Despite headwinds from the oil and energy industries’ latest moves, cities throughout Texas continue to boom. Austin and San Antonio have, in recent years, led the charge. However, one city situated along Interstate 35 between those powerhouses is emerging out of its sleepy college town roots and drawing attention from local and national investors. Once the primary destination for weeklong vacation shopping excursions to the country’s fourth largest outlet mall, San Marcos is quickly moving up the ranks. Recently named the fastest growing city in the U.S. by the Census Bureau for the third year in a row, it’s clear that one of Texas’ best kept secrets is out. Spec properties dot the landscape, fueled by the increasing demand for housing, hotels and industrial space, and are often leased before construction has completed. The economic forces driving the city’s growth are many. It is located on the I-35 Regional Growth Corridor between Austin and San Antonio with nearby access to I-10, toll road SH 130, as well as two international airports.It’s home to Texas State University, with more than 36,000 students, and rapidly gaining a reputation for its engineering, materials science and biotech programs. It is home to Tanger’s outlet …
Retail
DALLAS — Pierson Retail Advisors (PRA) has completed its first transaction after opening in March. The company has arranged the sale of a retail property known as The Empire Room, a 10,125-square-foot, single-tenant building in the Dallas Design District. The Empire Room is located at the southwest corner of North Riverfront Boulevard and Leslie Street. PRA represented the seller, Prescott Interests 1225 Riverfront Ltd., in the transaction. A Dallas buyer purchased the asset for an undisclosed price. The Empire Room is an event venue offering 7,500 square feet of interior space, along with outdoor space to accommodate as many as 1,000 guests.
GRAND RAPIDS, MICH. — Third Coast Development has broken ground on a two-building mixed-use project in downtown Grand Rapids that will offer a total of 26 apartments, plus two commercial spaces. The project is taking shape near the site of a Hampton Inn & Suites currently under construction in downtown Grand Rapids. The two buildings are located at 555 Michigan St. and 601 Michigan St. Third Coast Purple at 555 Michigan St. will be a three-story, 12,000-square-foot building featuring eight total apartments and one commercial space on the first floor. Third Coast Orange at 601 Michigan St. will be a four-story, 25,000-square-foot building that will include 18 total apartments and one commercial space on the main floor. The total cost for the two buildings is estimated at $7.4 million, and the project is expected to create at least 15 permanent retail jobs. Last December, the Michigan Community Revitalization Program awarded the project a $1 million grant. The City of Grand Rapids’ Brownfield Redevelopment Authority also provided $475,000 in local property tax breaks.
OSHKOSH, WIS. — The Morgan Partners is developing a 4,370-square-foot Panera bakery-cafe, complete with drive-thru, in Oshkosh. The freestanding building, subject to a ground lease with a 15-year primary term, is currently under construction on 1.68 acres at I-41 and Highway 21. Panera Bread expects the bakery-cafe to open this fall. Neighboring tenants include a newly constructed Dick’s Sporting Goods, McDonald’s, Lowe’s, Menards and Festival Foods. Ed Bowen of The Morgan Partners represented the development side of the transaction, while Joe Kleiman of Mid-America Real Estate Group represented the tenant.
PROVIDENCE, R.I. — Sterling Organization, through its Sterling United Properties I LP fund, has acquired Wampanoag Plaza, a shopping center located in Providence, for an undisclosed sum. The 225,908-square-foot retail center is anchored by Stop & Shop Supermarket and was 96 percent occupied at the time of sale. Additional tenants include Marshalls, Savers, NAPA Auto Parts and Dollar Tree. The name of the seller was not released.
NEW YORK CITY — Besen & Associates has brokered the sale of a commercial property located 124-22 Queens Blvd. in the Kew Gardens district of Queens. The property sold for $6.5 million, or $664 per existing square foot and $154 per buildable square foot. Built in 1948, the two-story building consists of two ground-floor retail spaces and two office spaces on the upper floor. The buyer plans to demolish the existing structure and construct a mixed-use development, including residential, retail and office space, on the site. Amit Doshi of Besen & Associates represented the seller, while Ronnie Shaban, also of Besen & Associates, represented the buyer in the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Silvershore Properties has sold a retail building located at 19 Howard St. in New York City’s Soho district. Ribo International Commerce LLC acquired the two-story 4,500-square-foot property for $9.6 million. The buyer plans to use the building, which was delivered vacant, for the first U.S. location of Taoray Wang, an upscale Chinese fashion company. Robert Burton of Cushman & Wakefield represented Silvershore Properties in the transaction.
PHOENIX – A 2,654-square-foot space in Phoenix that is leased to Jack in the Box has sold to JIB BIT LLC for $2.2 million. The fast food restaurant is located at 2113 W. Happy Valley Road. The LLC was represented by Jim Casale of Lee & Associates’ San Diego office. The seller, Stine Development, was represented by Joe Caputo of Trivanta.
MIAMISBURG, OHIO — Oberer Cos. has completed the sale of the 81,438-square-foot Home Center shopping center located on SR 725 in Washington Township near Miamisburg. The price was not disclosed. Oberer had owned the 81,438-square-foot property since 1995 when it bought the property at auction. The combination of falling market capitalization rates and strong investor demand led the partnership owners to conclude that the timing was right to cash in on the long held asset. The retail center contains stores such as Hauer Music, Bargo’s Grill & Tap, Pour Haus and Creative Images. Hutchins Commercial Realty represented the undisclosed buyer in the transaction. Oberer Realty Services and Marcus Millichap represented the undisclosed seller in the transaction.
GLEN ELLYN, ILL. — Adelphia Properties has brokered the sale of a 3,400-square-foot freestanding retail building in Glen Ellyn. The vacant building is located on three-quarters of an acre at 369 Roosevelt Road in Glen Ellyn, 27 miles west of Chicago. The property sold for $750,000. Adelphia Properties’ Simeon Spirrison represented the seller, a private investor. George Spirrison of Adelphia represented the private buyer.