The Charlotte MSA continues to experience a high level of retail activity as we go into the last quarter of 2015. With a regional inventory of 62 million square feet of retail space, the MSA has seen more than 8 million square feet of new development proposed. Vacancy rates are holding steady in the 8 to 9 percent range, and average rents have remained stable. Grocers Setting the Pace Retail development activity in the Charlotte area remains driven by grocery store expansion. Publix has opened units in Ballantyne, Matthews, Southeast Charlotte and, most recently, South End, with several new stores approved and in various stages of development. Some of the Publix activity has resulted from conversions of units it acquired from Bi-Lo, while the Ballantyne, Fort Mill and South End stores were new construction projects. Publix will open five more stores in the market in the coming year, bringing its MSA store count to 16. This will include Publix’s first stores in the Cabarrus County and Gaston County markets. Perennial market leader Harris Teeter remains the dominant traditional grocer in Charlotte with a 20 percent market share, which places it, Walmart and Food Lion in close proximity. Harris Teeter, which …
AUSTIN, TEXAS — BBD Commercial, an Austin-based real estate development firm, has taken over management, marketing and leasing of Oak Hill Plaza, located at 7101 Highway 71 in Austin. In addition to running the day-to-day operations, the company has a major facelift planned for the 115,512-square-foot property. Auto Zone, Wells Fargo Bank and Jim’s Restaurant anchor the plaza. The shopping center has 36,000 square feet of available retail and restaurant space consisting of suites ranging from 1,220 to more than 15,000 square feet, including a 3,500-square-foot end cap space slotted for a restaurant. BBD’s renovation plans include a remodeled façade and repainted exterior, a marquee restaurant end cap with patio, a resurfaced and re-striped parking lot, new lighting and landscaping, a new roof and a re-constructed monument sign. Bill Ott and Tim Jarvis are leading BBD’s renovation and leasing efforts. Construction will start in May and will be completed within six months. Engen Contracting and Noack-Little architects are working with BBD on the project.
HOUSTON — Ensinger, a global producer of engineering plastics, has purchased a 61,875-square-foot manufacturing facility under construction on nine acres at 12331 Cutten Road in Houston. Clay Development & Construction was the seller. Completion of the one-story building is scheduled for summer 2016. The design/build project is the 14th building in Cutten Road Business Park, a 165-acre site acquired by Clay in 2008. The business park is now 90 percent developed. Charlie Christ of Clay Development & Construction represented the seller in the transaction. The Ensinger building includes a 20-ton crane, dust collection systems, gas-fired ovens, built-in equipment foundations and a 900-square-foot canopied area. Situated on Cutten Road at Highway 249, the business park is accessible from Sam Houston Parkway/Beltway 8 and offers BNSF rail access. Other companies in the development include Archer Well, Phoenix Technology Services, ThyssenKrupp Materials NA, Kemper Valve & Fittings Corp., FMA, Adams Valves, Corrosion Materials, Hydraquip, Boots & Coots, PolySpec Thiokol, Hatfield & Co., Bohler Uddelholm/Sturdell Specialty, Prevost, LED-OEM, Polk Mechanical Company and Filtration Technology Corp./FTC.
HOUSTON — Taeken Ltd., a family limited partnership, has purchased 47 acres at 0 S. Main St. between Hiram Clarke Road and South Post Oak Road from S Main Ltd. The site will be the new campus for Saint Nicholas School and related developments to be announced. Linda Jones of Wilson-Jones Properties represented the seller. Mark Kidd Sr. and Mark Kidd Jr. of M Kidd Properties represented the buyer. Margot Heard founded Saint Nicholas School, currently operating at 1920 N. Braeswood Blvd. Classes at the new campus will begin in Fall 2018.
