Property Type

Kidder Mathews Arranges $28M Acquisition of Woodinville West Industrial Park Near Seattle

by Amy Works August 25, 2020

WOODINVILLE, WASH. — Kidder Mathews has arranged the purchase of Woodinville West, an industrial flex office park in Woodinville, a suburb 20 miles northeast of Seattle. An undisclosed private investor acquired the property from Woodinville West LLC for $28 million. Zach Vall-Spinosa of Kidder Mathews represented the buyer in the deal. Located at 16650, 16750, 16928 and 16932 Woodinville Redmond Road NE, the asset comprises four concrete and steel-framed buildings ranging in size from 21,345 square feet to 69,997 square feet. In total, the industrial flex office park offers 172,449 square feet of space.

August 25, 2020

Arizona Industrial Leasing Activity Western

MiTek Leases 412,921 SF Industrial Space in Tolleson, Arizona

by Amy Works August 25, 2020

TOLLESON, ARIZ. — MiTek, a diversified global supplier of services and products to the residential and commercial construction sectors, has expanded its presence in Arizona by leasing 412,921 square feet of industrial space in two manufacturing facilities in Tolleson. The company renewed its lease for 259,200 square feet at 7890 W. Lincoln Street for a term of more than eight years. Additionally, MiTek signed a 10-year lease for 153,721 square feet of space at 7506 W. Lincoln Street. The company plans to relocate some out-of-state operations to the facility at 7506 W. Lincoln St., with occupancy beginning on Nov. 1, 2020. Payson MacWilliam, Don MacWilliam and Chris Reese of Colliers International in Arizona worked with Kevin Gallagher of Colliers St. Louis to represent MiTek in both lease transactions. John Werstler, Cooper Fratt and Pat Feeney of CBRE represented the landlord in the lease at 7506 W. Lincoln Street. The two Class A facilities are located within Tolleson Corporate Park and owned by California State Teachers’ Retirement System.

August 25, 2020

Development Multifamily Student Housing Texas

KWA Construction Completes Phase II of 76-Unit Student Housing Project in Sherman, Texas

by Taylor Williams August 25, 2020

SHERMAN, TEXAS — General contractor KWA Construction has completed Phase II of a student housing project for Austin College, a liberal arts school located in the North Texas city of Sherman. The second phase delivered 38 units within a 43,613-square-foot building. Phase I, which was completed in 2011, also consisted of 38 units within a 43,010-square-foot building. Dallas-based Architecture Demarest designed Phase II of the project, which will open in time for the resumption of fall classes on Tuesday, Aug. 25.

August 25, 2020

Development Retail Texas

Studio Movie Grill to Open This Week at Shops at Chisholm Trail Ranch in Fort Worth

by Taylor Williams August 25, 2020

FORT WORTH, TEXAS — Studio Movie Grill will open a 12-screen theater on Friday, Aug. 28 at The Shops at Chisholm Trail Ranch, a 250,000-square-foot retail center by StreetLevel Investments in Fort Worth. The 40,000-square-foot venue will be the company’s first in Fort Worth and 14th in Texas. The theater will open at 50 percent of its designated capacity and will offer a variety of food and beverage options.

August 25, 2020

Acquisitions Industrial Self-Storage Texas

Bellomy Brokers Sale of 235-Unit Self-Storage Facility in Spicewood, Texas

by Taylor Williams August 25, 2020

SPICEWOOD, TEXAS — Bellomy & Co. has brokered the sale of Spicewood Super Storage, a 235-unit self-storage facility located about 35 miles northwest of Austin. The property spans 89,260 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Texas-based Envison2 Properties LLC, in the transaction. The duo also procured the buyer, Houston-based Spicewood Storage LLC.

August 25, 2020

Acquisitions Industrial NAI Texas

NAI Robert Lynn Arranges Sale of 65,000 SF Warehouse in Grand Prairie, Texas

by Taylor Williams August 25, 2020

GRAND PRAIRIE, TEXAS — NAI Robert Lynn has arranged the sale of a 65,000-square-foot warehouse located at 1205 E. Avenue H in Grand Prairie, roughly midway between Dallas and Fort Worth. Michael Stanzel of NAI Robert Lynn handled the transaction. The buyer and seller were not disclosed.

