Property Type

TripActions Signs 88,490 SF Office Lease at Renaissance Tower in Downtown Dallas

by Taylor Williams December 17, 2019

DALLAS — TripActions, a Silicon Valley-based platform that manages corporate travel, has signed an 88,490-square-foot office lease at Renaissance Tower, a 56-story building located at 1201 Elm St. in downtown Dallas. Evan Hammer, David Harris and Jade Scott of Whitebox Real Estate, along with Bo McNally and David Bergeron of T3 Advisors, represented TripActions in the lease negotiations. Dennis Barnes, Clay Gilbert and Ben Davis of CBRE represented the landlord, a joint venture between SMA Equities and Moinian Group.

December 17, 2019

Acquisitions Multifamily Texas

Rastegar Property Acquires 48-Unit Apartment Community in Austin’s Hyde Park Area

by Taylor Williams December 17, 2019

AUSTIN, TEXAS — Rastegar Property Co. has acquired Plaza 38, a 48-unit multifamily property located at 206 W. 38th St. in Austin’s Hyde Park neighborhood of Austin. The property features one- and two-bedroom units with hardwood floors, full kitchens and brick accent walls. Amenities include a pool and patio area. The seller was not disclosed. Newmark Knight Frank represented Rastegar in the transaction.

December 17, 2019

Development Midwest Ohio Retail

Restoration Hardware Opens 60,000 SF Gallery at Easton Town Center in Columbus

by Kristin Harlow December 17, 2019

COLUMBUS, OHIO — Restoration Hardware has opened RH Columbus, The Gallery at Easton Town Center. The three-story, 60,000-square-foot concept includes a rooftop restaurant, wine and barista bar and landscaped park. On level two, visitors will find RH Modern, an assortment of modern furnishings, lighting, textiles and décor, as well as the RH Interior Design Firm & Atelier. RH Columbus is located at 4120 Worth Ave. within Easton Town Center, a 1,300-acre shopping center and mixed-use destination. “RH Columbus reflects our vision to create architecturally inspiring spaces that blur the lines between residential and retail, indoors and outdoors, home and hospitality — spaces that activate all of the senses and create an immersive experience that cannot be replicated online,” says Gary Friedman, RH chairman and CEO.

December 17, 2019

Acquisitions Kansas Midwest Retail

MAG Capital Partners Acquires 43,000 SF Kansas Retail Building in Sale-Leaseback

by Kristin Harlow December 17, 2019

OVERLAND PARK, KAN. — MAG Capital Partners LLC has acquired a 43,000-square-foot retail building located at 12100 Blue Valley Parkway in Overland Park for an undisclosed price. The seller, Lukas Wine & Spirits Superstore, will lease back the property. Brendan McPherson of Polsinelli PC and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, which is led by principals Dax T.S. Mitchell and Andrew Gi. Victor Saponari of Quantum Capital arranged acquisition financing through Deutsche Bank. Michael Kaider of CBRE represented the seller.

December 17, 2019

Acquisitions Hospitality Midwest Ohio

MCR Purchases 240-Room Hilton Garden Inn in Downtown Cleveland

by Kristin Harlow December 17, 2019

CLEVELAND — MCR has purchased the 240-room Hilton Garden Inn hotel in downtown Cleveland for an undisclosed price. Located at 1100 Carnegie Ave., the property is a short drive from the home where the 1983 movie A Christmas Story was filmed. Starring Peter Billingsley, a young boy named Ralphie attempts to get a Red Ryder BB gun from Santa. The Hilton Garden Inn features Harvey’s Sports Lounge and The Garden Grille, as well as a convenience store, fitness center, indoor pool, business center and 11,000 square feet of meeting space. New York City-based Hotel 1100 Carnegie LP sold the hotel for $28.2 million, according to Crain’s Cleveland Business.

December 17, 2019

Loans Midwest Missouri Office Retail

NorthMarq Arranges $3.5M Acquisition Loan for Office, Retail Property in St. Louis

by Kristin Harlow December 17, 2019

ST. LOUIS — NorthMarq has arranged a $3.5 million loan for the acquisition of Balmoral Plaza in St. Louis. The two-story property comprises 12,720 square feet of office space above 12,020 square feet of retail space. It is located at 443-465 N. New Ballas Road. Jeffrey Chaney of NorthMarq arranged the 10-year, fixed-rate loan on behalf of the borrower, Cape-Jackson SLB LP. A life insurance company provided the loan.

