Property Type

NewQuest Properties to Develop $62M Multifamily Project in Metro Houston

by Taylor Williams July 19, 2023

HOUSTON — An affiliate of locally based developer NewQuest Properties will develop a $62 million, 294-unit multifamily project within The Grand at Aliana, a shopping and dining destination in metro Houston. The development’s 11 residential buildings will house studio, one-, two- and three-bedroom units that will range in size from 594 to 1,482 square feet. Amenities will include a pool, fitness center, business center, outdoor grilling and dining stations and a dog park. Dallas-based Humphreys & Partners designed the property. Construction is set to begin in September, and completion is slated for June 2025.

July 19, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 312-Unit Self-Storage Facility in Port Arthur, Texas

by Taylor Williams July 19, 2023

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of Park Central Self-Service Storage, a 312-unit facility in Port Arthur, located just south of Beaumont. The property spans 48,430 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a limited partnership, in the transaction. The trio also procured the buyer, a limited liability company. Both parties were Texas-based entities that requested anonymity.

July 19, 2023

Industrial Leasing Activity Texas

Pegasus Industries Signs 171,398 SF Industrial Lease at McKinney Trade Center

by Taylor Williams July 19, 2023

MCKINNEY, TEXAS — Pegasus Industries, a provider of farming equipment, has signed a 171,398-square-foot industrial lease at McKinney Trade Center in metro Dallas. The property, which is under construction, sits on 36 acres and is now fully preleased. Brett Lewis of Lee & Associates represented the tenant in the lease negotiations. Adam Graham and Ken Wesson, also with Lee & Associates, represented the landlord, Chicago-based ML Realty Partners.

July 19, 2023

Leasing Activity Office Texas

Bradford Commercial Negotiates 10,064 SF Office Lease Renewal in Arlington

by Taylor Williams July 19, 2023

ARLINGTON, TEXAS — Bradford Commercial Real Estate Services has negotiated a 10,064-square-foot office lease renewal at Arlington Downs Tower, located in the central part of the Dallas-Fort Worth metroplex. Erik Blais and Richmond Collinsworth of Bradford represented the landlord in the lease negotiations. Jim Montgomery of Swearingen Realty Group represented the tenant, The Texas Alcoholic Beverage Commission.

July 19, 2023

Development Illinois Industrial Midwest

Olympus Design and Development Breaks Ground on $65M Logistics Campus in Suburban Chicago

by Kristin Harlow July 19, 2023

SCHAUMBURG, ILL. — Olympus Design and Development has broken ground on a $65 million logistics campus in the Chicago suburb of Schaumburg. The four-building development will house headquarters office, warehouse and distribution space for Experior Global & Transport as well as one speculative office and industrial building for other users. David Haigh of NAI Hiffman represented Experior in the acquisition of the property. Completion is slated for the fourth quarter of 2024. The campus will feature a 24-hour surveillance system, parking for 800 trucks and trailers, a fully equipped gas station and convenience store, and a truck sales and repair shop to be operated by Experior.

July 19, 2023

Development Illinois Industrial Midwest

Meridian Design Build Completes 258,720 SF Spec Industrial Building in West Chicago

by Kristin Harlow July 19, 2023

WEST CHICAGO, ILL. — Meridian Design Build has completed construction of Dupage Crossings, a 258,720-square-foot speculative industrial building in West Chicago. Stotan Industrial and Stonemont Financial Group developed the facility, which is located on 17 acres at 348 Charles Court. The property features a clear height of 36 feet, 32 loading docks, four drive-in doors, 212 auto parking spaces and 46 trailer parking stalls. Harris Architects and civil engineer Spaceco made up the project team. Brian Kling and Reed Adler of Colliers are marketing the building for lease. The project was 66 percent leased shortly after completion.

July 19, 2023

Illinois Leasing Activity Life Sciences Midwest

Two Tenants Expand Leases Within Fulton Labs in Chicago

by Kristin Harlow July 19, 2023

CHICAGO — Two tenants have expanded their leases within Fulton Labs, a 725,000-square-foot, two-building life sciences development in Chicago. The Chan Zuckerberg Biohub Chicago, a biomedical research institute launched by Priscilla Chan and Mark Zuckerberg, signed a lease for 28,200 square feet at 400 N. Aberdeen St. The tenant initially signed a lease earlier this year at Fulton Labs’ other building, which is located at 1375 W. Fulton St. Since there is no further space at 1375 W. Fulton, the biohub will move into a new space at 400 N. Aberdeen in the first quarter of 2024, and temporarily occupy space in a science-ready lab suite at 1375 W. Fulton until then. Venture accelerator Portal Innovations is expanding its lease from 6,000 to 55,000 square feet at 400 N. Aberdeen. ESG Architects, CRB Group and Power Construction are completing the interior build-outs for both tenants. Dan Lyne of CBRE represented ownership, Trammell Crow Co.

July 19, 2023

Development Midwest Minnesota Retail

Drive Shack to Open 20,265 SF Puttery Minneapolis This Friday

by Kristin Harlow July 19, 2023

MINNEAPOLIS — Drive Shack Inc., an owner and operator of golf-related leisure and entertainment businesses, will open Puttery Minneapolis this Friday, July 21. Located in the city’s North Loop, the adults-only, 20,265-square-foot venue features several bar and lounge areas as well as three nine-hole putting courses. Each putting course has its own theme. At the Minneapolis location, the themes include: art museum, conservatory and library. Each course features décor reminiscent of its theme. Puttery currently operates in The Colony, Texas; Charlotte, N.C.; Washington, D.C.; Houston; Chicago; and Pittsburgh.

July 19, 2023

Development Healthcare Midwest South Dakota

Kraus-Anderson Completes Construction of $2.4M Dialysis Center in Huron, South Dakota

by Kristin Harlow July 19, 2023

HURON, S.D. — Kraus-Anderson has completed construction of a new $2.4 million dialysis center at Huron Regional Medical Center in Huron, a city in eastern South Dakota. Designed by Wold Architects, the 4,165-square-foot project features a 12-bay dialysis unit, including two isolation treatment rooms. The project replaces an outdated dialysis suite. Kraus-Anderson’s scope of work also included a new water system and utilities, a generator and updates to the exterior façade. The center is located at 172 4th St. SE.

July 19, 2023

Acquisitions Multifamily Nevada Western

Marcus & Millichap Brokers $76M Sale of Vista Ridge Apartments in Reno, Nevada

by Jeff Shaw July 19, 2023

RENO, NEV. — Arthur Vista Ridge has sold Vista Ridge Apartments, a 324-unit asset in Reno, to Tilden Properties and IDEAL Capital Group for $76 million. Vista Ridge Apartments was built in 1996 on 19 acres. The community offers one-, two- and three-bedroom apartments. Units feature vaulted ceilings, and washers and dryers. Amenities include a fitness center, business center, pool, and tennis and basketball courts. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer.

July 19, 2023

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