Property Type

Bertch Capital Secures Tenant for 116,572 SF Industrial Asset Under Construction in Washington

by Amy Works March 20, 2020

SUMNER, WASH. — Bertch Capital Partners has signed CTE Warehousing to occupy Sumner Ridge’s Building A, located at 3400 W. Valley Highway East in Sumner, in a long-term lease agreement. Building A is the second facility at Sumner Ridge, which is home to a 112,100-square-foot industrial property occupied by Automatic Products. The freight management partner will occupy the entire 116,572-square-foot warehouse facility, which is slated for completion at the end of the second quarter. The company plans to relocate from at least one of its existing buildings in the area. Bill Condon and Matt McGregor of Colliers International represented the developer, while Jeff Forsberg of NAI Puget Sound Properties represented CTE Warehousing in the deal.

March 20, 2020

Illinois Leasing Activity Midwest Office

Feeding America to Relocate Headquarters in Chicago with 61,324 SF Lease

by Kristin Harlow March 20, 2020

CHICAGO — Feeding America, a hunger-relief charity, will relocate its headquarters to 161 North Clark in Chicago. The 61,324-square-foot lease represents a 32 percent expansion for the nonprofit, which will move from 35 E. Wacker when the new lease commences in the fourth quarter. Mindy Saffer of Cresa and Rob Schmidt of JLL represented Feeding America in the lease transaction. Newmark Knight Frank represented the landlord. The 50-story office tower is situated in Chicago’s Central Loop and features a conference center and outdoor terrace.

March 20, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $18.6M Sale of Property Net Leased to Jewel-Osco in Romeoville, Illinois

by Kristin Harlow March 20, 2020

ROMEOVILLE, ILL. — The Boulder Group has brokered the $18.6 million sale of a single-tenant property net leased to Jewel-Osco in Romeoville, located about 30 miles southwest of Chicago. The 67,507-square-foot building sits on 7.5 acres at 20 S. Weber Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Southwest-based private real estate investment company. A West Coast-based private investor purchased the asset in a 1031 tax-deferred exchange. Jewel-Osco has operated at the property since 2002 and recently executed a 20-year lease.

March 20, 2020

Acquisitions Iowa Midwest Retail

Crossroads Mall in Iowa Sells for $3.3M, Will Undergo Redevelopment

by Kristin Harlow March 20, 2020

FORT DODGE, IOWA — Mason Asset Management, Namdar Realty Group and CH Capital Group have sold Crossroads Mall in Fort Dodge in central Iowa. The sales price was $3.3 million. The buyer, Crossroads Plaza Development LLC, plans to redevelop the mall into a series of retail and office spaces. The site will also include a new, five-story hotel. Fort Dodge City Council unanimously passed the redevelopment plan and committed up to $18.2 million of public funds to support construction.

March 20, 2020

Indiana Midwest Retail

Old National Bank to Temporarily Shift to Appointment-Only, Drive-Thru Banking

by Kristin Harlow March 20, 2020

EVANSVILLE, IND. — Old National Bank will temporarily shift to appointment-only banking at all branch locations as a result of the coronavirus pandemic. The practice will enable staff to clean and disinfect surfaces after each visit. The drive-thru will remain open at all locations and hours of operation will not change. Appointments will be available between 9 a.m. and 3 p.m., with the first hour of each day reserved for persons age 60 or older and others who are a high risk to contract the coronavirus. Old National Bancorp, the holding company of Old National Bank, is the largest bank holding company headquartered in the state of Indiana.

March 20, 2020

Acquisitions Indiana Industrial Midwest

Sturges Property Group Arranges Sale of 12,000 SF Industrial Building in Fort Wayne, Indiana

by Kristin Harlow March 20, 2020

FORT WAYNE, IND. — Sturges Property Group has arranged the sale of a 12,000-square-foot, single-tenant industrial building located at 6821 Metro Park Drive in Fort Wayne for an undisclosed price. John Caffray of Sturges represented the seller, Duncan Supply Co. Inc., as well as the buyer, Peakway Investment Group LLC. Indianapolis-based Duncan is a heating equipment supplier.

March 20, 2020

Market Reports Office Texas Texas Market Reports

Population Boom Spurs Momentum in Fort Worth’s Office Market

by Taylor Williams March 20, 2020

These days, one of the most widely-shared facts about Texas’ economy is the fact that the Dallas-Fort Worth (DFW) metroplex adds about 360 new residents per day. But a lesser-known part of that statistic involves the fact that Fort Worth is experiencing a faster rate of population growth than Dallas. According to U.S. Census data, Fort Worth was the third fastest-growing city in the country from 2012 to 2017. In 2018, Fort Worth gained 20,000 new residents, compared to just 2,000 new Dallasites. According to the latest information from the U.S. Census Bureau, Cowtown is now the 13th-most populous city in the United States, having surpassed San Francisco and Columbus, Ohio, to reach a total of 895,000 residents. On the heels of all that population growth has come a rapidly expanding local economy. Census data shows that Fort Worth saw more than a 21 percent increase in its population of employed residents in the five years leading up to 2017. This growth enabled Fort Worth to become the third-fastest-growing U.S. job market. Part of Fort Worth’s appeal is the fact that it has a diverse employment base, with growth in medicine, manufacturing and warehousing/distribution being especially pronounced during this cycle. …

March 20, 2020

Development Multifamily Texas

Dhanani Completes 288-Unit Territory at Greenhouse Multifamily Community in Metro Houston

by Taylor Williams March 19, 2020

KATY, TEXAS — Dhanani Private Equity Group has completed Territory at Greenhouse, a 288-unit apartment community located in the western Houston suburb of Katy. The Class A property features one-, two- and three-bedroom floor plans with stainless steel appliances, brushed nickel hardware, granite countertops and private balconies. Amenities include a pool, fitness center, resident clubhouse, business center, outdoor movie amphitheater and dog park. Dhanani developed the project with Allied Orion Group as the general contractor.

March 19, 2020

Acquisitions Multifamily Oklahoma Texas

Marcus & Millichap Brokers $3.9M Sale of Fox Valley Apartments in Lawton, Oklahoma

by Taylor Williams March 19, 2020

LAWTON, OKLA. — Marcus & Millichap has brokered the $3.9 million sale of Fox Valley Apartments, a 120-unit multifamily community in Lawton, located in southwestern Oklahoma. The property was built on six acres in 1980 and offers 108 two-bedroom units and 12 three-bedroom units. Derek Wilson of Marcus & Millichap represented the undisclosed seller and procured a limited liability company as the buyer.

March 19, 2020

Industrial Leasing Activity Texas

NKF Negotiates 67,600 SF Industrial Lease Extension in Metro Dallas

by Taylor Williams March 19, 2020

CARROLLTON, TEXAS — Newmark Knight Frank (NKF) has negotiated a 67,600-square-foot industrial lease extension at Frankford Distribution Center in the northern Dallas suburb of Carrollton. Bob Luttrell of NKF represented the tenant, Corradi USA Inc., a provider of shading structures for outdoor living spaces. Duke Realty represented the landlord, Texas Dugan LP.

March 19, 2020

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