Property Type

JLL to Acquire Shelter Bay Retail Group in Northern California

by Nellie Day July 22, 2015

MILL VALLEY, CALIF. — JLL has agreed to acquire Shelter Bay Retail Group, a retail property management firm based in Mill Valley, for an undisclosed sum. Shelter Bay manages 74 urban and suburban, open-air shopping centers throughout the San Francisco Bay Area, San Jose/South Bay, central and southern California and Arizona. The acquisition is expected to close later this month, subject to customary closing conditions. The properties’ management teams will remain intact to ensure a seamless transition when the deal closes. Shelter Bay’s team of 30 experts will join JLL at closing. Stephen Robertson, chairman of Shelter Bay, will join JLL as director of retail business development, West Coast, while Sondra Van Metre, president and CEO, will join as director of retail property management, West Coast. The two will lead the combined organization’s West Coast retail property management operations.

July 22, 2015

Market Reports New Hampshire Northeast Northeast Market Reports Office

Reurbanization and Live/Stay/Play Making their Way to Southern New Hampshire

by Jaime Lackey July 22, 2015

After a lackluster first quarter, the Southern New Hampshire office sector is showing strong potential as we head into the heart of 2015 and as the recovery that is firmly entrenched in major hubs like Boston begins to make its way to secondary markets. Notably, the trend toward reurbanization and the growing popularity of live/stay/play opportunities are driving activity in Portsmouth and promise to bolster activity in lagging submarkets like Manchester and Nashua. As companies increasingly gravitate to downtown locations, Portsmouth is seeing steady demand. In fact, its 3 million-square-foot office inventory boasts the lowest vacancy rate (11 percent) and highest average asking rents ($20.31 per square foot) of the six New Hampshire office submarkets tracked by Cushman & Wakefield. This vibrant seacoast city is the first New Hampshire market supporting speculative construction. Farley White built the 67,000-square-foot North Wing addition to 100 Arboretum Drive, bringing the building’s total to approximately 127,000 square feet. Our team serves as leasing agent for the property, where multiple deals are in the pipeline. At 249 Corporate Drive, the Katz Co. is building a 37,000-square-foot building and recently leased a significant portion of the space to Loftware Inc. Renovation, redevelopment and repurposing of older …

July 22, 2015

Hospitality Indiana Midwest

Oak Coast Properties, Harp Group Acquire Residence Inn Hotel in South Bend for $8M

by Jonathan Mehall July 21, 2015

SOUTH BEND, IND. — Oak Coast Properties and Harp Group have acquired the 80-room Residence Inn hotel in South Bend for $8 million. The new owners plan to complete approximately $2 million in extensive renovations to the property. The value-add investment strategy is aimed at maximizing revenue per available room (RevPAR). As Indiana’s fourth largest city, South Bend boasts four higher education institutions in the area. The apartment-style hotel rooms include full kitchens with ovens. The average size of the rooms is approximately 50 percent larger than traditional hotel rooms. The property appeals to both families and business travelers seeking extended-stay options. The seller was RLJ Lodging Trust.

July 21, 2015

Midwest Ohio Retail

The Boulder Group Arranges $7.7M Sale of Walgreens in Columbus, Ohio

by Jonathan Mehall July 21, 2015

COLUMBUS, OHIO — The Boulder Group has brokered the sale of a single-tenant net leased Walgreens property located at 4755 W. Broad St. in Columbus for $7.7 million. The 14,820-square-foot property was constructed in 2009 and is located on two acres. The triple-net lease expires in February 2034. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership, in the transaction. The buyer was a real estate investment and property management company based in Ohio.

July 21, 2015

Midwest Minnesota Retail

Mid-America Brokers Sale of Heritage Commons Shopping Center in Lakeville, Minn.

by Jonathan Mehall July 21, 2015

LAKEVILLE, MINN. — Mid-America Real Estate Corp. has brokered the sale of the Heritage Commons shopping center in Lakeville, 27 miles south of Minneapolis, for an undisclosed price. The buyer was Austin, Texas-based Epic Real Estate Partners. A Cub Foods anchors the 138,690-square-foot retail center. Other tenants include Subway, Papa Murphy’s, Great Clips and American Dental. Joe Girardi and Mark Robinson of Mid-America Real Estate were the exclusive brokers in the transaction on behalf of the seller, Sentinel Management Co. based in Edina, Minn.

July 21, 2015

Kansas Midwest Retail

Block & Co. Arranges 2,186 SF Retail Lease for Starbucks in Overland Park, Kan.

by Jonathan Mehall July 21, 2015

OVERLAND PARK, KAN. — Starbucks is planning to open a new location in Overland Park late this year or early 2016. The coffeehouse chain signed a lease to occupy 2,186 square feet in a freestanding building located at 135th Street and Quivira Road. The building is situated at the main entrance to a Price Chopper grocery-anchored shopping center and across the street from The Fieldhouse of Kansas City indoor sports facility. Max Kosoglad of Block & Co. negotiated the purchase of the property on behalf of the undisclosed buyer and the subsequent long-term lease with Starbucks on behalf of the landlord.

