Property Type

Gardner Capital Completes 96-Unit Provision at North Valentine Apartments Near Fort Worth

by Taylor Williams August 7, 2020

HURST, TEXAS — Gardner Capital, a family-owned private equity firm focused on the multifamily sector, has completed Provision at North Valentine, a 96-unit apartment community located in the northeastern Fort Worth suburb of Hurst. The property features one- and two-bedroom floor plans with granite countertops, breakfast bars and individual washers and dryers. Amenities include a pool, fitness center, onsite laundry facilities, outdoor grilling areas and a playground. Rents for one-bedroom units range from $361 to $789 per month, while rents for two-bedroom units range from $429 to $942 per month.

August 7, 2020

Acquisitions Industrial NAI Texas

NAI Partners Sells 66,530 SF Industrial Property in Houston

by Taylor Williams August 7, 2020

HOUSTON — NAI Partners has sold Leghorn Service Center, a 66,530-square-foot industrial property in Houston. NAI Partners acquired the three-building complex in 2019 through one of its investment funds. Charlie Strauss, Trent Agnew and Katherine Miller of JLL served as the listing brokers in the transaction and procured the buyer, a locally based private investment firm. Leghorn Service Center was fully leased at the time of sale.

August 7, 2020

Development Healthcare Texas

MedCore Partners Breaks Ground on 25,200 SF Bedford Medical Plaza Near Fort Worth

by Taylor Williams August 7, 2020

BEDFORD, TEXAS — Healthcare developer MedCore Partners has broken ground on the 25,200-square-foot Bedford Medical Plaza, located at the northwest corner of Hospital Parkway and Parkview Lane near Fort Worth. The building will be situated on 3.1 acres near Texas Health Harris Methodist Hurst-Euless-Bedford Hospital and is 100 percent preleased to multiple local practices. An expected completion date was not released.

August 7, 2020

Industrial Leasing Activity Texas

Cypressbrook Negotiates 25,368 SF Industrial Lease in East Houston

by Taylor Williams August 7, 2020

HOUSTON — Cypressbrook Co. has negotiated a 25,368-square-foot industrial lease at 1819 Turning Basin Drive in east Houston. According to LoopNet Inc., the property was built in 1980 and totals 65,494 square feet. John Hornbuckle of Cypressbrook represented the tenant, EN Group Corp., in the lease negotiations. David Munson of Boyd Commercial represented the landlord, First Industrial Texas LP.

August 7, 2020

Acquisitions Midwest Multifamily Nebraska

Berkadia Arranges Sale of 314-Unit Multifamily Property in Omaha

by Kristin Harlow August 7, 2020

OMAHA, NEB. — Berkadia has arranged the sale of Steeplechase on Maple, a 314-unit multifamily property in Omaha. The sales price was undisclosed. Located at 14949 Manderson Plaza, the community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool, outdoor area, sundeck, clubhouse and playground. Alex Blagojevich, Michael Sullivan, Ralph DePasquale and Parker Stewart of Berkadia represented the seller, Illinois-based Redwood Capital Group. Colorado-based Centennial Capital Partners purchased the asset.

August 7, 2020

Illinois Industrial Leasing Activity Midwest

Camso USA Signs 252,208 SF Industrial Lease in Channahon, Illinois

by Kristin Harlow August 7, 2020

CHANNAHON, ILL. — Camso USA Inc., a subsidiary of Michelin, has signed a 252,208-square-foot industrial lease at 24601 S. Bradley St. in Channahon. The company is relocating from a warehouse in nearby Joliet and expects to move into the new facility in September following the completion of tenant improvements. Camso is one of North America’s largest manufacturers and distributors of rubber tires and tracks for off-road vehicles and construction equipment. David Liebman of Merit Partners Inc. represented the tenant in the lease transaction. Sean Henrick and Jason West of Cushman & Wakefield represented the landlord, Crow Holdings Industrial.

August 7, 2020

Development Industrial Midwest Missouri

Opus Breaks Ground on 13.5-Acre Industrial Development in Earth City, Missouri

by Kristin Harlow August 7, 2020

EARTH CITY, MO. — The Opus Group has broken ground on a 13.5-acre industrial development in Earth City, about 20 miles northwest of St. Louis. Johnstone Supply, a wholesale distributor of HVAC equipment, will occupy four acres with a new 45,000-square-foot headquarters and distribution center. Opus will also construct an 111,000-square-foot speculative industrial building on the remaining 9.5 acres. Johnstone’s space will include a training room and product showroom. The spec building will feature 139 car parking stalls, 27 dock positions and a clear height of 32 feet. Construction on both buildings is slated to begin this month with completion scheduled for spring 2021. Opus is the developer, design-builder, architect and engineer. Jake Corrigan and Vince Bajardi of Sansone Group will market the project for lease.

August 7, 2020

Acquisitions Kansas Midwest Retail

Block & Co. Acquires 46,538 SF Former Best Buy Store in Kansas City

by Kristin Harlow August 7, 2020

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has acquired a former Best Buy store located at 10500 Parallel Parkway in Kansas City. The purchase price was undisclosed. The 46,538-square-foot freestanding building sits on 4.2 acres within the 850,000-square-foot Plaza at the Speedway shopping center. David Block, Alex Block and Max Kosoglad of Block & Co. represented the buying entity. David Hickman of CBRE represented the undisclosed seller. Block & Co. will handle leasing and management of the vacant space, which can be leased to a single tenant or subdivided to allow for multiple tenants.

August 7, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.7M Sale of Two-Tenant Retail Building in Chicago

by Kristin Harlow August 7, 2020

CHICAGO — Marcus & Millichap has brokered the sale of a 6,000-square-foot retail building occupied by Chase Bank and European Wax Center in Chicago for $3.7 million. The property is located at 3730 N. Southport Ave. Mitchell Kiven of Marcus & Millichap marketed the building for sale on behalf of the seller, a private investor. Kiven also procured the buyer, a New York-based developer specializing in boutique hotels. The property went under contract at the end of February, but as the COVID-19 pandemic worsened and the tenants closed doors, the buyer became wary of proceeding. Dean Giannakopoulos of Marcus & Millichap Capital Corp. assisted the parties in restructuring the transaction, which closed in July.

August 7, 2020

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Wanted: Essential, Durable Retailers in Boston

by Taylor Williams August 7, 2020

By Alex Patton Retail real estate investors in Boston are cautiously evaluating the risk profiles of tenants even as businesses reopen following temporary closures due to the COVID-19 pandemic. The emerging consensus is that until a vaccine is developed to safely treat the virus, the safest investments are tied to essential tenants with reliable incomes. That short list includes grocers, drugstores, home improvement businesses and liquor stores. Like the rest of the country, all nonessential retail businesses in Massachusetts were forced to close temporarily in early March, for what was originally expected to be a short period. After several weeks, the commonwealth’s government implemented a phased reopening system that allowed some retail businesses to resume operations. However, after months with significantly reduced income, a number of small retailers are declaring bankruptcy and permanently closing stores to save money. “The underlying question that permeates the retail investment industry, as an investor or a lender, is how much of the income is durable? In other words, which retailers are going to survive?” asks James Koury, senior managing director of investments at the Boston office of Institutional Property Advisors (IPA). “A vaccine would be a game-changer, but we can’t know if it will …

August 7, 2020

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