Property Type

Two New Restaurants to Open at Manhattan Village in Southern California

by Amy Works May 24, 2019

MANHATTAN BEACH, CALIF. — Two new restaurants are joining the tenant roster at Manhattan Village, a 573,000-square-foot indoor/outdoor mixed-use dining and retail property located in Manhattan Beach. The restaurants are: • dan by ROC (Republic of China), a new concept from ROC that offers home-cooked Chinese food, specializing in dumplings and noodles. Situated within the Village Shops, the 3,500-square-foot location is scheduled to open in fall 2020. • edo Little Bites, which is the newest creation of Chef Edoardo Baldi, creator of e.baldi. Located in Village Shops, the 642-square-foot eatery is slated to open in fall 2020. Kristin Grove and Devin Klein of JLL secured the new tenants. In January, the second phase of redevelopment at Manhattan Village started and includes the Village Shops, which encompasses more than 60,000 square feet of retail and restaurant space, two parking decks, a large green space for community gatherings, a water feature, clock tower, seating areas and lush landscaping. Completion of the Village Shops is scheduled for 2021. Situated on 44 acres, Manhattan Village is currently home to Apple, Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Macy’s, Sephora, Victoria’s Secret, Tommy Bahama and Kiehl’s. The project is being developed in phases and slated for …

May 24, 2019

Development Industrial Midwest Minnesota Retail

Kraus-Anderson Begins Construction of 52,000 SF Ziegler CAT Dealership in Willmar, Minnesota

by Kristin Harlow May 24, 2019

WILLMAR, MINN. — Kraus-Anderson has begun construction of a 52,000-square-foot dealership for Ziegler CAT’s agriculture and construction equipment in Willmar. The company is expanding its equipment sales, rental and repair services in the central Minnesota area. Ziegler CAT is one of Caterpillar’s largest dealers in North America. Ziegler sells and services CAT construction, paving, forestry, mining equipment, trucks, generators and industrial engines. The new project will replace the company’s current 5,360-square-foot facility in Willmar. The two-story development will feature a retail showroom, a 25,000-square-foot shop, warehouse and offices, and a 7,800-square-foot cold storage building. Designed by CNH Architects, the property also includes two bridge cranes, lube systems and a wash bay. Completion is slated for winter 2020.

May 24, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.2M Sale of New-Construction Retail Property in Lockport, Illinois

by Kristin Harlow May 24, 2019

LOCKPORT, ILL. — Marcus & Millichap has brokered the sale of a new-construction, 7,749-square-foot retail property in Lockport for $4.2 million. Located on West 159th Street, the property is home to Aspen Dental and Panera Bread. Aspen Dental has a new 10-year lease while Panera Bread has a new 15-year lease. Austin Weisenbeck, Barry Wolfe, Glen Kunofsky and Sean Sharko of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An out-of-state buyer completed a 1031 tax-deferred exchange.

May 24, 2019

Leasing Activity Midwest Minnesota Restaurant Retail

Brick & Bourbon to Open at Apartment Property in Eden Prairie, Minnesota

by Kristin Harlow May 24, 2019

EDEN PRAIRIE, MINN. — Brick & Bourbon, a craft bar and eatery, has signed a lease to occupy space within Elevate at Southwest Station Apartments in Eden Prairie. The apartment project is expected to open in late August, with Brick & Bourbon opening by the end of the year. This will be the fourth location for Brick & Bourbon. Unique offerings include the candied bacon flight, chocolate cigars and Reuben soup in a crock, along with more traditional fare such as sandwiches, ribs and wings. The space will include an outdoor patio. The $63.7 million Elevate includes 13,000 square feet of retail space. Kaas Wilson Architects designed the 222-unit project. Frana Cos. is the general contractor.

May 24, 2019

Illinois Industrial Leasing Activity Midwest

Stream to Manage Two New Industrial Properties in Suburban Chicago

by Kristin Harlow May 24, 2019

ELK GROVE VILLAGE AND FRANKLIN PARK, ILL. — Stream Realty Partners has been retained to manage two new Class A industrial properties in suburban Chicago from Principal Real Estate Investors on behalf of an institutional client. The first is a 133,000-square-foot building in Elk Grove Village. Completed in December, the facility is situated on 6.5 acres. Seko Worldwide and Gran Quartz occupy the property, which features 20 exterior docks and a clear height of 32 feet. The second is a 400,370-square-foot building in Franklin Park. Completed in May, the facility is currently available for lease. Situated on 20 acres, it offers 79 exterior docks and a clear height of 36 feet.