EL PASO, TEXAS — El Paso-based developer River Oaks Properties plans to build a pedestrian-friendly outdoor retail center in west El Paso. West Towne Marketplace will be an open-air retail and entertainment destination located on the northeast corner of Interstate 10 and Paseo del Norte. The center will feature tree-lined streets and native plants. It will be built to include gathering spaces designed to encourage relaxation. The anticipated completion date for the center is October 2017. West Towne Marketplace spans 63 acres and will include more than 500,000 square feet of retail, restaurants and entertainment. It will feature a grocery anchor, sporting goods and clothing retailers, along with a movie theater, specialty retail stores and restaurants. Phoenix-based Butler Design Group is designing West Towne Marketplace. Richard Amstater of RJL Real Estate Consultants is handling the leasing of the project.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and private real estate investors, has arranged the sale of The Palazzo, a 90-unit condominium community in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherstone of IPA represented the seller and procured the buyer. The community is located at 5455 Rowley Road. The Palazzo’s one-, two- and three-bedroom floor plans average 1,099 square feet and feature stainless steel and black appliances, granite countertops, porcelain tile flooring and freestanding showers. Common area amenities, which are maintained by a condominium owners association, include reserved parking, a pool, fitness center, business center, breezeways, picnic area and playground.
CHICAGO — Chicago-based Harrison Street Real Estate Capital LLC has completed its $1.9 billion acquisition of Campus Crest Communities, the investment management firm announced earlier this week. Shareholders of Campus Crest Communities approved the merger with Harrison Street on Jan. 26, 2016, with 99.3 percent of shareholders voting in favor of the merger. To date, Harrison Street has acquired or developed over 107,000 student housing beds at more than 85 universities across the country. As of the close of the transaction, Harrison Street’s total student housing portfolio now includes over 76,000 beds. Campus Crest’s current portfolio of student housing properties encompasses over 38,000 beds across the country. Harrison Street has retained Asset Campus Housing as the new third-party property manager for the portfolio. In connection with the closing of the transaction, Campus Crest’s stock (NYSE: CCG) has ceased to be publicly traded. Raymond James and Associates Inc. acted as financial advisor, and DLA Piper LLP acted as legal advisor to Harrison Street. Moelis & Co. LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to Campus Crest.
ELK GROVE VILLAGE, ILL. — Morgan/Harbour Construction will complete two projects within the O’Hare Logistics Center on behalf of DCT. Morgan/Harbour will build out a warehouse facility at 2200 Arthur Ave. McNichols Co. will occupy the entire 112,862-sqaure-foot building, which is situated on 6.8 acres. The cross-docked facility features 32-foot clear heights, 38 exterior dock positions and 40 trailer stalls. The build-out will include the addition of 12,167 square feet of office space, a new interior truck dock, an exterior drive-in ramp, an ADA customer service entry, three bridge cranes and equipment power distribution. The renovation is scheduled for completion in May. Morgan/Harbour will also redevelop a neighboring property, 2201 Arthur Road. The redevelopment of the 108,931-square-foot industrial warehouse will include the demolition of the interior offices and the exterior façade, replacement of office windows and the installation of a new metal panel exterior wall system. Morgan/Harbour will also demolish the eastern exterior wall of the warehouse to add 10 exterior truck docks, completely overhaul the electrical service and add a new ADA-compliant entrance. A new parking area will also be constructed and will accommodate 49 cars and 21 trailers. Construction is slated for completion this summer. Harris Architects is …
LINCOLN, NEB. — HSA Commercial Real Estate has acquired a 42,040-square-foot medical office building in Lincoln for an undisclosed price. Elizabeth Park South Medical Center is located at 4501 S. 70th St. and is fully leased by The Physician Network’s East Lincoln Internal Medicine, Lincoln Pediatric Group and Lincoln Behavioral Group. The three tenants have occupied the building since it opened in 1996. Dana Hamric and Jonathan Kesler of Newmark Grubb Knight Frank represented the seller, MJM-MED LLC, in the transaction.
CHICAGO — Barnett Capital has sold a 90,490-square-foot retail property to 3115 Properties for $5.7 million. The building is located at 3115-23 N. Broadway in Chicago. Located in the Lakeview neighborhood, the five-story building features tenants such as Intelligentsia Coffee & Tea, The Apartment People and Contacts & Specs. The property also contains a five-story parking garage. Keely Polczynski of CBRE represented Barnett Capital, and Danny Spitz of Baum Realty represented 3115 Properties LLC.