LEWISVILLE, TEXAS — Cencor Realty Services will break ground later this week on the first phase of a 350,000-square-foot Kroger-anchored shopping center in the Dallas/Fort Worth suburb of Lewisville. The first phase will include space for the 123,000-square-foot grocery anchor, as well as 40,000 square feet of in-line retail space and several pad sites for restaurants. The Weitzman Group is leasing the property. Kroger is slated to open in the first quarter of 2015. Located on the southwest corner of SH-121 and Josey Lane, the center will serve the Castle Hills master-planned community and surrounding areas.
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Despite the continuing economic uncertainty, the Denver market is maintaining its status as a major thriving city with respect to all aspects of growth from commercial real estate sectors. This growth is clearly apparent by all the cranes in operation as you drive down Interstate 25—the main arterial highway that runs north and south bound through the entire state. Though 1.2 million square feet of retail was built in 2013 – and 197,000 square feet was delivered in the first quarter of 2014 – most of the current cranes are working on medical, office and multifamily developments. With all the national retailers setting their sights on the Denver market, there is a definite lack of A-grade retail centers that have availability. B-grade product is now being thoroughly analyzed as the next best option. Several of the national and regional tenants are in bidding wars against each other for the remaining A- and B-grade sites. The challenge of the development process is the growing cost of land and construction, which ultimately drives the rates up, thus limiting a huge pool of potential tenants. The Denver retail market in the first quarter of 2014 experienced a positive net absorption of 820,357 square …
PONDER, TEXAS — Henry S. Miller Brokerage has arranged the lease of a 16,000-square-foot industrial building in the far north Dallas/Fort Worth suburb of Ponder. Sharewell HDD Drilling Products, a supplier of equipment and services for the drilling industry, will occupy the facility, which is located at the intersection of FM 2449 and South Florance Road. Brett Owens of Transwestern represented the tenant in the negotiations. Grant Brodeur of Henry S. Miller Brokerage represented the landlord, New Castle Properties.
OGUNQUIT, MAINE — Rockbridge has acquired The Cliff House Resort & Spa, a historic 142-year-old 166-room resort situated on 70 oceanfront acres atop Bald Head Cliff in Ogunquit. Rockbridge, through a joint venture with Maine-based hoteliers Marc Dugas and Peter Anastos, purchased the resort with plans to complete a comprehensive renovation after the 2015 season. New Castle Hotels will manage The Cliff House for Rockbridge. Amenities at the resort include three dining options ranging from fine to casual, 13,000 square feet of meeting space with a 150-seat amphitheater, a 2,500-square-foot fitness center, vanishing edge swimming pool, 75-foot indoor lap pool, whirlpool, steam room and sauna.
ANAHEIM, CALIF. – Rangar West Two LLC has acquired a 209,715-square-foot industrial building in Anaheim for $27.3 million. The newly built property is located at 2201 E. Cerritos Ave. It was completed this past December. The building was developed by Western Realco and Penwood Real Estate, which were represented by Jeff Read and Greg Osborne of Newmark Grubb Knight Frank. The JV acquired the land parcel from Neville Chemical Corporation in February 2012. The third-party logistics firm was represented by Todd Clarke of Kidder Matthews and Peter Castleton of Voit Real Estate Group.
The biggest news about Delaware retail is the expansion of Christiana Mall in Newark, Del., and an equally ambitious redevelopment of The Colonnade at Christiana, which is adjacent to the mall. Everyone in the Mid-Atlantic knows that Delaware does not have retail sales tax, thus the driver of Christiana’s expansion and the new projects is simply shopping demand and a geographically dense population base that draws from more than 20 million people in nearby states including Pennsylvania, Maryland, New Jersey and even New York. It’s one thing to save $4 when you spend $50 but the money gets real when you can save $80 on a $1,000 shopping tab. (This example is based on 8 percent sales tax that you’d pay in Philadelphia, which is about 30 minutes from Wilmington and has more than 4 million people in its MSA). Christiana’s expansion to 1.1 million square feet and the adjacent 915,000-square-foot The Colonnade is made possible by construction improvements to the I-95 and Route 1 interchange that will give drivers and shoppers better access to the existing and refurbished retail centers. The Colonnade was previously called the Christiana Fashion Center and it is being redeveloped by Frank Acierno and his …
STOCKTON, CALIF. – A joint venture between USAA Real Estate Company and Seefried Properties has acquired a two-property industrial portfolio in Stockton for a reported $51.5 million. The portfolio includes a 750,561-square-foot building inside the Newcastle Logistics Center, which is located at 4650 Newcastle Road, and a 165,474-square-foot building inside the Performance Logistics Center at 834 Performance Drive. The 916,035-square-foot portfolio was developed between 2008 and 2009. Both buildings are occupancy-ready, institutional-grade bulk distribution centers. The JV purchased the portfolio in a bankruptcy process. USAA was represented by Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane of CBRE’s Industrial Real Estate team. The team also serves as the leasing agents for both properties.
The rapid evolution of e-commerce — including the relationships between the companies that manufacture product and the e-tailers that distribute and sell that product — is arguably the most significant factor impacting the Philadelphia-area and larger regional industrial real estate market today. And for those of us following this phenomenon closely, it feels like we may just be in the second inning of a nine-inning game at Citizens Bank Park. Simply put, e-commerce is creating strong industrial demand. A number of new companies are popping up on the radar, particularly along Pennsylvania’s I-81/I-78 distribution corridor. In the fourth quarter, Walmart’s 1.2 million-square-foot lease at a Liberty Property Trust asset in Bethlehem announced a new neighbor — Walmart again! Adjacent to Liberty’s building will be an additional 1 million square feet to be occupied by Walmart and the space is being developed by Majestic specifically for e-commerce. Earlier in 2013, One Kings Lane leased 500,000 square feet from DCT Industrial in Kutztown. Amazon now has a 4.8 million-square-foot footprint in Pennsylvania with constant threats of additional growth. The list goes on. These sizable transactions drove leasing volume up to nearly 9.7 million square feet at the end of the third quarter …
JEKYLL ISLAND, GA. — Jekyll Oceanfront Hotel LLC, a joint venture between Leon N. Weiner & Associates Inc. and New Castle Hotels & Resorts, has topped off the $41 million Westin Jekyll Island. The 200-room beachfront hotel is located adjacent to the new Jekyll Island Convention Center. The new hotel, which is slated for completion later this year, will be part of the Jekyll Island Beach Village project. Memphis, Tenn.-based LLW Architects designed the U-shaped, five-story hotel to achieve LEED Silver certification. Pinkerton & Laws of Georgia Inc. is the hotel’s general contractor.
MERRIMACK, N.H. — Bradstreet & Chandler and Novaya Real Estate Ventures have acquired Heron Cove Office Park, a 152,308-square-foot, three-building office park in Merrimack. Constructed between 1999 and 2001, the park is among the newest office products in the Greater Manchester/Nashua submarket. Castle Hill Partners sold the portfolio to HCOP Merrimack LLC, a joint venture of Boston-based Novaya Real Estate Ventures and Bradstreet & Chandler. Bill Moylan and Roger Dieker of CBRE/NE represented the seller and procured the buyer in the transaction. Kyle Juszczyszyn and Josh Klimkiewicz of CBRE/NE arranged the financing through East Boston Savings Bank. CBRE/NE’s Roger Dieker, Mike Tamposi and Chris Healey will handle the leasing of Heron Cove going forward. At closing, the park was 59 percent occupied by tenants including Intel Corp., Pennichuck Water Works Inc. and Tyler Technologies Inc.