Property Type

Voit Real Estate Arranges $3.1M Sale of Office Building in San Diego

by Amy Works June 30, 2020

SAN DIEGO — Voit Real Estate Services has brokered the sale of an office property in San Diego. 9565 Waples Investment Group LLC sold the asset to Renda Law Offices P.C. for $3.1 million. Located at 9565 Waples St., the property features 13,695 of office space within San Diego’s Sorrento Mesa submarket. The buyer plans to use the building for its San Diego-based bankruptcy firm. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit Real Estate Services represented the seller in the transaction.

June 30, 2020

Development Illinois Midwest Multifamily

City Club Apartments Breaks Ground on Phase II of Chicago Apartment Property

by Kristin Harlow June 30, 2020

CHICAGO — City Club Apartments (CCA) has broken ground on the second phase of MDA within downtown Chicago’s Loop. The first phase was a 23-story historic building dating back to 1927 that CCA redeveloped into apartments in 2006. Phase II will include the addition of a new seven-story building that will add 81 units to the existing 190 apartments and penthouses. A new rooftop sky park will include a heated outdoor pool, outdoor theater, grill stations, cabanas and lounge seating. The sixth floor will house a clubroom and conference room that will connect to Phase I via a skybridge. Phase I and II residents will have access to combined amenities, including a library, fitness center, bark park and concierge services. The first residents are expected to begin moving into Phase II in March 2021. The initials MDA are derived from the building’s original name, the Medical & Dental Arts Building. Detroit-based CCA currently has four communities under construction — two in Detroit, one in Kansas City and one in Chicago.

June 30, 2020

Indiana Leasing Activity Midwest Office

Northwestern Mutual Leases 26,000 SF at Parkwood Crossing in Indianapolis

by Kristin Harlow June 30, 2020

INDIANAPOLIS — Northwestern Mutual has signed a 10-year office lease for 26,000 square feet at Parkwood Crossing in Indianapolis. The eight-building, 1.2 million-square-foot office park includes a 16,000-square-foot amenity center. It is located within the North Meridian/Carmel submarket of Indianapolis. Rubenstein Partners LP and Strategic Capital Partners LLC are the landlords and have owned the campus since 2016. Traci Kapsalis, Adam Broderick and Brittany Shuler of JLL handled the lease transaction on behalf of ownership. John Crisp of Cushman & Wakefield represented Northwestern Mutual, which is consolidating several downtown and suburban offices into its new space at Six Parkwood.

June 30, 2020

Retail Texas

Reports: Texas Bar Owners File Suit to Block Governor Abbott’s Shutdown Order

by Taylor Williams June 30, 2020

AUSTIN, TEXAS — On Monday, a group of about 25 bar owners filed a lawsuit in Travis County District Court challenging Texas Gov. Greg Abbott’s executive order to shut down bars across the state following a recent surge in COVID-19 cases. The Austin-American Statesman first reported the news and notes that the lawsuit is predicated on the notion that Abbott’s order suspends state laws, a power that is reserved strictly for the Texas Legislature. Multiple outlets including The Texas Tribune have since confirmed the report. In the order issued on Friday, June 26, Abbott demanded that all bars and establishments that earn more than 51 percent of their gross revenue from sales of alcoholic beverages close their doors, effective as of noon that Friday. The order permitted restaurants to remain open for dine-in services but at 50 percent or less of their stated indoor capacities, effective Monday, June 29. As part of the order, rafting and tubing businesses were also ordered to close, and local governments must now approve outdoor gatherings of 100 or more people. According to the Texas Restaurant Association, about 800,000 industry workers have lost their jobs since the pandemic began. Over the weekend, Abbott noted that …

June 30, 2020

Loans Midwest Multifamily South Dakota

JLL Provides $27.5M in Fannie Mae Loans for Refinancing of Two Apartment Communities in South Dakota

by Kristin Harlow June 30, 2020

RAPID CITY, S.D. — JLL Capital Markets has provided $27.5 million for the refinancing of Harmony Heights Apartments and Stoney Creek Apartments in Rapid City in western South Dakota. The two garden-style communities total 533 units. The two Fannie Mae loans feature 10-year terms and fixed rates. Brock Yaffe of JLL originated the financing on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP. Built in 2003, Harmony Heights consists of 15 buildings housing 255 units. Developed in 2008, Stoney Creek consists of 16 buildings totaling 278 units.

