Property Type

KeyBank Arranges $16.7M Refinancing for Edge DTC Multifamily Property in Denver

by Amy Works December 18, 2023

DENVER — KeyBank Real Estate Capital has arranged a $16.7 million Fannie Mae fixed-rate loan to refinance existing debt secured by Edge DTC, an apartment community in Denver. Brian Caudel and Allison Loftsgordon of KeyBank Real Estate Capital structured the five-year loan featuring full-term interest-only payments through Fannie Mae for the borrower, Grand Peaks Properties. Built in 1986, Edge DTC features 204 apartments spread across eight two-story residential buildings. Community amenities include a swimming pool, fitness center, business center, dog park and picnic area.

December 18, 2023

California Industrial Leasing Activity Western

DAUM Commercial Negotiates 115,734 SF Warehouse Lease in Rancho Dominguez, California

by Amy Works December 18, 2023

RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has negotiated the lease of an industrial warehouse facility at 3040 E. Ana St. in Rancho Dominguez. JCQ Industrial leased the asset to DCW Inc., a warehousing, fulfillment, distribution and transportation services company. The site was leased for a total consideration of $10.1 million. The 115,734-square-foot property features 35 trailer or container spaces, 18 dock-high doors, 20-foot to 22-foot warehouse ceiling heights and loading access across the front of the building. The building’s office space allows for configurations that range from 6,500 square feet to 21,000 square feet. Additionally, the asset offers ample parking and reception and kitchen areas. Chuck Brill, Casey Mungo and Nat Ortega of DAUM represented the lessor, while Tyler Rollema of Klabin Co. represented the lessee in the deal.

December 18, 2023

Development Illinois Leasing Activity Midwest Retail

Pottery Barn to Open at Westfield Old Orchard Mall Redevelopment in Skokie, Illinois

by Kristin Harlow December 18, 2023

SKOKIE, ILL. — Home furnishing retailer Pottery Barn is relocating its store at Westfield Old Orchard, joining Arhaus, Puttshack and Zara in the former Lord & Taylor space set to open in summer 2024. Unibail-Rodamco-Westfield owns Westfield Old Orchard shopping mall, which is undergoing redevelopment. The center is set to welcome six new retailers over the next year. Jewelry brand Little Words Project and Canadian women’s fashion brand Aritzia are opening in December. Urban Outfitters is opening in January, and Italian intimates store Intimissimi is slated to open in the spring. Westfield Old Orchard will also welcome new dining options next year, including local all-day lounge Cupitol and Cafe Castemila, an independently owned café and bakery. The redevelopment of the former Lord & Taylor department store is part of a multi-phase plan at Westfield Old Orchard that was first announced in 2022. Plans also call for new residences, dining establishments, wellness facilities and outdoor amenities such as a public park and event space. More detailed plans will be unveiled in 2024.

December 18, 2023

Acquisitions Midwest Missouri Multifamily

Mia Rose Holdings Sells 156-Unit Apartment Complex in Lake Saint Louis, Missouri

by Kristin Harlow December 18, 2023

LAKE SAINT LOUIS, MO. — Mia Rose Holdings has sold The Solstice, a 156-unit Class A apartment complex in Lake Saint Louis, a northwest suburb of St. Louis. The sales price was undisclosed. Minneapolis-based Timberland Partners was the buyer. The Solstice features 48 two-bedroom units and 108 one-bedroom units spread across five buildings. Mia Rose completed development of the property this spring. The St. Louis-based multifamily developer has more than 3,000 units in development across the St. Louis, Northwest Arkansas, Indianapolis and North Texas markets.

December 18, 2023

Acquisitions Illinois Midwest Retail

SVN Chicago Brokers $2.4M Sale of Retail Center in West Chicago

by Kristin Harlow December 18, 2023

WEST CHICAGO, ILL. — SVN Chicago Commercial has brokered the sale of Tower Station Center in West Chicago for $2.4 million. The 11-unit retail center, located at 956 N. Neltnor Blvd., is 73 percent occupied. Aldi shadow anchors the property. Ron Weissenhofer and Karen Kulczycki of SVN represented the undisclosed seller. After six months of negotiations, the property sold to an out-of-state buyer completing a 1031 exchange.