December 17, 2019

Acquisitions Illinois Industrial Midwest

SVN Commercial Brokers $3.5M Sale of Flex Industrial Building in Chicago

by Kristin Harlow December 17, 2019

CHICAGO — SVN Chicago Commercial has brokered the sale of an approximately 48,000-square-foot flex industrial building in Chicago’s Humboldt Park neighborhood for $3.5 million. The property is located at 1757 N. Kimball Ave., along the 606 Trail. Wayne Caplan of SVN represented the seller. Buyer and seller information was not disclosed.

December 17, 2019

Industrial Market Reports Texas Texas Market Reports

Lines of Distinction Blur Between Dallas, Fort Worth Industrial Markets

by Taylor Williams December 17, 2019

Much of the national hype surrounding the growth in industrial development, investment and leasing activity in North Texas is centered on Dallas, a national leader in in-migration and employment growth across a variety of industries. The demographic and economic fundamentals of Dallas have made it a highly desirable market for e-commerce and third-party logistics users looking to service an ever-growing last-mile population. But beginning about four years ago, the dwindling supply of quality sites near the Dallas core began to generate rapid rent growth, causing priced-out developers and users to start looking westward. Fort Worth’s transition from a predominantly manufacturing market to a dynamic logistics and distribution hub began with Hillwood’s purchase of 15,000 acres for its AllianceTexas development in the mid 1980s. Since that time, Fort Worth has displayed a more aggressive stance on economic and industrial development. Both cities have long shared access to critical pieces of infrastructure — DFW International Airport, Interstates 20, 30 and 35 — as well as strong availability of land and a quality supply of laborers. But until recently, the growth paths always favored Dallas — the more gentrified of the two cities that was also a preferred destination for corporate relocations and …

December 17, 2019

North 8th Brooklyn Williamsburg Collective

Development Multifamily New York Northeast Student Housing Top Stories

The Collective to Build $150M Co-Living, Student Housing Project in Brooklyn’s Williamsburg District

by John Nelson December 17, 2019

NEW YORK CITY — The Collective, a multifamily developer based in London, has unveiled plans to build a $150 million co-living project located at 292 N. 8th St. in Brooklyn’s Williamsburg neighborhood. Co-living is defined as a type of residential development that is a hybrid between apartment housing and hotels. Known as North 8th, the development will feature 242 units, 97 of which are designed for students attending local universities. The remaining 127 studio units are designed for nightly and monthly stays. At full capacity, North 8th is expected to house 321 occupants. “North 8th will be the first project of its kind for New York City,” says Reza Merchant, founder and CEO of The Collective. “It will bring community of all ages together in one holistic environment, designed to promote an intergenerational exchange of knowledge through shared amenities and dynamic programming.” North 8th is The Collective’s fourth co-living project in New York City, joining The Collective Paper Factory that opened in November in Queens’ Long Island City. The Collective has two other Brooklyn projects in the pipeline: 555 Broadway and 1215 Fulton St. All three of The Collective’s Brooklyn projects are expected to open in 2022. The Collective collaborated …

December 17, 2019

Features Multifamily Seniors Housing

Variety, Flexibility on the Menu for Seniors Housing Dining

by Alex Tostado December 17, 2019

Historically, seniors housing dining services were known for serving simple proteins and side items purchased from an outside distributor, which would be prepared in bulk and served all at once in a communal dining room. But variety and novelty are quickly becoming key selling points for today’s incoming senior population, and communities are scrambling to keep up with the demand. “We have a tsunami of developers and contractors building new facilities across the United States, and full-service dining is one of the most important features that prospective residents look for,” says Victoria Albert, vice president of marketing at Boston-based dining vendor Unidine. “The baby boomers are different from their parents. They are more worldly and experimental, and they want opportunities to try different cuisines.” Newer dining programs allow service teams to think more like an industrial kitchen, planning their menus around seasonal flavors and cross-utilizing the same ingredients for a variety of dishes. The result is a higher quality of food service with a thoughtful application of resources and marketing. “The environment of the business is shifting to operate more like restaurants and market more to friends and families of guests,” says Harris Ader, founder of Senior Dining Association, an …

December 17, 2019

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