KNIGHTSTOWN, IND. — The Indianapolis office of CBRE has arranged the sale of the former 56,640-square-foot Spectra Premium facility in Knightstown, located about 38 miles east of Indianapolis. The free-standing facility is situated on a five-acre site and features immediate access to I-70. Mark Writt and Tom Cooler of CBRE represented the seller, Spectra Premium, in the transaction. The buyer, Hay-Flex, is currently located in New Castle, Ind., and purchased the facility to expand its operations in Central Indiana. The warehouse is located at 8774 S. State Road 109.
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INDIANAPOLIS — CBRE has arranged a $14.5 million loan for the acquisition of Waterside at Castleton Apartments, a Class B multifamily property located on the northeast side of Indianapolis. CBRE worked on behalf of Yakima, Wash.-based Wilkinson Corp. to secure the CMBS financing.The 400-unit apartment community features a mix of one- and two-bedroom layout. Jason Brown, vice president of CBRE’s debt and structured finance office in Indianapolis, originated the loan.
CERRITOS, CALIF. — Big 5 Plaza, a 15,568-square-foot retail center in Cerritos, has sold to a private Vernon investor for $4.6 million. The plaza is located at 11310-11360 183rd Street. It is anchored by Big 5 Sporting Goods. The fully leased center is also home to Subway, Castlehead Escrow and Providence Speech and Hearing. Edward B. Hanley and Jeremy McChesney of Hanley Investment Group represented both the buyer and seller, a private Los Angeles investor, in this transaction.
FORT LAUDERDALE, FLA. — HFF has closed the sale of Pinnacle Corporate Park I & II, two Class A office buildings totaling 262,434 square feet at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. A joint venture between Banyan Street Capital and DRA Advisors purchased the buildings for $38.1 million. The properties are 85 percent leased to tenants such as University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae. Herman Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Northwestern Mutual, in the transaction.
LEWISVILLE, TEXAS — Starplex Cinemas will open a new location at the Castle Hills Marketplace development of Cencor Realty Services in Lewisville, a northern suburb of the Dallas/Fort Worth Metroplex. The new theater, due for completion in the fall of 2014, will co-anchor the community center with a 123,000-square-foot Kroger Marketplace. Features will include 100 percent digital projection, 3D technology, reclining seats and a café and bar. Castle Hills Marketplace is planned for the southwest corner of SH-121 and Josey Lane.
LAFAYETTE, LA. — The Ainbinder Co. has broken ground on Ambassador Crossing Shopping Center, located at the intersection of Ambassador Caffery Parkway and Settlers Trace Boulevard in Lafayette. A 36,200-square-foot Whole Foods Market will anchor the 108,000-square-foot neighborhood center. Other tenants will include J. Crew, Carter’s Babies & Kids/Osh Kosh B’Gosh, Lee Michaels Jewelers, Massage Envy, Chipotle Mexican Grill, Which Wich and Superior Nails. The Ainbinder Co. acquired the development site from the Saloom Family of Lafayette. Chris Campion of Houston-based CAC Realty represented Ainbinder, and Jack Castle of Lafayette represented the Saloom Family. Rick Kirschman of New Orleans-based Kirschman Realty represented Whole Foods in the lease transaction. Ruben Alvarez of Sovereign Bank in Houston provided construction financing for the development. The design team includes architect Boucher Design Group of Houston, project engineer Paul Miers Engineering of Lafayette and general contractor Parkes Construction of Nashville. Shaw MacIntyre and Ed James of UCR Moody Rambin Page in Houston are handling the property’s leasing.
Walking the floor at yesterday’s ICSC Western Division Conference in San Diego, one gets a strong sense of industry-wide optimism as the economy continues to incrementally improve. Many more retailers are actively leasing, tons of new startups are in the market and some regions are even seeing an uptick in infill, ground-up development. While the industry may not see the heyday that occurred before the Lehman Brothers’ collapse for some time, widely publicized low interest rates have generated large volumes of refinancing. This has resulted in a slow but steady sector growth of 4 percent to 5 percent over the past five years. Of course, larger retail developers (many of which are REITs) realized a tremendous boon by refinancing portions of their portfolios at historically low interest rates. In addition, the housing market’s rebound over the past 12 to 18 months, coupled with near-historically low interest rates, has driven some shop tenants back into the market. As key indicators continue to point toward a cautious growth trajectory for housing – median home values are up and homebuilders are acquiring more land to develop – ICSC attendees have taken a positive outlook on the market. Naturally, that outlook is tempered by …
Walking the floor at yesterday’s ICSC Western Division Conference in San Diego, one gets a strong sense of industry-wide optimism as the economy continues to incrementally improve. Many more retailers are actively leasing, tons of new startups are in the market and some regions are even seeing an uptick in infill, ground-up development. While the industry may not see the heyday that occurred before the Lehman Brothers’ collapse for some time, widely publicized low interest rates have generated large volumes of refinancing. This has resulted in a slow but steady sector growth of 4 percent to 5 percent over the past five years. Of course, larger retail developers (many of which are REITs) realized a tremendous boon by refinancing portions of their portfolios at historically low interest rates. In addition, the housing market’s rebound over the past 12 to 18 months, coupled with near-historically low interest rates, has driven some shop tenants back into the market. As key indicators continue to point toward a cautious growth trajectory for housing – median home values are up and homebuilders are acquiring more land to develop – ICSC attendees have taken a positive outlook on the market. Naturally, that outlook is tempered by …
CHICAGO — Baum Realty Group LLC has arranged the sale of the REPAK Wicker Park Retail Portfolio, which includes five buildings totaling 28,000 square feet in the Wicker Park neighborhood of Chicago. The purchase price was undisclosed. The properties are located at 1455, 1519, 1521, 1525 and 1529 N. Milwaukee Ave. Tenants of the buildings include Citibank, Urban Outfitters, G-Star, Chrome Industries, Crossroads Trading and Dermatology and Aesthetics of Wicker Park. The portfolio offered properties with a range of rental rates, including some below market, according to Baum. Greg Dietz, Danny Spitz and Adam Secher of Baum represented the seller and procured the buyer, Newcastle Limited.
SAN ANTONIO — CBRE has arranged the sale and financing of Westover Springs, a 296-unit Class A apartment community in northwest San Antonio. The garden-style property, located near the intersection of State Highway 151 and Loop 1604, offers one-, two- and three-bedroom layouts and amenities such as a swimming pool, outdoor fireplace and grilling area, community center and fitness center. Charles Cirar, Ryan Epstein and Michael Wardlaw of CBRE Central Texas multi-housing represented the seller, a joint venture between Carbon Thompson and an equity fund advised by Prudential Real Estate Investors. Jim Kirkpatrick and Jim Richards of CBRE’s Debt and Equity Finance Group arranged the loan with 40/86 Capital. The buyer was Steel Castle Property Partners LLC.