Property Type

Kimco Sells 216,235 SF Shopping Center in Lexington to Kaden Cos.

by Alex Tostado December 19, 2018

LEXINGTON, KY. — An affiliate of Kimco Realty Corp. has sold South Park Shopping Center, a 216,235-square-foot retail center in Lexington, to Kaden T LLC, an affiliate of Louisville, Ky.-based Kaden Cos. South Park Shopping Center is anchored by Best Buy, Office Depot and Bed Bath & Beyond. Other tenants include Ulta Beauty and Value City Furniture. Bruce Isaac and Jamie Adams of NAI Isaac assisted Kevin James of Black Gate Partners in representing the seller, Kimco Lexington 140 LLC, in the transaction. The sales price was not disclosed.

December 19, 2018

Georgia Leasing Activity Office Southeast

NAP Signs Whole Foods to 30,000 SF Office Lease at Colony Square in Midtown Atlanta

by Alex Tostado December 19, 2018

ATLANTA — North American Properties has unveiled plans for Building 300, an 87,500-square-foot mixed-use building in Colony Square in Midtown Atlanta. Whole Foods Market’s South regional office is set to occupy 30,000 square feet of the six-story building that is expected to deliver in 2020. The office relocation will bring about 90 employees of Whole Foods to Midtown. Building 300 will feature 11-foot ceilings, floor-to-ceiling windows and street-level retail space and restaurants. NAP recently closed a $278.4 million loan to finance the redevelopment of the 1 million-square-foot Colony Square project.

December 19, 2018

Development Mixed-Use Texas

KBH Ventures, KDW Unveil Plans for Katy Boardwalk District in Metro Houston

by Taylor Williams December 19, 2018

KATY, TEXAS — Developers KBH Ventures and Houston-based KDW have unveiled plans for Katy Boardwalk District, a mixed-use project on the western outskirts of Houston. The master development calls for a full-service conference center hotel with at least 300 rooms, a 319-unit residential community, 155,000 square feet of retail and restaurant space and 60,000 square feet of Class A office space. Construction of the hotel is expected to begin in fall 2019 while construction of the residential component is slated to begin in January and wrap by spring 2020. Construction of the retail phase is scheduled to begin in late 2019.

December 19, 2018

Loans Multifamily New Jersey Northeast

Juniper Capital Group Secures $23.3M Acquisition Loan for Apartment Community in New Jersey

by David Cohen December 19, 2018

BRIDGEWATER, N.J. — New York-based financial advisory firm Juniper Capital Group has secured $23.3 million in acquisition financing for Woodmont Square, a 100-unit apartment community in Bridgewater. Amenities at the property include quartz counter tops, stainless steel appliances, a gym, clubhouse, game room, basketball courts and electronic keyless entry systems. Nate Lowy of Juniper secured the 10-year loan through a local bank on behalf of the borrower, a local investor. Terms of the financing include a 4 percent interest rate.

December 19, 2018

Development Mixed-Use Texas

Thakkar, CricRealty to Develop Cricket Stadium, 80-Acre Mixed-Use Project in Allen, Texas

by Taylor Williams December 19, 2018

ALLEN, TEXAS — Texas-based Thakkar Developers, in partnership with CricRealty Co., will develop a 15,000-seat cricket stadium and 80-acre mixed-use development in Allen, a northeastern suburb of Dallas. The project, which has been branded Allen Sports Village, will deliver 500,000 square feet of Class A office space, 1,000 residential units, 165,000 square feet of retail and restaurant space, an event center and two hotels. The stadium will also be used for other sporting events and concerts. Construction is expected to begin in 2019. The first phase, which includes the stadium, is slated for a 2021 completion.

December 19, 2018

Acquisitions Hospitality Indiana Midwest Minnesota North Dakota

FCPT Buys Six Red Lobster Restaurant Properties for $25.9M

by Kristin Harlow December 19, 2018

INDIANA, MINNESOTA AND NORTH DAKOTA — Four Corners Property Trust (NYSE: FCPT) has purchased six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. All six properties are under one triple-net master lease, which includes two other Red Lobster properties previously acquired by FCPT in November 2017. The master lease has approximately 21 years remaining.

December 19, 2018

Acquisitions Illinois Midwest Office

Fairbridge Properties Acquires Office Building in Warrenville, Illinois for $20.7M

by Kristin Harlow December 19, 2018

WARRENVILLE, ILL. — Fairbridge Properties has acquired Cornerstone I at Cantera, a 152,520-square-foot office building in Warrenville, about 30 miles west of Chicago, for $20.7 million. The Class A building is part of the 650-acre mixed-use development known as Cantera. The seller, Northwestern Mutual, invested $540,000 in fitness center and conference room renovations. The building is currently 79.6 percent leased. Jim Postweiler, Peter Harwood and Derek Fohl of JLL represented Northwestern Mutual in the sale.

December 19, 2018

Acquisitions Multifamily Texas

Muskin Commercial Brokers Sale of 228-Unit Apartment Community in Killeen, Texas

by Taylor Williams December 19, 2018

KILLEEN, TEXAS — Austin-based Muskin Commercial LLC has brokered the sale of River Oaks Apartments, a 228-unit multifamily community in Killeen, about 65 miles north of Austin. Muskin Commercial represented the seller, 101 S. Twin Creek LLC, which acquired the asset in 2015 and upgraded the unit interiors and amenity spaces. Rich Heine of Southwest Investment Properties represented the buyer, California-based Redford Park LLC, in the transaction.

December 19, 2018

Illinois Leasing Activity Midwest Office

Chicago Office of Colliers International Moves Locations

by Kristin Harlow December 19, 2018

CHICAGO — Colliers International | Chicago has moved its downtown operations to 71 S. Wacker Drive. The 17,000-square-foot space will house the company’s valuation and advisory services, Chicago office advisory group and corporate solutions teams. The firm will continue to have a strong presence in Rosemont, where its industrial advisory, supply chain logistics, investment services and office leasing groups reside. The downtown office has 83 workspaces, of which 55 are workstations and 28 are private offices. In addition, the new office includes client workspace, wellness rooms and a café-style break area. The Irvine Company owns the 48-story, 1.5 million-square-foot office tower.

December 19, 2018

Acquisitions Michigan Midwest Retail

Bedrock Purchases Broadway Clothing Store in Detroit

by Kristin Harlow December 19, 2018

DETROIT — Bedrock has purchased The Broadway clothing store located at 1247 Broadway St. in Detroit. Pepper Martin, the store’s owner, has announced his retirement after more than 40 years in business. A liquidation sale at the 3,000-square-foot store began this week. The Broadway sells high-end and exotic clothes from around the world, including Italian suits and sweaters, alligator and ostrich shoes, fur and leather jackets and an assortment of shirts, jeans and dress pants. The store has served many national and local celebrities including Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, The Temptations, George Clinton, Oral Roberts, Notorious BIG and Mike Epps. Financial details of the sale were not disclosed. The store will close in early spring, or when all the inventory is sold. Bedrock is the real estate arm of billionaire businessman Dan Gilbert.

December 19, 2018

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