December 18, 2023

Acquisitions Midwest Missouri Retail

Marcus & Millichap Arranges $2.4M Sale of Kum & Go-Occupied Property in Sarcoxie, Missouri

by Kristin Harlow December 18, 2023

SARCOXIE, MO. — Marcus & Millichap has arranged the $2.4 million sale of a 5,118-square-foot property net leased to Kum & Go in Sarcoxie, a city in Southwest Missouri. The gas station and convenience store has operated at the property for 16 years. The triple-net lease features annual rental increases and a corporate guarantee. Austin Weisenbeck, Sean Sharko and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the buyer, an out-of-state private investor.

December 18, 2023

Indiana Leasing Activity Midwest Retail

Starbucks, Chipotle Sign Leases at Planned Shopping Center in Fort Wayne, Indiana

by Kristin Harlow December 18, 2023

FORT WAYNE, IND. — Starbucks Corp. and Chipotle Mexican Grill have signed 10-year leases to open at the planned Wood Creek Commons shopping center in Fort Wayne. The retailers are slated to open in the second quarter of 2024. Dave Horacek and Steve Chen represented the landlord, an entity doing business as BRV-V LLC, in both leases. Starbucks leased a 2,540-square-foot standalone building, while Chipotle leased a 2,325-square-foot standalone building.

December 18, 2023

UTMB-Health-Clear-Lake-Hospital-Webster-Texas

Acquisitions Healthcare Texas Top Stories

Sila Realty Trust Sells Metro Houston Hospital for $258.1M

by Taylor Williams December 18, 2023

WEBSTER, TEXAS — Sila Realty Trust, a nontraded real estate investment trust based in Tampa, has sold the 199-bed UTMB Health Clear Lake Hospital in Webster, a southeastern suburb of Houston, for $258.1 million. The University of Texas Medical Branch (UTMB), which is part of the larger UT healthcare system, occupies the 373,000-square-foot, acute-care hospital. The buyer was the Board of Regents of the University of Texas, which exercised a purchase option in the lease agreement. In addition to multiple onsite dining options, a family lounge and a children’s play area, the hospital offers: Sila Realty Trust is using proceeds from the sale to pay down existing debt and to fund other general corporate costs. “We are pleased to have executed the sale of the UTMB Health Clear Lake Hospital, which was a significant asset within our portfolio and one of our few owned short-term, acute-care hospitals,” says Michael Seton, president and CEO of Sila Realty Trust. “We anticipate expanding our high-quality, diversified healthcare portfolio into more outpatient and post-acute healthcare assets.” — Taylor Williams

December 18, 2023

Louisiana Market Reports Restaurant Retail Southeast Southeast Market Reports

Retailers in New Orleans Leverage Unique Experiences, Both In-Town and Suburbs

by John Nelson December 18, 2023

The New Orleans retail market is in a state of flux like other markets across the country. The retail experience is changing for the end user, with an increase in online shopping, “try before you buy” customers and quicker walkthroughs. Retailers are left in an odd position, caught between experiential interactions with customers and trying to have them remember to purchase later at home. While the retail market is changing, the Greater New Orleans area is different due to the scarcity of space available for new construction and a stable flow of stores closing or relocating. Our market creates a streamlined experience where consumers have “retail corners” they can visit to shop — such as downtown New Orleans, especially the iconic streets of Canal and Magazine — but also the suburbs that include Metairie, Elmwood and the Westbank. With the concentrated shopping setup of the market, customers can shop more efficiently, and retail investors see the New Orleans market as a more demanding and creative place to build and open stores. Submarket by submarket The retail customer in New Orleans detests spending unneeded time in the car, so when customers can shop locally, get what they need and get it …

December 18, 2023

Civic Development Florida Hospitality Mixed-Use Southeast

Balfour Beatty Tops Out Phase II of $1B Convention Center, Hotel Project in Fort Lauderdale

by John Nelson December 15, 2023

FORT LAUDERDALE, FLA. — Balfour Beatty has completed the vertical construction of the second phase of a $1 billion project to expand the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale. In addition to the 400,000-square-foot East Expansion Building, the phase includes the development of the 29-story, 801-room Omni Fort Lauderdale hotel. Upon completion, the East Expansion Building will comprise ballrooms, exhibit space and a kitchen to service the 1.5 million-square-foot convention center. Amenities at the hotel will include additional meeting and ballroom space, restaurants and a rooftop bar. Balfour Beatty is completing construction on behalf of the developer, Matthews Southwest. The project team also includes Nunzio Marc DeSantis Architects and Fentress Architects. Completion of the second phase is scheduled for late 2025.

December 15, 2023

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