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.
CASTLE ROCK, COLO. — Fuller Real Estate has negotiated the $16.5 million sale of the 529.7-acre Castle Oaks development in Castle Rock. The master-planned community’s entitlement includes 46.5 acres slated for commercial development. Fuller Real Estate’s Stew Mosko represented Colorado Castle Oaks Return LLC in its disposition of the property to SLV Castle Oaks LLC.
NEW CASTLE, DEL. — Five Below has expanded its lease at Twin Spans Business Park in New Castle. The retailer will expand from 214,000 square feet to occupy all 421,000 square feet of 350 Anchor Mill Road. Harvey, Hanna & Associates negotiating the deal.
NEW YORK CITY — A Manhattan artist has acquired an industrial building in Brooklyn's Gowanus neighborhood and plans to redevelop it into an art studio. The single-story, 4,500-square-foot building is located at 45-49 4th St. Melissa DiBella and Ofer Cohen of Brooklyn-based TerraCRG represented the undisclosed seller in the deal. Chad Castle of Excelsior Realty represented the buyer. The acquisition price was not disclosed.
WASHINGTON, D.C. — ICG Properties, Castleton Holdings and Capella Hotels and Resorts will begin developing the 48-unit Capella Georgetown hotel in January 2011. The property, which will be located on 31st Street in the Georgetown area of Washington, is set for delivery in January 2012. Construction will involve the redevelopment of an existing five-story commercial building.
NEW CASTLE, DEL. — New Castle-based NAI Emory Hill has brokered the sale of a 20,000-square-foot industrial building in New Castle. The building is situated on 3.77 acres at 40 McCullough Drive, within Southgate Industrial Park. It will serve as the new headquarters for the TMI Group of Companies, formerly located in Ronkonkoma, N.Y. Jim O'Hara, Jr., and Jim O'Hara, III, of NAI Emory Hill represented the seller, J&J Holding Co. Mitch Berkowitz of Deaton McCue represented the buyer, TMI Realty. The acquisition price was more than $1 million.
NEW CASTLE, DEL. — Discount retailer Five Below has expanded its operations at Twin Spans Business Park. The tenant will go from occupying 214,000 square feet of 250 Anchor Mill Road to occupying the entire 421,000-square-foot flex industrial building. Five Below will move into the expanded space in March. Harvey, Hanna & Associates represented the undisclosed landlord in lease negotiations.