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Intermodal-Logistics-Center-West-Haslet
DevelopmentIndustrialTexas

Joint Venture Breaks Ground on 1 MSF Industrial Project in Haslet, Texas

by Taylor Williams

HASLET, TEXAS — A joint venture between Kansas City-based NorthPoint Development, Olympus Ventures and a local family partnership has broken ground on a 1 million-square-foot industrial project in Haslet, about 25 miles north of Fort Worth. The project represents Phase I of a larger development known as Intermodal Logistics Center West, which is planned to feature some 8.4 million square feet of space across nine buildings and 1,000 acres. Building 1 of Intermodal Logistics Center West will feature a cross-dock configuration, 40-foot clear heights, 100 dock doors, four oversized ramp doors and parking for 750 cars and 194 trailers (expandable to 404). CBRE is the building’s leasing agent.

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IndustrialLeasing ActivityTexas

MEI Rigging & Crating Signs 603,638 SF Industrial Lease in West Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — MEI Rigging & Crating has signed a 603,638-square-footindustrial lease in West Fort Worth. The space is located within West Worth Commerce Center, a newly constructed, 71-acre development that comprises 991,038 square feet across four buildings. David Cartwright and Charley Dickenson of Apex Industrial represented the tenant in the lease negotiations. Matt Carthey, Canon Shoults and Trey Goodspeed of Holt Lunsford Commercial represented the landlord, Forefront Commercial Real Estate, which developed the property in partnership with Ares Management.

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Affordable HousingDevelopmentMichiganMidwestMixed-UseMultifamily

Oxford Cos., Crawford Hoying Receive State Approval for Arbor South Mixed-Use Project in Michigan

by Kristin Harlow

ANN ARBOR, MICH. — Oxford Cos. and Crawford Hoying have received final state approval from the Michigan Strategic Fund Board for Arbor South, a 20-acre mixed-use development planned for Ann Arbor’s south side. Located at 2845 S. State St. near Eisenhower Parkway, Arbor South will include more than 1,000 apartments and condominiums, including over 200 affordable housing units in partnership with the Ann Arbor Housing Commission. Plans also call for 100,000 square feet of ground-floor commercial space, an upscale hotel, parks, green spaces and gathering areas. Arbor South was approved via the largest brownfield tax recapture plan in city and county history, according to a release. It is moving forward under Ann Arbor’s new TC-1 zoning ordinance, designed to increase transit-corridor density outside downtown. The approval follows two years of planning, refinement and coordination with city officials, state leaders and project partners. Detroit-based Sachse Construction is the general contractor. The project team also includes Detroit-based architecture and design firm Lord Aeck Sargent and Ann Arbor-based civil engineering firm Midwestern Consulting. Pre-construction work is expected to begin this winter.  

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DevelopmentIndianaIndustrialMidwest

Venture One Breaks Ground on 1.2 MSF Distribution Facility for Amazon in Northwest Indiana

by Kristin Harlow

CROWN POINT, IND. — Venture One Real Estate has broken ground on a 1.2 million-square-foot build-to-suit distribution facility for Amazon at VenturePark 65 in Crown Point. The new facility will support Amazon’s distribution network across the Chicagoland and Northwest Indiana markets and is expected to create approximately 500 jobs. The project marks Chicago-based Venture One’s second development in Indiana. The project team includes Venture One as developer, Premier Design + Build Group as general contractor, Ware Malcomb as architect and Jacob & Hefner as civil engineer. Ryan O’Leary of KBC Advisors assisted Amazon in its site selection, and Brian Vanosky and Michael O’Leary of Lee & Associates represented Venture One.

