Property Type

Cedar Realty Trust Underway on 18,000 SF Retail Redevelopment Project Philadelphia

by Alex Patton October 15, 2019

PHILADELPHIA — Cedar Realty Trust is underway on construction of Fishtown Crossing, a retail redevelopment project in the Olde Richmond neighborhood of Philadelphia. The project will convert a shopping center formerly known as Port Richmond Village into an 18,000-square-foot neighborhood center. The property currently houses more than 20 tenants, including grocer IGA, vitamin and supplement retailer GNC and footwear retailer Kicks USA, while tenants that have preleased space at the new center will include Starbucks and ‘50s-themed diner Nifty Fifty’s. Construction of Fishtown Crossing is slated for completion by early 2021.

October 15, 2019

Development Midwest Minnesota Multifamily

307-Unit City Club Apartments Opens in Downtown Minneapolis

by Kristin Harlow October 15, 2019

MINNEAPOLIS — The 307-unit City Club Apartments has opened in downtown Minneapolis. The 17-story apartment building features a sky park with a rooftop pool, outdoor movie theater, bark park and lounge seating. The project has no parking and was designed for young professionals. The majority of the units are designated as affordable for residents earning between $45,000 and $65,000 annually. The project included the preservation of the adjacent Handicraft Guild Building, which was built in 1907. The building has been converted into Eleven Artisans, a 3,500-square-foot, two-story brewery and restaurant. City Club Apartments is an owner, developer and manager of apartment communities with a portfolio of approximately 10,000 units in 30 communities and $2 billion in real estate assets. The company has $500 million under development in Cincinnati, Cleveland, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and the East Coast.

October 15, 2019

Acquisitions Hospitality Illinois Midwest

Service Properties Trust Acquires Kimpton Palomar Hotel in Chicago for $55M

by Kristin Harlow October 15, 2019

CHICAGO — Service Properties Trust (SVC) has acquired the 261-room Kimpton Palomar Hotel in Chicago for $55 million. The hotel will be added to SVC’s existing agreement with Intercontinental Hotels Group. Built in 2010, the hotel is located at 505 N. State St. near Michigan Avenue. SVC is a real estate investment trust that owns a portfolio of hotels and retail properties and is managed by the operating subsidiary of The RMR Group Inc.

October 15, 2019

Acquisitions Industrial Midwest Ohio

Griffin Capital Sells Industrial Building in West Jefferson, Ohio for $30.3M

by Kristin Harlow October 15, 2019

WEST JEFFERSON, OHIO — Griffin Capital Essential Asset REIT Inc. has sold a 160,410-square-foot industrial building in West Jefferson for $30.3 million. FedEx Freight occupies the Class A property, which is located at 10 Commerce Parkway, about 20 miles west of Columbus. The REIT initially purchased the building in July 2015.

October 15, 2019

Illinois Leasing Activity Midwest Office

Three Tenants Sign Leases at Concourse Chicago Office Property

by Kristin Harlow October 15, 2019

CHICAGO — Three new tenants have signed leases totaling 8,900 square feet at Concourse Chicago, an office property undergoing renovations in Chicago. Blue Water Shipping signed a lease for 3,900 square feet and is relocating from Presidents Plaza across the street. Green Office Partners, a print services company for small and medium businesses, leased 3,700 square feet and is relocating from the central business district. In the final transaction, Elgin-based Great Lakes Technology leased 1,500 square feet for a satellite office. Berger Asset Management acquired Concourse Chicago in 2018. The company is repositioning the 12-building complex. Jake Spinnell and Jon Connor from Colliers International represented Blue Water Shipping, Steve Goldstein of Jameson Commercial represented Green Office Partners and John Cassidy of Lee & Associates represented Great Lakes Technology. Steve Chrastka and Jason Wurtz of NAI Hiffman represented the landlord as the exclusive leasing representatives for the property.

October 15, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.9M Sale of Retail Center in Chicago

by Kristin Harlow October 15, 2019

CHICAGO — Marcus & Millichap has brokered the sale of Park Shops, a grocery-anchored retail center in Chicago, for $3.9 million. The 47,069-square-foot property is located at 6400 W. 63rd St. Fair Share Super Market has operated at the location for 27 years and recently extended its lease for 10 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Chicago-based private investor purchased the asset.

October 15, 2019

Development Industrial Texas

Hunt Southwest to Develop 509,600 SF Spec Industrial Facility in Metro Houston

by Taylor Williams October 15, 2019

HUMBLE, TEXAS — Dallas-based Hunt Southwest will develop 59 Logistics Center, a 509,600-square-foot speculative industrial facility that will be located near George Bush Intercontinental Airport in the northeastern Houston suburb of Humble. Situated along Highway 59, the cross-dock facility will feature 36-foot clear heights and an ESFR sprinkler system. Completion is slated for the fourth quarter of 2020. CBRE will handle leasing of the facility. Powers Brown is the project architect, and E.E. Reed Construction is the project’s general contractor.

October 15, 2019

Development Florida Multifamily Southeast Top Stories

Kolter Group Buys Development Site in St. Petersburg for 35-Story Residential Tower

by Jeff Shaw October 15, 2019

ST PETERSBURG, FLA. — Real estate developer The Kolter Group has acquired the 1.7-acre parking lot of the Hilton St. Petersburg Bayfront Hotel, with plans to construct a 35-story residential tower on the site.

October 15, 2019

Development Industrial Texas

Panattoni Development to Build 159,405 SF Distribution Center in Metro Dallas

by Taylor Williams October 15, 2019

FARMERS BRANCH, TEXAS — California-based Panattoni Development has acquired 8.4 acres in the northern Dallas suburb of Farmers Branch for the development of a 159,405-square-foot speculative distribution center. The site is located near Interstates 35 and 635. Completion is slated for the second quarter of 2020. The seller was Centurion American Development Group. Biel Partners Commercial Real Estate represented Panattoni in the land acquisition.

October 15, 2019

Acquisitions Industrial Office Texas

G.W. Floyd Acquires 123,000 SF Switzer Business Park in Northeast Dallas

by Taylor Williams October 15, 2019

DALLAS — G.W. Floyd Ventures LLC has acquired Switzer Business Park, a 123,000-square-foot development featuring a mix of office, industrial and flex spaces in northeast Dallas. Brian Pafford and Jason Finch of Bradford Commercial Real Estate Services represented the seller, a California-based partnership that is exiting the Texas market. Bradford will continue to lease the property, which houses more than 60 tenants, on behalf of the new ownership.

October 15, 2019

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