Property Type

Disney Store Opens at St. Johns Town Center in Jacksonville

by John Nelson October 14, 2014

JACKSONVILLE, FLA. — Disney Store has opened its newest store location at St. Johns Town Center, a super-regional, open-air mall located at 4663 River City Drive in Jacksonville. The mall is operated by Simon Property Group. The store will include a path for guests known as the Pixie Dust Trail that guides shoppers through “storytelling neighborhoods” involving Disney, Marvel and Star Wars characters. The store also includes an interactive video library known as the Disney Store Theatre and a limited time Halloween Shop. The Disney Store retail chain, which debuted in 1987, is owned and operated by Disney in North America, Europe and Japan. Disney Store is the retail merchandising arm of Disney Consumer Products, the business segment of The Walt Disney Co. (NYSE:DIS) and its affiliates. There are currently more than 200 Disney Store locations in North America; more than 40 Disney Store locations in Japan; and more than 100 Disney Store locations in Belgium, Denmark, France, Ireland, Italy, Portugal, Spain and the United Kingdom.

October 14, 2014

Florida Retail Southeast

HFF Brokers $32.8M Sale of Shopping Center in Destin

by John Nelson October 14, 2014

DESTIN, FLA. — HFF has brokered the $32.8 million sale of the Shoppes at Paradise Isle, a 171,837-square-foot retail power center in Destin. Located at 34940 Emerald Coast Parkway, the shopping center is 89.7 percent leased to tenants such as Best Buy, Big Lots, Michaels, PetSmart, Ulta Beauty and Office Depot. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Weingarten Realty Investors, in the transaction. Stoltz Real Estate Partners purchased the center through its fifth U.S. diversified fund.

October 14, 2014

Multifamily Southeast Virginia

ARA Brokers Sale of Three-Property Multifamily Portfolio in Hampton Roads

by John Nelson October 14, 2014

HAMPTON AND NEWPORT NEWS, VA. — ARA has brokered the sale of a three-property apartment portfolio in the Hampton Roads area of Virginia totaling 641 units. The assets include Bridgewater on the Lake and Lake Ridge Apartments in Hampton and the Reserves at Arboretum in Newport News. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Berkshire Property Advisors, in the transaction. The buyer was Charlotte-based Ginkgo Residential.

October 14, 2014

Multifamily Southeast Tennessee

Cushman & Wakefield | Commercial Advisors Brokers $13.5M Sale of The Horizon in Memphis

by John Nelson October 14, 2014

MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the $13.5 million sale of The Horizon, a high-rise condominium development located at 717 Riverside Drive in Memphis. The property sits on a 5.9-acre lot overlooking the Mississippi River. The 16-story, 155-unit property features a covered/controlled-access garage and indoor and outdoor swimming pools. The site also includes developable land for 141 additional high-rise units and 54 terrace homes. Mike Kemether of Cushman & Wakefield’s multifamily advisory group and Shane Soefker and Jacob Biddle of Cushman & Wakefield | Commercial Advisors’ capital markets team represented the seller in the transaction. The buyer was Dawn Properties LLC of Hattiesburg, Miss.

October 14, 2014

Retail South Carolina Southeast

Cassidy Turley Arranges $5M Sale of Catawba Commons in Metro Charlotte

by John Nelson October 14, 2014

INDIAN LAND, S.C. — Cassidy Turley has brokered the $5 million sale of Catawba Commons, a 40,261-square-foot, Food Lion-anchored shopping center located at 8175 Charlotte Highway in Indian Land, part of the Charlotte MSA. The property was fully leased at the time of sale. Egan Family Partnership purchased the asset from Indian Land-FL LLC. Sam Young, Jared Londry and Rob Cochran of Cassidy Turley represented the seller.

