Property Type

HSA Commercial Begins Development of Two Spec Warehouses Totaling 497,540 SF Near Indianapolis Airport

by Kristin Harlow May 5, 2023

PLAINFIELD, IND. — HSA Commercial Real Estate has begun development of two speculative warehouses totaling 497,540 square feet in Plainfield near the Indianapolis International Airport. Named Terminus at Hobbs Station, the project is slated for completion in the fourth quarter of this year. Building 1 will total 233,618 square feet with 36 dock doors, three drive-in doors, 163 parking spots and 48 trailer parking stalls. Building 2 will span 263,922 square feet with 31 dock doors, three drive-in doors, 187 parking spaces and 30 trailer stalls. Both buildings will feature a clear height of 32 feet and 60-foot loading bays. The project team includes architect Curran Architecture, general contractor Meridian Design Build and civil engineer Kimley-Horn. Jimmy Cohoat and Andrea Hopper of Colliers will market the project for lease.

May 5, 2023

Acquisitions Illinois Midwest Office

CBRE Arranges Sale of 116,500 SF Office Building in Waukegan, Illinois

by Kristin Harlow May 5, 2023

WAUKEGAN, ILL. — CBRE has arranged the sale of a 116,500-square-foot office building located at 2100 Norman Drive in the Chicago suburb of Waukegan. The sales price was undisclosed. The property is net leased to UCC Environmental, a provider of environmental solutions for power generation and industrial application worldwide. The asset was constructed in 1989 as a build-to-suit for the company. Gary Nussbaum and Maury Vanden Eykel of CBRE represented the seller, Woodlark Investments LLC. A partnership between ICP Funds and Fulcrum Asset Advisors was the buyer.

May 5, 2023

Illinois Leasing Activity Midwest Office

Thornton Tomasetti to Relocate Chicago Office to Fulton Market

by Kristin Harlow May 5, 2023

CHICAGO — Global scientific and engineering consulting firm Thornton Tomasetti has signed a new lease for 18,943 square feet on the seventh floor at 600 West Fulton, a nine-story office building totaling 214,000 square feet in Chicago’s Fulton Market district. Parkside Realty Inc. owns the building. Thornton Tomasetti is relocating its Chicago-based operations from 330 N. Wabash St. in River North. Molly Carroll and Andy Strand of JLL represented the tenant, while Barb Schenberg of Parkside Realty represented ownership. Originally built in 1895 to house Sears & Roebuck’s original warehouse, 600 West Fulton was converted to loft-style office space in 1982. The building was completely renovated in 2021.

May 5, 2023

Acquisitions Industrial Midwest Wisconsin

Blue West Capital Brokers Sale of 46,862 SF Industrial Building in Appleton, Wisconsin

by Kristin Harlow May 5, 2023

APPLETON, WIS. — Blue West Capital has brokered the sale of a single-tenant industrial building totaling 46,862 square feet in Appleton for an undisclosed price. Located at 3009 N. Zuehlke Drive, the property is fully leased to Hajoca Corp., which operates as Able Distribution at this location. The tenant is a wholesale distributor of plumbing, heating and cooling, pool and industrial supplies. Carly Kelly of Blue West Capital represented the buyer, a private real estate investment fund based in the Midwest. A Wisconsin-based real estate company was the seller.

May 5, 2023

Acquisitions Illinois Midwest Retail

SRS Negotiates $2.8M Sale of US Bank-Occupied Property in Chicago’s Chinatown Neighborhood

by Kristin Harlow May 5, 2023

CHICAGO — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property occupied by US Bank in Chicago’s Chinatown neighborhood for $2.8 million. Constructed in 1991, the 5,400-square-foot building is located at 2131 S. China Place. US Bank has more than nine years remaining on its lease at the property, which is situated within Chinatown Square, a nearly 162,000-square-foot outdoor mall that offers authentic cuisines, stores and traditional artwork. Sean Lutz and Dan Elliot of SRS represented the seller, a California-based private investor. Zoe Zhu of Century 21 represented the buyer, a Chicago-based private investor. The transaction represented a cap rate of 4.6 percent.

