Property Type

2485-McCabe-Way-Irvine-CA

IRVINE, CALIF. — Bassman-Blaine Holdings LLC has completed the disposition of an office building located at 2485 McCabe Way in Irvine. DTMM Properties acquired the asset for $11.2 million, or $539 per square foot. The two-story, 20,772-square-foot building features a state-of-the-art gym, spa-like restrooms with lockers and showers, kitchens and high-end finishes. The buyer intends to occupy the building for its business. Allen Basso, Eric Darnell and Kylee King of Lee & Associates Irvine represented the seller, while Kacey Taormina and Aspen Labrador of Compass represented the buyer in transaction.

FacebookTwitterLinkedinEmail
14313-14351-E-Bonelli-St-City-of-Industry-CA.jpg

CITY OF INDUSTRY, CALIF. — West Harbor Capital has acquired a distribution facility, located at 14313-14351 E. Bonelli St. in the Los Angeles suburb of City of Industry. Earl M. Hill Limited Partnership sold the asset for $16.5 million. The property features 69,498 square feet of multi-tenant distribution space. The property was acquired with a 28,240-square-foot vacant and 41,258 square feet leased to two logistics tenants. Steffan Morris and Eric Parkhurst of Lee & Associates represented West Harbor Capital, while Kent Stalwick of CBRE represented the seller in the transaction.

FacebookTwitterLinkedinEmail
Almaden-Safeway-Center-San-Jose-CA

SAN JOSE, CALIF. — JLL Capital Markets has arranged $20.5 million in refinancing for Almaden Safeway Center, a retail property in San Jose. Bruce Ganong, Lillian Roos and Matthew Mingrone of JLL Capital Markets secured the 10-year, fixed-rate loan through RGA Reinsurance Co. for the borrower, Brothers International Holding Corp. Situated on 11.6 acres, the three-building Almaden Safeway Center features 143,452 square feet of retail space. The property is fully occupied by 10 tenants, including Safeway, JoAnn Fabrics, McDonald’s, T-Mobile and Savers.

FacebookTwitterLinkedinEmail
Walmart

BENTONVILLE, ARK. — Walmart (NYSE: WMT) has announced plans to expand by more than 150 new stores over the next five years, both through new construction and converting existing buildings.  The first two stores under this initiative — both under the company’s smaller-format Walmart Neighborhood Market banner — are scheduled to open this spring in Santa Rosa, Fla., and Atlanta. The company is currently finalizing plans for 12 new projects, one of which will be the conversion of a smaller existing location into a large-format Walmart Supercenter, which serves as both a grocery store and a full department store. Walmart simultaneously released plans to remodel 650 of its existing stores across 47 states and Puerto Rico over the next 12 months. The new and renovated locations will all feature the Bentonville-based company’s “Store of the Future” model, which includes improved layouts, expanded product selections and the integration of new technology.  The “Store of the Future” features expanded pharmacies and updated vision centers, with pharmacies moved toward the front of the store; activated corners with product displays that allow customers to interact with items and visualize them in their lives; digital touch points throughout the store to provide information on products …

FacebookTwitterLinkedinEmail
Department of Wonder

The economy has constricted consumers’ wallets, but the desire for entertainment has kept them spending…on the right concepts.  Rising prices have made just about everyone conscientious about their spending. That, naturally, includes shoppers.  Dixon Greenwood, principal at Mountain Mile in Pigeon Forge, Tennessee, notes 2023 overall tax receipts at the dining, shopping, lodging and entertainment destination are down more than 10 percent from the company’s 2022 numbers. “Now, that’s off some extreme growth during and after COVID, so numbers are still very good, but what it says pretty clearly is people are tightening their purse strings,” he says.  Traffic, on the other hand, is only down 2 percent to 3 percent.  “Fortunately for us, we’re still trending up at our property, but that’s in part because we continued to add additional retailers and experiences last year,” Greenwood continues.  A large part of what’s compelling visitors into shopping centers nowadays is entertainment, especially if prices for goods are lower online. “There has been somewhat of a drop in consumer spending, but entertainment remains a ‘recession-proof’ outlet,” argues David Goldfarb, owner, CEO and founder of entertainment-solutions company PrimeTime Amusements.  Goldfarb is careful to note, however, that recession-proof doesn’t mean bulletproof. After all, …

FacebookTwitterLinkedinEmail

By Matt Hrubes and Joshua Allen, CBRE St. Louis is located at the crossroads of the U.S. at the intersection of I-55 (north/south) and I-70 (east/west), making it a prime location for industrial real estate users and developers alike. The Greater St. Louis area is separated by the Mississippi and Missouri rivers, giving it a natural division of industrial submarkets. Each side of the Mississippi River tells a different story as it relates to industrial real estate. Metro East To the east of the Mississippi River is the Metro East industrial submarket, which was the first in the area to offer real estate tax abatement, resulting in larger industrial developments ranging in size from 500,000 square feet to over 1 million square feet. Over the last decade, this area has seen some of the largest speculative developments in the region from national developers such as Panattoni, NorthPoint and Exeter, as well as local developers like TriStar.  Absorption had been at all-time highs with groups like Amazon, World Wide Technology, Geodis, Sam’s Club, P&G and Tesla leasing space as buildings were being completed. That is, until 2023 when a wave of space became available either through sublease, speculative development completions or …

FacebookTwitterLinkedinEmail
Palladium-Simpson-Stuart

DALLAS — Locally based developer Palladium USA is nearing completion of Palladium Simpson Stuart, a $55 million, 270-unit mixed-income project in South Dallas. About 90 percent (243) of the units will be reserved for households earning between 40 and 80 percent of the area median income, while the remainder will be rented at market rates. Amenities will include a pool, dog park, walking trails, conference room, computer lab, kids’ playroom and a fitness center. HEDK is the project architect, and BBL Construction is the general contractor. PNC Bank provided construction financing for the project, and the Texas Department of Housing & Community Affairs issued 4 percent Low-Income Housing Tax Credit equity. A grand opening ceremony will take place on Thursday, Feb. 8.

FacebookTwitterLinkedinEmail

DENTON, TEXAS — Colliers Mortgage has provided a $41.8 million HUD-insured loan for the refinancing of Village at Rayzor Ranch, a 300-unit multifamily property located in the North Texas city of Denton. The property offers studio, one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations, a dog park, fitness center, sports court, coworking space, coffee bar, lounge, fitness center and package handling services. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

FacebookTwitterLinkedinEmail

DALLAS — Marcus & Millichap has arranged the sale of a nine-property, 1,080-bed seniors housing portfolio in the Dallas area. The locations were not disclosed. Eight of the properties are skilled nursing facilities totaling 992 beds, and the other is an 88-bed assisted living facility. Nick Stahler, Michael Mooney and Austin Diamond of Marcus & Millichap represented the seller, a regional private equity owner, in the transaction. The buyer was a family office private equity investor. Both parties requested anonymity. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.

FacebookTwitterLinkedinEmail

FLOWER MOUND, TEXAS — Lee & Associates has brokered the sale of an eight-acre industrial development site located at the corner of Lakeside Parkway and Gerault Road in Flower Mound, located in the northern-central part of the metroplex. Alex Wilson of Lee & Associates represented the buyer, Canadian firm Hopewell Development, in the transaction. The seller was an entity doing business as P3 FM Development LLC.

FacebookTwitterLinkedinEmail