Property Type

Passco Acquires 380-Unit Apartment Community in San Antonio

by Taylor Williams June 13, 2019

SAN ANTONIO — Passco Cos., a California-based multifamily development and investment firm, has acquired Tribute at The Rim, a 380-unit multifamily community in San Antonio. Built in 2017, the property is located within The Rim, a mixed-use development that is located on the city’s northwest side, and offers proximity to the hubs of major employers like USAA and Valero Energy. Floor plans feature one-, two- and three-bedroom units with quartz countertops, modern cabinetry and glass backsplashes. Amenities include a pool with a nearby fire pit, fitness center with on-demand classes, a dog park and grooming station, sky lounge, conference room and a bike storage and repair room. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Kairoi Development, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing for the deal on behalf of Passco.

June 13, 2019

Development Multifamily Texas

MORGAN Begins Leasing 264-Unit Multifamily Property in Houston

by Taylor Williams June 13, 2019

HOUSTON — Locally based multifamily developer MORGAN has begun leasing Pearl Marketplace, a 264-unit multifamily property in Houston’s Midtown district that includes a 40,000-square-foot Whole Foods Market on the ground floor. The grocery space is currently under construction and expected to open during the first quarter of 2020. Pearl Marketplace offers studio, one- and two-bedroom units with hardwood flooring, custom cabinetry, quartz countertops and smart thermostats. Communal amenities include a dog park and wash station, as well as a resort-style pool with a sun deck, poolside cabanas, grilling stations and TVs. A fitness center that overlooks the pool area will offer a variety of circuit and cardio equipment.

June 13, 2019

Development Office Texas

KDC Completes 165,000 SF Headquarters for Independent Bank in McKinney

by Taylor Williams June 13, 2019

MCKINNEY, TEXAS — Developer KDC has completed a 165,000-square-foot office project within the Craig Ranch development in McKinney for Independent Bank Group’s new corporate headquarters. Situated on 10.4 acres at State Highway 121 and Grand Ranch Parkway, the six-story building will house more than 400 employees that were previously dispersed throughout the region. Construction began in January 2018.

June 13, 2019

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 71-Room Fairfield-Branded Hotel in Metro Dallas

by Taylor Williams June 13, 2019

LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 71-room Fairfield Inn & Suites hotel in Lewisville, a northern suburb of Dallas. Chris Gomes, Joseph Jacques and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based limited liability company, in the transaction. The trio also procured the buyer, a private investor. Marriott, which owns the Fairfield brand, has approved the buyer to self-manage the property.

June 13, 2019

Industrial Leasing Activity Texas

NAI Partners Negotiates 53,200 SF Industrial Lease in Houston

by Taylor Williams June 13, 2019

HOUSTON — NAI Partners has negotiated a 53,200-square-foot industrial lease at 9010 W. Little York Road in Houston for Educational Products Inc., a provider of prepackaged school supplies for children. Jake Wilkinson of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

June 13, 2019

Acquisitions Illinois Industrial Midwest Office

Planmeca USA Purchases Former Serta Mattress Building in Hoffman Estates, Illinois

by Kristin Harlow June 13, 2019

HOFFMAN ESTATES, ILL. — Planmeca USA Inc., a manufacturer of dental equipment, has purchased the former Serta Mattress Co. building at 2600 Forbs Ave. in Hoffman Estates. The company will relocate its U.S. headquarters to the 90,000-square-foot building later this year. The headquarters will comprise Planmeca’s corporate office, a testing and distribution center and a showroom and training center. Planmeca currently operates out of two buildings totaling 77,000 square feet in Roselle, approximately 30 miles northwest of Chicago. Britt Casey and Jeff Matella of Cushman & Wakefield represented Planmeca in the transaction. Mark Smith of CBRE represented Serta. The purchase price was not disclosed.

June 13, 2019

Illinois Leasing Activity Midwest Restaurant Retail

Chicken Salad Chick to Debut in Illinois With New Restaurant in Edwardsville

by Kristin Harlow June 13, 2019

EDWARDSVILLE, ILL. — Chicken Salad Chick, a fast-casual chicken salad restaurant concept, has expanded to its 15th state with its first Illinois restaurant opening in Edwardsville. This is the brand’s third location in the St. Louis area, with existing restaurants in Chesterfield and Creve Coeur. Located at 2323 Plum St., the 3,000-square-foot, Edwardsville restaurant is scheduled to open on Wednesday, June 26. Hannah Lukowski of SJ Restaurants LLC will own and operate the property. Lukowski currently owns three Firehouse Subs locations across Illinois and Missouri.

June 13, 2019

Acquisitions Indiana Midwest Multifamily

Besyata, Scharf Acquire 328-Unit Apartment Property in Indianapolis

by Kristin Harlow June 13, 2019

INDIANAPOLIS — Besyata Investment Group and The Scharf Group have acquired Southport Crossing Apartments in Indianapolis for an undisclosed price. Built in 1971, the 328-unit apartment property is located on Southport Road near Greenwood Park Mall. Amenities include a clubhouse, pool and fitness center. The seller was not disclosed.

June 13, 2019

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $7M Sale of Multifamily Property in Rantoul, Illinois

by Kristin Harlow June 13, 2019

RANTOUL, ILL. — Berkadia has negotiated the $7 million sale of South Pointe Commons in Rantoul, about 19 miles northeast of Champaign. The 245-unit multifamily property was originally built in 1959 as military housing for Chanute Air Force Base, which closed in 1993. The property is situated on 150 acres and consists of 37 two-story buildings. Floor plans are comprised of three- and four-bedroom units ranging from 1,050 to 2,300 square feet. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the Urbana, Ill.-based seller. Philadelphia-based Odin Properties purchased the asset.

June 13, 2019

Illinois Industrial Leasing Activity Midwest

Peloton Signs 51,032 SF Industrial Lease in Franklin Park, Illinois

by Kristin Harlow June 13, 2019

FRANKLIN PARK, ILL. — Peloton Interactive Inc. has signed a 51,032-square-foot industrial lease at 10601 Seymour Ave. in Franklin Park. The 225,891-square-foot building was constructed in 2018. Peloton Interactive is a technology company dedicated to at-home fitness. The company’s products include Peloton Bike, Peloton Tread and Peloton App. The Peloton space at the building includes 2,798 square feet of office space, nine exterior docks, 15 trailer stalls, 60 car parking spaces, LED lighting and a clear height of 32 feet. The building’s first tenant, Xpress Global Systems LLC, occupies 66,773 square feet. Adam Tarantur and Steven Tick of Podolsky Circle LLC represented Peloton in the lease transaction. Tom Rodeno and Jim Estus of Colliers International represented the landlord, CenterPoint Properties.

June 13, 2019

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