You searched for Wonderful Real Estate - REBusinessOnline https://rebusinessonline.com/ Commercial Real Estate from Coast to Coast Tue, 18 Jun 2024 19:18:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://rebusinessonline.com/wp-content/uploads/2020/09/cropped-REBusiness-logo-512px-32x32.png You searched for Wonderful Real Estate - REBusinessOnline https://rebusinessonline.com/ 32 32 Mixed-Use Developers in North Texas Prioritize Infrastructure https://rebusinessonline.com/mixed-use-developers-in-north-texas-prioritize-infrastructure/ Wed, 26 Jun 2024 11:28:00 +0000 https://rebusinessonline.com/?p=402837 By Taylor Williams If you build it, they will come — assuming “it” is equipped with the all the facilities, necessities and conveniences of 21st-century living.  As residents and consumers, it is remarkably easy to overlook the critical pieces of infrastructure that enable these necessities and conveniences. From the perspective of end users, these facilities and systems are not instrumental to the success of commercial and residential developments because they are taken for granted as minimal requirements for occupancy. Further, in many cases, the infrastructure is not visible to the naked eye.  Yet for developers, particularly those in high-growth regions like North Texas, infrastructure is anything but an afterthought.  “In the eyes of developers, infrastructure is a primary aspect of any project,” says Jack Turnage, development manager at Wildcatter Realty Partners, the developer behind The Greenbelt, a 325-acre mixed-use project in Hunt County. “Without that, the only way to navigate our site is on horseback.” Located in Greenville on the northeastern outskirts of Dallas, The Greenbelt is one of numerous large-scale mixed-use projects sprouting up in the region. Plans call for close to  1,000 single-family and multifamily units; several hundred thousand square feet of commercial space; numerous restaurant pad sites;…

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The Future of Urban Real Estate Is Mixed-Use, 24/7, Outdoors https://rebusinessonline.com/the-future-of-urban-real-estate-is-mixed-use-24-7-outdoors/ Fri, 04 Aug 2023 12:00:00 +0000 https://rebusinessonline.com/?p=375636 — By Bob Lisauskas, Principal, RDC in Long Beach, Calif. — Daily patterns of life have been turned upside down since 2020. Three years since the disruption of quarantine living, it’s becoming clear what was temporary and what has been permanently changed. The good news: our cities have the potential to come back healthier than ever. Cities are resilient places and are finding ways to adapt and transform. Building owners, municipalities, architects and other stakeholders are actively collaborating on ways to repair the city fabric. While some of these companies and individuals have fled to the suburbs, many are more committed than ever to preserve urban living. This is often because they love the city where they own their property, and are personally motivated to breathe life into the area.  Another wrinkle driving urban transformation is the housing crisis. It’s an urgent reality that we need more housing at every price point in our urban centers. This is something that’s of paramount concern, particularly in California, as rents and property values rise.  These, along with other trends and market disruptors, are pushing cities toward a primarily mixed-use future in which new developments serve the entire 24-hour cycle: living, working, shopping…

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Residents Share Insightful Firsthand Accounts of Life in Active Adult Communities https://rebusinessonline.com/residents-share-insightful-firsthand-accounts-of-life-in-active-adult-communities/ Thu, 25 May 2023 11:55:00 +0000 https://rebusinessonline.com/?p=370212 By Taylor Williams Aging is something that happens to all of us physically, but according to some residents at active adult communities in the Dallas-Fort Worth (DFW) area, the psychological and emotional difficulties of growing older are easier to bear in the company of others. Operators of this asset class are making this possible by delivering products and services that reflect the name “active adult.” Shared fitness classes, walking groups, book clubs, card games, communal gardening and organized shopping trips are but a few of the ways in which active adult owner-operators keep their residents’ bodies and minds fit and sharp. Happy hours, dance parties and holiday shindigs — all taking place in an environment devoid of children — ensure that residents have very grown-up ways of relaxing and having fun. The average age of a resident in an active adult community is 72 to 74, according to research conducted by the National Investment Center for Seniors Housing & Care. The growth of active adult properties, which tend to be age-restricted hybrids of traditional multifamily and independent living product, is often linked to convenience for older households whose children have left the home. The prospect of having a smaller space…