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AcquisitionsIllinoisMidwestRetail

Newmark Arranges $95M Sale of Randhurst Village Shopping Center in Metro Chicago

by Kristin Harlow

MOUNT PROSPECT, ILL. — Newmark has arranged the $95 million sale of Randhurst Village, a 931,798-square-foot power center in Mount Prospect. Conor Lalor and Keely Polczynski of Newmark represented the seller, DLC, with support from colleague Brian Schneiderman. The buyer was Rhino Investment Group. The transaction follows DLC’s execution of a comprehensive business plan to enhance the asset’s value, drive leasing activity and strengthen the property’s tenant mix. Situated on more than 94 acres at the intersection of Rand and Elmhurst roads, Randhurst Village is home to anchor tenants Costco, Jewel-Osco and The Home Depot. Additional tenants include TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness and PetSmart. The property was originally redeveloped from the former Randhurst Mall.

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DevelopmentIllinoisIndustrialMidwest

Opus Begins Construction of 314,684 SF Spec Industrial Building in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Opus has begun construction on Opus Intermodal at Joliet, a 314,684-square-foot speculative industrial building on 39 acres in Joliet. The project site is at the northeast corner of Patterson and West Laraway roads, directly across the street from Union Pacific’s Global IV intermodal terminal. Plans call for a clear height of 36 feet, 31 dock doors, two drive-in doors, 209 trailer stalls and 214 car parking spaces. The building can accommodate up to two users. Opus is the developer and design-builder, working with Ware Malcomb as architect. Matthew Stauber and Steve Ostrowski of Colliers are marketing the buildings for lease. A groundbreaking ceremony is scheduled for Thursday, Oct. 1. The building is slated for completion in June 2027.

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AcquisitionsRestaurantRetailTexas

RealSource Group Negotiates $5.8M Sale of Restaurant Building in Richmond, Texas

by Taylor Williams

RICHMOND, TEXAS — California-based brokerage firm RealSource Group has negotiated the $5.8 million sale of a 3,072-square-foot restaurant building in Richmond, a southwestern suburb of Houston. Shake Shack occupies the newly constructed building, which is located within Waterview Town Center, a 134-acre mixed-use development by Read King, on a 15-year, triple-net lease. Austin Blodgett and Jonathan Schiffer of RealSource Group, along with Parasell Inc., represented Read King in the sale. Anthony Cerrone of Marcus & Millichap represented the undisclosed buyer.

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AcquisitionsRetailTexas

Westwood Financial Acquires 23,300 SF Shopping Center in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — Westwood Financial, a California-based retail investment firm, has acquired South Town Crossing II, a 23,300-square-foot shopping center in Burleson, a southern suburb of Fort Worth. The center was fully leased at the time of sale to tenants such as Petco, Mathnasium, Mattress Firm and Glitz Nails. The seller and sales price were not disclosed. Westwood now owns 83,286 square feet within South Town Crossing.

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The-Grove-at-Somerset
AcquisitionsMultifamilyNew JerseyNortheast

CBRE Arranges Sale of 384-Unit Apartment Community in Somerset, New Jersey

by Taylor Williams

SOMERSET, N.J. — CBRE has arranged the sale of a 384-unit apartment community located in the Central New Jersey community of Franklin. The Grove at Somerset was built on 41 acres in 2013, the property features studio, one-, two- and three-bedroom units, 58 of which are designated as affordable housing. Amenities include a pool with a sundeck, resident clubhouse with a lounge area, business center, fitness center, playground and a dog park. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE represented the buyer, Los Angeles-based owner-operator TruAmerica, in the off-market transaction. The seller was Harbor Group International. The sales price was not disclosed.

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IndustrialLoansNew YorkNortheast

Largo Capital Places $24M Permanent Loan for Buffalo Industrial Property

by Taylor Williams

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has placed a $24 million permanent loan for a 300,000-square-foot industrial property in Buffalo. The address of the property was not disclosed, but the site is located within an “established” industrial park just south of the downtown area. The property was fully leased to a single tenant at the time of the loan closing. Jack Phillips of Largo Capital arranged the nonrecourse loan through an undisclosed CMBS lender. The borrower was also not disclosed.

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