RENO, NEV. – Moldman Systems has leased 35,100 square feet of distribution space at Reno Aircenter. The space is located at 4649 Aircenter Circle in Reno. Moldman is a low-pressure injection molding machine developer and distributor. The landlord, IndCor Properties, was represented by J. Michael Hoeck, Dave Simonsen, Michael Nevis and Steve Kucera of The NAI Alliance Industrial Properties Group.
SPARKS, NEV. – The Villagio Apartments, a 40-unit multifamily property in Sparks, has sold to an unnamed buyer for $2.8 million. The community is located at 1850-1852 Merchant Street. It was built in 1979 and is fully occupied. The seller, a limited liability company, was represented by Kenneth N. Blomsterberg and Ryan Rife of Marcus & Millichap’s Reno office.
GLENDALE, CALIF. – LA Fitness and Buffalo Wild Wings have announced plans to open at Glendale Marketplace this year. The retail center is located at 106 South Brand Blvd. in the Los Angeles Tri-City submarket of Glendale. LA Fitness and Buffalo Wild Wings are both in expansion mode. They will be joined by AT&T, which also plans to open at the 153,000-square-foot marketplace this year. The center is owned by Cypress Equities.
MIAMI BEACH, FLA. — CBRE’s hotel and capital markets multifamily divisions have brokered the $21.6 million sale of Canyon Ranch Hotel and Spa at 6801 Collins Ave. in Miami Beach. Z Capital Partners LLC purchased the asset via a bankruptcy auction. The United States Bankruptcy Court Southern District of New York approved Z Capital Partners as the buyer. The private equity firm plans to reposition the asset into a five-star hotel called the Carillon Hotel and Spa, which will consist of 150 rooms. The hotel features 750 feet of beachfront and is located adjacent to L’Atelier, a 20-story condominium tower currently under construction. The new hotel will be managed by a new joint venture consisting of Z Capital; Adrian Zecha, founder of Amanresorts and GHM Hotels Ltd.; and Jonathan Breene, developer and creator of The Setai, South Beach.
ALBANY, GA. — Hart Corp. has brokered the sale of a 473,132-square-foot industrial facility in Albany, a city in South Georgia. The seller, Bridgestone America Tire Operations, sold the asset to Clark Associates Inc., an online supplier of restaurant equipment, for an undisclosed amount. CBRE represented Bridgestone in the transaction, and Jim Belcher and Bart Hardison of Hart Corp. represented Clark Associates. Justin Strickland of the Albany/Dougherty Economic Development Commission and Walt Farrell of the Georgia Department of Economic Development assisted in the transaction.
NORTH LAUDERDALE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Cove at Parrot’s Landing, a 152-unit multifamily community located at 7575 Hampton Blvd. in North Lauderdale, a city in Broward County. CFH Group purchased the asset from Brass Enterprises for an undisclosed amount. Constructed in 1997, units at The Cove at Parrot’s Landing include separate laundry rooms with full-size washer and dryer, walk-in closets, track lighting and balconies with storage closets. Still Hunter III of IPA represented the seller in the transaction.
ATLANTA — Medalist Capital has arranged acquisition financing for the purchase of Abernathy Square, a 128,000-square-foot, Publix-anchored shopping center in Atlanta. Bryan Brooks of Medalist Capital’s Charlotte office arranged the non-recourse, fixed-rate loan through an unnamed life company lender on behalf of the borrower, Charlotte-based Ferncroft Capital.
The overall snapshot is that Atlanta’s economy is on a growth tract in terms of employment and corporate growth, and has definitely rebounded from the recession and its previous overbuilding. Economic growth and the current lack of speculative development are driving the improvement in the retail market. Rental rates, occupancy levels, absorption, leasing momentum and pricing are increasing. In addition, new retailers are entering or looking to enter the market. However, the retail market’s improvement varies across the metro region. Vacancy and Rental Rates Due to positive absorption and leasing momentum in both vacant and sublease space, the overall occupancy rate and average rental rate for Atlanta’s retail inventory have been increasing. According to CoStar’s third quarter retail market update, the overall vacancy rate is now down to 8.8 percent and the average rental rate is $12.78 per square foot. However, when you break it down by submarket and property types, rental rate and occupancy gains vary significantly. Quality shopping centers in strong submarkets and locations have experienced very strong gains, yet Class B and C centers and those located in certain submarkets are still lagging the overall market. The Buckhead, Central Atlanta, Central Perimeter and Georgia 400 submarkets are …
BOSTON — Columbia Property Trust has purchased an office building located at 116 Huntington Ave. in Boston’s Back Bay submarket. Broadway Partners, advised by Soundport Capital LLC, sold the 274,218-square-foot property for $152 million. Constructed in 1991, the 15-story building offers views of the Back Bay, Seaport and South End submarkets, as well as the Charles River. Coleman Benedict, Ben Sayles and Patrick McAneny of HFF marketed the property for the seller and procured the buyer in the transaction.
MAHWAH, N.J. — Sitex Group has acquired Sharp Plaza, a mixed-use campus located in Mahwah, for $40 million. Situated on the New York state border at the intersection of Routes 17 and 287, the campus includes a three-story, 147,000-square-foot Class A office building, a 350,000-square-foot warehouse building and 23 acres of undeveloped land. The office building is currently leased to Sharp as its North American headquarters on a long-term basis. The warehouse, which is expandable by 200,000 square feet, currently has an 80,000-square-foot vacancy. The remainder of the warehouse is long-term leased to Sharp and Amazing Savings. Sitex Group plans to reposition the warehouse vacancy and market the vacant land for office or warehouse build-to-suit opportunities. McBride Real Estate represented Sitex Group in the acquisition.