Property Type

Capital Commercial Buys 1.4 MSF Former American Airlines Headquarters Campus in Fort Worth

by Taylor Williams May 12, 2020

FORT WORTH — Austin-based Capital Commercial Investments (CCI) has purchased the former headquarters campus of American Airlines and American Airlines Federal Credit Union in Fort Worth. The 40-acre campus features approximately 1.4 million square feet of office space across three buildings and is located just three miles from DFW International Airport. An underground pedestrian tunnel connects all three buildings. Mike Hardage, Alan Harrington, Steve McCoy and Brooks Creech of Transwestern worked with Troy Barron of Weston Commercial Real Estate to facilitate the transaction. Transwestern will also take over leasing and management of the property. American Airlines began moving into its new $350 million Fort Worth headquarters, known as Skyview 8, last fall. Jim Neil, Duke Stone, Trip Neil and John Bell of Churchill Capital arranged acquisition financing for the transaction with the Boxer Property team of Andrew Segal and John Rentz. The Capital Commercial Investments team was led by Doug Agarwal (CEO / Founder) and Robb Buchanan (EVP). The loan was provided within 17 days of term sheet execution in order to meet CCI’s closing deadline on April 30th, 2020.

May 12, 2020

Acquisitions Multifamily Texas

Turner Impact Capital Acquires 312-Unit Bridgeport Apartments in Irving

by Taylor Williams May 12, 2020

IRVING, TEXAS — California-based investment firm Turner Impact Capital has acquired Bridgeport Apartments, a 312-unit multifamily community in Irving. Built in 1982, the property features one- and two-bedroom units and amenities such as a pool, tennis court, business center, resident clubhouse, dog park and onsite laundry facilities. The new ownership will implement capital improvements designed to reduce water and energy consumption. With this acquisition, Turner Impact Capital’s portfolio now comprises roughly 10,000 units.

May 12, 2020

Leasing Activity Office Texas

Natural Gas Provider Venture Global LNG Doubles Office Space at 5 Houston Center in Downtown Houston

by Taylor Williams May 12, 2020

HOUSTON — Natural gas provider Venture Global LNG has signed a 58,514-square-foot office lease at 5 Houston Center, a 581,000-square-foot building located at 1401 McKinney St. in downtown Houston. The company is doubling the size of its footprint at the Class A building, which was renovated in 2019 and features a coffee bar, fitness center and tenant lounge. Beau Bellow and Jay Farmer of JLL represented the tenant in the lease negotiations. Transwestern Real Estate Services represented the landlord, Spear Street Capital.

May 12, 2020

Leasing Activity Office Texas

NKF Negotiates 27,672 SF Office Lease in North Dallas

by Taylor Williams May 12, 2020

DALLAS — Newmark Knight Frank (NKF) has negotiated a 27,672-square-foot office lease at 4 Park Central, located just inside the Interstate 635 loop in North Dallas. John Beach of NKF represented the tenant, payment processing firm FPT Operating Co. LLC, in the lease negotiations. Younger Partners represented the landlord, McKnight Park Central LLC.

May 12, 2020

Indiana Midwest Retail

Simon Releases First-Quarter Results, Reports 20.2 Percent Decrease in Net Income

by Kristin Harlow May 12, 2020

INDIANAPOLIS — In its first-quarter results, Simon Property Group (NYSE: SPG) has reported a net income of $437.6 million — compared with $548.5 million the same time period last year — resulting in a 20.2 percent decrease. As part of the Indianapolis-based mall owner’s response to COVID-19, Simon says it suspended or eliminated more than $1 billion of redevelopment and new development projects. It also significantly reduced non-essential corporate spending and property operating expenses and implemented a temporary furlough of certain employees. As of May 11, Simon has reopened 77 of its U.S. retail properties and 12 of its premium outlets in markets where local and state orders have been lifted. Roughly 50 percent of Simon’s malls and outlet centers will reopen within the next week, according to CNBC.