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How Retail Owners Can Identify, Establish True Differentiators in Their Centers https://rebusinessonline.com/how-retail-owners-can-identify-establish-true-differentiators-in-their-centers/ Tue, 16 May 2023 11:43:00 +0000 https://rebusinessonline.com/?p=368200 By Barry Caylor, vice president of business development, Outside the Lines Inc. From the rise of online shopping to the pandemic to inflation, retail real estate has weathered a series of challenges in recent years. Yet, despite being knocked down multiple times, the owners and operators of brick-and-mortar retail keep discovering new ways to adapt to shifting demands and needs, especially as consumers spend more on services and experiences than physical goods. One way in which retail owners can continue to keep their centers relevant is by leaning into what attributes make them different. By continually supplying the market with fresh concepts and new ways of presenting them, landlords can keep consumers coming back again and again, generating foot traffic and sales for tenants and driving ROI for investors. In addition, shopping centers can distinguish themselves by providing consumers with something they can’t get anywhere else. As a design-build construction company that specializes in delivering one-of-a-kind water features, rockwork and themed environments, our company has seen retail centers transformed by incorporating unique offerings that consistently draw people in from miles around. Here are a few ways brick-and-mortar retail owners can stay ahead of the game as the sector continues to…

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Wonderful Real Estate Breaks Ground on 1.1 MSF Spec Industrial Development in Shafter, California https://rebusinessonline.com/wonderful-real-estate-breaks-ground-on-1-1-msf-spec-industrial-development-in-shafter-california/ Thu, 11 May 2023 14:43:30 +0000 https://rebusinessonline.com/?p=369111 SHAFTER, CALIF. — Wonderful Real Estate has broken ground on a 1.1 million-square-foot speculative development at the Wonderful Industrial Park (WIP) in Shafter.  The facility will be located at 5401 Express Ave. It will be the fifth speculative development delivered by WRE over the past five years.   WRE has developed and leased more than 1.3 million square feet at Wonderful Industrial Park in 2022. This includes a 1 million-square-foot spec project that was leased by a Fortune 500 food manufacturer and a 309,000-square-foot building leased by existing tenant GAF, the nation’s largest manufacturer of roofing and waterproofing products.  WRE is also in the final stages of design on a 415,000-square-foot speculative building in the park that is scheduled for delivery in the first half of 2024.

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Sports-Anchored Entertainment Districts Deliver Experiences Well Beyond Athletics, Say EEE Panelists https://rebusinessonline.com/sports-anchored-entertainment-districts-deliver-experiences-well-beyond-athletics-say-eee-panelists/ Tue, 11 Apr 2023 11:57:00 +0000 https://rebusinessonline.com/?p=366276 LOS ANGELES — As large-scale entertainment districts that are centered around professional sports teams pop up around the country, operators of these developments are realizing that their ability to draw traffic, generate revenue and deliver meaningful experiences goes well beyond the diamond, arena or gridiron. After all, the average professional sports season only lasts about six months — assuming the team qualifies for the postseason — and only half the games are played at home. Given the scope of these projects, in terms of their vast physical footprints and tremendous manpower needed to operate the wide variety of concepts they house, it follows that sports-anchored entertainment districts cannot rely on athletics alone to be successful. At the Entertainment Experience Evolution that took place in Los Angeles in early March, a panel of developers and operators with extensive experience in sports-anchored entertainment districts provided concrete examples of how to achieve this objective. Hosted by Shopping Center Business, the flagship publication of Atlanta-based France Media, the event drew more than 500 people in its eighth annual iteration. Rob Hunden, president and CEO of Hunden Strategic Advisors, a Chicago-based consulting firm for destination-style commercial projects, moderated the discussion. Pioneering Examples John Moncke, a…

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Residential Growth in Scott’s Addition, Manchester Drive Richmond’s Retail Market https://rebusinessonline.com/residential-growth-in-scotts-addition-manchester-drive-richmonds-retail-market/ Tue, 30 Aug 2022 11:30:11 +0000 https://rebusinessonline.com/?p=326538 With a 20 percent increase in population in the City of Richmond over the past half decade, and more to come, the city still struggles to attract national retail tenants such as The TJX Cos., Williams-Sonoma and Ann Taylor LOFT, as well as other soft and hard goods users. What Richmond does not struggle attracting are breweries, distilleries, regional and local restaurant operators and many start-up retailers dipping their toes into the growing 22 to 35 demographic calling Scott’s Addition and Manchester home. The food-and-beverage scene in Greater Scott’s Addition is blowing up with the addition of restaurant operations such as ZZQ (rated the best BBQ in Richmond), Lucky AF (from EAT Restaurant Partners), Wood & Iron, Tazza Kitchen and the James Beard Award-winning Peter Chang’s. When coupled more than 15 breweries, distilleries and the city’s only meadery, this energy is attracting ‘retailtainment’ such as River City Roll, Bingo Beer, The Circuit, Tang & Biscuit, Movieland by Bow Tie Cinema and Brambly Park. TRP (Thalhimer Realty Partners), Historic Housing (Louis Salomonsky’s firm) and Capital Square 1031 are local companies leading the developments, and Greystar and Bonaventure have come in from out of town to plant their flag as well. The…

