For years the Omaha industrial market — approximately 68 million square feet strong — seemed to be slow and steady. When the market tightened, developers were still able to meet demand. Over the past 15 years, companies looking to construct new facilities have historically had an ample number of options in which to relocate along I-80 in the southwest part of the metro area. The Great Recession of the late 2000s seemingly halted speculative construction. During the rebound of the early 2010s, the vacancy rate began to steadily decline. Tenants started to absorb excess space at a healthy clip. All of a sudden, the market has begun to face two overwhelming challenges: virtually full occupancy among rental space and few readily available land options to build new product. Space Users Stay Active Industrial vacancy in Omaha has continued to plummet, ending 2014 at a 3 percent vacancy rate. Both large national companies and local businesses have accounted for the healthy absorption of space. Sergeant’s Pet Care Products (which built 349,680 square feet), Airlite Plastics (71,272 square feet), and Election Systems & Software (40,000 square feet) all increased their footprint in 2014. Additionally, several smaller transactions have occurred this year. Companies …
INDIANAPOLIS — Hilton Worldwide has signed a franchise license agreement with PK Partners to develop the 125-room Hampton Inn & Suites Indianapolis/Keystone. The five-story hotel will be located at 8980 River Crossing Blvd. in Indianapolis. PK Partners will own the property and Schahet Hotels Inc. will operate the hotel. Located in the heart of Keystone at the Crossing, adjacent to the River North at Keystone, Hampton Inn & Suites Indianapolis/Keystone will be part of a mixed-use development and within walking distance to the Fashion Mall at Keystone. The new hotel is set for completion in late 2016.
TWINSBURG, OHIO — Meridian Design Build has begun construction on a new 207,360-square-foot, speculative industrial building in Twinsburg. Scannell Properties is the developer for the project. The multi-tenant facility is located on a 14-acre site within Cornerstone Business Park. The new spec building will include 171 auto parking stalls, five tenant entrances and 26 loading docks. The building is scheduled for completion in late summer. Precept Design LLC is providing architectural services for the project. Weber Engineering Services is completing civil engineering work.
COLUMBUS — Marcus & Millichap has arranged the $6.3 million sale of East Broad Commons, a 20,928-square-foot retail property in Columbus. The property is located at 6572-6608 E. Broad St. Tenants at the shopping center include Dunkin Donuts, Rite Rug, Salon Lofts, AT&T Wireless and Gratzi Pizzeria. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap’s Columbus office represented the seller, a developer.
NEW YORK CITY — RKF has brokered the sale of a 19,008-square-foot commercial condominium located at 100 West 93rd St. on the Upper West Side in New York City. Coltown Properties acquired the property for $16.5 million and subsequently leased the property to Manhattan Children’s Center, a school that provides scientifically based treatment and education to children with autism spectrum disorders. The two-story asset features 13,834 square feet on the ground floor and 5,174 square feet on the second floor. David Abrams and Marc Finkel of RKF represented the buyer, while Michael Dubin of Savvit Partners represented the seller, Starrett Development. Additionally, Abrams and Finkel represented both parties in the lease transaction.
NEWBURGH AND HYDE PARK, N.Y. — HFF has closed the sale of a two-property Ace Self-Storage portfolio totaling 630 units and 95,878 square feet in Upstate New York. Real Estate Technology sold the assets to World Class Capital Group LLC for an undisclosed price. The portfolio comprises a 388-unit property located at 735 and 765 South St. in Newburgh and a 241-unit facility at 1594 Route 9G in Hyde Park. The buyer plans to add additional units to both facilities, which include climate- and non-climate-controlled units and on-site management. Barbara Guffey led the HFF team that represented the seller in the transaction.
NEW YORK CITY — Admiral Capital Group and Four Winds Real Estate have acquired a three-building mixed-use portfolio in downtown Manhattan for an undisclosed price. The portfolio features 61 residential units and four commercial units at 106 Ridge St., 118 Ridge St. and 110 Ridge St. The acquisition is Admiral’s first investment in New York City, and it expands Four Winds’ existing multifamily portfolio on the Lower East Side. The seller was a private investor group that owned the properties for more than 30 years. Jarett Kaplus of Admiral and David Schneiderman and Joshua Landau of Four Winds led the transaction teams. The sale was brokered by Eastern Consolidated.
NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily property located at 15-21 Crooke Ave. in Brooklyn’s Prospect Park South district. A local investor acquired the property for $14.2 million, or $264,000 per unit, in an off-market transaction from an undisclosed buyer. The six-story elevator building features 54 residential units. Erik Yankelovich of GFI Realty represented the buyer in the transaction.
NORTH HAVEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of a professional/medical building located at 100 Broadway in North Haven. 100 Broadway North Haven LLC purchased the 11,000-square-foot property for $1 million from Bass Inc. Stephen Press of Press/Cuozzo represented the buyer, while Susan Criscuolo, also of Press/Cuozzo, represented the seller in the transaction.
DALLAS — CBRE Capital Markets’ Investment Properties has arranged the sale of NBCUniversal Regional Headquarters, a 75,000-square-foot, single-story Class A office asset in Dallas. The LEED-certified building was completed in 2013. The property is fully leased to NBCUniversal Media LLC, a wholly owned subsidiary of Comcast Corp., and serves as the regional headquarters, broadcasting and multimedia news facility for NBC/KXAS-TV, Telemundo and NBCUniversal. Olympus Ventures purchased the asset from KDC for an undisclosed price. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Pete Van Amburgh of CBRE represented the seller.