Greater Waco’s economy is on a roll. Positioned halfway between Dallas and Austin, Waco is a prime destination for companies and individuals wanting access to large metro areas without the hassles of traffic, expensive real estate and labor shortages. With newly completed facilities such as Baylor University’s McLane Stadium and major downtown redevelopment projects, Waco is hitting the radar for new development opportunities. October 2015 marked 43 months of positive economic growth for the area, with 4.8 percent growth in the third quarter of 2015 alone. Major organizations, including Baylor, continue to aid in elevating the status of Waco as a dominant player in the Central Texas region. Just as Texas has seen significant growth since 2008, so too has Waco. One major contributor to Waco’s economic success has been employment growth. Employers are creating new jobs in the area, with 1,600 more positions now in place, 113,700 compared to 112,100 in October 2014. Construction, manufacturing, healthcare, hospitality and logistics remain strong drivers for the economy. The result is a community with a 4.8 percent unemployment rate and residents with more disposable income. In fact, real median household income for the Waco MSA grew 5.8 percent, to $43,184, between the …
NEW YORK CITY — Savanna has closed on the acquisition of a 135,000-square-foot office and retail building located at 1825 Park Ave. in Harlem’s 125th Street corridor. Giscombe Realty Corp. sold the property for an undisclosed price. The 12-story building is adjacent to the Harlem 125th Street station on the Metro North train line and one block from the 4, 5 and 6 subway lines. Savanna has a comprehensive capital improvement program slated for the property that will reposition the building as an institutional-quality property in Harlem’s supply-constrained office market. Jack Bick and Erik Otema of S. Charatan Realty represented the seller in the transaction. Laurie Grasso and Anthony Bonan of Hunton & Williams provided legal counsel for Savanna.
DENVER — HFF has arranged $23.7 million in financing for Market Center, a mixed-use office and retail property totaling 120,736 square feet in downtown Denver. Leon McBroom and Eric Tupler of HFF worked on behalf of the borrower, a joint venture between Urban Renaissance Group, Stars Investments and City Street Investors, to secure the floating-rate financing through First National Denver. The 36-month loan has two 12-month extension options and was used to acquire the asset.
LOS ANGELES — Newmark Grubb Knight Frank (NGKF) has added eight professionals to the firm’s retail brokerage team specializing in the sale and leasing of suburban retail product in Southern California and the western region. Additions include Pete Bethea, executive managing director; Rob Ippolito, senior managing director; and Glenn Rudy, managing director, who will continue their capital markets focus on selling shopping centers for institutional clients and public and private investment companies in key western markets; John Jennings and Chris Walton, senior managing directors; Aaron Hill, managing director; and Justin Wessel and Kevin Hanson; associates. The combined leasing portfolio consists of over 9.3 million square feet covering a large portion of the region and throughout Southern California including San Diego, Orange County, Los Angeles and Inland Empire.
KNOX, IND. — Marcus & Millichap has brokered the sale of a 14,187-square-foot retail property net leased to Walgreens for $4.5 million. Walgreens has 15 years remaining on an original 25-year lease term. The building is located at 1207 S. Heaton St. in Knox, approximately 45 miles southwest of South Bend. John Bailey, Bill Bailey and George Ghattas of Marcus & Millichap listed the property on behalf of the seller, an undisclosed limited liability company. Dave Lincoln and Walter Brauer of Marcus & Millichap secured and represented the buyer, a private investor.
OAKBROOK TERRACE, ILL. — Mid-America Asset Management Inc. has arranged three new retail leases at Orland Park Crossing in Orland Park, approximately 30 miles southwest of Chicago. Orland Park Crossing is a 107,371-square-foot lifestyle center that is located at the intersection of 143rd Street and LaGrange Road. In the first deal, Soft Surroundings signed a 5,445-square-foot lease and was represented by John Vance of Stone Real Estate. In the second deal, Xfinity inked a 5,303-square-foot lease and was represented by Carole Borg of CBRE. In the last deal, Eric Unatin of Armada Real Estate Services represented Massage Green who signed a lease for 2,509 square feet. All three tenants are expected to open this spring. Other tenants at Orland Park Crossing include White House Black Market, Talbots, Charles Schwab, Ann Taylor and Charming Charlie. Paige Schiesser and Samantha Spinell Schnell of Mid-America represented Orland Park Crossing in all three transactions.
GAITHERSBURG, MD. — Elion Partners has completed a major capital improvement program for Goshen Plaza, a 45,654-square-foot shopping center in Gaithersburg. Located at the corner of Goshen and Rothbury roads, the shopping center’s tenant roster includes CVS/pharmacy, McDonald’s, Subway, Paisano’s and Pizza Hut. The capital improvement program included repaving the front parking lot and painting the shopping center. New soffit and beams wrapped in stained wood were installed under the canopy and a new light line was installed along the roof. The landscaping also received a complete overhaul. Rappaport manages the leasing strategy, physical plant and construction activities for Elion Partners at Goshen Plaza.
Without question 2015 was a “great year” for the St. Louis retail market, says Adam Glosier, senior vice president with Colliers International. “New users entered the market and few vacated. The St. Louis retail landscape benefitted from the continued expansion of organic grocers, sporting goods operators, quick service restaurants and soft goods retailers.” At the end of the third quarter, the vacancy rate stood at 7.1 percent, unchanged from the prior quarter but down from 8.2 percent a year earlier, according to CoStar Group. Net absorption totaled 579,206 square feet during the third quarter, bringing the year-to-date total to just under 900,000 square feet. Six new retail buildings were delivered in the third quarter, which collectively brought 612,595 square feet to the market. The gross leasable area (GLA) of the 29 buildings under construction at the end of the third quarter totaled 915,751 square feet. “There was a lot of activity in 2015 in the freestanding and small retailer market, as well as activity from junior anchors,” says Christopher Zoellner, senior vice president of retail with Balke Brown Transwestern. “This has created strong activity and a good pipeline going into 2016.” IKEA Makes ‘Big Splash’ A few retailers opening new …
PRINCETON, TEXAS — NOVUS Realty Advisors’ Tom Grunnah has completed the sale 11 acres for client and former property owner Wells Fargo Bank NA. The land is located at the southwest corner of the US Highway 380 and Cypress Bend intersection, just east of downtown McKinney in Princeton. The buyer, F&L LLP, plans to divide the property and sell commercial pad sites to end users.
CHAMBERSBURG, PA. — New York City-based Katz Properties has acquired Chambersburg Crossing, a shopping center located at 925 Norland Ave. in Chambersburg, for $45 million. The 400,000-square-foot property is fully occupied by a variety of tenants, including Giant Food, Kohl’s, Staples, Michaels, PetSmart, Chipotle, Olympia Sports, Red Robin, Panera Bread, Five Below, TGI Friday’s, Rue21 and Subway. R. William Kent and Ryan Sciullo of CBRE represented Katz Properties and the undisclosed seller in the transaction. Leasing and property management services will be provided by Winslow Property Management, an affiliate of Katz Properties.