Property Type

Radco Purchases 315-Room American Hotel in Downtown Atlanta

by Julia Sanders April 1, 2022

ATLANTA — The Radco Cos. has purchased The American Hotel, a 315-room, full-service hotel in downtown Atlanta. Legacy Ventures sold the property for an undisclosed price but will stay on to manage the property. Opened in 1962 as the American Motor Hotel, the property was the first racially integrated hotel in downtown Atlanta. In the past, The American Hotel also hosted meetings of influential civil rights leaders such as Martin Luther King Jr. Legacy Ventures completed a $16 million renovation program in 2017, including rebranding the property as The American Hotel, to restore and revitalize the property. The Radco Cos. plans to build on these upgrades and rebrand the asset to Hilton’s new Tapestry Collection brand. Located at 160 Ted Turner Drive NW, The American Hotel is situated 12.1 miles from Hartsfield-Jackson Atlanta International Airport. The hotel is also directly across the street from the AmericasMart, a wholesale trade show center.

April 1, 2022

Acquisitions Industrial Office Texas

Hewlett-Packard Enterprise Sells 2 MSF Former Campus in Houston

by Taylor Williams April 1, 2022

HOUSTON — Hewlett-Packard Enterprise (HPE) has sold its 2 million-square-foot former office and industrial campus in Houston. Built between 1984 and 1988, the campus comprises five office buildings, two manufacturing/distribution buildings and four structures that house maintenance and/or amenity space. Amenities include a cafeteria, fitness center, employee lounges, conference rooms, coffee/snack bars and an outdoor covered pavilion with a kitchen area for events. The property also features five parking garages, which along with surface lots total 5,229 spaces. Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg of JLL represented HPE, which recently relocated to CityPlace at Springwoods Village. Boyd Commercial represented the buyer, an affiliate of Florida-based alcoholic beverage wholesaler Mexcor International that owns an adjacent building and will occupy a portion of the campus.

April 1, 2022

Industrial Leasing Activity Texas

Distribution User Inks 376,000 SF Industrial Lease in Fort Worth’s Alliance Corridor

by Taylor Williams April 1, 2022

FORT WORTH, TEXAS — An undisclosed distribution user has signed a 376,000-square-foot industrial lease at North Quarter 35, a 645,000-square-foot development in Fort Worth’s Alliance Corridor. Owned by M2G Ventures, North Quarter 35 comprises four buildings in various stages of development. Seth Koschak, Forrest Cook and Brett Carlton of Stream Realty Partners, which also provides construction management services for the development, represented M2G Ventures in the lease negotiations. Mark Collins of Cushman & Wakefield represented the tenant.

April 1, 2022

Acquisitions Office Texas

Colliers Arranges Sale of 117,173 SF Office Building in Metro Dallas

by Taylor Williams April 1, 2022

ADDISON, TEXAS — Colliers has arranged the sale of a 117,173-square-foot office building located at 3939 Belt Line Road in the northern Dallas suburb of Addison. The seven-story building was fully leased at the time of sale to tenants such as Truist Bank and A&O Enterprises. Cody Payne of Colliers brokered the off-market transaction. Both the locally based seller and the buyer, a private investor specializing in multifamily acquisitions, requested anonymity.

April 1, 2022

Acquisitions Office Texas

DZMI Acquires 12-Story Office Building in Houston, Plans Renovation

by Taylor Williams April 1, 2022

HOUSTON — Locally based development and investment firm David Z. Mafrige Interests (DZMI) has acquired North Loop Center, a 12-story office building in Houston’s Heights neighborhood. The firm plans to implement a capital improvement program that will include an upgrade of the lobby and installation of LED lighting throughout the premises. Stream Realty Partners is the leasing agent for the property and recently executed a long-term lease for the entire 12th floor with design-build firm ARCO/Murray.

April 1, 2022

Development Midwest Minnesota Multifamily

CEDARst Repurposes Minneapolis Warehouses into More Than 500 Apartment Units

by Kristin Harlow April 1, 2022

MINNEAPOLIS — CEDARst Cos. is completing the adaptive reuse of five historic warehouses in the North Loop neighborhood of Minneapolis into two apartment developments. The first project, named The Duffey, is slated to open in April. The $71.1 million project features 188 units along with 24,000 square feet of retail space. Amenities include a fitness center, resident coworking space and rooftop deck. The second project, which is yet to be named, is set to begin construction in the coming months. Development costs are estimated at $160 million for the 358-unit project, which will feature 38,500 square feet of retail space. Amenities will include a rooftop lounge, coworking suite, 8,000-square-foot fitness center, game room with bowling lanes and 293 parking spaces. Construction is scheduled to last 18 months.

April 1, 2022

Development Industrial Midwest Ohio

Duke Realty to Build 574,670 SF Medical Distribution Center for Cardinal Health in Columbus

by Kristin Harlow April 1, 2022

COLUMBUS, OHIO — Duke Realty will build a 574,670-square-foot medical distribution center for Cardinal Health in Columbus. The new building will replace Cardinal Health’s current 235,000-square-foot facility in nearby Obetz. Duke is building the project with joint venture partners Columbus Regional Airport Authority and Capitol Square. Completion is slated for late 2022 or early 2023. Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. The organization has a multi-year strategy to increase U.S. warehouse space capacity, according to James Sembrot, senior vice president of Cardinal Health’s U.S. supply chain.

April 1, 2022

Acquisitions Illinois Industrial Midwest

Reich Brothers Acquires 392,740 SF Industrial Property in Matteson, Illinois

by Kristin Harlow April 1, 2022

MATTESON, ILL. — Reich Brothers has acquired a 392,740-square-foot industrial property and adjacent 53 acres in Matteson, about 30 miles south of Chicago. The purchase price was undisclosed. Al Caruana and Britt Casey of Cushman & Wakefield represented Reich in the acquisition. The duo will provide leasing services for the property along with colleagues Sally Macoicz and Matthew Saddler. The cross-dock building is located at 21800 S. Cicero Ave. near I-50 and I-80.

April 1, 2022

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 14,775 SF Industrial Lease Renewal in Fort Worth

by Taylor Williams April 1, 2022

FORT WORTH, TEXAS — Dallas-based brokerage firm Holt Lunsford Commercial has negotiated a 14,775-square-foot industrial lease renewal at 200 N. Vacek St. in Fort Worth. David Cason and Jake Neal with Holt Lunsford represented the tenant, Ambiance Textiles Inc., in the lease negotiations. The name and representative of the landlord were not disclosed.

April 1, 2022

Illinois Industrial Loans Midwest

CIT Provides $29.9M Acquisition Loan for Chicago-Area Industrial Portfolio

by Kristin Harlow April 1, 2022

CHICAGO — CIT, a division of First Citizens Bank, has provided a $29.9 million loan for the acquisition of a portfolio of three industrial buildings in metro Chicago. Aminim Group, a privately held commercial real estate investment company based in Houston, was the borrower. The buildings, which are situated in close proximity to I-294, are fully leased by six tenants.

April 1, 2022

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