Midwest

COLUMBUS, OHIO — Six new retailers have been confirmed as part of the $500 million expansion of Easton Town Center in Columbus. The retailers include Ivan Kane’s Forty Deuce Café & Speakeasy, Arhaus Furniture, Pins Mechanical Co., The Beeline, Forbidden Root Restaurant and Brewery and Crimson Cup Coffee & Tea. At Forty Deuce, the ground floor will include a café serving burgers and desserts while the upstairs will incorporate a hidden speakeasy. The new Arhaus store will span 17,500 square feet. Ohio-based Pins Mechanical has already opened with 30,000 square feet of bowling, foosball, pinball, duckpin bowling and ping pong. The Beeline is a 3,000-square-foot bar with outdoor entertainment space. Forbidden Root’s 12,000-square-foot location will be its first outside of Chicago and is scheduled to open late this month. Crimson is a Columbus-based coffee roaster. The expansion of Easton will encompass 140,000 square feet of new retail and restaurant space, 125,000 square feet of office space and 750 residential units, all set to open in late 2019 and early 2020. Co-developed by The Georgetown Co., L Brands and Steiner + Associates, Easton is a 1,300-acre mixed-use development in northeast Columbus.

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PAPILLION, NEB. — Darland Construction Co. is underway on a new Chrysler, Dodge, Ram and Jeep dealership near I-80 and Highway 370 in Papillion, a southwest suburb of Omaha. The project spans more than 59,000 square feet, including a showroom, service center, customer lounge, car wash and storage. The dealership will be one of the first in the area to include a hail protection system. The 135,000-square-foot hail netting is designed to protect inventory from hail, heat and ultraviolet rays. Construction began in April and completion is slated for spring 2020. Carlson West Povandra is the project architect.

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FENTON, MO. — Stan Johnson Co. has brokered the sale of Cassens Business Center in Fenton for $14 million. The multi-tenant industrial facility spans 132,279 square feet and is located at 2391 Cassens Drive. At the time of sale, the property was fully leased to two national tenants as well as a regional company. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis, a Missouri-based developer. RCRL LLC, a New Jersey-based individual investor, purchased the building.

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CHICAGO — Accenture, the giant global business and information technology consulting services firm, has expanded its lease at 500 West Madison in Chicago by 152,454 square feet. In conjunction with the lease, the building will be rebranded as Accenture Tower. The company now occupies a total of 226,486 square feet at the 40-story office tower, which is owned by KBS Real Estate Investment Trust III. The first two levels of the property comprise 80,000 square feet of retail space. KBS intends to reposition the lobby and amenity areas to reflect the new partnership with Accenture. The building was constructed in 1987 and renovated in 2015 to include a fitness center and tenant lounge. Kyle Kamin, Todd Lippman and Michael Dash of CBRE represented Accenture in the lease transaction. Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS. Accenture employs 482,000 people serving clients in more than 120 countries.

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PLYMOUTH TOWNSHIP, MICH. — Henry Ford Health System has unveiled plans to revitalize the site of a former Kmart property in Plymouth Township with a new outpatient medical center. The multi-story, 120,000-square-foot center will offer specialty care services, as well as an emergency department and ambulatory surgery center. Kmart closed its doors at the site in November 2017. Henry Ford is expected to close on the purchase of the property in mid-August. Construction is slated to begin shortly thereafter and be completed in 2021. Gensler and Hobbs + Black Associates Inc. are the project architects. With the new facility, Henry Ford’s footprint in western Wayne County will expand to three outpatient facilities.

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CHICAGO — Newmark Knight Frank (NKF) has arranged the sale of a three-property office portfolio in Chicago’s Fulton Market District. Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton St., 936 W. Fulton St. and 312 N. Carpenter St. Major tenants include Vital Proteins and iCrossing. Andy Gallas and Gino Tabbi of NKF represented the seller, a joint venture between Madison Capital and ASB Real Estate Investments. NKF also represented the joint venture when it originally purchased the portfolio in 2015. At that time, the buildings were utilized as meatpacking facilities.

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DES MOINES, IOWA — Loja Real Estate has acquired Water Tower Place in Des Moines for $52 million. The community shopping center is anchored by Whole Foods Market and Best Buy. Other tenants include buybuy Baby, Famous Footwear, Marshalls and Ulta. Located at 4100 University Ave., the asset spans nearly 400,000 square feet. Pegasus Investments represented the undisclosed seller in the transaction.

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BATAVIA, ILL. — Avison Young has negotiated the sale of a 117,472-square-foot industrial building in Batavia for an undisclosed price. The property is located at 1020 Olympic Drive in Chicago’s Fox Valley submarket. The Class B building was constructed in 1977 and expanded in 1983. The property, situated on a seven-acre site, features clear heights ranging from 24 to 28 feet as well as three rail doors that enable connection to the nearby Burlington Northern Santa Fe rail spur. Tom Curtis and John Moysey of Avison Young represented the seller, a national manufacturing company, which used the facility as a single-tenant building for many years. The building was vacant at the time of sale. Midwest Industrial Funds purchased the asset and has retained Avison Young to market the repositioned property, which will undergo major renovations, including a new roof, installation of modern HVAC systems and an office renovation.

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LINCOLN, R.I. — Twin River Worldwide Holdings Inc. (NYSE: TRWH) has entered into an agreement to acquire Isle of Capri Casino Kansas City in Missouri and Lady Luck Casino Vicksburg in Mississippi for $230 million. Eldorado Resorts Inc. (Nasdaq: ERI) is the seller. Isle of Capri is located near downtown Kansas City, overlooking the Missouri River. The property offers 40,000 square feet of casino space, 939 gaming machines, 13 table games and two dining venues. Lady Luck Casino Vicksburg is situated along the Mississippi River. The property features 25,000 square feet of casino space, 603 slot machines, eight electronic table games, three dining venues and an 89-room hotel. “Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets,” says George Papanier, president and CEO of Lincoln, R.I.-based TRWH. “We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans.” Eldorado Resorts expects to use the proceeds from the sale for general corporate purposes, including its proposed $17.3 billion acquisition of Caesars Entertainment Corp. Papanier says TRWH will redevelop Isle of Capri, though he did not …

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Given the pace at which the Detroit commercial office space market is evolving, updates and projections are changing with extraordinary speed. The market can look very different in just a few short months, and it’s worth checking in to see where things stand relative to the beginning of the year. CBD occupancy is high While growth remains the headline story, the focus has changed somewhat from a high level of leasing activity across the metro area to more of adaptation and evolution as landlords, tenants and brokers all adapt to a downtown market that is reaching capacity. The vacancy rate in Detroit proper is the lowest it has ever been, and office space in Midtown and downtown is getting harder and harder to come by. Deals are still being executed across metro Detroit, but with rents continuing to rise and space at a premium, the incentives landscape looks nothing like it has in recent years. Parking rates have increased dramatically with a major shortage in parking in the central business district (CBD). The monthly cost of parking has increased to approximately $250 per space downtown. Creative solutions Incentives continue and have produced new opportunity for creativity, as owners and operators …

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