July 21, 2015

Retail Texas

Venture Arranges LA Fitness Deals in North, Central Texas

by Haisten Willis July 21, 2015

SACHSE AND SAN ANTONIO, TEXAS — Venture Commercial Real Estate has represented Fitness International LLC in deals for two new LA Fitness clubs in Sachse and San Antonio. Venture’s John Zikos, Jonathan Cooper and Cheryl Hill represented LA Fitness in both deals, working with Walt Brown Jr. and Tim Dollander of Diversified Partners, master brokers for LA Fitness in the Southern United States. In north Texas, LA Fitness has signed a lease and will soon begin construction on a 37,000-square-foot facility that will anchor the Woodbridge Gate development located on the southwest corner of Highway 78 and Woodbridge Parkway in Sachse. David Watson of Direct Property Services Inc. represented the landlord. The Sachse club is expected to open in early 2016. In central Texas, LA Fitness has acquired a five-acre tract of land and has begun construction on a prototype facility in the newest phase of the Potranco Village development, located on the northeast corner of Potranco Road and Loop 1604 in San Antonio. Wade McGinnis represented the seller, Barshop & Oles Co. The Potranco Village club is expected to open in late 2015. Founded in 1984, LA Fitness has more than 650 locations in the U.S. and Canada.

July 21, 2015

Hospitality Loans Texas

HFF Arranges Sale, Acquisition Financing for Le Méridien Hotel in Dallas

by Haisten Willis July 21, 2015

DALLAS — HFF has arranged the sale of and acquisition financing for Le Méridien Dallas by the Galleria, a 258-suite hotel in Dallas. HFF marketed the property on behalf of the seller, a partnership between Arden Group Inc. and HEI Hotels & Resorts. NB Holdings purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of the new owner to place the 10-year, fixed-rate acquisition loan with Principal Commercial Capital. Le Méridien Dallas by the Galleria is an all-suite, 11-story hotel with a European aesthetic. Originally constructed in 2002, the hotel was renovated in 2009 when it was converted into a Le Méridien. Hotel amenities include the recently renovated fitness center, 5,079 square feet of meeting space, indoor heated swimming pool, 24-hour business center and concierge service. Le Méridien Dallas by the Galleria is situated on 2.9 acres in the North Dallas Galleria market, a retail, office and entertainment district. Located at 13402 Noel Road, the hotel is across the street from the Dallas Galleria, a 1.8 million-square-foot mall that is the second most popular tourist attraction in North Texas with approximately 19 million visitors a year. Additionally, the hotel is surrounded by Class A office space serving as …

July 21, 2015

Retail Texas

Pierson Arranges Sale of Retail Building in Wichita Falls

by Haisten Willis July 21, 2015

WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Home Zone, a 37,500-square-foot, single-tenant retail building located in Wichita Falls. PRA represented the seller, BR Acquisitions, in the sale. A Texas buyer purchased the asset for an undisclosed price. Located at 3921 Fairway Blvd., Home Zone is situated along US Highway 82, one of several highways leading into Wichita Falls. Home Zone, with 15 locations throughout Texas, Oklahoma, and Louisiana, is a wholesale furniture manufacturer and outlet store, which provides home furnishings directly to various retailers as well as individual customers. Jennifer Pierson and Beth Pierson of Pierson Retail Advisors in Dallas arranged the sale.

July 21, 2015

Industrial Office Texas

Progressive Laboratories Sells Office/Warehouse Facility in Metro Dallas

by Haisten Willis July 21, 2015

IRVING, TEXAS — Progressive Laboratories Inc. has sold a 35,050-square-foot office/warehouse in the Las Colinas submarket to Chris Weir Commercial Enterprises LLC for an undisclosed price. Las Colinas Distribution Center, located on 1.9 acres at 1909 Hereford Drive in Irving, is the second building in the past year Progressive Laboratories has sold to make way for its expansion, consolidation and relocation. Brock Wilson and Joe Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the seller. The building was developed in 1977 and features 8,601 square feet of office space, 26,449 square feet of distribution space, six loading docks, 20-foot clear heights and a sprinkler system. Progressive Laboratories used 1031 exchange funds to acquire a 200,000-square-foot building less than one mile away. Dallas-based Chris Weir Commercial Enterprises, also executing a 1031 exchange, is planning to occupy the Hereford Drive building in October. Rick Medinis of NAI Robert Lynn represented the buyer.

July 21, 2015

Newer Posts

Older Posts