The Las Vegas office market continues to recover and stabilize, capping off 2014 with the 12th consecutive quarter of positive net absorption. Initially slow to recover following the recession, the area’s rebound has recently quickened. The market has an unemployment rate of 7.1 percent, with 2014 being the first year since 2008 to see a rate below 8 percent. Office-related jobs represented 20 percent of the workforce, second only to hospitality, proving the office market is an important part of the area’s growth and vitality. Class A office space along the I-215 Beltway currently shows strong activity. Las Vegas is home to two suburbs that historically were among the fastest-growing communities in the nation: Green Valley in the southeast and Summerlin in the west. Initially built as a means to connect the populations of these communities, the Beltway now extends around the city, connecting to I-15 in the northern valley. Notable recent developments along the Beltway include Krausz Companies’ and WGH Partners’ Gramercy, a mixed-use office, retail and multifamily project in the southwest that added 175,000 square feet of Class A office space in the third quarter of 2014, and The Howard Hughes Corporation’s Downtown Summerlin, a mixed-use project that …
NORTH MYRTLE BEACH, S.C. — Greenville, S.C.-based RealtyLink LLC and Atlanta-based Branch Properties LLC have completed Coastal North Town Center, a $60 million retail power center in North Myrtle Beach. The 315,000-square-foot center opened 88 percent leased to tenants such as Publix, Hobby Lobby, TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, PetSmart, Ulta Beauty, Rack Room Shoes, Versona, Edison’s Fitness, Hallmark, Dickey’s BBQ, Coastal North Vision Care, CC Nails, Supercuts, Which Wich, Coastal Olive Oil, McAlister’s Deli, Chipotle, Mattress Firm, Heartland Dental, B Fashion, Menchie’s, Bojangles’ and Bou’Tiki. Coastal North Town Center is the trade area’s largest retail shopping center completed in nearly 15 years. As part of the joint venture agreement, RealtyLink is responsible for development, financing and leasing, while Branch serves as the equity partner and ongoing property manager.
NASHVILLE, TENN. — HFF has arranged permanent financing for the 800-room Omni Nashville Hotel, a LEED Silver-certified, upscale hotel located across from Music City Center in downtown Nashville. Completed in 2013 and located at 250 Fifth Ave., the hotel features the 5,500-square-foot Mokara Spa, a rooftop swimming pool, whirlpool with a lounge deck and cabanas, business center, 80,000 square feet of meeting space, 49,000 square feet of pre-function space and dining options such as Bob’s Steak & Chop House, Kitchen Notes and Barlines. Whitaker Johnson, Jim Curtin and Sarah Baccich of HFF arranged the fixed-rate loan through Prudential Mortgage Capital on behalf of the borrower, TRT Holdings.
ALEXANDER CITY, ALA. — Wheeler Real Estate Investment Trust (Wheeler REIT) has entered into Alabama with its $10.3 million purchase of Alex City Marketplace in Alexander City, roughly 40 miles northwest of Auburn. The 147,791-square-foot grocery-anchored shopping center was 98.3 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Goody’s, Domino’s Pizza, Verizon Wireless, Advance America, Subway and Cato Fashion. The shopping center was built in 1995 and renovated in 2001.
ATLANTA — Value Place, an extended-stay hotel brand, has opened its second hotel in Atlanta and ninth hotel in Georgia at 2877 Dresden Drive. The four-story, 124-room hotel is located south of Chamblee Tucker Road inside the I-285 perimeter. The hotel features kitchens with a microwave, cooktop and refrigerator; high-speed Wi-Fi internet; guess laundry; and 24-hour vending. To date, Value Place has opened nearly 200 hotels in 31 states. The brand is targeting markets such as Chicago, Los Angeles, Philadelphia, Boston, Seattle, Miami, Portland, the Twin Cities and Fort Lauderdale for its continued expansion.
COLUMBUS, GA. — America’s Realty, in partnership with ARCJ Capital, has purchased Fountain Park Shopping Center, a 107,105-square-foot grocery-anchored shopping center in Columbus. America’s Realty purchased the asset from Phillips Edison and Co. for approximately $5 million. The asset was 89 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Gallery Wedding, China Café, Golden Beauty, Q Nails, Veri Best Donut and Farmers Home Furniture. The property is the fifth shopping center that America’s Realty has purchased in Georgia.
EULESS, TEXAS — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Royal Terrace, a 120-unit apartment community located at 306 Martha St. in Euless. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the Copperstream Investments LLC in the sale of Royal Terrace to the buyer, Amar Patel. Royal Terrace offers access to both Dallas and Fort Worth via Highway 183 (Airport Freeway) and Highway 360. The property has undergone recent improvements including new electrical room panels and wiring, new shingle mansards and exterior paint.
FORT WORTH, TEXAS — Construction has begun on EECU Credit Union’s 14th location in metro Dallas, which will be known as the Heritage Trace branch. Plans call for the 2,800-square-foot building, which will be smaller than other EECU branches, to use new technologies to make the most of the space. The facility will include video conferencing stations for members to chat with specialists as well as a self-service bar where members can complete simple transactions on tablets. The Hillwood development will be located in Alliance Town Center. The credit union expects to complete construction on the branch in August, and will follow with a grand opening. The branch will feature drive-thru banking, an ATM and night depository.
DALLAS — Stitch Fix, an online personal styling service for women, is set to open its third distribution center, which will be located in Dallas. The new distribution center, on Cockrell Hill Road, will open in June 2015 and will help the company serve clients in Texas and the southern United States. Stitch Fix, which is headquartered in San Francisco and also has an office in Austin, employs more than 200 stylists in the Dallas region. The company plans to hire 400 to 500 employees for the 316,000-square-foot facility, with plans to continue to grow the team in 2016. Hugh Scott and Kurt Griffin of JLL represented Stitch Fix in its search for a Dallas distribution hub.
NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.