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LoansOfficeTexas

Bank OZK Provides $26.6M Construction Loan for East Austin Office Project

by Taylor Williams

AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.

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DevelopmentMultifamilySeniors HousingTexas

Aspen Heights Breaks Ground on 150-Unit Active Adult Community in San Antonio

by Taylor Williams

AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. Completion is scheduled for January 2022. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.

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LoansOfficeTexas

NorthMarq Arranges Loan for Refinancing of 18,000 SF Office Property in Houston

by Taylor Williams

HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of an 18,000-square-foot office building located at 3322 Richmond Ave. in Houston’s Greenway Plaza submarket. Matthew Bronstein of NorthMarq arranged the funds through an undisclosed life insurance company on behalf of the borrower, M-K-L Properties.

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AcquisitionsIndustrialTexas

Marcus & Millichap Brokers Sale of 15,106 SF Industrial Flex Building in Midland

by Taylor Williams

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.

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DevelopmentIndianaIndustrialMidwest

Mohr Capital Begins Development of 1 MSF Industrial Facility for Cooper Tires in Metro Indianapolis

by Kristin Harlow

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.

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MichiganMidwestRetail

Shops at CenterPoint in Grand Rapids to Completely Reopen by June 15

by Kristin Harlow

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.

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DevelopmentHealthcareIndianaMidwest

Cornerstone Cos. to Develop 40,000 SF Medical Office Building in Carmel, Indiana

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestRetail

JLL Arranges $2.2M Sale of Starbucks-Occupied Retail Building Near Chicago

by Kristin Harlow

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.

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IndianaLeasing ActivityMidwestRestaurantRetail

Chicken Salad Chick Expands Midwest Footprint with First Restaurant in Indiana

by Kristin Harlow

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.

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fulton-labs-chicago
DevelopmentIllinoisMidwestOfficeTop Stories

Trammell Crow Plans to Develop 423,454 SF Fulton Labs Life Science Facility in Chicago

by Alex Patton

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 …

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