Property Type

Wheeler REIT Acquires Metro Atlanta Shopping Center for $12.4M

by John Nelson March 17, 2015

LILBURN, GA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased Beaver Ruin Village, a 74,038-square-foot shopping center located at the intersection of Beaver Ruin Road and U.S. Route 29 in Lilburn, a suburb of Atlanta. The Virginia Beach-based REIT purchased the center for $12.4 million, or approximately $166.81 per square foot, using a combination of cash and bank debt. The shopping center was 94.9 percent leased to tenants such as Chase Bank, State Farm Insurance, T-Mobile, Firehouse Subs and Sally Beauty Supplies. The property also features three outparcels leased to McDonald’s, Popeyes and Captain D’s.

March 17, 2015

Alabama Retail Southeast

MRP Signs Ross, Ulta Beauty to Leases at Cullman Shopping Center in Alabama

by John Nelson March 17, 2015

CULLMAN, ALA. — Birmingham-based Merchants Retail Partners (MRP) has signed Ross Dress for Less and Ulta Beauty to join the tenant roster at Cullman Shopping Center, a 325,000-square-foot center in Cullman. MRP has also signed The U.S. Department of Labor Career Center to occupy a renovated 8,000-square-foot outparcel building. The 22,000-square-foot Ross Dress for Less and 10,000-square-foot Ulta will join Publix, PetSmart, Dick’s Sporting Goods, Belk and Books-A-Million at the expanded Cullman Shopping Center. Publix, Dick’s and Ulta are slated to open in late 2015; Ross and PetSmart are slated to open in early 2016; and the career center is slated to open in early summer 2015.

March 17, 2015

Market Reports Retail Western Market Reports

Grocery Tenants Drive SLC’s Retail Market

by Nellie Day March 17, 2015

The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the past decade. With supply constrained and demand improving, average asking lease rates jumped by 9 percent on a year-over-year basis, to $18.98 per square foot. New construction continued across the valley, with 548,577 square feet of space added to the market. The local housing market drives retail development in Utah. About 18,573 building permits have been issued throughout the state in the past two years, including multifamily projects. This construction pushed many retailers into expansion mode, looking to take up shop in locations that cut off the competition. This is particularly true in one segment of the market that now stands supreme in the Utah retail ecosystem: grocery. Grocers have expanded at a breakneck rate. Sprout’s Farmers Market opened new stores in Holladay and South Jordan. A Smith’s Marketplace opened its doors in West Jordan at …

March 17, 2015

Colorado Industrial Western

Manufacturing Facility in Denver Sells for $3.2M

by Nellie Day March 16, 2015

DENVER – A 32,900-square-foot manufacturing facility in Denver has sold to 1425 Market LLC for $3.2 million. The facility is located at 2800 Walnut Street. The seller, Gold Star Sausage, had used the facilities to manufacture its sausages and hot dogs. It plans to keep its headquarters in Denver. The buyer intends to renovate the USDA certified food processing facility. Gold Star Sausage was represented by NGKF’s Russell Gruber and Pete Staab.

March 16, 2015

California Office Western

Wpromote Leases Space at Campus 2100 in El Segundo

by Nellie Day March 16, 2015

EL SEGUNDO, CALIF. – Wpromote has leased 34,492 square feet at Campus 2100 in El Segundo. The three-building campus is the former home of Rhythm & Hues Studios. The online advertising firm signed a 7.5-year lease at the property. It is relocating its headquarters from another nearby office building where it occupied 21,335 square feet. Wpromote was represented by JLL’s Steve Solomon and Eric Adams. Tom Sheets and Chris Sinfield of Cushman & Wakefield represented the landlords, Rockwood Capital, LLC (Rockwood) and Marshall Property & Development, in this transaction.

March 16, 2015

Colorado Loans Retail Western

Lambertson Lakes Shopping Center in Thornton Receives $2.1M

by Nellie Day March 16, 2015

THORNTON, COLO. – Lambertson Lakes Shopping Center, a 13,465-square-foot retail center in the Denver submarket of Thornton, has received $2.1 million in financing. Phase I of the center is located at 871-887 Thornton Parkway. The property is shadow anchored by a 55,000-square-foot Safeway grocery store that was not part of the transaction. The permanent, 10-year, CMBS loan allowed the borrower to obtain a 30-year amortization on a non-recourse basis. The refinance was arranged by Steve Bye and Brian Fisher of NorthMarq Capital’s Denver office.

March 16, 2015

Arizona Office Western

ConnectionsAZ Leases 36,000 SF at Phoenix Memorial Center

by Nellie Day March 16, 2015

PHOENIX – ConnectionsAZ has leased 36,000 square feet at Phoenix Memorial Center. The center is located at 1201 S. 7th Ave. in Phoenix. The building is the former Phoenix Memorial Hospital. The physician-led company specializes in emergency/crisis psychiatric services. It plans to operate a patient intake center from this location. ConnectionsAZ was represented by Kevin Lange of Keyser. The landlord, Memorial Key LLC, was represented by Kate Morris and Vince Femiano of CBRE’s Phoenix office.

March 16, 2015

Industrial Oregon Western

Romanoff Floor Coverings Leases Industrial Space in Bend

by Nellie Day March 16, 2015

BEND, ORE. – Romanoff Floor Coverings has leased 4,537 square feet of industrial/warehouse space in Bend. The space is located at 63026 Plateau Drive. The flooring construction services provider was represented by Ron Ross and Terry O’Neil of Compass Commercial in this transaction. The landlord was not named.

March 16, 2015

Office Texas

Under Armour Opens New Office in Austin

by Haisten Willis March 16, 2015

AUSTIN, TEXAS — Under Armour has opened its Connected Fitness digital headquarters in downtown Austin. The new facility is located within a new commercial development near the restored City of Austin Power Plant. The office currently employs more than 100 engineers, data scientists, designers and product designers in digital health, fitness and sports. The building spans more than 35,000 square feet and occupies the second floor of the adjacent building to the City of Austin Power Plant. The five acres surrounding the office are being transformed into a mixed-use development, which will feature more than one acre of public open space and a plaza; a 30-story residential tower and 33,000 square feet of retail space. This is the first Under Armour office in Texas, and the only office in the brand’s history solely dedicated to digital innovation. The Under Armour Connected Fitness team will focus on building the company’s digital products.

March 16, 2015

Office Texas

Boyd Commercial/CORFAC Represents Office Expansion, Relocation in Houston

by Haisten Willis March 16, 2015

HOUSTON — Boyd Commercial/CORFAC International has arranged several real estate transactions for The Detering Co., including the relocation of the firm’s offices. The Detering Co. has relocated from Washington Avenue to a new, 107,000-square-foot facility located at 6800 Helmers St. The property is situated on a 19-acre site located near Loop 610 North in Houston. J. Michael Boyd of Boyd Commercial LLC/CORFAC International represented The Detering Co. in the move and several other deals, which took over two years to orchestrate. The transactions included the sale of three parcels of land, the purchase of two parcels of land and a build-to-suit of an office and warehouse facility. The Detering Co., a building materials supply company, formerly occupied more than five acres and 70,000 square feet at its former headquarters located at 3028 Washington Ave. Detering’s new headquarters fronts Irvington and Bennington Streets as well as Helmers. The property includes a 16-acre site acquired from Quasar Land Ltd., and a three-acre site acquired from Irvington Holdings LLC. A new 107,000-square-foot built-to-suit facility was recently completed and opened at the company’s new headquarters. Detering demolished a building on the property it acquired to make room for the new building. In addition, Detering …

March 16, 2015

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