GARLAND, TEXAS — Kids Empire, which provides secure indoor playgrounds for children, has joined the tenant roster at the 1 million-square-foot Firewheel Town Center in the northeastern Dallas suburb of Garland. Kids Empire now occupies 11,703 square feet at the open-air mall, which is owned by Simon Property Group and anchored by Macy’s, Dillard’s, AMC Theatres, Dick’s Sporting Goods and others. Robin Barrow of Weitzman, along with Stephan Ktorza and Shelby Dopps of Kidder Matthews, represented the tenant in the lease negotiations.
WASHINGTON, MO. — Contegra Construction Co. has completed building a new headquarters and manufacturing facility for Melton Machine & Control Co. in Washington, about 50 miles west of St. Louis. The 367,000-square-foot project more than doubles the size of the company’s existing 154,000-square-foot operations. The development includes a 74,000-square-foot corporate office, training and conference space, and is designed to improve collaboration and support with nearby subsidiary Computech Manufacturing Co. The headquarters is situated on 42 acres within Heidmann Industrial Park. Joining Contegra on the project team were Gray Design Group, 21 Design Group, Case Structural Engineering, RJP Electric, Wiegmann Associates, Heggemann Plumbing, Bi-State Fire Protection and Washington Engineering & Architecture. Melton designs and builds automated welding systems for a variety of industries. The company employs 132 workers and plans to add another 20 employees at the new facility.
LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) anticipates that existing cash resources will be largely depleted by the end of this year or early 2021 and will therefore require additional liquidity or increases in attendance levels, according to an SEC filing from Tuesday. As of Oct. 9, Leawood-based AMC had resumed operations at 494 of its 598 U.S. theaters, with limited seating capacities between 20 and 40 percent. Since the resumption of operations in U.S. markets, AMC has served more than 2.2 million customers, representing an attendance decline of roughly 85 percent compared with the same period a year ago. AMC cites new movie releases in October and November as incentive to stay open, even when other movie chains like Regal Cinemas have announced plans to temporarily suspend U.S. operations. In a recent interview with Bloomberg, CEO Adam Aron said AMC was doing everything it could to raise money to weather the COVID-19 pandemic and wasn’t considering bankruptcy at this time. AMC’s stock price closed at $2.96 per share Wednesday, Oct. 14, down from $8.95 per share one year ago.
EAST MOLINE, ILL. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline within the Quad Cities for $4 million. The 245-bed skilled nursing facility sits on 12 acres on Kennedy Drive. Built in 2007, it is the newest skilled nursing facility in the Quad Cities, according to Strawberry Fields. The property offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities for socialization. Strawberry Fields worked with Infinity Healthcare Consultants to lease the property to an entity expected to improve overall performance. The seller was undisclosed. Strawberry Fields REIT is a non-traded real estate investment trust based in South Bend, Ind.
FLINT, MICH. — Mag Mile Capital has arranged a $3.8 million loan for the acquisition of a 57,500-square-foot distribution center fully leased to FedEx Corp. in Flint. Located adjacent to Bishop International Airport, the facility was constructed as a build-to-suit for FedEx more than 20 years ago. Mag Mile Capital arranged the seven-year, fixed-rate loan on behalf of the buyer, Bryan Rishforth and his Philadelphia-based firm, R&R Global Partners. The lender was undisclosed. Stan Johnson Co. marketed the property on behalf of the undisclosed seller.
NORTHFIELD, MINN. — Marcus & Millichap has brokered the $1.7 million sale of a 3,496-square-foot property occupied by Arby’s in Northfield, about 40 miles south of Minneapolis. The net-leased building is located at 2220 Gleason Court. Tom Gommels of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gommels also procured the buyer, an out-of-state limited liability company.
NEW JERSEY — The New Jersey industrial market has maintained its historically high rate of rent growth and low rate of vacancy through the third quarter, respectively clocking in at $9.39 per square foot and 3 percent, according to the latest report from Cushman & Wakefield. Demand for industrial space from e-commerce and third-party logistics users fueled the performances of both metrics as consumers increasingly spent more time at home and shopped online amid the COVID-19 pandemic. Year-to-date, the Garden State has absorbed more than 6.5 million square feet of industrial space, down only slightly from the 7.2 million square feet absorbed by the end of the third quarter in 2019. However, Jason Price, the firm’s director of Tri-State research, noted that the moderate decline in year-to-date absorption was more attributable to lack of supply than diminished tenant demand. Construction activity has risen over the first nine months of 2020 relative to that period in 2019 as the market has shown signs of being undersupplied. Year-to-date, developers have delivered some 8.1 million square feet of new inventory, a 28.6 percent increase from the 6.3 million square feet delivered through the first three quarters of last year. In addition, New Jersey’s …
WOODBRIDGE, N.J. — Prism Capital Partners, in a joint venture with Northwestern Mutual Life Insurance Co., is nearing completion of 10 Green Street at Woodbridge Station, a 232-unit multifamily project located south of Newark in Woodbridge. The transit-oriented development is located at the site of a former Lucas Chevrolet dealership and also includes 12,000 square feet of street-level retail space. Units will feature a mix of studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, outdoor grilling area, package room and a conference center. The development team expects the first units to be available for occupancy in spring 2021.
BURNHAM, PA. — JLL has arranged an undisclosed amount of acquisition financing for Greater Lewistown Plaza, a 185,282-square-foot, grocery-anchored shopping center located in the Central Pennsylvania town of Burnham. Grocer Weis is the anchor tenant at the 22-acre property, and other users include CVS, Dunham Sports, Goodwill and Rent-a-Center. Michael Klein and Claudia Steeb of JLL arranged the fixed-rate loan through AmeriServ Financial. The borrower, Logan GL Holdings LLC, plans to implement a capital improvement program.
WARREN, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of a 181,210-square-foot life sciences facility in Warren that is fully leased to Celgene/Bristol Myers Squibb. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of NKF represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the buyer, Thor Equities. The property recently underwent a value-add program that included a new roof and HVAC upgrades.