Property Type

Stahl to Construct $28M Elementary School in Urbandale, Iowa

by Kristin Harlow August 16, 2019

URBANDALE, IOWA — The Urbandale Community School District has selected Stahl to construct a two-story, 118,000-square-foot elementary school. The $28 million building, located at 7110 Prairie Ave., will replace the existing Olmsted Elementary. In addition to classrooms, the building will feature a kitchen and cafeteria, gymnasium, administration area and auxiliary spaces. Urbandale’s new school is part of a $59 million bond referendum and long-term facilities plan for the district to meet the growing need for additional education space to accommodate children in pre-kindergarten through fifth grade. Once complete, the school will house up to 650 students. Completion is slated for May 2021. DLR Group is the architect.

August 16, 2019

Acquisitions Illinois Midwest Office

Transwestern Brokers $12.5M Sale of Office Building in Aurora, Illinois

by Kristin Harlow August 16, 2019

AURORA, ILL. — Transwestern Commercial Services has brokered the sale of 2357 Sequoia Drive in Aurora for $12.5 million. The 50,000-square-foot, single-story office building is fully leased to Dreyer Medical, an affiliate of Advocate Health Care. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Downers Grove-based REM Builders Inc. Maryland-based Global Medical REIT Inc. purchased the asset.

August 16, 2019

Loans Midwest Missouri Retail

NorthMarq Arranges $3.8M Acquisition Loan for Preschool in O’Fallon, Missouri

by Kristin Harlow August 16, 2019

O’FALLON, MO. — NorthMarq has arranged a $3.8 million loan for the acquisition of Little Sunshine’s Playhouse in O’Fallon. The 9,726-square-foot preschool is located at 4220 State Highway K. Dan Baker and Jeff Chaney of NorthMarq arranged the 10-year loan, which features a fixed rate and a 25-year amortization schedule. Chez II Sunshine LLC was the borrower. A life insurance company provided the loan.

August 16, 2019

Development Industrial Texas

Panattoni Development Breaks Ground on 642,994 SF Industrial Project Near Port Houston

by Taylor Williams August 16, 2019

PASADENA, TEXAS — Panattoni Development Co. and its equity partner MetLife Investment Management have broken ground on Bayport South, a 642,994-square-foot industrial project located at 10575 Red Bluff Road in Pasadena, an eastern suburb of Houston. The cross-dock facility will be situated near both the Bayport Container Terminal and the Barbours Cut Container Terminal. Building features will include 36-foot clear heights, 150 trailer parking spaces, 330 automobile parking spaces and 180-foot truck court depths. JLL will market the facility for lease. Construction is expected to be complete in the first quarter of 2020.

August 16, 2019

Development Industrial Texas

Seefried, Clarion Begin Work on 356,518 SF Spec Warehouse in Euless, Texas

by Taylor Williams August 16, 2019

EULESS, TEXAS — Seefried Industrial Properties and Clarion Partners have begun work on DFW Airfield Logistics Center, a 356,518-square-foot speculative warehouse project in Euless, located in the north central part of the metroplex. Situated on 31 acres, the project will consist of two buildings, a 145,878-square-foot rear-load building and a 210,640-square-foot front-load building. Specific features will include 28- to 32-foot clear heights, 84 dock doors, four drive-in doors, 110 trailer parking spaces and 407 automobile parking spaces. Pross Design Group is the project architect, and FA Peinado LLC is the general contractor. Completion is slated for the second quarter of 2020.

August 16, 2019

Acquisitions Hospitality Texas

JLL Arranges Sale of Two Marriott-Branded Hotels in San Antonio

by Taylor Williams August 16, 2019

SAN ANTONIO — JLL has arranged the sale of Courtyard San Antonio Airport and Courtyard San Antonio Medical Center. The properties were sold as part of a portfolio of five Marriott hotels, the other three of which are located in Baltimore and Washington, D.C. JLL marketed the properties on behalf of the seller, Colony Capital. A partnership between Flynn Properties Inc. and EMA Lodging Group Inc. purchased the assets.

