Property Type

Granite Properties Inks Five Office Leases in Atlanta Totaling 198,000 SF

by John Nelson December 12, 2023

ATLANTA — Granite Properties has signed five leases between September and November at three of its Atlanta office buildings for a total of 198,000 square feet. The deals included three leases at 100 City View in the Cumberland/Galleria submarket for Murata Electronics North America (50,019 square feet), Insurica (4,097 square feet) and Prairie Capital Advisors (3,598 square feet). Jennifer Koontz, Frances Land Klee, Sam Neel of Pope & Land represented Granite in the lease negotiations at 100 City View. The other two deals included Womble Bond Dickinson’s 27,733-square-foot lease at Midtown Union and an expansion for Amwins at 3630 Peachtree in Buckhead, going from 94,000 square feet to nearly 114,000 square feet. Brooke Dewey and Adam Viente of JLL represented Granite in the Womble Bond Dickinson lease, and Greg Frankum, Matt Spickard and Ansley Chenault of Transwestern represented the firm in the Amwins lease. Tenant representatives for the five deals included Mass Realty, CoRErep, Newmark, CBRE and Ackerman & Co.

December 12, 2023

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $4.2M Sale of Windy Hill West Retail Center in Marietta, Georgia

by John Nelson December 12, 2023

MARIETTA, GA. — Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office have brokered the $4.2 million sale of Windy Hill West, a retail center located at 1995 Windy Hill Road in Marietta, a northern suburb of Atlanta. A private investor based in Atlanta purchased the center. The buyer and seller were not disclosed. Windy Hill West is situated near Dobbins Air Force Base, Cumberland Mall, The Battery and Truist Park, home ballpark of the Atlanta Braves. “This deal closed all-cash above our list price to a private investor local to Atlanta,” says Taylor, senior managing director of investments at Marcus & Millichap. “Demand for quality unanchored retail centers remains at an all-time high, albeit in a challenging capital markets environment.”

December 12, 2023

Constellation-Commerce-360-Grand-Prairie

Development Industrial Texas

Constellation, Northwestern Mutual to Develop 200,493 SF Industrial Project in Grand Prairie, Texas

by Taylor Williams December 12, 2023

GRAND PRAIRIE, TEXAS — A partnership between Constellation Real Estate Partners and Northwestern Mutual has acquired 10 acres in Grand Prairie, located roughly midway between Dallas and Fort Worth, for the development of a 200,439-square-foot industrial project. Designed by Pross Design Group, Constellation Commerce 360 will comprise two buildings totaling 95,760 and 104,733 square feet. Building features will include 32-foot clear heights, ESFR sprinkler systems, LED lighting and the capacity to accommodate a single or multiple users across both buildings. David Eseke and Clay Balch of Cushman & Wakefield represented Constellation Real Estate Partners in the acquisition of the land and have also been retained as leasing agents. Construction is scheduled to begin in the first quarter of next year and to last about 12 months.

December 12, 2023

Development Indiana Life Sciences Midwest

NexCore Group to Develop $60M Life Sciences Building in Indianapolis

by Kristin Harlow December 12, 2023

INDIANAPOLIS — NexCore Group has unveiled plans to develop Waterway Labs at 16 Tech in Indianapolis. Cushman & Wakefield will provide leasing services for the $60 million development. NexCore expects to break ground in 2024 on the 100,000-square-foot life sciences building. The project will be situated within the 16 Tech Innovation District, which is a 50-acre destination for entrepreneurship and innovation that is located adjacent to the future campuses of Indiana University Indianapolis and Purdue University in Indianapolis. The five-story development will include two types of space as part of NexCore’s HATCHspaces operating platform: HATCHlabs and HATCHx. HATCHlabs will include four levels with 22,000-square-foot floorplates. The HATCHx floor will offer eight turnkey lab suites of 2,000 square feet as well as 10 offices in a coworking environment. Jon Owens and Joshua Graham of Cushman & Wakefield will handle leasing for Waterway Labs.