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New Orleans Lays Ground Work for a Return to a ‘Wonderful World’ https://rebusinessonline.com/new-orleans-lays-ground-work-for-a-return-to-a-wonderful-world/ Tue, 14 Dec 2021 12:23:11 +0000 http://rebusinessonline.com/?p=307184 “I see friends shaking hands, saying how do you do…” Like many urban city centers, New Orleans has faced unprecedented challenges from COVID-19 over the past 19 months. The metro area lost more than 85,000 jobs between second-quarter 2019 and second-quarter 2020. In an economy heavily reliant on tourism, Orleans Parish was the most impacted with over 41,000 jobs lost, predominantly in the hospitality sector. Retailers — and their employees — depend on the large boosts of economic activity provided by large-format gatherings such as conventions and festivals like Jazz Fest, French Quarter Fest, and Mardi Gras, all of which were cancelled for the past 24 months. Additionally, the very active hurricane seasons of 2020 and 2021 resulted in devastation from three major storms in economic centers along our coastal community. New Orleans is still navigating clean-up efforts following Hurricane Ida, which landed Aug. 29, while real estate developers, builders and tenants face even more pricing and timing challenges due to material and worker shortages that were further hindered by storm activity. However, we are marching in the right direction. Cruises are resuming from Port of New Orleans (Port NOLA). Business travelers are getting back on the road. Offices are…

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South Florida’s Reliable, Robust Apartment Market is a Safe Haven for Investors https://rebusinessonline.com/south-floridas-reliable-robust-apartment-market-is-a-safe-haven-for-investors/ Sun, 18 Jul 2021 11:08:16 +0000 http://rebusinessonline.com/?p=293516 South Florida multifamily fundamentals are, and will continue to be, the single biggest driver of performance in the market. Strong rent collection and occupancy performance through the pandemic, population and household growth, low homeownership rates, increasingly expensive home prices, an improving job market, higher wage growth, limited land and a wonderful lifestyle all contribute toward sustainable long-term growth. Demand for multifamily rentals will increase post COVID-19 as South Florida becomes a hotbed of population growth from people migrating from other states due to the business-friendly environment and tele-workers who are choosing South Florida as their new home. In fact, household formations in South Florida are expected to increase more than 44,000 each year over the next five years. Assuming this projection materializes, at 60 percent homeownership rate (consistent with historic homeownership rates) represents over 17,000 new renters per year in South Florida. Investment sales skyrocket In the span of less than 12 months, the South Florida multifamily market went from near-record sales activity to virtually none before rebounding again to close the year. Last year ended with 254 multifamily sales totaling $3.1 billion. Despite almost six months of virtually no investment activity from April through September, total sales volume was…

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Hines, Benenson Capital Partners, USAA Plan 1.2 MSF Mixed-Use Development in Metro Seattle https://rebusinessonline.com/hines-benenson-capital-partners-usaa-plan-1-2-msf-mixed-use-development-in-metro-seattle/ Fri, 11 Jun 2021 16:54:10 +0000 http://rebusinessonline.com/?p=293475 BELLEVUE, WASH. — Hines, Benenson Capital Partners and USAA Real Estate have unveiled plans for Main Street Place, a 6.8-acre, mixed-use development in downtown Bellevue. Development costs were not disclosed. Main Street Place will feature approximately 1.2 million square feet of newly built high-rise office space on the north side of the site, along with about 400 units of low-rise apartments on the south side of the development. Additionally, there will be about 90,000 square feet of ground-floor retail and amenity spaces, along with public open space and pedestrian-friendly areas. The development will be situated near a planned light rail station, which is slated to open in 2023. This rail station will connect the Main Street Place site to downtown Seattle, Seattle-Tacoma International Airport and Microsoft’s headquarters in Redmond. The mixed-use project is being developed on a long-term ground lease with Benenson Capital Partners. The Benenson family has owned the site for decades, originally acquiring the Albertson’s grocery store at the site, and then developing the retail center that currently exists on the property. “We are excited to bring the shared vision of Hines and Benenson Capital to Main Street Place. We believe this development, with its proximity to the…

