Property Type

CrossCountry Mortgage Launches Construction of $46M Headquarters Project in Cleveland

by Kristin Harlow June 16, 2021

CLEVELAND — CrossCountry Mortgage LLC has launched construction of its $46 million headquarters campus in Cleveland’s historic Superior Arts District. The 168,000-square-foot project on Superior Avenue is expected to bring more than 600 full-time jobs to the city. Made possible with support from the City of Cleveland, Team NEO, JobsOhio and the Ohio Development Services Agency, the project includes the restoration and renovation of four industrial buildings dating back to as early as 1913. The site formerly housed the headquarters, packaging and warehouse facility for TAP Packaging + Design. The new headquarters will feature a 4,600-square-foot training center and a 7,100-square-foot common area. Amenities will include a conference center, barista, grab-and-go food pantry, commercial kitchen and an 8,600-square-foot gym with a group fitness studio and lockers. Completion of construction is slated for the end of the year. Founded in 2003, CrossCountry is a retail mortgage lender with nearly 6,800 employees. The company, which is currently based in Brecksville, operates in all 50 states through a network of more than 500 offices.

June 16, 2021

Development Multifamily Texas

McNair Interests Breaks Ground on 330-Unit Multifamily Project in West Houston

by Taylor Williams June 16, 2021

HOUSTON — Locally based developer McNair Interests has broken ground on Remy on the Trails, a 330-unit multifamily project located on a 24-acre site in West Houston. The property will span 400,000 square feet and offer one- and two-bedroom units. Amenities will include an infinity pool, indoor fitness center with an adjoining outdoor workout area, a clubhouse with resident lounges, dog washing station, multiple courtyards with outdoor entertainment spaces and a business center with private offices and a conference center. In addition, residents will have access to a private walking trail and three-acre lake with a dock for paddleboards, kayaking and fishing. Project partners include The Preston Partnership (architect), Mayfield & Ragni Studio (interior designer), Kimley-Horn (landscape architect) and Arch-Con (general contractor). Leasing is expected to begin in the third quarter of 2022.

June 16, 2021

Development Midwest Missouri Multifamily

Draper and Kramer Breaks Ground on 225-Unit Apartment Building in St. Louis

by Kristin Harlow June 16, 2021

ST. LOUIS — Draper and Kramer Inc. has broken ground on Moda at The Hill, a 225-unit apartment building in The Hill neighborhood of St. Louis. The four-story project is part of a larger 11-acre master-planned community led by Draper and Kramer that also includes single-family homes and a condominium building. Moda at The Hill will offer a mix of one- and two-bedroom units measuring from 600 to 1,200 square feet. Amenities will include a fitness center, yoga studio, pool courtyard, parking garage, community lounges, pet care facilities and coworking spaces. Holland Construction, Humphreys & Partners Architects and HPA Design Group make up the project team. Gershman Mortgage provided construction financing. Completion is slated for late spring 2022.

June 16, 2021

Indiana Industrial Leasing Activity Midwest

Green Rabbit Leases 187,941 SF of Cold Storage Space in Whitestown, Indiana

by Kristin Harlow June 16, 2021

WHITESTOWN, IND. — Green Rabbit has leased 187,941 square feet of cold storage space in Whitestown near Indianapolis. The newly constructed facility is located along I-65. Tony Hupp of Colliers International represented Green Rabbit, which is a Massachusetts-based supplier of cold storage transportation. Becknell Industrial owns the property.

June 16, 2021

Indiana Industrial Leasing Activity Midwest Wisconsin

Two Tenants Sign Industrial Leases at HSA Commercial-Owned Properties

by Kristin Harlow June 16, 2021

PLAINFIELD, IND. AND MOUNT PLEASANT, WIS. — Two new tenants have signed leases at industrial properties owned by HSA Commercial Real Estate in Indiana and Wisconsin. In the first transaction, Sedgwick leased 68,486 square feet at Gateway V, a facility within the 55-acre Gateway Business Park in Plainfield. The 262,758-square-foot property, which HSA developed in 2019, is now fully leased. Sedgwick is a provider of technology-enabled risk, benefits and integrated business solutions. In the second transaction, Ryder Last Mile Inc. moved into 75,290 square feet at 1570 International Drive in Mount Pleasant. The 116,600-square-foot building is one of three developed by HSA within the 184-acre Park 94. Ryder is a provider of last-mile logistics solutions for retail brands. Ned Frank, Pat Hake and Steve Sewart of Colliers International represented ownership in the Ryder lease, while Scott Furmanski and Karl Wiedenman of CBRE represented the tenant. Terry Busch and Jared Scaringe of CBRE represented ownership in the Sedgwick lease, while J.D. Graves of CBRE represented the tenant.

