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SCM NEGOTIATES ACQUISITION OF 3217 CALIFORNIA AND CONDO SALE

by admin October 12, 2009

FOREST HILL, TEXAS — SCM Real Estate has completed the acquisition of 3217 California Pkwy., a single-story, 21,875-square-foot bank branch building located in Forect Hills. SCM's Theron Bryant represented the local buyer, Texas Stockyards Llano. Bryan Graham of CB Richard Ellis represented the out-of-state seller, BREOF BNK2 Texas LP. Subsequently, Bryant represented the new owner in the sale of a 10,600-square-foot condo interest in the property to the City of Forest Hill. The City plans to construct a new city hall that will contain a larger council chamber, additional offices and drive-thru lanes for water department customers. The city's police and fire departments are considering space at the new facility as well. Chase Bank will remain a tenant at the building, occupying 11,275 square feet.

October 12, 2009

100,000-SQUARE-FOOT WAREHOUSE PURCHASED

by admin October 1, 2009

SPARTANBURG, S.C. — Phillips Feed has purchased a 100,000-square-foot warehouse from an undisclosed buyer for $2.7 million. The property is located on Blackstock Road in Spartanburg. Brian Young of Greenville-based Grubb & Ellis|The Furman Co. represented the buyer. Coldwell Banker Commercial Caine’s Sammy Dubose represented the seller.

October 1, 2009

Market Reports Texas Texas Market Reports

Strong employment a plus in slow market.

by admin September 18, 2009

Overall, the Austin office market is facing many of the challenges that other major metropolitan areas are confronting. However, the Austin market has relatively strong employment fundamentals and continues to attract office-using employers and skilled employees. The office market should rebound earlier and stronger than the national bounceback once positive absorption returns, with the South, Southeast and CBD submarkets leading the way. Austin currently boasts the strongest employment market of any major metropolitan area in the country, though significant weakening in the office sector is projected due to overbuilding. The amount of vacant space increased by more than 1 million square feet in 2008, an addition of 14 percent to existing inventory. These additions shifted the leverage in lease negotiations to tenants, resulting in lower rents and elevated concessions; this was particularly true in the Northwest and Round Rock/Georgetown/Cedar Park submarkets, which experienced the greatest increases in inventory. As a result, asking rents are forecast to fall to $24.66 per square foot, and effective rents are projected to end 2009 at $20.72 per square foot, annual declines of 6.2 percent and 7.1 percent, respectively. Office investment sales have slowed as financing constraints hamper the market. The median sales price, however, …

September 18, 2009

Industrial Midwest

PAINE/WETZEL COMPLETES INDUSTRIAL SALE

by admin September 3, 2009

WOODSTOCK, ILL. — Chicago-based Paine/Wetzel • ONCOR International has completed the sale of a 15,000-square-foot industrial building in Woodstock. The property is situated on a 1.2-acre site at 1991 Duncan Place. The buyer, Ortho Molecular Products, plans to convert the facility into a corporate office building. As part of the transaction, Ortho has the option to purchase an adjoining 1.2-acre site. G. Pat Ryan of Paine/Wetzel represented the seller, RK LLC. Mike Adams of Colliers Bennett & Kahnweiler represented Ortho.

September 3, 2009

Market Reports Midwest Market Reports Missouri

Development pace has slowed, but market shows promise.

by admin September 2, 2009

The Kansas City apartment market continues to hold its own despite economic challenges and uncertainties. While occupancy and rental rates have remained steady, development has been tempered by a tight lending environment. The pace of planned construction has slowed dramatically as a result of market fundamentals. The first half of 2009 showed the lowest level of permits, a mere 78, in the past 20 years. The lack of liquidity and tougher underwriting standards are halting development. The uncertainty in asset values plays a part in this as well as lenders underwriting deals more conservatively. As a result, banks are requiring developers to contribute a greater amount of equity, thus decreasing project risk for both parties Market fundamentals have remained steady. Rents are averaging $0.79 per square foot, unchanged from the start of the year. Rates vary widely from $1.14 per square foot at the Country Club Plaza, which has 95 percent occupancy, to as low as $0.64 per square foot for Class C apartments in the Northland submarket. These rates, though, are offset by concessions. At the end of June, nearly three-fourths of the area’s multifamily properties offered concessions, up noticeably from the 56 percent that used concessions to attract …

September 2, 2009

Industrial Midwest

MERIDIAN DESIGN BUILD COMPLETES BTS WAREHOUSE

by admin August 31, 2009

CHICAGO — Meridian Design Build has completed construction for a 37,942-square-foot, built-to-suit distribution facility for Gypsum Supply Co. in Chicago. The building is situated within Stockyards Industrial Park. It comprises approximately 33,000 square feet of warehouse and distribution space, approximately 3,000 square feet of office and showroom space, onsite detention facilities and a significant amount of fenced outdoor space. Sustainable features of the project include a reflective roof and bio-swales. During the construction process, approximately 2,500 tons of concrete and masonry were reused onsite and more than 92 percent of construction waste was recycled or diverted from landfills. The project architect was Cornerstone Architects.

