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Park-Ten-Plaza-Houston
AcquisitionsOfficeTexas

USAA Real Estate Sells 157,759 SF Park Ten Plaza Office Building in West Houston

by Taylor Williams

HOUSTON — San Antonio-based USAA Real Estate has sold Park Ten Plaza, a 157,759-square-foot office building in Houston. Park Ten Plaza is situated within the 550-acre Park Ten Business Park master-planned development on the city’s west side and offers a fitness center, conference room and newly upgraded utility systems. Rick Goings, Kevin McConn, Marty Hogan and Jack Moody of JLL represented USAA in the transaction. Cameron Cureton and Wally Reid, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, a partnership between Fuller Realty Partners and ICP Funds. Park Ten Plaza was 94 percent leased at the time of sale.

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DevelopmentHealthcareTexas

Velocis, Prime Healthcare to Develop $35M Medical Office Complex in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between Dallas-based private equity firm Velocis and Prime Healthcare Properties has acquired 8.5 acres in the Willow Park area of Fort Worth for the development of a medical office complex. The $35 million project will consist of two buildings that will be constructed on speculative bases and will total 100,000 square feet. Grace Hebert Curtis Architects is designing the project. Wier & Associates is the civil engineer, Brasfield & Gorrie is the general contractor. JLL will lease the buildings. Construction is slated to begin this year and to be complete in 2023.

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AcquisitionsRetailTexas

Stan Johnson Co. Arranges $25M Sale of Metro Dallas Shopping Center

by Taylor Williams

CARROLLTON, TEXAS — Stan Johnson Co. has arranged the $25 million sale of Northcrest Village, a 136,061-square-foot shopping center in the northern Dallas metro of Carrollton. Anchored by German discount grocer Aldi and Ace Hardware, Northcrest Village was 85 percent leased at the time of sale. Other tenants include Subway, O’Reilly Auto Parts, The UPS Store, Little Caesars Pizza and State Farm Insurance. Margaret Caldwell, Patrick Kelley and Gill Warner of Stan Johnson Co. represented the seller, an Oklahoma-based developer, in the transaction. A Texas-based private investor purchased the asset via a 1031 exchange. Both parties involved in the deal requested anonymity.

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IndustrialLeasing ActivityTexas

NAI Partners Negotiates 9,991 SF Industrial Lease in Conroe, Texas

by Taylor Williams

CONROE, TEXAS — NAI Partners has negotiated a 9,991-square-foot industrial lease at 501 Hickerson St. in Conroe, located about 40 miles north of Houston. According to LoopNet Inc. the single-tenant property was built in 2015. Travis Land and A.J. Williams of NAI Partners represented the landlord in the transaction. Neal King of SVN | J. Beard Real Estate — Greater Houston represented the tenant, e-commerce firm H5 Products Inc.

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DevelopmentIllinoisMidwestOffice

Hines Tops Out 60-Story, 1.2 MSF Salesforce Tower Chicago

by Kristin Harlow

CHICAGO — Hines has completed the concrete core and steel structure for Salesforce Tower Chicago, a 60-story, 1.2 million-square-foot office tower under development in downtown Chicago. The project is the first building in Chicago to require and measure Environmental Product Declarations (EPDs) to quantify the carbon emissions of concrete, steel and other various construction materials, according to Hines. This led to a 19 percent overall reduction in carbon emissions for steel and concrete in comparison to the industry average, adds the developer. Hines partnered with Magnusson Klemencic Associates, a structural and civil engineering firm, to spearhead the creation of the Embodied Carbon Reduction Guidebook to educate Hines employees and industry peers about carbon reduction results. Neither a timeline for completion of Salesforce Tower Chicago was provided, nor were additional tenants besides Salesforce.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

JLL Brokers Sale of 4,317-Unit Self-Storage Portfolio Across Three States

by Kristin Harlow

CHICAGO — Chicago-based JLL Capital Markets has brokered the sale of an eight-property self-storage portfolio totaling 4,317 units across Illinois, North Carolina and Texas for an undisclosed price. In addition to a property in Chicago, the facilities are located in Plano, Little Elm, Garland and Flower Mound, Texas; and Durham, Raleigh and Spring Lake, N.C. The portfolio was 93 percent leased as of year-end 2021. Steve Mellon and Brian Somoza led the JLL team that represented the seller, Harrison Street. Life Storage was the buyer.

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Leasing ActivityMichiganMidwestRetail

Three New Retail Tenants Sign Leases at Green Oak Village Place in Brighton, Michigan

by Kristin Harlow

BRIGHTON, MICH. — Three new retail tenants have signed leases to open at Green Oak Village Place in Brighton, about 45 miles northwest of Detroit. Athleta, F45 Training and US Mattress are all slated to open this summer. Athleta will occupy 4,400 square feet. Part of the Gap Inc. portfolio, Athleta is an athletic retailer that sells women’s apparel and operates more than 220 stores across the United States and Canada. F45 will occupy 2,838 square feet. The “F” stands for functional and the 45 represents the 45-minute length of each workout session. There are more than 1,750 F45 studios worldwide. US Mattress, which operates 27 locations across Michigan, will lease 3,000 square feet. Green Oak Village Place, a neighborhood town center, is home to more than 50 retailers and restaurants. A joint venture between REDICO and Lormax Stern Development Co. developed the property.

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AcquisitionsMichiganMidwestOffice

Colliers Arranges Sale of 60,362 SF Office Building in Ann Arbor, Michigan

by Kristin Harlow

ANN ARBOR, MICH. — Colliers Detroit has arranged the sale of a 60,362-square-foot office building located at 5220 S. State St. in Ann Arbor. The sales price was undisclosed. Jim Chaconas and Joey Gatliff of Colliers represented the seller. The buyer, New Eagle LLC, provides specialized engineering services focusing on mechatronic control systems.

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IllinoisLeasing ActivityMidwestOffice

Illinois Department of Public Health Leases 9,923 SF of Office Space in Fairview Heights

by Kristin Harlow

FAIRVIEW HEIGHTS, ILL. — The Illinois Department of Public Health has leased 9,923 square feet of office space at 11 Executive Drive in Fairview Heights, just east of St. Louis. Brokerage firm Barber Murphy represented the landlord, RETKO Group LLC. The representative of the tenant was not provided.

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Haus25-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

Veris Residential Begins Leasing 56-Story Apartment Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Veris Residential has begun leasing Haus25, a 56-story apartment tower in Jersey City. Designed by Elkus Manfredi Architects with interiors by Fogarty Finger and landscape architecture by Melillo Bauer Carman, Haus25 rises 600 feet and comprises 750 units, 20 percent of which have been preleased. Residences come in studio, one-, two- and three-bedroom formats and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and ecobee smart thermostats. Amenities include a pool, indoor and outdoor fitness areas, chef’s kitchen, grilling stations, an amphitheater, bowling alley, karaoke lounge, game room, golf simulator, children’s playroom, pet spa and a dog run. Rents start in the low $3,000s per month for a studio apartment.

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