Investment
A Cautious Step Forward
Uncertainty surrounding the political climate led to a softening in retail investment toward the end of last year, and so far, 2017 is not much better.
New Digital Hub in Charleston
The management and consulting firm’s 75,000-square-foot facility will support clients such as the U.S. Department of Veterans Affairs and the U.S. Navy.
San Diego Shopping Center Trades for $15M
The Carlsbad-based buyer plans to reposition the 43,108-square-foot center to appeal to healthy lifestyle and fitness tenants. The asset includes a mix of retailers and was recently upgraded to include monument signage.
Suburban Philly Devon Square Trades for $34M
In a deal brokered by HFF, the two-building office complex in Wayne, Pa. was sold by a joint venture of Keystone Property Group and Argosy Real Estate Partners.
JV Lands $43M Charlotte Retail Center
American Realty Advisors and Stonemar Properties purchased Ballantyne Village, an entertainment-driven retail asset in Charlotte, N.C. Berkeley Capital Advisors represented seller MV Ballantyne Village LLC.
Passco Nabs Inland Empire Value-Add Retail Center
The company plans to reposition the 102,976-square-foot neighborhood shopping center in Corona, Calif. The retail market has one of the lowest vacancy rates in the regions.
Nothing But Net
As the net lease sector continues to take on its own asset class presence, investors and lenders are increasingly putting their capital into the property type, especially single-tenant, triple-net leased properties. Net lease owners with investment-grade tenants in place are most attractive to investors, but a lack of available inventory is leading some lenders to widen their options.
JV Completes $55M Hyatt Hotel Renovations
Thirty-eight Hyatt Place and Hyatt House locations underwent renovations that included upgrades to guestrooms, common areas, bathrooms and amenities.
Pepper Construction to Build IKEA’s First WI Store
The Swedish home furnishings retailer has secured contractors for the upcoming location in Oak Creek, Wis. The 291,000-square-foot IKEA store is due to open next summer, with 250 full-time employees.
H.I.G. Closes $600M Real Estate Fund
The fund’s general partner and related parties were among the list of contributors, as was a $52 million co-investment vehicle. Fund III, launched in June 2015, has so far amassed a portfolio of eight assets accounting for 20 percent of the commitments.