December 12, 2023

Affordable Housing Development Loans Multifamily Texas

BWE Provides $14.4M HUD-Insured Construction Loan for Denton Affordable Housing Project

by Taylor Williams December 12, 2023

DENTON, TEXAS — BWE, the commercial mortgage banking firm formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.4 million, HUD-insured construction loan for Westview Heights, a 132-unit affordable housing project in the North Texas city of Denton. Westview Heights will offer one-, two- and three-bedroom units across three buildings that be reserved for households earning between 30 and 60 percent of the area median income, with 22 units being rented at market rates. Amenities will include a pool, fitness center, business center, laundry facilities and outdoor grilling and dining stations. Jon Killough of BWE originated the loan, which is structured with a fixed interest rate and interest-only payments for the duration of construction, through HUD’s 221(d)(4) program. The borrower was Generation Housing Partners. The capital stack also includes Low-Income Housing Tax Credit (LIHTC) equity that was provided by the Texas Department of Housing & Community Affairs.

December 12, 2023

Acquisitions Industrial Midwest Missouri Ohio

Trident Capital Group Acquires Two Warehouses in Missouri, Ohio

by Kristin Harlow December 12, 2023

LIBERTY, MO., AND STRONGSVILLE, OHIO — Trident Capital Group has acquired two Class A warehouses in Missouri and Ohio for an undisclosed price. In Liberty, Mo., Trident acquired Heartland Meadows Commerce Center, which totals 181,321 square feet. The asset was fully occupied by two tenants at the time of sale and marks Trident’s first investment in the Kansas City market. Separately, Trident expanded its presence in Ohio with the acquisition of a 185,210-square-foot building located within the Mills Business Park in Strongsville, a suburb of Cleveland. The facility was fully leased to three tenants at the time of sale. Trident worked with CBRE on the acquisitions. Sellers were not provided.

December 12, 2023

Illinois Industrial Leasing Activity Lee & Associates Midwest

Logisteed America Renews 106,100 SF Industrial Lease in Suburban Chicago

by Kristin Harlow December 12, 2023

ELK GROVE VILLAGE, ILL. — Logisteed America Inc., a provider of transportation and logistics services, has renewed its 106,100-square-foot industrial lease at 2551-2561 Allan Drive in the Chicago suburb of Elk Grove Village. Kenneth Franzese and John Cassidy of Lee & Associates represented the tenant. Jonathan Kohn and Chris Volkert of Colliers represented the landlord, LaSalle Investment Management.

December 12, 2023

Illinois Leasing Activity Life Sciences Midwest

MonoSol Signs 35,021 SF Lease at Fulton Labs in Chicago

by Kristin Harlow December 12, 2023

CHICAGO — MonoSol has signed a 35,021-square-foot lease for a new innovation and technical center located within Fulton Labs in Chicago’s Fulton Market. Headquartered in Northwest Indiana, MonoSol is a sustainable material science company that is a division of Tokyo-based Kuraray Group. The company is best known for its water-soluble, biodegradable films that are used to make laundry and dishwashing detergent packets for many household brands. When open in mid-2024, MonoSol’s innovation center will occupy the last full floor at 1375 West Fulton. The deal brings the 300,000-square-foot life sciences building to about 98 percent leased. Dan Lyne and Kelsey Scheive of CBRE represented ownership, Trammell Crow Co. Andrew Urban and David Burden of Colliers represented the tenant.

December 12, 2023

Acquisitions Illinois Midwest Retail

Quantum Brokers $1.8M Sale of Retail Center in Shorewood, Illinois

by Kristin Harlow December 12, 2023

SHOREWOOD, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.8 million sale of a 15,507-square-foot retail center in Shorewood, about 45 miles southwest of Chicago. Built in the mid-2000s and located on Brook Forest Avenue, the property was 85 percent leased at the time of sale and is shadow anchored by Jewel-Osco. Chad Firsel and Dan Waszak of Quantum represented the seller, an investor based in California. An Indiana-based private investor was the buyer.

December 12, 2023

Acquisitions Industrial Self-Storage Texas

Versal Negotiates Sale of 113-Unit Self-Storage Facility in Rockport, Texas

by Taylor Williams December 12, 2023

ROCKPORT, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of Paradise Self Storage, a 113-unit facility in Rockport, located outside of Corpus Christi in South Texas. The facility was built in 1994 and spans 23,800 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Iowa-based Elkhorn River Investments LLC, in the transaction. The team also procured the buyer, Corpus Christi-based Preis Investments Inc.

December 12, 2023

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