DALLAS — Locally based owner United Development Co. has completed renovations of Park Forest, an office building located at 3530 Forest Lane in Dallas. The project began in 2018 with the relocation of office tenants from two one-story buildings to a three-story, 66,299-square-foot building. The project also included upgrades to the new building’s common areas, amenity spaces and exteriors. The two one-story buildings were demolished, and a Lone Star Self Storage facility will open in their place in June.
FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Frisco Crossing, a 12,158-square-foot retail center located on the northern outskirts of Dallas. Frisco Crossing was fully occupied at the time of sale to tenants such as Stonelake Family Dentistry, Palio’s Pizza Café and Frisco Pharmacy. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were local investors that requested anonymity, in the transaction.
CHICAGO, NEW YORK CITY AND LONDON — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million. The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New York City-based Barnes & Noble, will oversee daily operations of both companies. While Paper Source and Barnes & Noble will continue to function as separate businesses, executives involved in the deal noted that the complementary nature of the two retail operations creates potential for future partnerships. Elliott Investment Management originally acquired Barnes & Noble in September 2019.
ANDOVER, MASS. — Healthcare investment firm Remedy Medical Properties has purchased Andover Medical Center, located north of Boston, for $55.2 million. Built in phases between 2015 and 2017, the complex consists of a 69,992-square-foot medical office building, a 102-space parking garage and a freestanding 1,800-square-foot coffee shop. Robert Griffin, Frank Nelson, Michael Greeley, Blake McLaughlin, Allie Percoco and Dominick Romano of Newmark represented the undisclosed seller in the transaction.
PETERBOROUGH, N.H. — Marcus & Millichap has brokered the sale of Vose Farm Business Center, a 271,008-square-foot warehouse in Peterborough, located in the southern-central part of the state. The asset sold for roughly $10.8 million. Vose Farm Business Center is situated on 79.2 acres, features clear heights of 14 to 22 feet and has been renovated since its original construction. Harrison Klein and Luigi Lessa of Marcus & Millichap, along with Andy Peterson of Four Seasons Sotheby’s International Realty, represented the seller, Juniper Advisory Services LLC, in the transaction. Scott Geller, also with Marcus & Millichap, represented the buyer, New York-based Premium Capital Resources LLC. James Koury of Marcus & Millichap assisted in closing the deal as the broker of record.
COLUMBUS, OHIO — The board of directors for L Brands Inc. (NYSE: LB) has unanimously approved a plan to separate the company into two independent, public companies consisting of Bath & Body Works and Victoria’s Secret. L Brands expects to create these companies through a tax-free spinoff of Victoria’s Secret to the shareholders of L Brands. “The spinoff will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth,” L Brands stated in a news release. As separate businesses, each will benefit from a sharpened focus on pursuing growth strategies best suited to each company’s customer base and strategic objectives, adds Sarah Nash, chair of the board for L Brands. The Columbus-based retailer had been evaluating the possibility of either a spinoff or a sale of Victoria’s Secret with input from its financial advisors, Goldman Sachs and JP Morgan. Ultimately, the board decided that the spinoff would provide shareholders with more value than a sale. The transaction is expected to close in August. L Brands reported net sales of $3 billion for the first quarter of the company’s 2021 fiscal year that ended May 1, compared with $1.6 billion …
SPIRITWOOD, N.D. — ADM (NYSE: ADM) has unveiled plans to build a new soybean crushing plant and refinery to meet demand from food, feed, industrial and biofuel customers. Located in Spiritwood, which is about 85 miles west of Fargo, the approximately $350 million complex will have the capacity to process 150,000 bushels of soybeans per day. ADM expects to complete the facility in time for the 2023 harvest. ADM also plans to invest approximately $25 million to expand refining and storage capacity at its crush and refining property in Quincy, Ill. The expanded facility is slated for completion in the second quarter of 2022. ADM is an agricultural origination and processing company based in Chicago.
OWATONNA, MINN. — Kraus-Anderson has begun construction of a new $94 million high school located at 1455 18th St. SE in Owatonna, about 65 miles south of Minneapolis. The project is part of a $112 million district bond referendum, which voters passed in November 2019. Designed by Wold Architects and Engineers, the three-story, 317,000-square-foot school will accommodate 1,600 students. In addition to classrooms, the high school will feature industrial arts labs, an 825-seat auditorium and a large cafeteria space. Plans also call for a 3,451-seat football stadium, four-court gymnasium, eight tennis courts, four soccer fields, two softball fields, two baseball fields, a synthetic turf field, full track and four storage buildings for athletics. Completion is slated for summer 2023.
KANSAS CITY, MO. — Trammell Crow Co. and its capital partner, Clarion Partners LLC, have broken ground on two Class A warehouse and distribution facilities within the KCI Intermodal Business Centre in Kansas City. Located adjacent to the Kansas City International Airport, the buildings will total 676,000 square feet. Completion is slated for the fourth quarter. The first building will span 216,320 square feet with a clear height of 32 feet, 48 dock positions, four private entrances, two drive-up ramp dock doors, parking for 62 trailers and parking for 225 cars. The second building will span 459,680 square feet with a clear height of 36 feet, 88 dock doors, three private entrances, four drive-up ramp dock doors, parking for 110 trailers and parking for 366 cars. Kadean Construction, M+H Architects and Stock & Associates make up the project team. KCI Intermodal Business Centre is a master-planned industrial business park spanning 687 acres. It currently includes six fully built facilities. Plans call for an additional 1.2 million square feet across three buildings.
CINCINNATI — Cushman & Wakefield’s healthcare capital markets team has brokered the sale of Anderson Ferry Plaza in Cincinnati for $4.2 million. The 43,599-square-foot medical office building is located on Anderson Ferry Road. It is more than 87 percent leased to TriHealth Physician Partners, ABC Pediatric Therapy, Clarkson Eye Care and Happy Hangout. Gino Lollio, Scott Niedergang and Travis Ives led the Cushman & Wakefield team that represented the seller, Rialto Capital. Publicly traded healthcare real estate investment trust Community Healthcare Trust Inc. (NYSE: CHCT) was the buyer. As of March 31, the REIT’s portfolio consisted of 147 properties totaling 3.2 million square feet across 33 states.