May 12, 2020

Loans Michigan Midwest Multifamily

Knighthead Funding Provides $37.3M for Three Multifamily Projects in Michigan

by Kristin Harlow May 12, 2020

ANN ARBOR, DETROIT AND TRAVERSE CITY, MICH. — Knighthead Funding LLC has provided three separate loans totaling $37.3 million for three multifamily projects in Michigan. Knighthead provided a Michigan-based developer with a $17.7 million first mortgage loan to finance the completion of a four-story, 78-unit building in Traverse City. Located at 155 Garland St., the property will feature 162 parking spaces and 9,716 square feet of ground-level retail space. In the second financing, Knighthead provided Greatwater Opportunity Capital with a $10.8 million loan for the acquisition and renovation of two multifamily buildings in Midtown Detroit. The properties, totaling 118 units, are located within an opportunity zone in the Cass Corridor. Lastly, Knighthead provided an $8.8 million loan for the construction of a 19-unit condominium building in downtown Ann Arbor. Known as The Gallery, the property is 50 percent pre-sold. It will be situated in the Old West Side neighborhood and within walking distance of the University of Michigan. Ann Arbor Builders Inc. was the borrower.

May 12, 2020

Acquisitions Michigan Midwest Retail

SRS Brokers $4.6M Sale of Aldi-Occupied Property in Suburban Detroit

by Kristin Harlow May 12, 2020

CLAWSON, MICH. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap rate of 5 percent.

May 12, 2020

Illinois Industrial Leasing Activity Midwest

Brown Commercial Group Negotiates 36,612 SF Industrial Lease in Woodridge, Illinois

by Kristin Harlow May 12, 2020

WOODRIDGE, ILL. — Brown Commercial Group has negotiated a 36,612-square-foot industrial lease on behalf of American Cleaning & Restoration South at 10440 Woodward Ave. in Woodridge, a western suburb of Chicago. The tenant, which restores structures that experience fire and water damage or are in need of mold remediation, is expanding and moving from a facility in Romeoville. Mike Antonelli of Brown represented the tenant. Jeff Galante of Lee & Associates represented the landlord, Prologis. The multi-tenant building spans 159,258 square feet and features a clear height of 30 feet.

May 12, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges Sale of 21,178 SF Office, Retail Building in Minnesota

by Kristin Harlow May 12, 2020

ST. CLOUD, MINN. — KW Commercial has arranged the sale of Northway Court Center in St. Cloud, about 65 miles northwest of Minneapolis. Located at 1501 Northway Drive, the 21,178-square-foot building is home to a variety of retail, office and restaurant tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Northway Retail Partners LLC. The seller and sales price were not disclosed.

May 12, 2020

Parkway Woods Business Park Industrial Asset Wilsonville Oregon

Acquisitions Industrial Oregon Western

ScanlanKemperBard Sells 378,300 SF Parkway Woods Business Park in Wilsonville, Oregon

by Amy Works May 12, 2020

WILSONVILLE, ORE. — ScanlanKemperBard (SKB) has completed the disposition of Parkway Woods Business Park, a suburban industrial/office campus situated on more than 70 acres at 26600 SW Parkway Ave. in Wilsonville. Reinsurance Group of America (RGA) acquired the property from Parkway Woods Business Center LLC, a joint venture between SKB and Oaktree Capital, for an undisclosed price. The 378,300-square-foot asset is currently a mixed-use business park featuring amenities such as on-site public transportation, a lounge, fitness facility, newly renovated lobby, on-site snack shop, rotating food trucks, disc golf course, basketball court and outdoor space. Nick Kucha, James Childress, Jeff Hodson, Kevin Shannon and James Ikeguchi of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal. SKB will stay as a partner in the investment to help execute the repositioning of the property. RGA and SKB plan to reposition the three-building property’s large floor plates to meet the needs and size requirements of a variety of light industrial, manufacturing and R&D tenants. The site also includes more than 4.5 acres of developable land that could accommodate 85,000 square feet of industrial space.

May 12, 2020

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