital Advisors has arranged a $14.4 million loan for a portfolio of two office properties in metro Dallas. Rainier Asset Management Co., a subsidiary of Dallas-based Rainer Cos., owns the portfolio. The ownership is structured as a tenant-in-common. The five-year loan includes a 65 percent loan-to-value ratio and a fixed 4.95 percent interest rate. The portfolio includes Lakeview Center in Coppell and Sojourn Medical and Office Center in Addison. Lakeview Center is a 101,426-square-foot, single-story office building built in 1999. The property is 100 percent leased to six tenants, including Beacon Health Options, Circle K Stores and Caliber Home Loans. Sojourn Medical and Office Center was built in 2000 and is 87 percent leased to three tenants including the U.S. Oncology Center.

June 21, 2016

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