Property Type

Accesso Acquires Pair of Office Towers Near Minneapolis for $115.5M

by Kristin Harlow December 6, 2018

ST. LOUIS PARK, MINN. — Accesso Partners LLC has acquired The Towers at West End, a pair of Class A office towers in St. Louis Park, for $115.5 million. The nine-story towers span 497,234 square feet and are located just west of Minneapolis. The largest tenants include MoneyGram Payment System, Concur Technologies and Magenic Technologies. Current occupancy is 84 percent. Amenities include a fitness room, yoga studio, conference center, tenant lounge and café. Accesso plans to make some additional upgrades and improvements to the common areas, according to Brian Rosen, chief investment officer. Ryan Watts of CBRE brokered the sale on behalf of the seller, a fund managed by DRA Advisors LLC. Susan Hill of HFF arranged acquisition financing. Samantha Shimak of Accesso will serve as property manager, while Jon Dahl of JLL will provide leasing services.

December 6, 2018

Development Midwest Mixed-Use Wisconsin

Commonwealth Development Completes $95M Mixed-Use Project Near the University of Wisconsin-Eau Claire

by Kristin Harlow December 6, 2018

EAU CLAIRE, WIS. — Commonwealth Development has completed a $95 million mixed-use project known as Confluence in Eau Claire. Located at the intersection of the Eau Claire and Chippewa rivers, the project consists of two buildings and a public plaza. The first building, completed in 2016, is Haymarket Landing. The $35 million, 235,000-square-foot building consists of 119 student housing units and 33,000 square feet of retail space. The second building, the Pablo Center at the Confluence, is a $60 million facility that includes a 1,229-seat theater, 400-seat black box theater, visitor’s center, innovation center and art gallery, as well as rehearsal rooms, recital halls and classrooms. The University of Wisconsin-Eau Claire and local arts organizations will share the Pablo Center. Market & Johnson served as the contractor.

December 6, 2018

Industrial Leasing Activity Midwest Missouri

Two New Tenants Sign Leases at Fenton Logistics Park in Missouri

by Kristin Harlow December 6, 2018

FENTON, MO. — Two new tenants have signed industrial leases totaling just under 100,000 square feet at Fenton Logistics Park in Missouri. Skin Specialty Solutions Inc. has leased the remaining 48,080 square feet in Fenton Logistics Park I. The first speculative building within the park totals 159,950 square feet. The online skincare company expects to move into its space in February 2019 and create 100 new jobs. Nexius Solutions Inc. has leased 51,772 square feet within Fenton Logistics Park III. The 169,543-square-foot building is now 77 percent leased. The technology company plans to occupy the space in February 2019 and create 50 new jobs. Jon Hinds and Katie Haywood of CBRE represented the landlord, US Capital Development, in both lease transactions. Hal Ball of Hiliker Corp. represented Skin Specialty Solutions, while Jeff Hawley and Brandon Duncan of Block Hawley represented Nexius Solutions. Fenton Logistics Park is a $250 million redevelopment of the former Chrysler plant in Fenton, Mo. Upon full build-out, the development will span 2.5 million square feet.

December 6, 2018

Loans Michigan Midwest Office

Money360 Provides $17M Refinancing for Office Property in Detroit

by Kristin Harlow December 6, 2018

DETROIT — Money360 has provided a $17 million bridge loan for the refinancing of 1200 Sixth St. in Detroit’s Corktown neighborhood. The two-tower office property spans 600,000 square feet. The South Tower was constructed in 1966, while the North Tower was built in 1971. The nonrecourse loan features a two-year term and a loan-to-value ratio of 41 percent. The borrower is 1200 Sixth Street LLC.