August 16, 2019

Leasing Activity Office Texas

Energy Consulting Firm Signs 110,000 SF Office Lease in Houston

by Taylor Williams August 16, 2019

HOUSTON — ENGIE North America Inc., which provides operating solutions for the energy industry, has signed a 110,000-square-foot office lease at 1360 Post Oak Blvd. in Houston. The company will relocate its North American headquarters from nearby 1990 Post Oak Blvd. and occupy floors four through nine beginning in December 2019. Louis Rosenthal and Bruce Rutherford of JLL represented ENGIE North America in the lease negotiations. Eric Anderson, David Baker and Tyler Garrett of Transwestern represented the landlord, a joint venture between Nuveen Real Estate and Allianz. Morgan Relyea and Tim Relyea of Cushman & Wakefield represented an undisclosed lessee that surrendered some of it excess space to enable ENGIE to meet its space requirements.

August 16, 2019

Industrial Leasing Activity Texas

NAI Partners Negotiates 43,869 SF Industrial Lease in Houston

by Taylor Williams August 16, 2019

HOUSTON — NAI Partners has negotiated a 43,869-square-foot industrial lease at 4000 Greenbriar Drive in Houston for Puffer-Sweiven, a provider of automation, valves, measurement and process control solutions in southeastern Texas. Ryan Searle, Nick Peterson and John Ferruzzo of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

August 16, 2019

Florida Office Southeast Top Stories

Bridge Investment Group Acquires Two Office Properties Totaling 528,679 SF in Metro Miami

by Alex Patton August 16, 2019

MEDLEY AND DORAL, FLA. — Bridge Investment Group LLC, a Salt Lake City-based investment firm, has acquired two office properties totaling more than 500,000 square feet in the western Miami metro area. The price was not disclosed. The properties include the Offices at Flagler Station in Medley and the Offices at Doral Square in Doral. The buildings are approximately five miles away from each other, and just west of Miami International Airport. The Offices at Flagler Station is a collection of three buildings totaling 387,474 square feet within the Flagler Station Business Park. Bridge plans to invest $5.2 million to renovate the fitness centers, conference facilities and cafes of all three buildings. Renovations are slated for completion in 2020. At the time of sale, the buildings were 91 percent leased, with available offices ranging from 1,507 to 16,970 square feet. The Offices at Doral Square is an eight-story, 141,205-square-foot property originally built in 1979. A recent $8.5 million renovation project upgraded the lobby, corridors, bathrooms and elevators. The investment also funded completion of a new roof and three-story parking deck. At the time of sale, the building was 89 percent leased, with available offices ranging from 1,974 to 8,165 square …

August 16, 2019

Florida Market Reports Multifamily Southeast Southeast Market Reports

Demand for Higher-End Markets in Southwest Florida Helps Class B Market

by Taylor Williams August 16, 2019

As job growth supports a healthy economy in Southwest Florida, the region is experiencing major population growth, causing a surge in new Class A multifamily construction. The number of new construction Class A units in Southwest Florida has increased by nearly 150 percent year-over-year. In first-quarter 2018, there were 257 Class A units completed, and in first-quarter 2019, that number rose to 622. With this increased supply of Class A properties, there is now more demand in Class B properties among renters, and ultimately from investors. Class B properties tend to have more affordable rental rates, and investors have now noticed the potential for higher investment returns. Illustrating this demand, in the first quarter of 2018 in Southwest Florida, there were 17 Class B properties sold that totaled nearly $39 million. In first-quarter 2019, the sale volume increased to $68 million with nine properties sold. Also, investors were willing to pay more for these assets if they had a value-add component With Class B vacancies being tight at 4.6 percent, investors are making interior and exterior improvements to properties and gradually raising rental rates to increase their returns. For example, a value-add Class B multifamily property in Fort Myers recently …

August 16, 2019

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