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Show Obsolescence to Help Achieve Successful Property Tax Appeals https://rebusinessonline.com/show-obsolescence-to-help-achieve-successful-property-tax-appeals/ Wed, 05 May 2021 12:11:56 +0000 http://rebusinessonline.com/?p=290561 By Angela Adolph, partner, Kean Miller LLP Judith Viorst, author of the children’s book Alexander and the Terrible, Horrible, No Good, Very Bad Day, had nothing on 2020. By virtually every metric, 2020 was a terrible, horrible, no good, very bad year. Taxpayers quickly learned that while most states have some sort of catastrophe exemption for property tax tying an abatement or reduction to a defined disaster event occurring that year, the provisions and requirements in these statutes are state-specific. Few states had any authority to address whether physical damage to the property was required for the taxpayer to receive any relief. Most states eventually concluded that some form of physical damage was necessary for property values to be reduced following a disaster. Other states went the other direction, concluding that their disaster statutes did not require physical damage, only that the property be inoperable due to a declaration of emergency by the governor. Accordingly, property values for the 2020 tax year could be reduced in those states due to COVID-19-related economic losses. Fortunately, 2021 gives all taxpayers a fresh start. Most states use Jan. 1 as the “lien date” or valuation date for determining fair market value of property…

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Wonderful Real Estate Begins Construction of Amenity, Training Center at Industrial Park in Shafter, California https://rebusinessonline.com/wonderful-real-estate-begins-construction-of-amenity-training-center-at-industrial-park-in-shafter-california/ Thu, 05 Nov 2020 14:07:31 +0000 http://rebusinessonline.com/?p=277512 SHAFTER, CALIF. — Wonderful Real Estate Development has started construction of a new corporate office building, conference center, wellness center, amenity center and vocational school at Wonderful Industrial Park (WIP) in Shafter. Spanning 98,000 square feet, the logistics park is slated for completion in first-quarter 2022. The development will include a 61,000-square-foot corporate office component, a 37,200-square-foot vocational training center and an 8,500-square-foot restaurant café space. The corporate office space will be home to more than 200 Central Valley employees, including those working for Wonderful Citrus, Wonderful Pistachios and Almonds, Suterra, Pom Wonderful and Wonderful Real Estate Development. Additionally, the office space will provide large meeting rooms that will be available to companies within WIP and the community at-large. The development’s Wonderful Wellness Center will include a gym, exercise classes, healthy awareness programs and access to a mobile clinic. In addition to Wonderful Company’s developments, Walmart Inc. is nearing the completion of a 630,000-square-foot distribution facility at WIP. The highly automated property is optimized for handling, packaging and shipping food. The facility is located on 65 acres that Walmart acquired from WIP in 2018. The facility is slated to be fully operational by spring 2021.

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Webinar: Los Angeles Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Southern California? https://rebusinessonline.com/webinar-los-angeles-industrial-outlook-how-has-the-pandemic-changed-the-industrial-sector-in-southern-california/ Thu, 29 Oct 2020 13:08:53 +0000 http://rebusinessonline.com/?p=280987     On October 27, Western Real Estate Business magazine hosted a panel of industrial experts to discuss how the pandemic has impacted investment sales, leasing and development within the Los Angeles industrial real estate sector. Click to listen to the recording and hear the 2021 outlook. The webinar included two separate discussions. The developer/owner panel included Joseph Vargas of Wonderful Real Estate Development, Brett Tremaine of Majestic Realty, Damon Austin of Prologis, and Brett Dedeaux of Dedeaux Properties and Morgan Medlin of Allen Matkins. The second panel covered the capital markets/finance and brokerage perspectives and included Jeffrey Cole of Cushman & Wakefield, Bobby Khorshidi of Archway Capital, Steven Lurie of Greenberg Glusker, Peter Bacci of Lee & Associates, Chris Jackson of NAI Capital and Christopher Sheehan of Colliers International. Allen Matkins, Dedeaux Properties, Wonderful Real Estate Development, Greeberg Glusker, Archway Capital and Lee & Associates sponsored the discussion.