May 5, 2023

Development Florida Hospitality Mixed-Use Office Restaurant Retail Southeast Top Stories

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by John Nelson May 5, 2023

POMPANO BEACH, FLA. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include the existing Harrah’s Pompano Beach casino, which is owned by Caesars. Cordish’s Live! brand will anchor the development’s entertainment and dining component. Called Live! at The Pomp, the brand will offer more than 25,000 square feet of food-and-beverage venues, including a Sports & Social and PBR Cowboy Bar. Sports & Social will occupy a 18,000-square-foot space with features such as an LED media wall, emcees and DJs, live fan-cams, competitions and games. The 7,000-square-foot PBR Cowboy Bar will offer music, bars and a mechanical bull. The venues will open into a central plaza that will host live music, family-friendly events, cultural celebrations, festivals, social activities and experiences and additional dining options. “It’s …

May 5, 2023

Market Reports Nevada Retail Western Western Market Reports

Northern Nevada Retail Market Sees New Tenants, Significant Development

by Jeff Shaw May 5, 2023

— By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial — The Northern Nevada retail market has been performing well. New tenants are entering the marketplace and the area experienced positive absorption. Rental rates have increased for the year, but there has been a decrease in commercial sales due to higher interest rates. The retail vacancy rate is currently at 4.7 percent, while asking rental rates are at $1.70 per square foot on a monthly basis. Many submarkets have shown improvement, including South Virginia, Meadowood, South Reno and the North Valleys. Tenants that have recently entered or are expanding in Northern Nevada include Colombia Sportswear, Voodoo Brewing Company, Jamba Juice, the Human Bean, Starbucks, Cracker Barrel, Mountain Mike Pizza, Pet Station, Take 5 Oil Change, AutoZone and Five Below. Tenants with closures include Bed Bath & Beyond, Sizzler Steakhouse, Food Source Grocery Store, Campo, California Pizza Kitchen, Long John Silver’s, Rounds Bakery and Claim Jumper. Unemployment in Nevada fell to 3.4 percent in December 2022. This low unemployment rate has led some prospective new businesses to either delay or cancel expansion plans in this region. From a development perspective, Reno has many new projects in the …

May 5, 2023

Development Georgia Mixed-Use Retail Southeast

NAP, Nuveen Break Ground on Mixed-Use Redevelopment of Forum Peachtree Corners in Metro Atlanta

by John Nelson May 4, 2023

PEACHTREE CORNERS, GA. — North American Properties (NAP), a mixed-use developer and owner based in Cincinnati, has partnered with Nuveen Real Estate to begin the redevelopment of The Forum Peachtree Corners. The duo acquired the north-suburban Atlanta shopping center in March 2022 and are breaking ground on the project that will add a 125-room boutique hotel, 381 apartments, experiential retailers, eateries, structured parking and new public spaces to the site. In addition to these uses, the developers will implement concierge services and valet offerings to patrons. Prior to the groundbreaking, NAP and Nuveen rebranded the property (formerly known as The Forum on Peachtree Parkway) and invested in upgrades to maintenance, security and software, as well as rolled out an event calendar. The construction timeline was not disclosed, but the developers plan to deliver the redevelopment in phases, beginning with the retail- and pedestrian-focused upgrades.

May 4, 2023

Acquisitions Loans Multifamily Southeast Tennessee

Northmarq Brokers $40M Sale of Addison at Rossview Apartments in Clarksville, Tennessee

by John Nelson May 4, 2023

CLARKSVILLE, TENN. — Northmarq has brokered the $40 million sale of Addison at Rossview, a 205-unit apartment community located at 200 Holland Drive in Clarksville, about 45 miles northwest of Nashville. David Stollenwerk, Bryan Schellinger, Ben Crawford and Brenden Bercaw of Northmarq represented the seller, a locally based developer, and procured the buyer, Timberland Partners, in the transaction. Daniel Trebil and Jesse Lemos of Northmarq arranged a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of Timberland. Built in 2016, Addison at Rossview features one-, two- and three-bedroom apartments, as well as a saltwater swimming pool, playground, dog park, coffee bar, community clubhouse, business center, four-acre park and walking trail and garages.

May 4, 2023

Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Complete 72-Unit Seniors Housing Community in Fort Walton Beach, Florida

by John Nelson May 4, 2023

FORT WALTON BEACH, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to literacy training, financial assistance and employment assistance services onsite. Funding sources for Shoreline Villas include $10.4 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity from JP Morgan Chase and Raymond James as syndicator, as well as a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank. The design-build team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Stiles Interior and Builders Design and surveyors Panhandle Associates.

May 4, 2023

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