Property Type

Berkadia Arranges Sale of 338-Unit Legacy Creekside Apartments in San Antonio

by Taylor Williams October 16, 2020

SAN ANTONIO — Berkadia has arranged the sale of Legacy Creekside, a 338-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom floor plans with an average unit size of 828 square feet. Residences feature stainless steel appliances, granite countertops, wood vinyl flooring and private yards and attached garages in select units. Amenities include a pool with cabanas, a fitness center, resident lounge with an arcade and coffee bar, outdoor grilling and dining area, two dog parks and bike storage space. Ryan Epstein, Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, White-Conlee Builders, in the transaction. Lucas Donohue, also with Berkadia, arranged acquisition financing on behalf of the buyer, Univest Inc.

October 16, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 164,000 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams October 16, 2020

GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 164,000-square-foot industrial lease at 927 W. Carrier Parkway in the central metroplex city of Grand Prairie. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, LINK Industrial, in the lease negotiations. David Eseke of Cushman & Wakefield represented the tenant, Wizards of the Coast, LLC, a publisher of role-playing games that previously operated retail stores.

October 16, 2020

Development Office Texas

Cawley Partners to Develop 150,000 SF Office Project Near Dallas Love Field Airport

by Taylor Williams October 16, 2020

DALLAS — Locally based developer Cawley Partners will build a 150,000-square-foot office project on a 5.5-acre site at 2221 W. Mockingbird Lane near Dallas Love Field Airport. Designed by Corgan, the four-story complex will feature a central courtyard with multiple outdoor common areas, as well as onsite food service, a fitness center and a conferencing facility. Cawley Partners, which expects the construction period to last about 18 months, will also market some of the space to medical users.

October 16, 2020

Acquisitions Office Texas

LandPlan, St. Ives Sell 39,324 SF Office Building at Parkwood Village in Plano

by Taylor Williams October 16, 2020

PLANO, TEXAS — A partnership between Dallas-based LandPlan Development and St. Ives Realty has sold a 39,324-square-foot office building located within Parkwood Village in Plano. The partnership developed the single-tenant building, which is fully leased to a Fortune 500 logistics company, in 2018. Michael Austry and Jared Aubrey of CBRE represented the seller in the transaction. An undisclosed institutional investor acquired the asset for an undisclosed price.

October 16, 2020

Acquisitions Retail Texas

Stan Johnson Brokers $6M Sale of New Retail Building Leased to Harbor Freight Tools in Fort Worth

by Taylor Williams October 16, 2020

FORT WORTH, TEXAS — Stan Johnson Co. has brokered the $6 million sale of a 16,000-square-foot, freestanding retail building leased to Harbor Freight Tools in Fort Worth. The property was built in 2020 and is located at 3569 Northwest Centre Drive. Mike Sladich, Joey Odom, Maggie Holmes and Mollie Alteri of Stan Johnson Co. represented the seller, a developer based in South Carolina. Jimmy Ullrich, also with Stan Johnson Co., represented the South Florida-based 1031 exchange buyer. The asset traded at a cap rate of 5.9 percent.

October 16, 2020

Acquisitions Michigan Midwest Office

Foster Financial Acquires 28-Story Office Tower in Downtown Detroit

by Kristin Harlow October 16, 2020

DETROIT — Foster Financial Co. has acquired a 28-story office tower located at 211 W. Fort St. in downtown Detroit for an undisclosed price. The Grosse Pointe-based company acquired the asset in a joint venture with Tribus, a Grosse Pointe family office, according to Crain’s Detroit Business. This is the first time that the building, constructed in 1961, has sold. The 450,000-square-foot property is home to tenants such as the U.S. Bankruptcy Court, U.S. Attorney’s Office and the U.S. Passport Office. Foster Financial plans to rename the building 211 Tower and undertake renovations. The seller was the original developer, which included principals from New York-based Minskoff Grant Realty & Management Corp., according to Crain’s.

October 16, 2020

Civic Development Midwest Minnesota

Kraus-Anderson Begins Construction of $63M Maple River School in Southern Minnesota

by Kristin Harlow October 16, 2020

MAPLETON, MINN. — Kraus-Anderson has begun construction of a new $63 million K-12 school for the Maple River School District, located on the south side of Mapleton near County Highway 7 in southern Minnesota. Designed by ISG Architects, the two-story, 185,000-square-foot school will feature new classrooms, administration offices, three gymnasiums, playgrounds, a kitchen, café and 500-seat auditorium. The learning spaces will be organized via an elementary wing and a middle/high school wing. Outdoor spaces will include new parking lots, retention ponds, walking paths and playfields. Construction is slated for completion in fall 2022. Neither the name of the school nor the predicted number of students was released.

October 16, 2020

Michigan Midwest Retail

Detroit Casinos Report 21.7 Percent Drop in September Revenues

by Kristin Harlow October 16, 2020

DETROIT — September aggregate revenue for slots and table games at Detroit’s three casinos was down 21.7 percent compared with September 2019, according to the Michigan Gaming Control Board. The casinos reported $87.9 million in revenue while continuing to operate at 15 percent capacity due to COVID-19 health concerns. MotorCity Casino and Greektown Casino reopened Aug. 5 while MGM Grand reopened Aug. 7. For the third quarter, the casinos’ aggregate revenue of $157.3 million was down 55.2 percent compared with the same period last year. During September, the three casinos submitted $10.5 million in wagering taxes and development agreement payments to the city.

October 16, 2020

Development Illinois Midwest Office

J.C. Anderson Completes Office Buildout for Jordan Co. at Chicago’s One North Wacker

by Kristin Harlow October 16, 2020

CHICAGO — J.C. Anderson has completed an office buildout for The Jordan Co. at One North Wacker Drive in Chicago. The middle-market private equity firm is relocating from 1751 Lake Cook Road in Deerfield, Ill. The buildout on the 41st floor includes new private offices, open work areas, meeting rooms, a café, reception area, boardroom, pantry and copy room. IA Interior Architects provided architectural services and JLL represented property ownership. One North Wacker rises 51 stories and spans 1.4 million square feet in the Central Loop.

October 16, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Marijuana-Themed Sandwich Shop Cheba Hut to Open First Location in Illinois on Oct. 19

by Kristin Harlow October 16, 2020

CHICAGO — Cheba Hut will open its first Illinois location in Chicago’s Wicker Park on Monday, Oct. 19. The marijuana-themed sandwich shop is located at 1948 W. Division St. The “toasted” sub shop offers over 30 signature sub sandwiches, as well as a variety of treats, salads and munchies and a full-service bar. Drinks like the Dirty Hippie, Hot Box and Cheba Rita are all Cheba Hut signatures. The restaurant will enforce current COVID-19 guidelines, including heightened sanitation protocols, social distancing requirements and requiring all guests and staff to wear face masks. Chicago residents Lance Frericks and Chris Custer are opening the first Illinois location. Cheba Hut was founded in 1998. Its previous Midwest representation consisted of a single shop in Madison, Wis.

October 16, 2020

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