A booming Denver economy has strengthened the local real estate market, creating strong demand across all property sectors, including multifamily, housing, office and retail. The wealth effect stemming from robust employment and rising home values will specifically drive retail sales in the Denver metro this year. A thriving retail market will attract new tenants to the metro, and facilitate healthy rent growth. Employers will continue to expand in the metro, pushing total employment to a new high and drawing additional residents to the metro. Hiring will expand 3.3 percent this year as employers are expected to add 45,000 total workers to payrolls. Metro Denver has also attracted high-wage earners. For instance, Lockheed unveiled plans to add 850 high-paying jobs at its Jefferson County facility over the next few years. Meanwhile, rising housing demand has lifted the median price of an existing home nearly 60 percent over the past six years. This has caused Denver to become one of the most expensive non-coastal housing markets in the nation. High home values will positively affect how homeowners feel about their financial situation, encouraging retail spending. Retail construction will slow this year as many developers focus on redevelopment projects like the Southwest Plaza …
OSHKOSH, WIS. — The Morgan Partners has broken ground on a 35,000-square-foot Dick’s Sporting Goods location in Oshkosh. The retail store’s 7.8-acre site, located at Interstate 41 and Highway 21, will feature a junior box co-tenant and multiple outlot tenants. Neighboring retailers include Lowe’s Home Improvement Warehouse, Menards and Festival Foods. Grant Schwab of The Morgan Partners led the negotiations for the development team, while Jon Reese of Great Street Realty Partners and Dan Cohen of Mid-America Real Estate-Wisconsin represented Dick’s Sporting Goods in the deal.
MEARS, MICH. — Signature Associates has brokered the sale of a retail building, located at 527 18th Ave. in Mears, approximately 25 miles south of Ludington near Lake Michigan. Northwind Construction acquired the 2,560-square-foot property for an undisclosed sum. Bryan Bench of Cushman & Wakefield |Signature Associates represented the seller, Cook’s Lakeside Marine & Repair Services, in the transaction.
SANDUSKY, OHIO — Marcus & Millichap has arranged the sale of Add More Storage, a self-storage facility located at 2908 Venice Road in Sandusky. Situated on nearly six acres, the property features 401 storage units, ranging from 64 to 336 square feet. A limited liability company acquired the asset for $1.2 million. Joseph Holloway and Brett Hatcher of Marcus & Millichap represented the seller, also a limited liability company, and secured the buyer in the transaction.
NEW YORK CITY — TOWN Residential has arranged the purchase of a retail/office building located at 734 Broadway in New York City’s NoHo district. 734 Broadway Acquisitions LLC purchased the 19,000-square-foot property for an undisclosed price. The five-story property features 6,500 square feet of usable retail space and four floors of office space totaling 12,500 square feet. The buyer plans to renovate the property, which was vacant at the time of acquisition. Jonathan Butwin and Scott Dweck of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.
DALLAS — InvenTrust Properties Corp. has named Alan Grayson as its director of leasing in the company’s Dallas office. Grayson oversees all retail leasing activities and assists in market expansion efforts for the North Texas and Western regions of the company’s national portfolio. Prior to joining InvenTrust Properties, Grayson spent 10 years at Dallas-based MG Herring Group, most recently as vice president of leasing. Grayson earned his BBA from the University of North Texas and holds the Certified Leasing Specialist (CLS) designation from the International Council of Shopping Centers (ICSC). InvenTrust Properties currently owns and manages 34 centers in North Texas, Oklahoma, Colorado, California, Nevada and Washington, and is seeking acquisitions in Dallas, Oklahoma City, Denver and Phoenix.
Atlanta is experiencing an influx of human capital, corporate relocations and development of distribution networks that are combining to create a robust expansionary cycle in our real estate markets. One of the most positive elements of this expansion is that it appears the underlying structure of the growth is creating stability for our city and state well into the future. It is the structure of the growth that will be a long-term difference maker. CNBC annually conducts a study and ranks the top states for doing business. These rankings are a result of assessing various criteria, including but not limited to the cost of doing business, workforce quality, access to capital and business friendliness. CNBC’s results in 2014 were very telling. Four of the top 10 states are located in the south. The South’s top 10 finalists in CNBC’s study were Georgia (1), Texas (2), North Carolina (5) and Virginia (8). In addition to these empirical studies, major corporations are voting as well. The verdict is that many organizations are choosing to relocate corporate headquarters to Atlanta. Recently, marquee brands such as Mercedes-Benz USA and State Farm all have made plans to open or expand major corporate centers in our …
SAN DIEGO – A 7,125-square-foot retail property in San Diego has sold to CITYWEST LLC for $3.8 million. The property is located at 142 University Ave. in the Hillcrest submarket. The space is fully leased to Fiesta Cantina, Charisma Cucina Italiana, Mess Royale, Cody’s Home + Gift, Detour Salon and 142 Beauty Spot. It was built in 1989. CITYWEST was represented by Richard Lebert and Matt Zimsky of Colliers International. The seller, 142 DMW Group LLC, was represented by Mark McEwen of the same firm.
UTICA, MICH. — Broad Reach Retail Partners LLC has added Shelby Corners Shopping Center, located at 13277 Hall Road in Utica, to its shopping center portfolio. The 327,946-square-foot center consists of two single-story strip centers situated between a Target and a parcel housing Buy Buy Baby and Christmas Tree Shops. Both Target and the parcel are not part of the transaction. At the time of acquisition, the property was 74.7 percent leased. The name of the seller and the purchase price were not released.
LAKE ZURICH, ILL. — Quantum Real Estate Advisors has arranged the sale of a retail building located at 440 S. Rand Road in Lake Zurich. The 7,200-square-foot, dual-tenant property sold for $3.7 million. The property’s tenant roster includes Vitamin Shoppe and Sleepy’s. Chad Firsel of Quantum Real Estate represented the buyer, a Argentina-based private real estate investor, and the seller, an Illinois-based development group, in the transaction.