June 30, 2020

Acquisitions Midwest Nebraska Office

MAG Capital Partners Acquires Omaha Flex Office Building in Sale-Leaseback

by Kristin Harlow June 30, 2020

OMAHA, NEB. — MAG Capital Partners LLC has acquired a 47,184-square-foot flex office building in Omaha in a sale-leaseback transaction. The single-tenant, fully leased property serves as the headquarters for Scantron’s technology solutions department. The seller was Transom Capital Group. Scantron, best known for its machine-readable paper forms for multiple-choice test questions, was acquired by Transom in December 2019. Built in 1987, the property is located on 3.6 acres at 2020 S. 156th Circle. Two-thirds of the building is utilized as flex office space with the remainder being used for warehousing and manufacturing space. Nick Foster of JLL represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer.

June 30, 2020

Development Industrial Midwest Wisconsin

Ashley Capital Begins Development of Third Building at Wisconsin’s Enterprise Business Park

by Kristin Harlow June 30, 2020

STURTEVANT, WIS. — Ashley Capital has begun development of a 397,000-square-foot speculative industrial building at Enterprise Business Park in Sturtevant, located 27 miles south of Milwaukee. It is the third building to be constructed at the park, which will comprise over 1.3 million square feet of Class A industrial space upon completion. The new building is slated for completion in December. It will feature a clear height of 36 feet. John Sharpe and Tom Boyle of Lee & Associates and Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke are exclusive marketing agents for the property. Berghammer Construction Corp. is the general contractor. Ashley Capital, a privately owned industrial real estate investment and development firm, has offices in Atlanta, Chicago, Detroit and New York.

June 30, 2020

Development Retail Texas

Whole Foods Opens 35,000 SF Store at Saltillo in East Austin

by Taylor Williams June 30, 2020

AUSTIN, TEXAS — Whole Foods Market has opened its 35,000-square-foot store at Saltillo, a mixed-use development in East Austin by Endeavor Real Estate Group. The store has served as a fulfillment center for other regional stores during most of the COVID-19 pandemic. The store now offers fresh produce from 75 different growers, full-service meat and seafood departments, a bakery, coffee kiosk and more than 1,000 different wines and 280 different beers, including 150 selections from local alcoholic beverage suppliers.

June 30, 2020

Leasing Activity Office Texas

DebtBlue Signs 30,291 SF Office Headquarters Lease in Metro Dallas

by Taylor Williams June 30, 2020

RICHARDSON, TEXAS — DebtBlue, a national debt service settlement firm, has signed a 30,291-square-foot office lease for its new headquarters at 1125 E. Campbell Road in the northeastern Dallas suburb of Richardson. The company is expanding and relocating from a 6,000-square-foot space in nearby Addison. Ryan Hoopes of Cushman & Wakefield represented the tenant in the lease negotiations. Clint Madison and John Fancher, also with Cushman & Wakefield, represented the landlord, Los Angeles-based Stanton Road Capital.

June 30, 2020

Acquisitions Office Texas

Cushman & Wakefield Brokers Sale of Historic Republic Building in Downtown Houston

by Taylor Williams June 30, 2020

HOUSTON — Cushman & Wakefield has brokered the sale of the Republic Building, a 19,850-square-foot office property located at 1018 Preston St. in downtown Houston. The building was originally constructed in 1907, housed the U.S. District Court in 1910 and was admitted to the National Register of Historic Places in 1979. Scott Miller, David Cook and Jeff Peden of Cushman & Wakefield represented the seller, Republic Building TX LP, in the transaction. Fred Ghabriel of Bejjani & Associates Inc. represented the buyer, a subsidiary of government contractor MVL Group.

June 30, 2020

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