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Healthy Occupancy Hinges on Winning the Apartment Amenities Arms Race https://rebusinessonline.com/the-apartment-amenities-arms-race/ Wed, 01 Jan 2020 12:52:37 +0000 http://rebusinessonline.com/?p=247668 When deciding where to live, the choice isn’t always a matter of finding the newest property on the market. Oftentimes it comes down to which property can most effectively meet and exceed your expectations as a renter. For example, these two “blind” multifamily rental listings identified below are within the same five-mile radius in Upstate New York. They’re both firmly in the luxury rental space and offer in-unit washers and dryers and dishwashers. In other words, they’re practically identical in terms of location and necessities. Can you guess which of the two commands a higher rental price and much more interest from renters? Property A: Built in 2018, average unit size of 1,180 square feet, two bedrooms, two bathrooms, community fitness center, dog park, private patio. Property B: Built in 2010, average unit size of 1,395 square feet, two bedrooms, two bathrooms, community fitness center, dog park, shared outdoor and indoor spaces. If you guessed property B, you’re right. You’re also probably wondering if you’ve heard the full story about that rental property and its amenities. That community fitness center? It’s filled with new equipment from Wellbeats and Peloton. That dog park? It’s a full-on playground for pets, with agility…

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Aging-in-Place Technology Has Its Limits, Says a Reassuring InterFace Seniors Housing Panel https://rebusinessonline.com/aging-in-place-technology-has-its-limits-says-a-reassuring-interface-seniors-housing-panel/ Wed, 27 Nov 2019 17:21:22 +0000 http://rebusinessonline.com/?p=246935 PHILADELPHIA — Will today’s emerging aging-in-place technologies, designed to help the elderly remain in their own home for a longer period of time, lead to significantly reduced demand for seniors housing? The question was a hot topic at the InterFace Seniors Housing Northeast conference last Thursday in Philadelphia following a recent front-page article in The Wall Street Journal under the following headline: “Boomers Want to Stay Home. Senior Housing Now Faces Budding Glut.” The piece argues that aging-in-place technology poses a challenge to builders of senior living communities, particularly at a time when developers are adding new supply at a healthy clip and occupancy rates remain relatively stagnant. Nationwide, the occupancy rate for seniors housing (assisted living and independent living combined) was 88 percent in the third quarter of 2019, up 30 basis points from the prior quarter, but down from 90.2 percent in the fourth quarter of 2014, according to the National Investment Center for Seniors Housing & Care (NIC) based in Annapolis, Maryland. Seniors housing developers added 21,332 units in 2018, more than double the number added in 2014, The Journal reported based on NIC data. Venture capitalists and other companies are expected to invest about $1 billion this year…

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Sears to Close 96 More Stores by February 2020 https://rebusinessonline.com/sears-to-close-96-more-stores-by-february-2020/ Fri, 08 Nov 2019 17:06:23 +0000 http://rebusinessonline.com/?p=245210 HOFFMAN ESTATES, ILL. — Sears Holdings Corp. plans to close 96 underperforming stores by February 2020, according to the retailer’s parent company, Transform Holdco LLC. The closings will consist of 51 Sears stores and 45 Kmart stores, leaving 182 operational Sears and Kmart stores remaining in the United States. The closing stores are scattered throughout all regions of the country, including 28 located in California. A full list of store closures can be found here. “Since purchasing substantially all the assets of Sears Holdings Corp. in February 2019, Transformco has faced a difficult retail environment and other challenges,” the company noted in a press release. “We will endeavor to create and deliver value through a strategic combination of our better-performing retail stores and our service businesses, brands and other assets, and expect to realize a significant return on our extensive portfolio of owned and leased real estate.” Ahead of the holiday season, Transform secured a $250 million lifeline financing from lenders including its owner, Eddie Lampert. Lampert bought Sears out of bankruptcy for $5.2 billion in January and, at the time, the sale prevented liquidation of 425 properties. “None of this is a surprise. Sears continues to morph from a…

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Flood of Development Activity Continues in Cedar Rapids https://rebusinessonline.com/flood-of-development-activity-continues-in-cedar-rapids/ Thu, 22 Aug 2019 11:45:59 +0000 http://rebusinessonline.com/?p=236104 As I have enjoyed writing in six previous August articles since 2013, we have seen Cedar Rapids, the 2014 “All-America City,” go from flood recovery in 2008 and 2016 to record levels of development. The city set a record for building permits in fiscal year 2018 of $375 million, which was $133 million over the previous year and $29 million more than the 2012 record by $29 million. Activity in fiscal year 2019 is estimated to be a very impressive $320 million. Flood protection system reached another milestone on Nov. 22, 2018, when the city and Army Corps of Engineers officially signed the agreement for $117 million of federal funds to allow the entire east side of the river flood protection system to be completed within five years. The west side is being funded through a state sales tax rebate program and 10 years of flood bonds to allow the entire $750 million flood protection system to be completed in the next decade. This year there are already four sections under construction with several additional portions being bid over the next several months. The flood protection system will not be just berms or walls that will block the view of…

