LOS ANGELES – A 20,087-square-foot industrial building in Placentia has sold to the Dayton Family Trust for $2.6 million. The space is located at 580 S. Melrose Street in the Los Angeles submarket. The trust will use the property for a food-flavoring business. It was represented by Scott Read of Newmark Grubb Knight Frank. The seller, Nan-Hsing Cheng, was represented by Morgan Hill, Mike Vernick and Mike Hefner of Voit Real Estate Services’ Anaheim office.
DENVER – A 3,798-square-foot building near Denver that is leased to Kneaders Bakery and Café has sold to an unnamed buyer for $2.5 million. The space is located at 19190 East Main Street in Parker, just southeast of Denver. It also contains a 1,400-square-foot patio. The bakery holds a 15-year lease at the newly constructed property. The transaction was executed by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.
ATLANTA — Atlanta-based developer Jamestown has revealed 13 new retail tenants for its Ponce City Market development, a 2 million-square-foot, adaptive reuse project in Atlanta’s Old Fourth Ward neighborhood. Ponce City Market is a retrofitting of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline. The property features a marketplace with a central food hall (opening in spring 2015), loft apartments and boutique office space. The retail tenant roster includes The Frye Company (4,135 square feet); Oakleaf & Acorn (700 square feet); The Jean Machine (1,200 square feet); Williams-Sonoma Home (9,251 square feet); Madewell (3,017 square feet); West Elm (13,750 square feet); Anthropologie (11,618 square feet); Mountain High Outfitters (6,900 square feet); Rejuvenation (6,000 square feet); Goorin Bros. Hat Shop (1,000 square feet); J. Crew (5,382 square feet); Michael Stars (1,539 square feet); and Lou Lou Accessories (1,200 square feet). The retailers will begin to open their stores in the spring in conjunction with the opening of the central food hall, according to the Atlanta Business Chronicle.
SCOTTSDALE, ARIZ. – Fate Brewing Co. has purchased a 15,000-square-foot building in Scottsdale to open a new brewpub location. The space is located at 1312 N. Scottsdale Road. The new space will include a large beer garden-style patio and 19-foot interior ceiling heights. The new location will also brew Fate’s flagship beers, while its original nearby location will continue brewing its small batch, limited-release beers. Plato’s Closet will also take up residency in the building. The buyer, Tom Frenkel, represented himself in the transaction. The seller, SBI Leasing Inc., was represented by Brian Kocour and Courtney Auther Van Loo of Cushman & Wakefield.
ORLANDO, FLA. — HFF has brokered the $37.3 million sale of Colonial Landing, a 259,024-square-foot retail power center in Orlando. The property is located 2.2 miles from downtown Orlando across from Orlando Fashion Square Mall. Colonial Landing is fully leased to tenants such as Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, H.H. Gregg, Party City, Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical. Retail Centers of America, which was advised by Lincoln Retail REIT Services, purchased the property free and clear of existing debt. Brad Peterson, Whitaker Leonhardt and Anthony Frogameni of HFF led the investment sales team in representing the seller, a joint venture between Weingarten Realty Investors and other private investors.
CHAPEL HILL, N.C. — ARA has brokered the sale of Notting Hill, a 200-unit, Class A apartment community in Chapel Hill. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, a Dallas-based private real estate fund advised by Crow Holdings Capital-Real Estate. Atlanta-based Carroll Organization purchased the apartment community in a joint venture agreement with AIMS Real Estate for an undisclosed price. Carroll Management Group will manage the apartment property, which was 95 percent occupied at the time of sale. The property’s amenity package includes a swimming pool, business center, fitness center, tennis court, playground, car care center, laundry center and coffee lounge. Built in 2000, the property is comprised of one-, two- and three-bedroom units.
ATLANTA — KBS Real Estate Investment Trust III (KBS REIT III) has signed a 24,829-square-foot office lease with Georgia Tech Research Corp. (GTRC) at 171 17th St. in Atlanta. The 21-story, Class A office tower at 171 17th St. is located in the Atlantic Station mixed-use development. The office building was the first LEED Silver Core and Shell-certified building in the world, according to KBS REIT III. Glenn Kolker and Sonia Winfield of Cassidy Turley represented KBS REIT III in the lease transaction.
The Southeast’s increasing relevance in the global marketplace is due in large part to the success of its ports. Internationally recognized companies like BMW, Boeing and Walmart have expanded in the Southeast to operate closer to the ports handling their imports and exports. According to JLL’s Port, Airport & Global Infrastructure research division, volume of twenty-foot equivalent units (TEUs) in 2013 at 13 seaports across the country was 3.3 percent higher than in 2007. TEU volume at West Coast seaports dipped by 6.8 percent in that period, while East Coast ports exceeded their 2007 volumes by 19.1 percent. The large spike of activity for East Coast ports in the past seven years has resulted in a windfall of industrial tenants expanding in and around the ports. Three of the largest Southeastern ports in terms of capacity are the Port of Charleston, PortMiami and the Port of Savannah. Each have been a boon to the industrial market in their respective state, and with the expansion and harbor deepening projects underway at each port, each should only escalate their importance in the coming years. In the Driver’s Seat The South Carolina Ports Authority (SCPA) is currently in a growth mode with container …
Jacksonville boasts the fourth-largest metro population and the largest city proper population in the state of Florida. It is the 14th most populous city in the United States, and with a breadth of approximately 841 square miles, it is the largest city in the contiguous United States by area. The county seat of Duval County, Jacksonville touts a population of approximately 900,000 people (2012 estimate) with a median household income of $50,701 and a median age of 31.4. The unemployment rate is presently on a downward trend decreasing 80 basis points from August to September 2014 to 5.8 percent, which was significantly lower than the previous year’s rate of 6.6 percent and Florida’s 6.1 percent. Jacksonville’s retail market remains strong despite the lack of available space in the mature Class A submarkets such as Town Center, Rivercity Marketplace, Mandarin, Orange Park, West Beaches and Beaches. National retailers and restaurants remain active seeking deals throughout Duval County, yet are still hesitant to consider Class B and C submarkets given their selective national site strategies. As most of the highly desirable spaces has been absorbed, there is more demand for new space than any time in recent memory. Although several redevelopments and …
O’FALLON, MO. — Mid-America Real Estate Corp. and St. Louis, Mo.-based Pace Properties have brokered the sale of O’Fallon Walk, a 157,779-square-foot community shopping center in O’Fallon, a St. Louis-suburb. Boca Raton, Fla.-based PEBB Enterprises purchased the property, which is located at the southwest corner of Highway K and Feise Road, for an undisclosed sales price. Gordmans, Justice, Kirkland’s, and Catherines anchor the center. Ben Wineman of Mid-America and Scott Seyfried of Pace Properties brokered the transaction on behalf of New York-based Special Servicer for a CMBS Trust.