August 25, 2020

Acquisitions Retail Texas

Bright Realty Sells 6,667 SF Retail Property in Metro Fort Worth

by Taylor Williams August 25, 2020

BURLESON, TEXAS — Developer Bright Realty has sold a 6,667-square-foot retail property located at 264 SE John Jones Drive in the Fort Worth suburb of Burleson. The strip retail center was built in 2018 and was fully leased at the time of sale to Chicken Salad Chick, HotWorx and Mint Dentistry. Nick Miller and Britton Lankford of Bright Realty represented the firm internally in the transaction. Jordan Wood with Coldwell Banker represented the 1031 exchange buyer.

August 25, 2020

Civic Development Loans Midwest Missouri Top Stories

Civic Board Approves Financing for Expansion of America’s Center Convention Complex in Downtown St. Louis

by John Nelson August 25, 2020

ST. LOUIS — The St. Louis Municipal Finance Corp. has approved the financing package for the expansion of America’s Center Convention Complex. The 502,000-square-foot events facility is located at 701 Convention Plaza in downtown St. Louis. The City of St. Louis and St. Louis County have each committed $105 million in bond financing to complete the expansion, which is branded the AC Next Gen Project. The city and county approved the project in April 2019. The expansion will add 92,000 square feet of exhibit space, a 65,000-square-foot ballroom and meeting area, 22,000 square feet of new support space, 26 new loading docks, the renovation of 12 existing docks, an outdoor pavilion and refurbishment of the Washington Avenue entrance. “Expansion of America’s Center is an investment in the future of our region, assuring dependable jobs for working families in these challenging times and demonstrating our commitment to businesses and workers is certain,” says Comptroller Darlene Green, the chief fiscal officer for the City of St. Louis. “COVID-19 is not going away soon, but we know as a nation we will overcome it. Businesses will rebound, and tourism jobs and conventions will come back. We must plan for a positive future for …

August 25, 2020

Development Hospitality Michigan Midwest

Hotel Indigo Detroit Opens Following $10M Transformation

by Kristin Harlow August 24, 2020

DETROIT — Hotel Indigo Detroit has opened following a $10 million, two-year renovation. Located at 1020 Washington St. in the heart of downtown Detroit, the hotel features 241 renovated guest rooms and more than 1,700 square feet of meeting space. The décor pays tribute to Detroit’s music history as well as the original mid-century design of the building, which first opened as a Howard Johnson Motor Lodge in 1966. A new restaurant known as The Trolley Room will open at the hotel at a future date. Pyramid Hotel Group manages the property. Detroit-based Kraemer Design Group provided the architecture, interior design and furniture specification services for the project. In response to COVID-19, the hotel is deep cleaned with hospital-grade disinfectants. Guests are required to wear face coverings and social distance in public areas. Hotel Indigo Detroit was previously branded as a Holiday Inn Express & Suites. Glenmont Capital Management LLC acquired the property in 2018. The hotel remained open as renovations were completed.

August 24, 2020

Illinois Industrial Leasing Activity Midwest

Imperfect Foods Expands Cold Storage Lease by 45,000 SF in Northlake, Illinois

by Kristin Harlow August 24, 2020

NORTHLAKE, ILL. — Imperfect Foods has signed a long-term lease to expand its cold storage operations at Bridge Point Northlake by 45,000 square feet. Formerly known as Imperfect Produce, the company now occupies a total of 106,000 square feet at the cold storage facility in Northlake, about 17 miles west of Chicago. Imperfect Foods says the expansion was in effort to meet the exponential increase in demand for delivered food and household products brought on by the COVID-19 pandemic. Bridge Development Partners and PGIM Real Estate are the landlords. Jason Lev and John Suerth of CBRE brokered the lease transaction on behalf of both parties. Bridge Point Northlake totals 480,464 square feet of cold storage freezer and cooler space, of which 39,000 square feet remains available for lease.

August 24, 2020

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