Property Type

Honeywell Leases Nine Floors at Charlotte’s Legacy Union Project for Corporate Relocation

by Alex Tostado June 6, 2019

CHARLOTTE, N.C. — Honeywell has signed a long-term lease with Lincoln Harris to occupy on a 23-story office tower in downtown Charlotte. Honeywell will occupy 280,000 square feet of space spanning nine floors. The company plans to house 700 employees there by the end of 2024. The building is located at 700 S. Mint St., directly across the street from Bank of America Stadium and will offer ground-floor retail, approximately 800 parking spaces and a rooftop terrace. In December 2018, Honeywell announced it would move its headquarters from New Jersey to Charlotte, relocating up to 200 jobs and creating up to 500 jobs. Lincoln Harris is expected to break ground on the new building in September. Legacy Union will span two city blocks and feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade. In May, Charlotte-based Parker Poe law firm signed an 86,000-square-foot office lease at 620 S. Tryon within Legacy Union. Completion is slated for 2021.

June 6, 2019

Acquisitions Florida Retail Southeast

CREC Capital Purchases Retail Center Near Miami for $62.3M

by Alex Tostado June 6, 2019

HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.

June 6, 2019

Acquisitions Florida Industrial Southeast

CBRE Arranges $14.8M Sale of Eight-Building Industrial Campus in Metro Orlando

by Alex Tostado June 6, 2019

ALTAMONTE SPRINGS, FLA. — CBRE has arranged the $14.8 million sale of Altamonte Commerce Center, an eight-building industrial property in Altamonte Springs. The property is located at 217-311 Altamonte Commerce Blvd. and 620-658 Douglas Ave., 10 miles north of downtown Orlando. SunCap Opportunity Fund acquired the 185,000-square-foot property from EastGroup Properties. Altamonte Commerce Center is situated near Interstate 4 between state roads 436 and 434. David Murphy and Monica Wonus of CBRE represented the seller in the transaction.

June 6, 2019

Georgia Leasing Activity Office Southeast

Tech Company Signs 52,888 SF Office Lease in Atlanta, will Add 200 Jobs

by Alex Tostado June 6, 2019

ATLANTA — LeaseQuery, an Atlanta-based tech company, has signed a 52,888-square-foot, full-floor lease at Three Ravinia in Atlanta’s Central Perimeter district. In addition to the lease, LeaseQuery plans to add up to 200 Atlanta-area jobs in the next year. The jobs will include all departments and functions, such as sales, marketing, customer solutions, software engineering, product management and analytics. Three Ravinia is an 816,748-square-foot building situated 15 miles north of downtown Atlanta. Andy Sumlin and Kyle Kenyon of Cushman & Wakefield represented the landlord, Preferred Office Properties, in the lease negotiations. Michael Tucker, Scott O’Halloran and Robert Patton of Scotland Wright Associates represented the tenant.

June 6, 2019

Acquisitions Illinois Midwest Office

Entrepreneur John Paul DeJoria Acquires Former McDonald’s Headquarters Campus in Oak Brook, Illinois

by Kristin Harlow June 6, 2019

OAK BROOK, ILL. — Entrepreneur John Paul DeJoria has purchased the former McDonald’s global headquarters campus in Oak Brook for an undisclosed price. The co-founder of the Paul Mitchell line of hair products will assume ownership of the 80-acre site, which includes the McDonald’s former office building, Hamburger University training facility and the Hyatt-branded and managed hotel, The Hyatt Lodge. McDonald’s relocated its global headquarters to downtown Chicago last summer. McDonald’s had been the sole occupant of the campus since its completion in 1988. Designed by architect Dirk Lohan, the campus is situated in a wooded setting with two lakes. The property includes a 331,630-square-foot office building and a 130,484-square-foot training facility, which is connected by a covered passageway to The Hyatt Lodge. The 218-room hotel will remain open. Scott Miller and Lindsey Fahey of JLL represented McDonald’s in the sale. Perry Higa of NAI Hiffman represented the buyer. Future plans for the site have not been disclosed.

