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Parc-59-Humble
DevelopmentIndustrialTexas

Jackson-Shaw Completes 279,632 SF Parc 59 Industrial Project in Metro Houston

by Taylor Williams

HUMBLE, TEXAS — Developer Jackson-Shaw has completed Parc 59, a 279,632-square-foot industrial project located in the northern Houston suburb of Humble. Designed by Powers Brown Architecture and built by Cadence McShane Construction Co., Parc 59 consists of an 83,436-square-foot building with 28-foot clear heights and a 196,196-square-foot building with 32-foot clear heights. The buildings also feature 130-foot truck courts, ESFR sprinkler systems and a combined 437 car parking spaces. Gulf Atlantic Packaging Corp. (GAPCO) recently signed a lease to occupy 43,539 square feet at the larger of the two buildings.

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Kimpton-Harper-Hotel-Fort-Worth
DevelopmentHospitalityTexas

Development Services Group to Open 226-Room Kimpton Harper Hotel in Downtown Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Development Services Group (DSG) will open the 226-room Kimpton Harper Hotel in downtown Fort Worth in spring 2021. The hotel will be housed within the 24-story historic Farmers & Mechanics National Bank building and will feature a penthouse bar and lounge, 10,000 square feet of meeting and event space and a rooftop observation deck. Davidson Hotels & Resorts will manage the property.

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MidwestRetailWisconsin

Kohl’s Reports 13.3 Percent Decline in Quarterly Net Sales

by Kristin Harlow

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported that comparable sales decreased 13.3 percent in its third quarter, which ended Oct. 31, compared with the same period a year ago. That said, third-quarter sales and earnings exceeded company expectations, according to a news release. Shoppers are spending less on apparel during the pandemic, but Kohl’s says that its digital sales growth remains strong. The Menomonee Falls-based retailer says it has entered the holiday season with more omnichannel conveniences in place for its customers. Kohl’s stock price closed at $26.18 per share on Monday, Nov. 16, down from $58.40 per share one year ago. The retailer operates roughly 1,150 stores nationwide.

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DevelopmentIndustrialMidwestOhio

Core5 to Develop 437,000 SF Spec Industrial Building in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Core5 Industrial Partners has received construction financing to move forward with the development of C5 Southgate, a 437,000-square-foot, speculative industrial building in Columbus. The property will be situated on a 30-acre site near I-70. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through ServisFirst Bank in Atlanta. Core5 has developed more than 12 million square feet of industrial space since 2015.

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AcquisitionsIndianaMidwestRetail

Thompson Thrift Retail Group Sells Fully Leased Center Near Indianapolis for $3M

by Kristin Harlow

AVON, IND. — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold Rockville Pointe in Avon near Indianapolis for $3 million. The 10,500-square-foot retail center is fully leased to Tropical Smoothie Café, The Good Feet Store, Spectrum, Papa Murphy’s and Family Allergy & Asthma. TTRG has owned the property since completing construction in 2009. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. C.F. Rockville LLC, a private investor from Bloomington, purchased the asset.

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Leasing ActivityMichiganMidwestRetail

Shopping Center in Sterling Heights, Michigan Reaches Full Occupancy with New Lease from Hanna’s Market

by Kristin Harlow

STERLING HEIGHTS, MICH. — Brookside Village in Sterling Heights is now fully leased. Hanna’s Market signed a lease for the final 10,220-square-foot space at the Planet Fitness-anchored shopping center located about 25 miles north of Detroit. Hanna’s Market, which offers bakery items and fresh produce, plans to open in early 2021. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord. Earlier this year, Gerdom represented the landlord in leases with Rehab Without Walls and Luma’s Fashion at the property.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 123-Unit Self-Storage Facility in Odessa

by Taylor Williams

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Permian Storage, a 123-unit facility located in the West Texas city of Odessa. The self-storage property spans 15,513 square feet of net rentable of non-climate-controlled space, with units ranging in size from 45 to 280 square feet. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not disclosed.

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AcquisitionsIndustrialMidwestMinnesota

KW Commercial Arranges $1.6M Sale of Industrial Building in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — KW Commercial has arranged the $1.6 million sale of a 24,000-square-foot industrial building in Burnsville, about 17 miles south of Minneapolis. The property is situated on 1.8 acres along Riverwood Drive. Andy Manthei and Matt Klein of KW Commercial’s Apple Valley office represented the seller, Linvill Riverwood LLC, an affiliate of Minnetonka-based Linvill Properties Inc. Buyer information was undisclosed.

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AcquisitionsNAIRetailTexas

NAI Partners Acquires 22,606 SF Blanco Crossing Shopping Center in San Antonio

by Taylor Williams

SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has acquired Blanco Crossing, a 22,606-square-foot shopping center in north-central San Antonio. The property was 84 percent leased at the time of sale to tenants such as Sake Café, The Mailing Spot, Kennedy’s Public House and KC Pet Products. Andrew Pappas and Adam Hawkins of the Partners Capital team worked with Philip Levy and Jack Newman of Marcus & Millichap to close the deal. Veritex Bank provided acquisition financing. Partners Capital targets commercial real estate properties in Texas in the $5 million to $30 million range.

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LoansNew YorkNortheastOfficeRetail

Empire State Receives $180M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.

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