Atlanta is experiencing an influx of human capital, corporate relocations and development of distribution networks that are combining to create a robust expansionary cycle in our real estate markets. One of the most positive elements of this expansion is that it appears the underlying structure of the growth is creating stability for our city and state well into the future. It is the structure of the growth that will be a long-term difference maker. CNBC annually conducts a study and ranks the top states for doing business. These rankings are a result of assessing various criteria, including but not limited to the cost of doing business, workforce quality, access to capital and business friendliness. CNBC’s results in 2014 were very telling. Four of the top 10 states are located in the south. The South’s top 10 finalists in CNBC’s study were Georgia (1), Texas (2), North Carolina (5) and Virginia (8). In addition to these empirical studies, major corporations are voting as well. The verdict is that many organizations are choosing to relocate corporate headquarters to Atlanta. Recently, marquee brands such as Mercedes-Benz USA and State Farm all have made plans to open or expand major corporate centers in our …
TUCSON, ARIZ. – The Place at Tierra Rica, a 288-unit apartment complex in Tucson, has sold to Aspen Square for $14.3 million. The community is located at 3201 and 3225 West Ina Road. It was built in 1988. The seller was MC Companies. The sale was executed by Art and Clint Wadlund of Berkadia.
DENVER — WoodSpring Suites has announced its plan to open six new hotels in the Denver area over the next four years. The company has partnered with Pure Strike Development LP and CAMTOD Group on the agreement. Value Place was rebranded as WoodSpring Suites this past April. This development agreement will grow the brand to a total of 15 properties throughout Colorado. The group’s first hotel in the Denver area will be located in Centennial. It is scheduled to break ground next March. Once completed, the hotel will feature amenities like in-room kitchens, free high-speed internet and guest laundry facilities. The extended-stay hotel brand also recently announced its newest addition, WoodSpring Suites Signature, which is “designed to appeal to less price sensitive guests,” according to the company. WoodSpring Suites is focused on strategic expansion across the U.S. through corporate- and franchise-owned development. The company expects to break ground on 30 additional properties by the end of the year. Expansion plans through 2017 include the addition of corporate and franchised properties in major metropolitan markets like Los Angeles, Seattle, Portland, Ore., Chicago, Philadelphia, Boston, Miami and Minneapolis.
FRESNO, Calif. — Integral Senior Living (ISL), a seniors housing operator based in Carlsbad, will manage Kingston Bay Senior Living in Fresno, which recently started construction. ISL expects the community to open in spring of 2016. Quiring General, a seniors housing-focused construction company headquartered in Fresno, is building Kingston Bay. Sitting on four acres, the 86,467-square-foot community will have 107 units, which will consist of 61 one-bedroom and 22 bedroom assisted living apartment homes, as well as 24 memory care residences. This senior living community will provide an active and healthy lifestyle while promoting independence and upholding the dignity of the residents.
SAN DIEGO – A 7,125-square-foot retail property in San Diego has sold to CITYWEST LLC for $3.8 million. The property is located at 142 University Ave. in the Hillcrest submarket. The space is fully leased to Fiesta Cantina, Charisma Cucina Italiana, Mess Royale, Cody’s Home + Gift, Detour Salon and 142 Beauty Spot. It was built in 1989. CITYWEST was represented by Richard Lebert and Matt Zimsky of Colliers International. The seller, 142 DMW Group LLC, was represented by Mark McEwen of the same firm.
CARTERET, N.J. — CBRE Group Inc. has arranged the sale of a warehouse and distribution property located at 200 Milik St. in Carteret. TIAA-CREF purchased the 232,134-square-foot property for $49.5 million from The Hampshire Companies. Constructed in 2012, the facility features 36-foot clear ceiling heights, 52-by-50-foot column spacing, ESFR sprinkler systems and up to 40 loading docks. The seller began construction of the property on a speculative basis and fully leased the building to FedEx Ground prior to completion. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Group Inc. represented the seller and the buyer in the transaction.
CRANFORD, N.J. — Woodmont Properties has opened Woodmont Station at Cranford, an apartment community located in Cranford. Located at 555 S. Avenue East, the Woodmont Station at Cranford features 163 one-, two- and three-bedroom apartments in six different floor plans ranging from 858 and 1,238 square feet. The apartments feature gourmet kitchens with quartz countertops, full stainless steel appliance packages and bar-style seating. Community amenities include an outdoor spa pool and barbecue terrace, game room, strength and cardio center, state-of-the-art fitness studio with virtual classes on demand, clubroom with resident lounge, cyber café, bark park and an indoor pet spa. The company broke ground on the property, which is more than 50 percent leased, in 2013.
LONG BRANCH, N.J. — Pennrose Properties, along with Long Branch Housing Authority and Maestro Community Development Corp., have opened the final phase of Woodrow Wilson Commons, an affordable, mixed-income rental community in Long Branch. The residential community features 173 apartments and townhomes. The first two phases, totaling 122 units, received LEED Gold certification, and the 51 final-phase units have the new ENERGY STAR 3.0 designation. Designed by Wallace Roberts & Todd, the property features one-, two-, three- and four-bedroom units with open layouts and large windows. All units feature fully equipped kitchens with ENERGY STAR appliances; spacious closets; ceramic tiled baths; washer and dryer hook-ups; and resident-controlled heating and central air conditioning. Woodrow Wilson Commons’ last phase is the first development in the state to be completed using a 9 percent Low Income Housing Tax Credit as part of Federal Community Development Block Grant Disaster Recovery Funds given to the state as part of the Hurricane Sandy relief effort.
INDIANAPOLIS — The Opus Group is developing a speculative industrial property at 3901 Hanna Circle at the Airport Business Center in Indianapolis. The industrial office and warehouse facility will feature 433,000 square feet of space. Situated on 26.2 acres, the property will feature 32-foot clear heights, 40 loading docks with four drive-in doors, ESFR sprinkler systems, T-5 fluorescent lighting and parking for 288 cars and 63 trailers. Construction began in May, with completion slated for February 2016. The building will be owned by a joint venture partnership between Opus Development Co. and Founders Properties. Opus Development Co. is the project’s developer, Opus Design Build is serving as design-builder and Opus AE Group is the architect and engineer of record. DTZ has been retained to market the property for lease.
UTICA, MICH. — Broad Reach Retail Partners LLC has added Shelby Corners Shopping Center, located at 13277 Hall Road in Utica, to its shopping center portfolio. The 327,946-square-foot center consists of two single-story strip centers situated between a Target and a parcel housing Buy Buy Baby and Christmas Tree Shops. Both Target and the parcel are not part of the transaction. At the time of acquisition, the property was 74.7 percent leased. The name of the seller and the purchase price were not released.