Property Type

Granite Construction Signs 12,925 SF Lease at O’Hare Offices in Des Plaines, Illinois

by Kristin Harlow May 18, 2023

DES PLAINES, ILL. — Granite Construction has signed a 12,925-square-foot office lease at the O’Hare Offices in the Chicago suburb of Des Plaines. The transaction marks the fourth lease of the year signed at the property, which received earlier commitments from Big Mouth Media, Elara Caring and United Airlines totaling 25,525 square feet. Tony Russo and Ryan Freed of Lee & Associates are the leasing agents for the property on behalf of the landlord, Siete 7 LLC. O’Hare Offices rises five stories and totals 171,000 square feet. Amenities include a fitness center, access to food service and fully customizable office spaces. The landlord recently began a lobby renovation that will wrap up this summer. Granite Construction specializes in the transportation, water infrastructure and mineral exploration markets.

May 18, 2023

Florida Loans Multifamily Southeast Top Stories

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw May 18, 2023

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam. Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website. Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets. Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date. “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …

May 18, 2023

Industrial Kansas Market Reports Midwest Midwest Market Reports

Many Industries Such as Aerospace Drive Wichita’s Industrial Growth

by Kristin Harlow May 18, 2023

By Ted Branson, Landmark Commercial Real Estate There continues to be strong demand and a resulting shortage of industrial buildings in Wichita from 1,000 to 100,000 square feet for lease or for sale, not dissimilar from the fierce competition for housing, with prospects paying well above market rates just to keep from losing out “again” on an available property. With that, Wichita is seeing vacancies continue near 5 to 6 percent, an increase in average lease rates from $4 to $6 per square foot, and average sales prices increasing from $35 to $50 per square foot. New construction prices carry that considerably higher. That demand for space, and the increasing prices that prospects will pay, often leads to land sales and new construction. Many of the supply chain issues that caused construction to take up to two years have been improved or resolved, and several projects are underway. Developers have built several speculative warehouses, most notably in the new ICT21 Industrial Park, the former location of the Derby Oil refinery. Ron and Marty Cornejo did a masterful job of clearing the site of structural obstacles and rendering pollution issues innocuous, with Conco erecting three first-class, tilt-up concrete, high-bay warehouses, with …

May 18, 2023

Civic Development Industrial Texas

American Airlines, DFW Airport Enter into $4.8B Use-and-Lease Agreement

by Taylor Williams May 17, 2023

FORT WORTH, TEXAS — American Airlines and Dallas-Fort Worth (DFW) International Airport have entered into a use-and-lease agreement that includes $4.8 billion in pre-approved capital investments. The lease term is 10 years. Projects that have been approved under the agreement include the construction of the new Terminal F, the renovation of Terminal C and the expansions of gates at Terminals A and C. The construction of Terminal F, which will have a 15-gate concourse, is expected to cost about $1.6 billion. The expansion of the Central Terminal Area, which will include a major reimagining of Terminal C and gate expansions extending from Terminals A and C, as well as significant upgrades to roadways and terminal access, is valued at roughly $2.7 billion. The deal replaces a 2010 use-and-lease agreement with American Airlines, whose customers account for about 85 percent of the airport’s annual passenger traffic. The airline employs about 35,000 people across the airport and its 300-acre headquarters campus in Fort Worth.

May 17, 2023

Civic Development Texas

AP Construction to Renovate 317,000 SF Academic Building in Odessa, Texas

by Taylor Williams May 17, 2023

ODESSA, TEXAS — Adolfson & Peterson (AP) Construction has been awarded the contract to renovate the Mesa Building, a 317,000-square-foot academic and administrative building located on The University of Texas Permian Basin’s campus in Odessa. As part of the project, up to 80,000 square feet of the building will be subject to demolition, salvage and reconfiguration of classrooms, offices and ancillary spaces. In addition, the project team will replace ceilings, light fixtures, flooring, paint and wall coverings throughout the building, as well as upgrade utility systems and add a new elevator. The building will remain open and operational during building the renovation. Construction is scheduled to begin this fall and last about a year.