June 16, 2021

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.9M Sale of Retail Strip Center in Indianapolis

by Kristin Harlow June 16, 2021

INDIANAPOLIS — Marcus & Millichap has arranged the sale of North Meridian Shops in Indianapolis for $2.9 million. The 17,000-square-foot retail strip center is located at 3787 N. Meridian St. Many of the property’s tenants, including T-Mobile, have operated at the location in excess of 10 years. Jordan Klink of Marcus & Millichap’s The Klink Group represented the seller, J&R Enterprises of Indianapolis II LLC. An agent out of Marcus & Millichap’s Philadelphia office represented the buyer, BA Properties I LLC, which is a Pennsylvania-based limited liability company.

June 16, 2021

Acquisitions Multifamily Texas

Newmark Arranges Sale of 309-Unit Elan Parkside Apartments in Austin

by Taylor Williams June 16, 2021

AUSTIN, TEXAS — Newmark has arranged the sale of Elan Parkside, a 309-unit apartment community located within the 81-acre Highland ATX mixed-use development in north-central Austin. Built in 2018, the six-story property houses a mix of studio, one- and two-bedroom units as well as 5,500 square feet of ground-floor retail space. Amenities include a pool, 24-hour fitness center, outdoor courtyard with fire pits, a business center and bike storage space. Patton Jones of Newmark represented the seller, Charleston, S.C.-based Greystar, in the off-market transaction. Andy Scott and Michael Cosby of JLL arranged a $40 million acquisition loan through Mesa West Capital on behalf of the buyer, Dallas-based multifamily investment firm SPI Advisory. The loan was structured with a five-year term and a floating interest rate. Elan Parkside was 97 percent occupied at the time of sale.

June 16, 2021

Industrial Leasing Activity Texas

Custom Goods Signs 353,600 SF Industrial Lease Near Port Houston

by Taylor Williams June 16, 2021

HOUSTON — Logistics firm Custom Goods LLC has signed a 353,600-square-foot, full-building lease at Bay Area Business Park, a 232-acre master-planned industrial development near Port Houston. Justin Robinson and Woody Hillyer of Stream Realty Partners represented the landlord, Principal Real Estate Investors, in the lease negotiations. Barry Hill and Doug Nicholson of Newmark represented the tenant.

June 16, 2021

Leasing Activity Office Texas

CBRE Negotiates 47,850 SF Office Lease in Dallas for Fortress Investment Group

by Taylor Williams June 16, 2021

DALLAS — CBRE has negotiated a 47,850-square-foot office lease at Weir’s Plaza in the Knox-Henderson area of Dallas for global asset manager Fortress Investment Group, which also has an office in Irving. The 12-story building, which is under construction and expected to be complete in November, is located at the site of the former Weir’s Furniture store at 3219 Knox St. Jeff Ellerman and John Ellerman of CBRE represented the tenant in the lease negotiations along with Howard Grufferman, Billy Vahrenkamp and Brad Balke of Colliers International. Tommy Nelson and Dennis Barnes of CBRE represented the landlord, Dallas-based Four Rivers Capital.

June 16, 2021

Loans New York Northeast Office

Newmark Arranges $350M Loan for Refinancing of Long Island Office Portfolio

by Taylor Williams June 16, 2021

NEW YORK CITY — Newmark has arranged a $350 million loan for the refinancing of a portfolio of 16 office properties totaling approximately 2 million square feet that are located throughout Long Island’s Nassau and Suffolk counties. The portfolio, which includes both traditional and medical office buildings, was 89.3 percent leased at the time of sale. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the floating-rate financing through Barclays and Citigroup on behalf of the borrower, a joint venture between global alternative investment manager Angelo Gordon and locally based developer The We’re Group.

June 16, 2021

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