June 6, 2019

Development Indiana Midwest Office

Browning Breaks Ground on New Headquarters for First Internet Bank in Fishers, Indiana

by Kristin Harlow June 6, 2019

FISHERS, IND. — Browning has broken ground on a new corporate headquarters for First Internet Bank in downtown Fishers. The bank’s existing office is located about two miles east of the new site. Plans call for a six-story, 168,000-square-foot building with ground-floor retail space. It is the first building to be constructed within a mixed-use development along 116th Street in the Nickel Plate District. Completion is slated for fall 2021. Envoy Cos. is serving as the owner’s representative.

June 6, 2019

Acquisitions Industrial Michigan Midwest

Tiberina Acquires 10-Acre Site, Plans Manufacturing Facility in Detroit

by Kristin Harlow June 6, 2019

DETROIT — Tiberina Group, an Italian automotive supplier, has purchased 10 acres of land at the former American Axle manufacturing site in Detroit with plans to build a manufacturing facility. The sellers, Industrial Commercial Properties LLC and Industrial Realty Group LLC, originally acquired the property in 2014 from American Axle, which leased back the buildings on a long-term basis. W. Emery Matthews of Real Estate Interests LLC represented Tiberina in the sale. The size of the plant or production plans have not been disclosed.

June 6, 2019

Development Midwest Minnesota Multifamily

Ackerberg Begins Development of 54-Unit Micro Apartment Community in Minneapolis

by Kristin Harlow June 6, 2019

MINNEAPOLIS — Ackerberg has begun development of MN46, a 54-unit micro apartment community in Minneapolis. The project is a joint venture with Left Lane Corp., Hayes Harlow, Twin Cities Home Rental and Trew Capital. Units will range from 390 to 410 square feet for studios, 420 to 650 square feet for one-bedroom units and 760 to 905 square feet for two-bedroom units. The property will also feature 1,835 square feet of first-floor retail space. Amenities will include a fifth-floor community room, patio, bike lobby, package room and covered parking. Completion is slated for May 2020. Collage Architects and Yellow Tree Construction Services make up the project team. Monthly rents will start in the low $1,000s. “We continue to remain very bullish on micro units as a niche,” says Sean Sweeney, founder of Hayes Harlow. “The lack of new apartment product in the area was also a big factor in our decision to develop this site.” The name of the property stems from its location at the intersection of Minnehaha Avenue and 46th Street.

June 6, 2019

Leasing Activity Michigan Midwest Retail

Full Lotus Yoga to Open 2,650 SF Studio in Detroit

by Kristin Harlow June 6, 2019

DETROIT — Full Lotus Yoga has leased 2,650 square feet on the third floor of 6505 Woodward Ave., a mixed-use building owned by The Barbat Organization in Detroit. Purchased in December 2017, the property is undergoing a renovation and will be home to Lake Trust Credit Union. A restaurant space is available for lease. The second floor will likely include office space. This is Full Lotus Yoga’s second location, following its initial studio that opened in June 2013. Jeanne Gross of Farbman Group represented the tenant in the lease transaction. Dan Callaway of Farbman Group represented the landlord. The studio is slated to open this fall.

June 6, 2019

Development Multifamily Texas

Oden Hughes Begins Work on 380-Unit Multifamily Project in Greater Houston

by Taylor Williams June 6, 2019

CLEAR LAKE, TEXAS — Austin-based Oden Hughes LLC has begun construction on a multifamily project in Clear Lake that will deliver 360 apartments and 20 townhomes. Located southeast of Houston, the community will be situated on 21 acres near an array of employment hubs, including the NASA-Johnson Space Center, Boeing Space Exploration Headquarters, the University of Houston at Clear Lake and the Port Houston Bayport Terminal. Floor plans for the apartments will consist of one-, two- and three-bedroom units, with rents ranging between $1,100 and $2,300 per month. Amenities will include a pool with cold spas, jogging trails, playground, dog walking area and coworking space. The community is scheduled to open in mid-2020.

June 6, 2019

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