Property Type

Avenue Breaks Ground on 70-Unit Mixed-Income Community in Houston

by Taylor Williams December 21, 2020

HOUSTON — Avenue, a locally based nonprofit developer, has broken ground on a 70-unit mixed-income multifamily community in Houston’s Oak Forest neighborhood. The unit mix will consist of 23 one-bedroom apartments, 27 two-bedroom units and 20 three-bedroom residences ranging in size from 706 to 1,201 square feet. While 14 units will be offered at market rates, income-restricted units will be designated for families making between $35,000 and $65,000 annually. In addition to amenities such as a playground, learning center and activity room, business center and fitness room, Avenue on 34th will offer resident services including after-school tutoring for children and credit-building and homebuyer education programs for adults. Block Cos. is the general contractor for the project, which is expected to be complete in mid-2022.

December 21, 2020

Acquisitions Industrial Midwest Ohio

Monmouth Real Estate Acquires Columbus-Area Industrial Facility for $73.3M

by Kristin Harlow December 21, 2020

PLAIN CITY, OHIO — Monmouth Real Estate Investment Corp. has acquired a 487,900-square-foot industrial facility located at 8341 Industrial Parkway in Plain City, located about 25 miles northwest of Columbus. The purchase price was $73.3 million. FedEx Ground Packaging System Inc. occupies the building on a 15-year net lease. The 100-acre property is situated near I-270. The seller was undisclosed.

December 21, 2020

Midwest Ohio Retail

Washington Prime Group Completes 1-for-9 Reverse Stock Split

by Kristin Harlow December 21, 2020

COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has completed its previously announced 1-for-9 reverse stock split of its common stock. Every nine issued and outstanding shares of common stock have been converted into one share of common stock, effective Dec. 22. A company performs a reverse stock split to boost its stock price by decreasing the number of shares outstanding, according to Investopedia. Reverse stock splits are usually pursued in an effort to prevent a stock from being delisted or to improve a company’s image and visibility. Washington Prime Group’s current share is 85 cents per share, as of Friday, Dec. 18. Columbus-based Washington Prime Group is a retail REIT that owns, manages, acquires and develops shopping centers nationwide.

December 21, 2020

Industrial Leasing Activity Texas

Duke Realty Secures 178,984 SF Industrial Lease Expansion, Extension in Coppell, Texas

by Taylor Williams December 21, 2020

COPPELL, TEXAS — Indianapolis-based Duke Realty has secured an industrial lease expansion and extension totaling 178,984 square feet at its Freeport II facility in Coppell, located near DFW International Airport. The lease agreement with Premier LogiTech LLC, which provides logistics solutions for the technology sector, includes an expansion of 110,157 square feet of space plus an extension of the current lease for 68,827 square feet in the same building. Bill de la Chapelle with Rubicon Representation LLC represented Premier LogiTech in the transaction. Matt Hyman handled the negotiations for Duke Realty on an internal basis.

December 21, 2020

Illinois Industrial Leasing Activity Midwest

Entre Commercial Realty Negotiates 137,522 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow December 21, 2020

ELGIN, ILL. — Entre Commercial Realty has negotiated a 137,522-square-foot industrial lease on behalf of an undisclosed plastics company at Northwest Pointe III in Elgin. The newly constructed building is situated within Northwest Corporate Park and features a customized office buildout. Dan Benassi of Entre represented the tenant. Ken Franzese and John Cassidy of Lee & Associates represented ownership, Conor Commercial Real Estate and Globe Corp. McShane Construction Co. built the building.

December 21, 2020

Illinois Industrial Loans Midwest Self-Storage

Mag Mile Capital Arranges $7M Refinancing for Self-Storage Facility in Cicero, Illinois

by Kristin Harlow December 21, 2020

CICERO, ILL. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 997-unit self-storage facility in Cicero, a southwest suburb of Chicago. Located at 1331 S. 55th Court, the property spans 87,000 square feet. The family-owned property was recently rebranded as an Extra Space facility and will undergo improvements such as a new parking area. Prabhat Jayara and Heather Madsen of Mag Mile arranged the 36-month loan on behalf of the borrower, JD3 Property. The lender was undisclosed.

December 21, 2020

Illinois Leasing Activity Midwest Office

IDEX Corp. Opens New 39,252 SF Headquarters in Northbrook, Illinois

by Kristin Harlow December 21, 2020

NORTHBROOK, ILL. — IDEX Corp. has opened its new global headquarters in Northbrook. Architecture and engineering firm HED designed the 39,252-square-foot office. The space is situated on the third floor of an existing office building and is roughly the same size as IDEX’s former office in Lake Forest. The new headquarters features a touchless reception area, enabling visitors to check themselves in and notify employees of their arrival electronically. There are a number of tech-enabled conference rooms and a central café. IDEX develops, designs and manufactures specialty engineered products such as air bag clamps or rescue tools.

December 21, 2020

Acquisitions Industrial NAI Texas

NAI Partners Arranges Sale of 105,664 SF Industrial, Manufacturing Campus in Metro Houston

by Taylor Williams December 21, 2020

PEARLAND, TEXAS — NAI Partners has arranged the sale of a 105,664-square-foot industrial and manufacturing campus located in the southern Houston suburb of Pearland. The property spans three buildings on 32.7 acres. Clay Pritchett and Zane Carman of NAI Partners represented the seller, 14800 Jersey Shore Drive LLC, in the transaction. Matt Rogers of Oxford Partners represented the buyer, BHVA Real Estate Holdings LLC.

December 21, 2020

Leasing Activity Retail Texas

Wellness Concept to Open Three Stores Totaling 7,959 SF in Dallas

by Taylor Williams December 21, 2020

DALLAS — Restore Hyper Wellness + Cryotherapy, an Austin-based concept, will open three stores totaling 7,959 square feet in the Dallas area. Restore addresses segments of wellness that people in need of chronic pain management, accelerated injury recovery or improved athletic performance. The stores will be located in the Southlake, Preston Forest and Lovers Lane neighborhoods and are expected to open in the first quarter of 2021. Restore operates about 70 stores throughout the country.

December 21, 2020

Development Florida Office Southeast

Ringling and Orange to Develop 10-Story Office Building in Downtown Sarasota

by John Nelson December 21, 2020

SARASOTA, FLA. — Ringling and Orange LLC, a private developer and investor based in Sarasota, will develop The Offices at Ringling Plaza, an 84,600-square-foot office building in downtown Sarasota. The 10-story asset will include five floors of parking and five floors of office space, each offering approximately 17,000 square feet. In addition, two retail spaces totaling 2,250 square feet will be located on the ground level of the building. Further amenities will include 10-foot ceilings, a rooftop amenity deck with a sky lounge and views of Sarasota Bay. The Office of Ringling Plaza will offer post-COVID-19 design elements, such as touchless entry and HVAC upgrades. The developer expects to break ground on the project in the second quarter of 2021 and deliver the building in the fourth quarter of 2022. Hoyt Architects designed the building and Brasfield & Gorrie is the general contractor. According to the office’s leasing agency, Ian Black Real Estate, this will be the first office building delivered in downtown Sarasota spanning more than 30,000 square feet in 20 years.

December 21, 2020

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