By Richard Meder, Colliers While office markets across the country have experienced a slow climb back to normalcy following COVID-19-related restrictions, the Dayton office market has found its strength in the Wright-Patterson Air Force Base (WPAFB). Though the Dayton office market around WPAFB experienced similar ebbs and flows as that of the rest of the country during the pandemic, business never stopped. For some in other markets, the lasting effects of this disruption to the office market remain unknown. Business leaders must decide whether to implement a remote work lifestyle into their employee regimen or make a push to get back to normal office life — for some companies it is considered a hybrid approach. For the tenants in the WPAFB submarket, however, there was never question. While many office tenants vacated their spaces out of uncertainty, defense contractors cautiously occupying office spaces at the WPAFB submarket almost singlehandedly helped Dayton remain upright during the pandemic. With the submarket almost entirely consisting of defense contractors, this type of defense contracting work was not allowed to stop with the rest of the world. Having to adhere to both local and federal guidelines, decision-making among defense contractors certainly slowed, but it never …
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FORT WORTH, TEXAS — Texas-based developer Presidium has begun leasing Presidium Berkshire, a 340-unit multifamily development located on the north side of Fort Worth. The 352,000-square-foot community is expected to be fully complete early next year. Units will feature stainless steel appliances, quartz-style countertops, private balconies/terraces, individual washers and dryers and built-in desks. Amenities will include a pool with splash pads, outdoor dining and grilling areas, a two-story fitness center with a yoga studio, a speakeasy-style bar, demonstration kitchen, coworking lounge and a dog park. Dallas-based O’Brien Architects designed Presidium Berkshire. Rents start at $1,480 per month for a studio apartment.
DALLAS — The Swig Co., a San Francisco-based owner-operator, has sold a 536,000-square-foot office building located at 901 S. Central Expressway in North Dallas. The four-story building sits on 20 acres and serves as the headquarters of fashion design and manufacturing company Fossil Group. Andrew Levy of JLL represented Swig Co. in the transaction. The buyer and sales price were not disclosed.
MIDDLETON, WIS. — McShane Construction Co. has completed The Trotta Apartments in Middleton, a northwest suburb of Madison. The 126-unit apartment complex is situated on a site that previously housed a motel owned by the Trotta family. The four-story development offers a mix of market-rate units and workforce housing units. Income restrictions were not disclosed. Amenities include a clubroom, fitness room, dog wash, common room and three rooftop decks. Ramaker provided architectural services. The developer was Impact Seven, a Wisconsin-based affordable housing developer.
MADISON, WIS. — Repvblik LLC has purchased the Madison Plaza Hotel in Madison for an undisclosed price and plans to convert the hotel into workforce housing. Repvblik intends to fully renovate and repurpose the property into roughly 155 to 190 affordable studio and one-bedroom units. Completion is slated for 2023. Repvblik builds workforce housing for renters who earn 60 to 120 percent of the area median income (AMI). At the Madison property, rents will be affordable for those who earn 60 percent of AMI. In cooperation with HotelBrokerOne, Jameson & Co. brokered the sale of the 197-room hotel. Construction is expected to last 10 to 12 months.
MONTEZUMA, IOWA — Stan Johnson Co. has brokered the $8.3 million sale of a 194,267-square-foot manufacturing facility in Montezuma, a city in Iowa located about midway between Des Moines and Iowa City. The single-tenant building is leased to Dieomatic Inc., a subsidiary of Magna International, which is a global automotive supplier. Rob Gemerchak of Stan Johnson represented the seller, a New York-based private investment firm. An individual investor based in Des Moines was the buyer.
HOFFMAN ESTATES, ILL. — AmCap Inc. has acquired Hoffman Plaza in the Chicago suburb of Hoffman Estates for an undisclosed price. Jewel-Osco and Burlington anchor the 146,263-square-foot shopping center. AmCap purchased Hoffman Plaza in a joint venture with Encore Enterprises. The property is more than 96 percent leased.
SHELBY TOWNSHIP, MICH. — Five Iron Golf, an indoor golf and entertainment experience, is scheduled to open in August in Shelby Township, about 30 miles north of Detroit. The 6,000-square-foot location at 70773 Corporate Drive will offer six TrackMan golf simulators, custom club fitting by The Fitting Lab, a putting green, full-service bar, widescreen TVs and shuffleboard. Five Iron Golf also plans to open a Detroit location later this year.
AUSTIN, TEXAS — Houston-based investment firm Disrupt Equity has acquired Cascade, a 198-unit multifamily property located just south of downtown Austin, for $30.1 million. Built in 1971 and renovated in 2016, Cascade offers one-, two- and four-bedroom units as well as a fitness center, multiple pools, recreation areas and onsite laundry facilities. Disrupt Equity plans to continue with capital improvements to interiors of select units and amenity spaces. The seller was not disclosed.
HOUSTON — Commercial finance and advisory firm Axiom Capital Corp. has arranged a permanent loan of an undisclosed amount for the acquisition of a 131,250-square-foot flex property in Houston. The property, which sits on a 12.1-acre site roughly four miles from William P. Hobby Airport, consists of two industrial buildings and one office building. The lender was an unspecified credit union, and the borrower was undisclosed.