October 14, 2014

California Market Reports Multifamily Western Western Market Reports

Strong OC Fundamentals Accelerate Multifamily Construction

by Nellie Day October 14, 2014

Multifamily remains the most desirable asset class in Orange County due to a steady increase in apartment rental demand, strong sector fundamentals and the county’s emergence as a Southern California leader in the economic recovery. These factors have become a catalyst for a surge in multifamily asset construction. Apartment rental demand continues to grow in Orange County due to the high barriers to entry in the housing market and recent memories of the Great Recession. Median home values, which now exceed $580,000, place home ownership out of reach for many households. Orange County’s population also grew 4.31 percent from 2010 through 2014, according to Census data. This growth pattern is predicted to hold through 2019, with an expected increase in population of 5.17 percent, or an average of 32,478 residents annually. Orange County’s emergence as a leader in Southern California’s economic recovery is evidenced by superior employment rates in comparison to competing markets. Orange County experienced a high unemployment rate of 10.2 percent in January 2012. That rate has now declined 4.89 percent, as of May 2014. Orange County’s employment figures have increased investor confidence in the region, especially when compared to the national average of 6.3 percent, California’s 7.8 …

October 14, 2014

Midwest Missouri Retail

Hilliker Corp. Arranges Lease for Bridal Shop in St. Louis

by Danielle Everson October 13, 2014

ST. LOUIS — Hilliker Corp. has arranged the first of three leases at former flooring stores in St. Louis. The three locations include an 8,000-square-foot building at 14336 Manchester Road, a 10,000-square-foot building at 1185 Veterans Memorial Drive, and a 22,000-square-foot building at 5244-52 S. Lindbergh Blvd. Sincerely Yours Bridal will occupy space in the 8,000–square-foot building, which will be divided into two retail spaces with 5,000 square feet still available for lease. The bridal shop is set to open by the end of this year. Hilliker Corp. broker Frank Yocum represented the landlord NICI II LLC, formerly Georgia Carpet Outlet in the leasing of the 2,900-square-foot space. Mark Kornfeld of the Sansone Group represented the tenant, Enchanted Enterprises LLC, which will do business as Sincerely Yours Bridal.

October 13, 2014

Midwest Missouri Multifamily Student Housing

SLU to Build New Residence Halls, Renovate Facilities

by Danielle Everson October 13, 2014

ST. LOUIS — Saint Louis University plans to add two new residence halls and complete extensive renovations to existing facilities. Phase 1 of the proposed multi-phase plan is expected to include the construction of two new residence halls on the Frost campus; renovation of the Griesedieck complex, which includes Walsh and Clemens Halls; and the conversion of SLU’s Water Tower Inn at the Medical Center into graduate housing. Details for Phase 1 — including design, scope and budget — will be determined by an oversight committee that includes student representation, SLU’s architectural and construction partners Hastings+Chivetta Architects Inc., and McCarthy Building Cos. Inc. Construction on Phase 1 is slated to begin next spring. The first new residence hall is expected to open in August 2016, and the second new hall in August 2017. Renovation of the Griesedieck Complex set for completion in August 2019. New graduate student housing in the renovated Water Tower Inn at the Medical Center is expected to open in August 2016. The Division of Student Development, assisted by Chicago-based firm Brailsford & Dunlavey, led the master planning process.

October 13, 2014

Illinois Industrial Midwest

Monmouth Buys 198,773 SF Industrial Building for $15.3M

by Danielle Everson October 13, 2014

SAUGET, ILL. — Monmouth Real Estate Investment Corp. has acquired a 198,773-square-foot industrial building in Sauget for $15.2 million. The property is located at 1602 Vincent Drive and is situated on approximately 33 acres, four miles east of downtown St. Louis. The new Class A, built-to-suit distribution center is net leased for 15 years to FedEx Ground Package System Inc., a Delaware corporation. This transaction marks the second acquisition for Monmouth for fiscal year 2015, which began Oct. 1, 2014. During fiscal 2014, the company acquired $97.4 million in new Class A industrial properties totaling 1.5 million square feet.

October 13, 2014

Alta-Vista-apartment-texas-marcus-millichap

Multifamily Texas

M&M Arranges Sales of Apartment Complexes in Metro Houston

by Haisten Willis October 13, 2014

PASADENA, TEXAS — Marcus & Millichap has arranged the sales of two apartment complexes in Pasadena. The properties are Alta Vista, which has 514 units, and Las Villas, which as 468 units. Nick Fluellen, Will Balthrope, Drew Kile, Jeffrey Fript and Bard Hoover of Marcus & Millichap represented the buyer and seller in both transactions. The properties are located south of the Houston Ship Channel.

October 13, 2014

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