December 6, 2018

Development Industrial Texas

JDC to Build 615,000 SF Distribution Center in Metro Dallas for Ollie’s Bargain Outlet

by Taylor Williams December 6, 2018

LANCASTER, TEXAS — Jones Development Co. (JDC) will build a 615,000-square-foot, build-to-suit distribution center in the southern Dallas metro of Lancaster for discount retailer Ollie’s Bargain Outlet, which will ultimately purchase the property. The Class A facility will be located within Wintergreen Exchange, a 71-acre industrial park, and is expected to be complete by the fourth quarter of 2019. Building features will include 36-foot clear heights, 75-foot speed bays, 100 dock doors, 14,500 square feet of office space and an ESFR sprinkler system. Gary Collett and David Eseke of Cushman & Wakefield marketed the property on behalf of JDC. John Van Buskirk of Lee & Associates, along with Sharon Morrison and Brad Struck of ESRP, represented Ollie’s Bargain Outlet in the deal. The project team is comprised of general contractor Bob Moore Construction, civil engineer Pacheco Koch and designer Alliance Architects.

December 6, 2018

Development Industrial Texas

Hanson Breaks Ground on 125,646 SF Spec Industrial Project in El Paso

by Taylor Williams December 6, 2018

EL PASO, TEXAS — Hanson Asset Management LP has broken ground on Hanson Spec Building B, a 125,646-square-foot industrial project located at 9581 Joe Rodriguez Drive in El Paso. The Class A property will be situated one block from the Zaragoza International Bridge and will be available for lease beginning in July 2019. CBRE is marketing the property on behalf of Hanson. Two additional buildings are planned next door for any future expansion requirements.

December 6, 2018

Company News Office Texas

Pharmaceutical Firm to Relocate Headquarters to Irving’s Las Colinas District

by Taylor Williams December 6, 2018

IRVING, TEXAS — Fortune 500 pharmaceutical company McKesson Corp. (NYSE: MCK) will relocate its corporate headquarters from San Francisco to Irving’s Las Colinas district, where it already has a regional office. The company’s new campus will obtain LEED Gold certification and feature an array of amenities and enhanced technology capabilities, according to a statement from the company. The relocation will begin in April of next year. The number of jobs that will be relocated was not provided.

December 6, 2018

Development Industrial Self-Storage Texas

Regal Self Storage Development to Build New Facility in San Antonio

by Taylor Williams December 6, 2018

SAN ANTONIO — Regal Self Storage Development has acquired land at 12615 Judson Road near Interstate 35 in northeastern San Antonio for the construction of a new, Class A facility. Though subject to change, Phase I of the site plan proposed by the seller would deliver 704 units totaling 82,100 net rentable square feet. Phase II would expand the site by 10,800 gross square feet. Jon Danklefs and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, in the land sale. A timeline for construction has not yet been established.

December 6, 2018

Loans Multifamily Texas

LMI Capital Closes Four Loans Totaling $15M for Houston Area Apartments

by Taylor Williams December 6, 2018

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has closed four loans totaling $15 million for a quartet of multifamily properties totaling 335 units throughout the greater Houston area. The properties are located in the Galveston, Spring Branch and north Houston submarkets. Jamie Safier of LMI Capital placed the loans for the Galveston and north Houston communities, as well as for one of the Spring Branch assets. Jamie Mullin of LMI Capital placed the loan for the other Spring Branch property. The borrowers, lenders and property names were not disclosed.

December 6, 2018

Embassy-Suites-Hilton-Anaheim-Garden-Grove-CA

California Hospitality Loans Western

CBRE Hotels Secures $71M Refinancing for Embassy Suites by Hilton Anaheim Near Disneyland Resort

by Amy Works December 6, 2018

GARDEN GROVE, CALIF. — CBRE Hotels has arranged $71 million loan for the Embassy Suites by Hilton Anaheim South, located at 11767 Harbor Blvd. in Garden Grove. Landmark Cos. is the borrower. Marc Sallette, Olga Lepow, Cara Leonard and Charlie Ryan of CBRE Hotel’s Debt & Structured Finance facilitated the 10-year, fixed-rate, interest-only loan to refinance existing debt. The debt is split into a $56 million senior mortgage to be securitized by Deutsche Bank, while Artemis Real Estate Partners provided a $15 million junior mezzanine loan to be held on book. The majority of the new mortgage is extinguishing existing loans. Additionally, Landmark is undertaking a five-year, $16 million renovation of the hotel in conjunction with the financing. Landmark developed the 375-room hotel, which is located near Disneyland Resort, in 2001.

December 6, 2018

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