DENVER — Hyatt Hotels Corp. plans to develop Thompson Denver, the first Thompson Hotels property in the state of Colorado. Slated to open in 2021, Thompson Denver will be located at 1600 Market St. in Denver’s LoDo district. T2 Hospitality is developing the 11-story hotel as a modern-day chalet. Denver-based DLR Group is designing the property, with interiors by Parts + Labor, in collaboration with the Thompson Hotels design team. The hotel will features 216 guestrooms, including 15 luxury suites and the signature Thompson Suite on the seventh floor; a grab-and-go café, which converts to a bar and lounge in the evening; and a 90-seat, ground-floor restaurant. Additionally, the hotel will feature an indoor/outdoor terrace with a 140-person lounge and bar area, and function and meeting spaces.
MONTVILLE, N.J. — A partnership between two New Jersey-based firms, Camber Real Estate Partners and Advance Realty Investors, has sold 19 Chapin Road, a 529,000-square-foot industrial property in Montville, located in the northern part of the Garden State. The four-building property is equipped with a total of 88 loading positions, including 76 dock-high doors, 12 drive-in doors and clear heights ranging from 20 to 22 feet. A variety of industrial and shipping tenants occupy 93.7 percent of the property. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller in the transaction. A partnership between Cohen Asset Management Inc. and Intercontinental Real Estate Corp. purchased the property for an undisclosed price.
SPRINGFIELD, MASS. — Newmark Knight Frank (NKF) has brokered the $10.2 million sale of Springfield Commons, a 182,400-square-foot retail center located in the southwestern Massachusetts city of Springfield. Walmart anchors the property, which also houses tenants such as Dollar Tree and Sonic. Geoffrey Millerd, Justin Smith, Paul Penman, Samantha Torto and Robert Griffin represented the undisclosed seller and procured the buyer, Paramount Realty Services Inc.
PISCATAWAY, N.J. — Colliers International has arranged the $11.5 million sale of Washington Plaza, a Class A office property in Piscataway, located in northeast New Jersey. The 200,000-square-foot property is located at 1551 South Washington Ave. Eight tenants occupied less than 50 percent of the building at the time of sale. Jacklene Chesler, Matthew Brown, Frank Summers, Michael Tesser and Ryan Haggerty of Colliers represented the buyer and seller in the transaction. Both parties requested anonymity.
MINNEAPOLIS — Timberland Partners has opened the $53.8 million Green on 4th apartment community in the Prospect Park neighborhood of Minneapolis. Green on 4th, or G4, features 243 units. Amenities include a rooftop deck, resident lounge, game room, yoga studio, fitness center, dog run, bike storage and automated package center. Located at 2949 4th St. SE, the project is part of the Towerside Innovation District, billed as a model of environmentally sustainable urban planning. The apartment project is a joint venture with Prospect Park Properties. Tushie Montgomery Architects served as the project architect and Frana Cos. was the general contractor.
SOUTH BEND, IND. — KTGY Architecture + Planning has revealed the design of the Barnes & Thornburg Building, a new office development in downtown South Bend. Law firm Barnes & Thornburg LLP will anchor the project. Co-developed by Great Lakes Capital, Bald Mountain LLC and Norris Equity Partners, the five-story building will be situated at 201 S. Main St. It marks the first downtown Class A office project in nearly 20 years. The project, consisting of 35,531 square feet of office space and 6,537 square feet of street-level retail space, is slated for completion in summer 2021.
INDIANAPOLIS — A joint venture between Caddis and a client of Invesco Real Estate has acquired the 41,205-square-foot Hand to Shoulder Center in Indianapolis. The single-tenant medical office building and ambulatory surgery center is located at 8501 Harcourt Road. The property serves as the headquarters for 10 additional Hand to Shoulder locations throughout metro Indianapolis. The center opened in 1971 and now serves more than 50,000 patients annually. BMO Harris Bank’s Healthcare Real Estate Finance group provided financing for the acquisition.
MONROE, OHIO — SkyView Advisors has brokered the sale of Monroe Stor & Lock Self Storage in Monroe, about 30 miles north of Cincinnati. The sales price was not disclosed. The 50,050-square-foot self-storage facility consists of 280 non-climate-controlled units and 165 exterior storage spaces. The property is located at 889 Lebanon St. Zack Urow and Ryan Clark of SkyView represented the seller. Merit Hill Capital purchased the asset.
SHELBY TOWNSHIP, MICH. — Club Pilates has signed a lease to open its ninth location in Michigan. The boutique fitness tenant will occupy 2,091 square feet in Roseland Plaza at the southeast corner of 21 Mile and Hayes roads in Shelby Township. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, ODK Investments, in the lease transaction.
If industry professionals, particularly developers and landlords, don’t make educated attempts to understand the mindsets of their tenants, they have little hope of advancing the dialogue and ultimately furthering their understanding of tenant decision-making. Take the Houston office market, for example, and its inventory of approximately 330 million square feet, according to CoStar Group. This market has experienced rising vacancy and declining rents throughout the four-year oil slump, but continues to see strong tenant demand in the Class A space. To this end, CoStar reports that there are still nearly 3 million square feet of new office projects under construction throughout metro Houston, the vast majority of which is Class A product. The high proportion of Class A deliveries is partially attributable to rising land and construction costs that mandate heftier rent projections. But still, there’s no question that Houston’s growth in certain employment sectors — healthcare, technology, financial services — ensures that many of the jobs being created in the city need to be paired with high-quality office space. Understanding and explaining the actions of the thousands of companies that commit to millions of square feet of office space is a case-by-case endeavor. But as markets of this size …