HOUSTON — Clay Development is nearing completion of High Life Distribution Center, a 103,100-square-foot industrial project in northwest Houston. The facility sits on an 8.1-acre site at 15930 Tomball Parkway and is part of the 21-acre High Life Business Park, which Clay Development originally began working on in 2010. Building features include 32-foot clear heights, 27 dock doors, two drive-in doors, 2,600 square feet of office space and 61 car parking spots. The building is expected to be ready for occupancy by the end of the year.
AUSTIN, TEXAS — Northmarq has brokered the sale of Cielo at Azulyk, a 32-unit apartment complex in central Austin. The property consists of four two-story buildings on a 2.5-acre site that were built between 1973 and 1986 ad house one- and two-bedroom units. Hayden Schnieders, Will Collier, Jordan Vaughn, Chase Gardner, Diane Sogal and Scott Lamontagne of Northmarq represented the seller, Atlanta-based Zavala Capital Group, in the transaction. Noah Villicana and Cheryl Higley of Northmarq arranged acquisition financing on behalf of the buyer, California-based Mosch Capital, which plans to implement a value-add program.
KATY, TEXAS —Poag Development Group has welcomed four new tenants to LaCenterra at Cinco Ranch, a shopping center located in the western Houston suburb of Katy. Confectionary Kilwins is scheduled to open a 1,104-square-foot store before the end of the year. Nando’s will open 2,754-square-foot restaurant in January 2024, followed by the launch of athleisure retailer lululemon in February. Lastly, IKEA will open a 5,500-square-foot store for placing and picking up furniture orders. JLL manages the center.
TULSA, OKLA. — CBRE has opened a 9,891-square-foot office at Santa Fe Crossings, a located at 521 E. 2nd St. in downtown Tulsa. The Dallas-based real estate giant is relocating its Tulsa office from 1437 South Boulder Ave. to the seventh floor of the 134,978-square-foot building. The office is part of CBRE’s WorkPlace360 program and features various social spaces, several individual and group workspaces and a boardroom for large-format internal meetings or presentations with clients and visitors.
SANDUSKY, OHIO AND ARLINGTON, TEXAS — Sandusky-based Cedar Fair Entertainment Co. (NYSE: FUN) and Arlington-based Six Flags Entertainment Corp. (NYSE: SIX) have entered into a definitive merger agreement to combine in a merger of equals transaction. The all-stock deal values the combined company at approximately $8 billion, including debt. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cedar Fair investors will receive one share of common stock for each unit they own, and Six Flags shareholders will receive .58 shares for each share they own. Following the close of the transaction, Cedar Fair unitholders will own approximately 51.2 percent and Six Flags shareholders will own about 48.8 percent of the combined company’s equity. “Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance,” says Richard Zimmerman, president and CEO of Cedar Fair. The combined company will operate a portfolio of 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. The companies expect the merger to …
CREST HILL, ILL. — JLL Capital Markets has negotiated the sale of Woodlands of Crest Hill for $95 million. The 730-unit apartment community is located in Crest Hill, a southwest suburb of Chicago. Built in 1972, the property has undergone various renovations since 2018. Woodlands of Crest Hill offers studio, one- and two-bedroom units with an average size of 649 square feet. Amenities include a pool, sundeck, clubroom and fitness center. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the sellers, a fund managed by DRA Advisors and Marquette Cos. Buyer information was not provided.
GENEVA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Randall Square in Geneva, a western suburb of Chicago. The sales price was undisclosed. The 226,029-square-foot shopping center is home to Marshalls, Michaels, Ulta, Old Navy, PetSmart, Men’s Wearhouse and more. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. Viking Partners was the buyer. Pine Tree served as property manager.
BOSTON — Boston Global Investors, in partnership with Cogsville Capital Group and Bastion Cos., has topped out 10 World Trade, a 17-story, 555,250-square-foot life sciences and office building in Boston’s Seaport District. The development team is targeting LEED Gold certification for the building and will also introduce other eco-friendly and wellness-based features, such as VIEW Smart Windows and a rooftop solar field. Other project partners include Suffolk Construction and H.J. Russell & Co. Construction began in March 2022 and is expected to be complete in late 2024.
INDIANAPOLIS — Colliers has brokered the sale of Northview Mall, a 48,028-square-foot retail center located at 1700 E. 86th St. in Indianapolis. The sales price was undisclosed. Situated on four acres, the property is fully leased to 20 tenants. Some of the tenants include Fit Flex Fly, Moody’s Butcher Shop, Nutrition Hub, Indy Sports Massage, Parkside Linen, Willow and Star Flowers. Alex Cantu, Alex Davenport and Rachel Patten of Colliers represented the buyer, an affiliate of Podell Partners. The seller was a local private investor.
CHICAGO — Heisler Hospitality has signed a 10,000-square-foot lease to occupy the entire building at 165 N. Morgan St. in Chicago’s Fulton Market. Heisler, led by entrepreneur Matt Eisler and designer Kevin Heisner, plans to open Pizza Lobo in the space in summer 2024. The lease marks Heisler’s fourth establishment in Chicago. The restaurateurs also operate Nights & Weekends and Lone Wolf in the West Loop and Estereo FM in Fulton Market. Fulton Street Cos. (FSC) owns the building at 165 N. Morgan St. along with partner Fred Latsko of Latsko Interests, which brought Guinness Open Gate Brewery to Chicago. FSC purchased the single-tenant property in December 2021 from a private investor. Previously housing the corporate offices of Tenzing Wine & Spirits, the building features a private, 2,500-square-foot outdoor courtyard.