TEMPE, ARIZ. – The mixed-use Crossroads of Tempe development has been sold to a joint venture between Via West Properties, LLC, and Southwest Value Partners for $4,055,000. The property is composed of three buildings that contain 96,600 square feet of office and 15,460 square feet of retail space. The office space is currently vacant. The retail space is 55 percent leased. Cushman & Wakefield’s Gustin, Karsten Peterson, Dave Seeger, Ryan Bartos and Rachael Kimsey represented both the buyer and the seller, Castle & Cooke.
INDIANAPOLIS — REI has announced plans to open its first store in Indiana. The new store will be a single-story, 23,800-square-foot location within the Plaza at Castleton shopping center in Indianapolis. It will feature a bike shop, a seasonal gear rental department and community space for classes and events. REI currently operates 117 stores in 28 states.
GREENCASTLE, IND. — Crown Equipment Corp. has selected Browning Construction to construct the company's facility expansion in Greencastle. The $7 million project will include 136,110 square feet of warehouse space and 9,686 square feet of office space. Completion is scheduled for the fall.
Carey Webb Retail commercial leases define the landlord/tenant union and govern all aspects of your tenancy. While it both protects and binds you to a location for an extended period, none are perfect nor provide for every contingency. The fact that a lease is a landlord-generated document is, in itself, sufficient cause for any tenant to enter into it with both caution and sound guidance. Knowing what to ask doesn’t guarantee landlord acquiescence, but not knowing can cost you tens of thousands of dollars and potentially impact your business’ success. Awareness of potential pitfalls forearms a tenant with solid decision-making criteria. It is always recommended that any business without an in-house real estate staff avail themselves of the services of a licensed real estate broker specializing in real estate representation. Fees are almost always paid by the landlord in the form of commissions. Common belief is that once a tenant signs a lease and opens for business, the vast majority of the lease will never come into play. As long as the tenant remains open and pays the rent on time, all seems in order. In reality, many things can intervene over the course of a lease triggering unexpected costs …
OAK BROOK, ILL. — A.M. Castle & Co. has selected McShane Construction Co. for the design/build construction of its 38,638-square-foot office suite at 1420 Kensington Road within The Crossings in Oak Brook. The specialty metals and plastics company is relocating from Franklin Park, Illinois. Archideas Inc. is providing architectural services for the project, which is scheduled for completion in April.
CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has closed the almost $4.23 million sale of Winrock Apartments, a 64-unit apartment complex located at 906-1094 South Street in Castle Rock. Constructed in 1973, the multifamily property consists entirely of two-bedroom/one-bathroom units. Pinnacle Real Estate Advisors’ Jeff Johnson and Matt Ritter assisted the seller in the transaction, and Unique Properties assisted the buyer.
Although the Indianapolis retail market took a hit during the downturn, it never sunk as deeply into the doldrums as other U.S. cities, and has been relatively quick to rebound from its modest slide. Maintaining an unemployment rate well below the national average (8.7 percent at year-end 2010), with the prediction of 20,000 new jobs for 2011 ensures this market is headed in the right direction. Retail real estate brokers in this statistical region of more than 2 million were actually quite busy in 2008 and 2009 when most other regions were reeling from the economic crunch. Recognizing still-strong market fundamentals, retailers tried to seize on the doom and gloom of the times to lowball local landlords, who for the most part would not yield to unreasonable rent offers that they knew would tie them up for years to come. While retail vacancies remain low in the city’s most robust retail corridors, they are higher than they were before the downturn began in areas where demographics have shifted. We continue to see a flight to quality in this market with the most attractive, well-positioned shopping centers commanding surprisingly strong rents. For instance, Class A big box rents in highly desirable …
BEDFORD HEIGHTS, OHIO — NAI Daus has brokered two lease transactions for a total of 137,400 square feet of office and warehouse space at 5111 Richmond Road in Bedford Heights. Decker Equipment Co., a supplier of used forklifts and lift trucks, has leased 61,500 square feet at the building, while Brand Castle LLC, a producer of cooking and baking kits, leased 75,900 square feet at the property. Todd Gardiner & Associates represented Decker Equipment Co., and Coven-Goldman Associates represented Brand Castle LLC. Robert Wetzel and Scott Garson of NAI Daus represented the landlord, Samson Realty Co., in the transaction. Terms of the leases were not released.
NEWCASTLE, WASH. — Del Mar Village Enterprises LLC has sold the 30-unit Del Mar Village Apartments, located at 12828 Newcastle Way in Newcastle, to Del Mar Apartment LLC for $3.2 million. Kidder Mathews’ Jim Nichols and Mark McAlister and Don Pickens of Westec Ltd. represented both the buyer and Seattle-area investor/seller in the transaction.
NEW YORK CITY — Beech Street Capital has arranged $37.5 million in Fannie Mae DUS funds for the refinancing of Castle Braid Apartments, a 144-unit multifamily property located in Brooklyn. The loan carries a fixed interest rate, a 10-year term with 9.5 years of yield maintenance, a 30-year amortization schedule and 2 years of interest-only payments. Meridian Capital Group originated the loan.