SPARKS, NEV. – Garlock Printing and Converting West has leased 65,088 square feet of distribution space at the Greg Street Industrial Park in Sparks. The space is located at 1450 E. Greg Street. The retail packaging service provider first opened a facility out West in Reno this past March. The company was represented by J. Michael Hoeck, Michael Nevis, Dave Simonsen and Steve Kucera of the NAI Alliance Industrial Properties Group. The landlord was not named.
The Orange County office market continues to experience steady growth as it moves into 2015, with three straight years of positive net absorption under its belt. The county’s unemployment rate has dropped to 5.4 percent over the past 12 months, while the job growth rate has averaged 1.8 percent over the same period. The overall signs for the office market are very positive as we head into the growth phase of this real estate cycle. Orange County’s office market has experienced almost 1.7 million square feet of net absorption in the past 12 months, according to CoStar. This net absorption has been spread out evenly over Class A and B properties. The current vacancy rate of 11.4 percent has steadily declined on an average of 1 percent per year for the past four years. Based on current absorption trends, the office vacancy could dip below 10 percent in 2016, which may usher in significant speculative development. The majority of the tenant activity is home grown, with limited growth from companies outside of Orange County. Net absorption is mainly due to recent larger space transactions. These occupiers include Pacific Investment Management absorbing 380,000 square feet, Belkin International (128,000 square feet), Yokohama …
AUSTIN — ARA has arranged the sale of the Reserve at Walnut Creek, a 284-unit apartment complex built in 2002 in Austin. Pat Jones of ARA represented the seller, a Delaware Statutory Trust, in the transaction. Houston-based Tradewind Properties was the buyer. Premium Property USA Inc. of Switzerland provided equity for the transaction.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.7 million purchase loan for an apartment property in Dallas. The five-year loan includes a 3.5 percent interest rate and 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
ARLINGTON, TEXAS — The Greysteel Co., has arranged the sale of Pioneer Creek, a 213-unit property located at 600 W. Pioneer Parkway in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Washington, D.C.-based Greysteel represented the seller, BJS 600 W. Pioneer Parkway LLC, in the transaction. Korca Realty Investments was the buyer.
FORT WORTH, TEXAS — Cousins Properties Inc. has sold 777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, for $167 million. Cousins purchased 777 Main for $160 million in September of 2013 as part of its Crescent Texas acquisition, which included the 4.3 million-square-foot Greenway Plaza office complex in Houston. Cousins is a fully integrated, self-managed real estate investment trust. The Atlanta-based company primarily invests in Class A office assets located in Georgia, Texas and North Carolina.
MINNEAPOLIS — Marcus & Millichap has arranged the $2.1 million sale of Amber Court Apartments, a 22-unit apartment property in Minneapolis. Amber Court Apartments is located at 5523 and 5531 Washburn Ave. S. Built in 1959, the building features original woodwork and hardwood flooring, built-in air conditioning units, circuit breakers and a parking garage. Josh Talberg of Marcus & Millichap’s Minneapolis office represented the seller, a private investor. Talberg along with Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the buyer, a limited liability company.
MASSILLON, OHIO — Retail Properties of America Inc. has arranged a 50,500-square-foot retail lease in Massillon, approximately eight miles west of Canton. Dunham’s Sports will occupy the space within Massillon Commons located at SR 172. RPAI and Dunham’s Sports will renovate the space, which previously served as a grocery store. The store is expected to open this fall. The sporting goods store operates more than 200 stores in 19 states.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $2.7 million loan to refinance an Applebee’s property in Southfield. The 5,430-square-foot building is a new construction. Dave Dismondy of Bernard Financial Group arranged the loan for the borrower, Kinaia-Ko LLC, through a life insurance company.
ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of an 8,662-square-foot office building in Ann Arbor. Sleeping Bear Press purchased the property, located at 2395 S. Huron Parkway, for an undisclosed sales price. The children’s book publisher is relocating its Ann Arbor offices to this location. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented both the undisclosed seller and the buyer in the transaction.