Property Type

Olympia Development to Build New Headquarters for Mercedes-Benz Financial Services in Michigan

by Kristin Harlow August 14, 2019

FARMINGTON HILLS, MICH. — Mercedes-Benz Financial Services USA LLC and Olympia Development of Michigan have unveiled plans to develop a new build-to-suit office property in Farmington Hills. The Class A office space will serve as the headquarters for Mercedes-Benz Financial Services and the regional headquarters for Daimler Mobility Americas. The complex, pending permits and zoning approvals from the city, will be located on a 35-acre site on the southwest corner of Drake and 12 Mile roads. The three-story, 200,000-square-foot property will include a fitness center, café and coffee bar. Olympia Development has selected Gensler as the architect and Kirco Manix as the general contractor. Construction is expected to begin in the fall with completion slated for summer 2021. Mercedes-Benz Financial Services currently leases space in an office complex less than one mile from the new site. The automotive financial services provider is a member of the Daimler Mobility AG group of companies, headquartered in Germany. The company’s planned move to a new office space will retain approximately 1,000 jobs in the community.

August 14, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 265-Unit Apartment Complex in Fort Worth

by Taylor Williams August 14, 2019

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Manitoba, a 265-unit multifamily complex in Fort Worth. Built in 1971, the property offers amenities such as two pools, a playground, afterschool center and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based nonprofit that owned the asset for 18 years, in the transaction. Silva and Ford Braly, also with Marcus & Milichap, secured the buyer, a Dallas-based investment firm that will renovate the property’s exteriors, unit interiors and amenity spaces.

August 14, 2019

Development Industrial Kansas Midwest

Kubota to Open North American Distribution Center in Edgerton, Kansas

by Kristin Harlow August 14, 2019

EDGERTON, KAN. — Kubota Tractor Corp. will host a grand opening ceremony for its new North American distribution center in Edgerton on Wednesday, Aug. 21. Joining Kubota executives will be Kansas Gov. Laura Kelly and other state and local officials. Set on 200 acres of land, the new campus includes two 1 million-square-foot buildings. The property will serve as a logistics hub for Kubota’s North American operations and home to the company’s Midwest sales division office. Kubota is based in Grapevine, Texas.

August 14, 2019

Acquisitions Midwest Multifamily Ohio

Reichle Klein Group Brokers $29.4M Apartment Portfolio Sale in Ohio

by Kristin Harlow August 14, 2019

TOLEDO AND OREGON, OHIO — Reichle Klein Group has brokered the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon. The properties include Tamarack Creek, Piccadilly West and Alexor in Toledo; and Piccadilly East, located at 2750 Pickle Road in Oregon. Tony Plath and Harlan Reichle of Reichle Klein represented the local seller, R.J. Lloyd Co. Ltd. Columbus-based Urban Land Co. Ltd. purchased the portfolio.

August 14, 2019

Illinois Loans Midwest Office

Cohen Financial Secures $22M Acquisition Loan for Loft Office Building in Chicago

by Kristin Harlow August 14, 2019

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $22 million loan for the acquisition of Lacuna Lofts in Chicago’s Pilsen neighborhood. The 220,000-square-foot property includes office, retail and event space. The loft building once served as a macaroni factory. Michael Hart and Ryan Morris of Cohen arranged the bridge loan, which provides capital for enhancing the base building, tenant improvements and expanding the event space. The borrower was a partnership between Ameritus and JBG Property. John Scuras of Jameson Commercial represented the seller.

August 14, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 253-Unit Multifamily Asset in Dallas

by Taylor Williams August 14, 2019

DALLAS — Minneapolis-based Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Sedona Ranch, a 253-unit multifamily asset in Dallas. The property features one-, two- and three-bedroom units and amenities such as a two pools, a picnic area and onsite laundry facilities. Dougherty arranged the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 2749 Sedona Ranch LLC.

August 14, 2019

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $4.7M Sale of Retail Strip Center in Hammond, Indiana

by Kristin Harlow August 14, 2019

HAMMOND, IND. — Marcus & Millichap has arranged the sale of a 9,327-square-foot retail strip center in Hammond for $4.7 million. Located at 7905 Indianapolis Blvd., the property is anchored by AT&T. All tenants operate under 10-year leases. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An Illinois-based buyer completing a 1031 tax-deferred exchange purchased the asset.

August 14, 2019

Development Hospitality Texas

Todd Interests Completes 226-Room Hotel Conversion Project in Houston

by Taylor Williams August 14, 2019

HOUSTON — Developer Todd Interests has completed a project in at 1314 Texas Ave. in Houston that converted the historic Great Southwest Building, a property that was built in 1926, into a 226-room Cambria Hotel. Amenities at the new property, which also houses ground-floor retail and restaurant space, include a fitness center, ballroom and meeting and event space. Merriman Anderson Architects handled design of the project, and Andres Construction served as the general contractor. Cambria is part of the Choice family of hotels, which includes Comfort Inn, Sleep Inn and Econo Lodge.

August 14, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of 33-Unit Memory Care Community in Dallas

by Taylor Williams August 14, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas. A publicly traded REIT sold the property, the name of which was not disclosed, to local owner-operator Iris Senior Living. Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.

August 14, 2019

New York Northeast Office Top Stories

WeWork Files for IPO, Reveals Revenue and Losses

by Kristin Harlow August 14, 2019

NEW YORK CITY — WeWork’s parent company, The We Co., has filed for its initial public offering. The coworking giant has not yet provided details on the number of shares it will offer or the expected pricing. We’s public filing would enable the company to debut as early as September. We has been valued as high as $47 billion in the private markets, according to The Wall Street Journal. We’s total revenue increased $771.6 million in the first six months of 2019 to $1.5 billion, primarily driven by an increase in membership and service revenue, according to the company’s filing with the Securities and Exchange Commission. On the flip side, We posted a net loss of $689.7 million for the first six months of the year. Total revenue in 2018 was $1.8 billion, but total losses were $1.6 billion. In the filing, We stated that average revenue per WeWork membership has experienced a decline, citing continued expansion into new global markets with different pricing structures and discounts to encourage longer contract terms. In 2010, WeWork opened its first location at 154 Grand St. in New York City. In the early years, WeWork members consisted of mostly freelancers, start-ups and small …

August 14, 2019

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