May 17, 2023

Acquisitions Retail Texas

JLL Arranges Sale of 195,575 SF Retail Power Center in Northwest Houston

by Taylor Williams May 17, 2023

HOUSTON — JLL has arranged the sale of Steeplechase Center, a 195,575-square-foot retail power center in northwest Houston. At the time of sale, Steeplechase Center was 82 percent leased to tenants such as Goodwill, Melrose, Citi Trends, Uptown Beauty, Dollar Tree, dd’s Discounts, 99 Cents Only, Big City Wings, Leslie’s Pool Supplies and Rent-A-Center. John Indelli and Ryan West of JLL represented the seller, an entity doing business as Jones 1960 Crossroads LLC, in the transaction. Nashville-based investment firm Highland Capital purchased the asset for an undisclosed price.

May 17, 2023

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 37,373 SF Industrial Lease in Carrollton, Texas

by Taylor Williams May 17, 2023

CARROLLTON, TEXAS — Lee & Associates has negotiated a 37,373-square-foot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property at 2545 Golden Bear Drive was built in 2005 and totals 49,591 square feet. Johnny Anderson and Mark Graybill of Lee & Associates represented the landlord, an entity doing business as SL6 Logistics LP, in the lease negotiations. The representative of the tenant, packaging and fastener distributor SouthernCarlson, was not disclosed.

May 17, 2023

Industrial Leasing Activity Texas

Zeno Truck Parts Signs 12,564 SF Industrial Lease Renewal, Expansion in Stafford, Texas

by Taylor Williams May 17, 2023

STAFFORD, TEXAS — Zeno Truck Parts has signed a 12,564-square-foot industrial lease renewal and expansion at 4007 Greenbriar Drive in Stafford, a southwestern suburb of Houston. According to commercialcafé.com, the multi-tenant building totals 34,705 square feet and was constructed on 2.1 acres in 1982. Dylan Stiteler of Oxford Partners represented the tenant in the lease negotiations. William Carpenter of Stream Realty Partners represented the landlord, DRA Advisors.

May 17, 2023

Development Maryland Mixed-Use Retail Southeast

WRS Rezones 100 Acres at Lakeforest Mall in Gaithersburg, Maryland for Mixed-Use Village

by John Nelson May 17, 2023

GAITHERSBURG, MD. — WRS Real Estate Investments, a retail and mixed-use owner-operator based in Mount Pleasant, S.C., has successfully rezoned a 100-acre site in Gaithersburg that houses Lakeforest Mall. The Gaithersburg City Council approved the rezoning of the site to mixed-use in a 5-0 vote and also approved the sketch plan of the future development. Gensler has been engaged to lead the creation of overall design guidelines for the project. WRS purchased the core of the 1.1 million-square-foot regional mall in 2019. On a single day in 2022, the developer purchased the mall’s remaining department stores: J.C. Penney, Lord & Taylor, Sears and Macy’s. The plan calls for WRS to redevelop Lakeforest Mall as a mixed-use village comprising up to 1,600 new residential units — a mix of for-sale and rental units — and up to 1.25 million square feet of commercial uses such as retail, restaurant, dining, hospitality and life sciences. Construction may commence as early as 2024, according to WRS.

May 17, 2023

Acquisitions Maryland Office Southeast

JBG Smith Sells Majority Stake in Metro D.C. Headquarters for $196M

by John Nelson May 17, 2023

BETHESDA, MD. — JBG Smith, the developer behind Amazon’s HQ2 campus in Arlington, Va., has sold an 80 percent stake for its corporate headquarters at 4747 Bethesda Ave. in Bethesda. An undisclosed investor purchased the interest for $196 million, according to several media outlets. Built in 2019, the LEED Gold-certified building spans 300,508 square feet and was 98 percent leased at the time of sale to tenants including JBG Smith. The property, which is located adjacent to the popular Bethesda Row destination, features a rooftop lounge, modern fitness facility and a penthouse conference room with floor-to-ceiling glass windows. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL represented JBG Smith in the transaction.

May 17, 2023

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