August 31, 2009

CENTRO PROPERTIES GROUP SELLS RETAIL CENTER FOR $42.4 MILLION

by admin August 27, 2009

LOUISVILLE, KY. — An affiliate of Centro Properties Group has sold the 422,000-square-foot Springhurst Towne Center to D. Talmage Hocker, Brad Anderson and a group of Louisville investors for $42.4 million. The property, located at the intersection of Westport Road and Interstate 265, is anchored by Target and Meijer. Springhurst also houses Kohl’s, T.J. Maxx, Dick’s Sporting Goods and dressbarn. Due to the current economy, searching for a buyer was a painstaking process. Oak Brook, Ill.-based May Center Advisors brought the deal on the market for Centro right as stocks were plummeting and Bernie Madoff was being carted off to court. “In this market, you’re not just looking for somebody to make an offer, you’re looking for the group that has the strongest probability of getting to the finish line,” says John May of MCA. “[The buyers] came to the table and seemed to make the most sense for the property and also had put together the best financial engineering structure to actually get this closed in a difficult market.” U.S. Bank provided financing for the transaction, which proved to be a huge selling point for Centro Properties. “There’s a very strong relationship between the buyer and that lender,” May …

August 27, 2009

Northeast

NRDC ACQUISITION CORP. CONVERTS TO REIT

by admin August 12, 2009

NEW YORK CITY — NRDC Acquisition Corp. has signed a framework agreement with its sponsor, NRDC Capital Management, which sets forth the steps NRDC Acquisition will take to convert to a REIT commencing with its taxable year ending December 31, 2010. NRDC Acquisition intends to invest in, acquire, own, lease, reposition and manage a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The new REIT also plans to acquire other retail properties, including power centers, regional malls, lifestyle centers and single-tenant retail locations, that are leased to national, regional and local tenants. Upon approval from the company’s stockholders, NRDC Acquisition will change its name to Retail Opportunity Investments Corp.

August 12, 2009

Hospitality Northeast

CANDLEWOOD SUITES SET TO OPEN IN NEW YORK CITY

by admin August 7, 2009

NEW YORK CITY — New York City’s first Candlewood Suites is slated to open. The Candlewood Suites New York City-Times Square features studio suites with wide rooms, including a full kitchen with a full-size refrigerator, a stove top, a dishwasher, a microwave, and it is stocked with pots, pans, plates, glassware and utensils. The guestrooms also include a recliner, a large workspace with a desk chair and deluxe bedding. The new Candlewood Suites also offers amenities typically found in apartment buildings, including a complimentary 24-hour fitness center, complete with cardio and weight machines, and complimentary onsite laundry for guests. The hotel is located at 339 West 39th St. between 8th and 9th Avenues in Midtown Manhattan, with LaGuardia and JFK International airports both less than 30 minutes away. The Candlewood Suites New York City-Times Square is owned by M&R Hotel, LLC, and managed by Hersha Hospitality, under a license agreement with a company in the InterContinental Hotels Group.

August 7, 2009

Industrial Western

BIXBY LAND BUYS TWO PROPERTIES, COMPLETES $400M PORTFOLIO REPOSITIONING

by admin August 6, 2009

STOCKTON, CALIF., AND LAS VEGAS — Orange County, Calif.-based Bixby Land Co. has completed its $400 million portfolio repositioning with the acquisition of two properties in California and Nevada. In California, the company purchased a 264,000-square-foot industrial building, which is located at 4114 S. Airport Way and 1425 Industrial Dr. in Stockton, for an undisclosed price. Current tenants include Dana Structural Products, Technical Consumer Products and Mike Campbell & Associates. In Nevada, Bixby acquired a 130,000-square-foot industrial property, which is located at 4875 E. Cheyenne Ave. in Las Vegas, from Panattoni Development for an undisclosed amount. The property is currently 100 percent leased through 2017 to Johnston Supply, a wholesale distributor in HVAC/R equipment. Starting in 2006, Bixby began restructuring its portfolio by selling off non-strategic assets and using 1031-exchange funds to assemble an institutional quality, industrial and R&D portfolio.

August 6, 2009

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