PITTSBURGH — Newmark Grubb Knight Frank (NGKF) represented Pennsylvania State University (PSU) in the relocation of the Penn State Center and Exchange. PSU has signed a lease for 11,000 square feet at the Energy Innovation Center, which is located at 1435 Bedford Ave. in the Hill District neighborhood of Pittsburgh. Constructed in 1930, the 185,000-square-foot facility formerly served as the Connelly Trade School. The Penn State Center will occupy the first floor of the property, which is undergoing LEED Platinum certification. PSU is slated to occupy the property in April. Tom MacDonald of NGKF represented PSU in the transaction.
OXFORD, MISS. — Asset Campus Housing (ACH) has begun construction on Domain at Oxford, an off-campus student housing community in Oxford that will serve University of Mississippi students. The leasing center will open this fall, and the community will open for residents in fall 2016. Domain at Oxford will be a gated 216-unit property with 642 beds located within one mile of the University of Mississippi. The community will provide students with floor plan options including one-, two-, and four-bedroom apartments and townhomes. Every fully furnished apartment will come standard with hardwood-style floors, granite countertops, flat-screen TVs, stainless steel appliances, private bathrooms, full-size washer and dryer and other features. Domain at Oxford will feature an 11,000-square-foot clubhouse, a resort-style pool, Internet café, outdoor fire pit, sand volleyball, poolside hammock lounge area, video gaming center, complimentary tanning, group fitness studio, 24-hour gym and multiple private group study rooms.
TAMARAC, FLA. — Wal-Mart Stores Inc. has opened a new 41,500-square-foot Walmart Neighborhood Market in Tamarac. The store, which will be open 24/7, is located at 6931 N.W. 88th Ave. The new store is expected to create roughly 95 full- and part-time jobs and features a drive-thru pharmacy and a pickup counter for items ordered online. Wal-Mart Stores had more than $473 billion in sales in fiscal year 2014 in its 11,202 stores and online. The company employs more than 2 million associates worldwide.
MAULDIN, S.C. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has entered into a contract to acquire Butler Square, an 82,400-square-foot shopping center located in Mauldin, part of the Greenville metropolitan area. The company will purchase the fully leased retail center for $9.4 million, or roughly $114 per square foot, using a combination of cash and bank-provided debt. Built in 1987 and renovated in 2011, Butler Square’s tenant roster includes Bi-Lo, Dollar Tree, Cato Fashions and Sally Beauty Supplies.
ORLANDO, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and founder of the Glickman Retail Group has brokered the $9.3 million sale of Colonial Town Center in Orlando. The shopping center was 90 percent leased at the time of sale to tenants such as HH Gregg, Mattress One and Interamerican Medical Centers. The asset is shadow-anchored by a Walmart Neighborhood Market and Sam’s Club. Glickman Retail Group represented the undisclosed seller in the transaction. The buyer was an international company.
CHARLOTTE, N.C. — CBRE has brokered the sale of the Time Warner Cable Building in Charlotte’s I-77 submarket for an undisclosed sales price. The 113,600-square-foot building is fully occupied by Time Warner Cable and serves as a call center, office and operations facility. Patrick Gildea led CBRE’s Charlotte team in brokering the transaction.
The Phoenix retail market ended 2014 on a promising note, with vacancy rates dipping below 10 percent for the first time since the Great Recession ended. It also experienced net absorption of more than 2 million square feet of retail space. Expectations for 2015 are positive, and continued improvement is anticipated, albeit slower than we might have hoped. While many segments of the market have improved, lackluster job growth and housing sales have slowed the recovery. However, both areas show signs of improvement for the coming year. Forecasts estimate Phoenix will add about 70,000 jobs in 2015, bringing the total number close to the pre-recession total. The demand for single-family housing should improve with the continuance of low interest rates, job growth and investor interest. The market is finally showing signs it is on the upward path to recovery. Leasing activity for Class A space remains strong, while rental rates are on the rise. We have seen marked improvement in some areas like Scottsdale where rates for Class A space in centers like The Marketplace at Lincoln & Scottsdale and Hilton Village are approaching or surpassing $40 per square foot, and where vacancy rates are below 6 percent. In contrast, …
NEWARK, CALIF. – HealthyPets has purchased a 70,000-square-foot e-commerce facility in Newark for more than $10 million. The facility is located at 7000 Gateway Blvd. The property will serve as the pet industry wholesaler’s corporate headquarters and as its third warehouse. It will be situated near Google and Facebook, adjacent to the former Sun Micro Campus. HealthyPets was represented by Dan Bergen of Colliers International and Bob Ferraro of CBRE.
OAKLAND, CALIF. – Coasters Company of America has signed a 10-year lease for a 232,881-square-foot warehouse building in Oakland. The Class A building is located at 8350 Pardee Drive. The furniture importer and distributor was represented by Tim Cronin and Craig Hagglund of Lee & Associates. The developer and landlord, Goodman Birtcher, was represented by JLL’s Jason Ovadia.
LONG BEACH, CALIF. – The 40-unit Bixby Park Apartments in Long Beach has sold to a local private investor for $6.2 million. The community is located at 1132 San Antonio Drive and 4481 Orange Ave., in the Bixby Knolls submarket. Robert Stepp of Stepp Commercial represented both the buyer and sellers, Pathfinder Partners and Ryanik, in this transaction.