Manufacturing was instrumental in driving the United States economy out of the recession. With Greenville-Spartanburg having a high ratio of manufacturing to warehouse space, the region’s industrial market has been ahead of the national market in terms of growth. Greenville-Spartanburg is first and foremost an industrial market with approximately 160 million square feet of manufacturing, warehouse and flex space. This is larger than the industrial markets in Columbia and Charleston combined. For five consecutive years vacancy has declined and absorption has been consistently positive. Vacancy currently sits at a record 7.3 percent and has been there for several quarters, not moving down further mostly due to lack of product. Annual net absorption topped 4.3 million square feet in 2012 and 2013, and dropped down to 2.5 million in 2014. Space that does not exist cannot be absorbed. Developers are aggressively responding to this lack of product with more than 3 million square feet of space expected to be built in 2015. Over 1.3 million square feet of that space is considered speculative, meaning construction started before occupancy was achieved. Both numbers represent the highest amounts of construction since CBRE began tracking the Greenville-Spartanburg industrial market in 2001. Absorption in 2015 …
PHOENIX – Gateway Four, a 137,069-square-foot office building in Phoenix, has sold to VanTrust Real Estate for nearly $23 million. The building is located at 444 N. 44th Street. It is fully leased by State Farm Insurance, though the company is scheduled to vacate the building late next year when it consolidates its local operations. Gateway Four is part of the larger Phoenix Gateway Corporate Center. The seller was LBA Realty. The sale was executed by CBRE’s Tom Adelson and Jim Fijan.
GLENDORA, CALIF. – The 50-unit Glendora Park Place Apartment Homes has sold to a private, out-of-state investor for $14.5 million. The community is located at 633-641 West Route 66 in the Los Angeles submarket of Glendora. It is currently 95 percent occupied. The property also contains three ground-level commercial spaces. The seller was Glendora Park Place. The transaction was executed by Peter M. Hauser of Berkadia.
DENVER – A portfolio of five 7-Eleven properties in the Denver area has sold to a Northern California buyer in a 1031 Exchange for $12 million. The single-tenant, net-leased properties are under corporate guarantees from 7-Eleven. The seller, a Colorado-based private real estate investment company, was represented by JLL’s Matt Berres and Jason Schmidt.
WEST JORDAN, UTAH – Three Zaxby’s restaurant locations have recently sold in Utah. The franchised fast food chain restaurants included in these sales are situated in West Jordan, Lehi and Cedar City. The transactions were valued at a total of more than $10 million. Zaxby’s has more than 600 locations nationwide. Its first outpost opened in Georgia in 1990. The franchise opened 10 new stores in Utah over the past year, including the three that recently sold. Lance Pendleton of Mountain West Retail and Investment represented the unnamed seller in those three transactions.
LOS ANGELES – LemonPop has leased 5,900 square feet of space at Azalea Regional Shopping Center in the Los Angeles submarket of South Gate. The center is located at 4827 Firestone Blvd. LemonPop is an apparel store that serves children and adults of all ages. The center is owned by Primestor Development.
AUSTIN, TEXAS — Trammell Crow Co. and Principal Real Estate Investors have reached a significant construction milestone for their new office tower in Austin, and they’ve made history in the process. To lay the foundation for 500 W. 2nd Street, the 29-story, 500,000-square-foot office tower located at San Antonio and 2nd streets, construction manager The Beck Group coordinated downtown Austin’s largest-ever continuous concrete foundation pour, placing more than 10,680 cubic yards of concrete in just over 24 hours. The foundation slab is over nine feet deep and holds more than 1,200 tons of rebar support. The office tower will soon begin vertical construction, with two tower cranes to erect on-site within the next two weeks. Owners Trammell Crow Co. and Principal Real Estate Investors are co-developing the project. Gensler is the project architect and The Beck Group is the construction manager.
ROWLETT AND FORT WORTH, TEXAS — SHOP Cos. Investment Sales has arranged the sale of two retail properties in the Dallas/Fort Worth area totaling 78,075 square feet. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the two different sellers in each transaction. Lakeview Crossing is a 49,693-square-foot retail center located in Rowlett. The property was 72 percent occupied at the time of closing with tenants including Big Lots and Royal Buffet. Lakeview Crossing is located at the northeast quadrant of Lakeview Parkway and Rowlett Road in a retail corridor 20 to 25 minutes northeast of downtown Dallas. Area retailers include Walmart Supercenter, Target, The Home Depot, LA Fitness, CVS, Aldi, Ross, PetSmart and Dollar Tree. SHOP Cos. Investment Sales represented the seller, a Dallas-based limited liability company. A Houston-based limited liability company was the buyer. Shops at Hulen is a 28,382-square-foot shopping center located in Fort Worth. The property is shadow anchored by Walmart Supercenter and at the time of closing was 59 percent occupied to tenants including DaVita Dialysis, Sally Beauty Supply and Eyecrafters. The property is located 10 minutes southwest of downtown Fort Worth just off the corner of Hulen Street and Ledgestone Drive. SHOP Cos. Investment Sales …
HOUSTON — Andrew Peeples, Brett Butler and Jeff Jackson of Stan Johnson Co. (SJC) have brokered the sale of C&J Energy Services corporate headquarters in Houston. The campus consists of a 125,000-square-foot, three-story office building and a 96,149-square-foot industrial/lab building. Westchase Green LLC, a partnership entity formed by InSite Realty Partners LP, developed the build-to-suit headquarters on behalf of C&J Energy. The buyer was a private REIT out of New York. The properties were put under contract in July 2014 with the industrial/lab facility closing in October and the office headquarters closing in March 2015.
COLLEYVILLE, TEXAS — Red House Cajun Seafood Restaurant is coming to Colleyville and will be located in a 7,609-square-foot restaurant building at 5120 Highway 121. Nearby restaurants include Rio Mambo and LaHacienda Ranch. Red House will offer crab, lobster, shrimp and crawfish, as well as fish and traditional gumbo. Mark Boone of Irving-based Realty Capital Management LLC, along with Allison Cornwell, represented the landlord. Greg Blandford with Position Property Group represented the tenant.