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How to Repurpose Suburban Chicago’s Vacant Corporate Campuses https://rebusinessonline.com/repurposing-suburban-chicagos-vacant-corporate-campuses/ Thu, 06 Jun 2019 11:45:45 +0000 http://rebusinessonline.com/?p=231025 More than 50 years ago, I was witness to the birth of a new building type in Chicago’s suburbs — the great sprawling corporate campus. From Motorola and McDonald’s to Ameritech and Sears, some of the most influential brands in the world started taking root in Chicago’s bucolic suburbs as they looked to consolidate business divisions under one large roof and to provide a stimulating work environment away from the hustle and bustle of the inner city. Today, many of these corporate meccas sit vacant due to the rise in telecommuting and a shift in workforce demographics. The simple version of the narrative is that instead of people chasing the jobs, firms are now chasing the talent. And for the moment, many employees prefer to live and work in the city. While some suburbs are strongly associated with the companies who previously occupied those campuses, there is another story to tell in terms of the opportunities change can bring to these properties and their surrounding communities. As the architect who designed two of these campuses, the AT&T (né Ameritech) corporate campus in Hoffman Estates in 1989 and McDonald’s global headquarters in Oak Brook starting in 1978, I have repeatedly been…

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Hanley Investment Group Arranges $5.6M Sale of Two Retail Pads in Ontario, California https://rebusinessonline.com/hanley-investment-group-arranges-5-6m-sale-of-two-retail-pads-in-ontario-california/ Tue, 02 Apr 2019 12:55:24 +0000 http://rebusinessonline.com/?p=226682 ONTARIO, CALIF. — Hanley Investment Group Real Estate has brokered the sale of two retail pad buildings, totaling 21,591 square feet in Ontario, in two separate transactions totaling $5.6 million. The properties are part of a Walgreens-anchored neighborhood center, which was built in 2007. Kevin Fryman of Hanley Investment Group represented the seller, an Ontario, Calif.-based private developer, in both transactions. In the first deal, a Southern California-based private investor acquired a two-tenant, 13,381-square-foot building, situated on 1.3 acres at 2645 E. Riverside Drive, for $3.2 million. A 7,200-square-foot O’Reilly Auto Parts and a corporate office fully occupy the property. Jeff Lin of Marcus & Millichap’s Ontario, Calif., office represented the buyer. In the second transaction, a Temple City, Calif.-based private investor purchased an 8,210-square-foot retail pad, located on 1.1 acres at 2665 E. Riverside Drive in Ontario, for $2.4 million. The property is fully occupied by seven tenants, including Subway, Wonderful Massage, Empire Barbers, IE Vapes, First Rate Staffing, Les Tax and a management company. Watson Yeh of Temple City-based EZ Max Realty represented the buyer in the deal.

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Austin Office Market’s Central Business District: Past, Present and Future https://rebusinessonline.com/austin-office-markets-central-business-district-past-present-and-future/ Fri, 22 Mar 2019 11:45:38 +0000 http://rebusinessonline.com/?p=224951 In 1987, Austin was a relatively quiet market where the major industries were higher education and state government, along with some large technology companies like IBM. Fast forward to 2019 where Austin continues to make national headlines, receiving high accolades as a top place to live and a leading city for millennial growth.  This transformation — coupled with an increasing number of companies choosing to move or expand in Austin — begs the question: Why Austin? How did the Texas capital go from a fairly sleepy town to one of the hottest markets in the country? What really accounts for this seismic shift and what does the future hold? The Office Boom Begins  In 2004, after the dot-com bust hit Austin, a group of private business leaders felt compelled to take the destiny of the city into their own hands with the creation of Opportunity Austin within the Greater Austin Chamber of Commerce.  Opportunity Austin was launched with the goal of creating 72,000 regional jobs and increasing regional payrolls by $2.9 billion within five years. To do this, the regional business community invested $14.4 million in the program. These funds allowed the Austin Chamber to increase initiatives for corporate recruitment…

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