INDIANAPOLIS — COhatch and North High Brewing have opened at Circle Centre Mall in Indianapolis. CoOhatch offers coworking spaces, private offices and meeting and event space. North High Brewing features a selection of craft beers as well as a food menu. This is the second location for the brewery in the Indianapolis market. JLL manages and leases Circle Centre, which spans more than 700,000 square feet.
OMAHA, NEB. — Grandbridge has arranged a $3.3 million loan for the refinancing of Brentwood Village shopping center in Omaha. The property is fully leased. Brett Olson and Jeff Witt of Grandbridge arranged the fixed-rate, seven-year loan. A local bank provided the loan to the borrower, City+Ventures.
MIAMI — Related Urban Development Group has broken ground on Gallery at West Brickell, a $190 million mixed-income tower in Miami. The site for the 29-story residential property is located at 201 SW 10th St. in the city’s Brickell district. Once complete, the property will offer 465 mixed-income units, ranging from studios to three-bedroom apartments. Related Urban, the affordable housing arm of Miami-based development giant Related Group, expects to begin preleasing units in late 2025. The developer is building the community in a public-private partnership with Miami-Dade County and Miami-Dade County Public Schools. As part of the partnership, Related Urban executed a 75-year ground lease and will pay rent to the county as a percentage of the property’s cash flow. According to the developer, the property represents the largest single-phase, public-private partnership project in Miami-Dade County. “Through this groundbreaking, we are paving the way for hundreds of local families to find accessibly priced homes in a Class A development located within a block of mass transit that they can all be proud of,” says Albert Milo, president of Related Urban. “Miami-Dade County is committed to ensuring local families, teachers and other members of the workforce can live in the urban …
By Phil Breidenbach, Senior Executive Vice President, Colliers Class A landlords are answering the call from tenants for captivating workplaces. These re-imagined environments are drawing businesses to buildings and invigorating absorption in the market. Greater Phoenix office vacancy fell to 13.5 percent at mid-year, which was a 0.6 percent drop from last quarter and 0.7 percent lower than mid-year 2021. This number also sits 1.6 percent below the national average. While 287,000 square feet of new product was delivered, more than 587,000 square feet was absorbed. This is evidence the workforce is finding its way back to the office, if not full-time at least a few days a week. The refreshing surge in absorption is driven by companies coming to the best and newest buildings — redefining Class A with amenities that compel the workforce back into the office. New buildings like 100 Mill and Cavasson are two great examples. The first, 100 Mill, was completed in the second quarter and is more than 90 percent preleased. The building will feature next-level common areas and best-in-class meeting and lounge areas. The flight to quality trend has evolved into a flight to experience trend. Companies are finally coming to grips with the reality that how they …
HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.
ALLEN, TEXAS — High 5 Entertainment, an Austin-based concept, will open a 70,000-square-foot venue at The Farm in Allen, a 135-acre mixed-use development located on the northeastern outskirts of Dallas. In addition to craft food and beverages, the entertainment center will feature bowling, laser tag, axe throwing, escape rooms, minigolf and private event spaces. The main facility will span 45,000 square feet, with the outdoor minigolf course accounting for the remaining 25,000 square feet. The opening is slated for fall 2023. JaRyCo is the master developer of The Farm in Allen.
HOUSTON — Colliers has arranged the sale of a 27,150-square-foot warehouse located at 1612 Southcreek Lane in North Houston. According to LoopNet Inc., the single-tenant structure was built in 2014. The three-acre, crane-served site is situated within Candle Ridge Business Park. Jason Tangen of Colliers represented the seller, an affiliate of TRECAP Management, in the transaction. Todd Moore and Connor Duffy, also with Colliers, represented the buyer, an entity doing business as GBP II SIP.
FORT WORTH, TEXAS — Trademark Property Co. has welcomed seven new tenants to WestBend, the locally based developer’s mixed-use destination in Fort Worth. Four food and beverage concepts — fast casual eatery Sweetgreen, confectionary Van Leeuwen, burger chain Shake Shack and global culinary experience Quince — are scheduled to open before the end of the year. The Shade Store, a concept that specializes in window shades and blinds, will also debut in the fourth quarter. In addition, ear piercing salon Rowan and Karl’s Fishing & Outdoors are now open. The seven new leases total 17,102 square feet.
GAFFNEY, S.C. — Chicago-based Glenstar and Creek Lane Capital are partnering to develop Cherokee Commerce Center 85, a 3.6 million-square-foot industrial park in Gaffney. The developers plan to invest approximately $415 million to develop six separate facilities in multiple phases. Situated equidistant between Greenville, S.C., and Charlotte, the new industrial park will span 290 acres along I-85. The first two facilities — the 500,000-square-foot (expandable to 1.3 million square feet) Building Two and 278,200-square-foot Building Four — are expected to begin construction in January 2023, with delivery slated for fourth-quarter 2023. Master planning at Cherokee Commerce Center 85 shows potential for up to 1.7 million square feet under one roof to accommodate bulk industrial users. The Colliers industrial brokerage team of Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim has been selected to handle leasing for the park.
DALLAS — Chicago Title has signed a 20,000-square-foot lease as the inaugural tenant at The Quad, a 345,000-square-foot office and retail building in Uptown Dallas that is being developed by Stream Realty Partners. Ryan Evanich and Marissa Parkin internally represented the landlord in the lease negotiations. Campbell Henry of Lincoln Property Co. represented Chicago Title. The 12-story building is scheduled for an early 2024 completion.
