MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of a 15,106-square-foot industrial flex building in the West Texas city of Midland. The property sits on 2.8 acres and was completed recently as a build-to-suit project for oilfield equipment supplier United Safety. David Houston and Patrick Doherty of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and additional terms of sale were not disclosed.
WHITELAND, IND. — Mohr Capital has begun development of a 1 million-square-foot warehouse and distribution center for Cooper Tires in Whiteland within metro Indianapolis. Cooper, a tire manufacturer focused on passenger car and light vehicle replacement tires, is relocating from an 807,042-square-foot facility in Franklin, Ind. Mohr Capital, a Dallas-based real estate investment firm, worked closely with Mark Writt of CBRE on the land acquisition. Pepper Construction, Curran Architects and American StructurePoint make up the project team. Completion is slated for the first quarter of 2021.
GRAND RAPIDS, MICH. — Retailers at the Shops at CenterPoint in Grand Rapids have begun reopening this week after being closed for nearly three months due to the COVID-19 pandemic. Owner Stonemar Properties LLC anticipates that nearly all tenants will be open by Monday, June 15. Shops at CenterPoint is a 575,000-square-foot shopping center located at the corner of East Beltline Road and 28th Street. It is home to T.J. Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Ulta, DSW, Carhartt and Lands’ End, among others. Many retailers will still offer curbside pickup in the coming months. The shopping center is approximately 93 percent occupied. Mark Ansara and Earl Clements of Colliers International handle leasing for the property.
CARMEL, IND. — Cornerstone Cos. Inc. has purchased a three-acre parcel at 12174 N. Meridian St. in Carmel, a suburb of Indianapolis. Cornerstone plans to develop a 40,000-square-foot medical office building on the site. Known as Carmel Medical Arts Pavilion, the three-story project will be home to four healthcare tenants providing orthopedics, rehabilitation, primary care and pediatric dentistry services. The property will feature covered physician parking and an outdoor terrace on the third floor. Cornerstone will serve as developer, construction manager and property manager. The Indianapolis-based company specializes in healthcare real estate. A timeline for completion was not disclosed.
CHICAGO RIDGE, ILL. — JLL Capital Markets has arranged the $2.2 million sale of a single-tenant retail building net leased to Starbucks in Chicago Ridge, about 20 miles southwest of Chicago. Completed this year, the 2,400-square-foot building features a drive-thru and patio. It sits on 9.6 acres at 10259 S. Harlem Ave. Alex Sharrin led the JLL team representing the seller, Glazier Corp. An undisclosed investor purchased the asset.
JEFFERSONVILLE, IND. — Chicken Salad Chick is set to open its first restaurant in Indiana within the Louisville suburb of Jeffersonville. Located at 1520 Veterans Parkway, the restaurant is set to open on Tuesday, June 16. The first 100 guests will receive free chicken salad for a year. Chicken Salad Chick is following state guidelines for the coronavirus and will open the Jeffersonville restaurant at limited capacity with social distancing measures in place. The location features a drive-thru and outdoor seating. Karen and Jon Riddle of Derby City Chicks LLC are the new franchise owners.
CHICAGO — Trammell Crow Co. (TCC), a Texas-based developer, has unveiled plans for Fulton Labs, a 423,454-square-foot life science facility in the Fulton Market neighborhood of Chicago. Located at 400 N. Aberdeen St., Fulton Labs will span 16 floors, with 12 floors of wet or dry lab space, dependent on the tenant’s needs. The lab space will be equipped for drug, chemical and biological testing as well as digital research and analysis. The facility’s 34,000-square-foot, column-free floor plates will be able to accommodate small startups as well as multi-floor tenants. The building will also feature passenger and freight elevators, as well as chemical and equipment storage space for tenants. “With Fulton Labs’ advanced research and development infrastructure, flexible lab spaces, and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” says Grady Hamilton, managing director of TCC’s Midwest Business Unit. The building will feature 35,000 square feet of amenity space, which will include a health and wellness center, a 190-person collaboration center, a rooftop fire lounge and two private balconies per floor. The property will offer access to interstates 90, 94 and 290, as well …
SAN FRANCISCO — Terreno Realty Corp. has sold three industrial buildings comprising 340,000 square feet in metro Baltimore for a total of $51.2 million. The first property, a 66,000-square-foot building located at 7125 Troy Hill Drive in Elkridge, sold for $9.3 million. The asset was fully leased to three tenants at the time of sale. San Francisco-based Terreno sold the second property, which is situated at 7190 Parkway Drive in Hanover, for $25.3 million. The 159,000-square-foot building was fully leased at the time of sale to two tenants. The final building is a 115,000-square-foot asset located at 9070 Junction Drive in Annapolis Junction. Terreno sold the property for $16.6 million. The asset was fully leased at the time of sale to five tenants. The buyer(s) was not disclosed.
TRINITY, FLA. — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The newly built, five-story community features 117 independent living units and is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. Watermark at Trinity is located at 1960 Blue Fox Way, 29 miles northwest of downtown Tampa. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller, a development group comprising Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, in the transaction.
FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.