Property Type

Devonshire REIT Acquires Two Southwest Florida Shopping Centers for $39.5M

by John Nelson April 23, 2015

TAMPA AND FORT MYERS, FLA. — Devonshire REIT Inc. has purchased two shopping centers in Tampa and Fort Myers for a combined $39.5 million. The privately held REIT purchased The Cypress Shopping Center in Tampa for $24.6 million and The Shoppes at Plantation in Fort Myers for $14.9 million. Built in 2009, the 111,228-square-foot Cypress Shopping Center was 97.5 percent leased to tenants such as Winn-Dixie, LA Fitness, Five Guys Burgers and Fries, Scottrade, Nutrishop, Pita’s Republic and Eye Doctors Optical Outlet at the time of sale. The 71,429-square-foot Shoppes at Plantation was 96 percent leased to tenants such as Winn-Dixie, Great Clips, Jersey Mikes, Suncoast Federal Credit Union and China Dragon at the time of sale. With the two transactions, the REIT has surpassed $500 million in total assets under management.

April 23, 2015

Florida Office Southeast

CBRE Brokers $23.8M Sale of Boutique Office Property in Boca Raton

by John Nelson April 23, 2015

BOCA RATON, FLA. — CBRE has brokered the $23.8 million sale of Glades Twin Plaza, a 98,312-square-foot boutique office building located at 2300 Glades Road in Boca Raton. Built in 1982 and renovated in 2010, the office property was 77 percent leased at the time of sale. Christian Lee, Jose Lobon, Charles Foschini, Chris Apone and Michael Erickson of CBRE represented the seller, a fund managed by BlackRock, in the transaction. The buyer was Dallas-based L&B Realty Advisors.

April 23, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $9.7M Sale of Shopping Center in Miami Gardens

by John Nelson April 23, 2015

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.7 million sale of Shoppes of Ives Dairy, a 24,597-square-foot shopping center located at 19801 N.W. 2nd Ave. in Miami Gardens. Constructed in 2006, the center’s tenant roster includes Chili’s Restaurant & Bar, Bank of America, Starbuck’s Coffee, Wells Fargo Bank, Amscot Financial and Foot Locker. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Miami-based limited liability company, and the buyer, an investment group based in New York.

April 23, 2015

North Carolina Office Southeast

Frontier Capital to Occupy Top Floor of 19-Story Office Tower in Charlotte

by John Nelson April 23, 2015

CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.

April 23, 2015

Industrial Market Reports Midwest Midwest Market Reports Nebraska

New Industrial Parks Will Help Ease Tight Market Conditions in Omaha

by Danielle Everson April 23, 2015

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 …

April 23, 2015

Hospitality Indiana Midwest

Hampton Inn & Suites Hotel Coming to Keystone at the Crossing

by Danielle Everson April 22, 2015

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.

April 22, 2015

Industrial Midwest Ohio

Meridian Design Build Begins Construction on Industrial Spec Project in Ohio

by Danielle Everson April 22, 2015

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.

April 22, 2015

Midwest Ohio Retail

M&M Arranges $6.3M Sale of 20,928 SF Retail Property in Columbus

by Danielle Everson April 22, 2015

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.

April 22, 2015

New York Northeast Office

RKF Brokers $16.5M Acquisition of 19,008 SF Commercial Condo in NYC

by Amy Works April 22, 2015

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.

April 22, 2015

New York Northeast Retail

HFF Closes Sale of Two-Property Ace Self-Storage Portfolio in Upstate New York

by Amy Works April 22, 2015

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.

April 22, 2015

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