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.
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 …
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.
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.
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.
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.
DALLAS — ARA has brokered the sale of Parkridge Place, a 536-unit apartment complex located in Irving, a suburb of Dallas. Brian O’Boyle Sr., Brian O’Boyle Jr., Brian Murphy and Richard Furr of ARA marketed the property on behalf of The Milestone Group. Resource Real Estate, an owner and manager of assets valued at $2.8 billion, purchased Parkridge Place. The property was built in 1984 and renovated in 2009. Amenities include a business center, two swimming pools, a coffee bar and an Internet café. It is located near major highways including Highway 161, State Highway 114, I-635, Belt Line Road and MacArthur Boulevard. Parkridge Place was 96 percent occupied at the time of sale.
WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided $115.8 million in permanent financing through Freddie Mac for Art Place at Fort Totten, a mixed-income and mixed-use development in northeast Washington, D.C. The borrower is an affiliate of The Morris and Gwendolyn Cafritz Foundation, an independently run foundation focusing on providing grants for investments in the Washington, D.C., area. When completed, Art Place at Fort Totten will include 520 rental units and 103,502 square feet of commercial space. It is the first phase of a three-phase development that will be located adjacent to the Fort Totten Metro Station. The completed project will include a fitness center, restaurant, children’s museum and a community center for the arts. Of the 520 residential units, 121 will be designated affordable, with long-term income and rent restrictions. The remaining units will be market-rate. “The scale and design of this property coupled with the longstanding commitment of the borrower to serving Washington, D.C., will make this a dynamic development for the Fort Totten community,” says Alex Viorst, a principal with Prudential Mortgage Capital Co.’s affordable housing business. “When this property is completed, it will bring high-quality market rate and affordable housing to the community, along with …
PALO ALTO, CALIF. — Bloomingdale’s has opened a 125,000 square-foot store at Stanford Shopping Center in Palo Alto. The three-level store contains 68 designer shops, more than 100 new brands. The new store will anchor the northeast side of the mall as part of a multi-phase renovation of the shopping center.
LOS ANGELES – A 39-unit apartment building in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It is fully occupied. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and private seller in this transaction.