May 24, 2019

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $2.6M Sale of Office, Retail Building in Burnsville, Minnesota

by Kristin Harlow May 24, 2019

BURNSVILLE, MINN. — KW Commercial has arranged the sale of the Nicollet Plaza Building in Burnsville for $2.6 million. The property, situated at 200 E. Travelers Trail, is a 20,653-square-foot, two-story office and retail building. Anchored by SharePoint Credit Union, the asset includes a mix of retail and office tenants. Matthew Klein, Andy Manthei and David Lund of KW Commercial represented the seller, Nicollet Plaza II LLC. The team also secured the buyer, Nicollet Office Partners LLC.

May 24, 2019

Acquisitions Midwest Missouri Office Top Stories

KBS Sells 580,368 SF Office Campus Near St. Louis to Lingerfelt CommonWealth

by Alex Tostado May 24, 2019

CLAYTON, MO. — KBS has sold Pierre Laclede Center I & II, a two-building, 580,368-square-foot office campus in Clayton, to Lingerfelt CommonWealth. The sales price was not disclosed. Pierre Laclede Center I & II were constructed in 1964 and 1970, respectively. KBS acquired the office campus in 2010 and implemented a $19 million renovation plan in the intervening years. Amenities include an outdoor veranda/patio area, conference rooms, fitness centers, café, deli, onsite concierge and car washing. The sale included a four-level, 1,304-stall parking garage. HFF marketed the property on behalf of KBS, a California-based private equity firm that owned the asset through its KBS Real Estate Investment Trust II portfolio. The buyer is a national real estate investment management firm based in Richmond, Virginia. Current tenants include Centene, Lathrop Gage, Morgan Stanley and Dana McKitrick P.C. Additionally, The St. Louis Club, a private dining club, occupies the top floor of the property with views of downtown and the Gateway Arch. Clayton is one of the St. Louis region’s most sought-after submarkets for office space and is considered the hub of the St. Louis metropolitan area. Clayton boasts over 1 million square feet of retail space as well, and the Pierre …

May 24, 2019

Market Reports Office Texas Texas Market Reports

Minimal New Development Keeps McAllen Office Market in Check

by Taylor Williams May 24, 2019

Development of new office space in the McAllen-Edinburg-Mission metro area rarely happens on a large scale. This ensures that the market remains steady, if unspectacular, assuming the fundamentals during both expansions and contractions do not change. According to CoStar Group, the metro’s office vacancy rate currently stands at 6 percent, while the average asking rent sits at $20.44 per square foot. Modest vacancy compression and rent growth are forecast for the coming years, with the vacancy and average asking rents expected to hit 4.2 percent and $21.30 per square foot, respectively, by 2023. Throughout the Rio Grande Valley (RGV) region as a whole, office market growth is largely confined to McAllen and Edinburg. There is one signature project — Rio Bank’s new corporate headquarters in McAllen — that will serve as a barometer of how well the market can large additions of quality space. According to local newspaper The Valley Morning Star, the 125,469-square-foot project carries a price tag of $20 million. Construction began in January 2018 and is slated to open either late this year or early in 2020, with the namesake tenant expected to occupy about a third of the space. Per local sources, the property, which is …

May 24, 2019

Atria-Related-Welltower-San-Francisco-CA

Acquisitions California Multifamily Seniors Housing Western

Atria, Related Cos., Welltower Buy Former TV Studio in San Francisco for Seniors Housing Conversion

by Amy Works May 23, 2019

SAN FRANCISCO — A joint venture between Related Cos. and Atria Senior Living, along with funding support from Welltower, has acquired the former KRON-TV headquarters in San Francisco, with plans to convert the property to seniors housing. Onyx Partners sold the property for an undisclosed price. Located one block from the new Sutter California Pacific Van Ness Medical Center and along the Van Ness Bus Rapid Transit (BRT) line now under construction, the community will be at the center of the city’s Cathedral Hill neighborhood. In April, the San Francisco Planning Commission unanimously approved the plans to transform the vacant building site into one of the city’s first modern senior living communities in over a decade. Groundbreaking is scheduled for late 2019, with a planned completion by the end of 2021. When completed, the building will total 13 stories and 270,000 square feet, including 7,000 square feet of ground-floor retail. The Related-Atria joint venture was announced in October 2018, with a $3 billion planned pipeline of new seniors housing development. At that time, San Francisco was specifically cited as a high-barrier-to-entry market the venture was interested in, along with New York City, Boston, Los Angeles, Miami and Washington D.C. Welltower …

May 23, 2019

LogistiCenter-Speedway-North-Las-Vegas-NV

Development Industrial Nevada Western

Dermody Properties Breaks Ground on 251,800 SF Distribution Center in North Las Vegas

by Amy Works May 23, 2019

NORTH LAS VEGAS, NEV. — Dermody Properties has broken ground on LogistiCenter at Speedway, a distribution facility located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, the 251,800-square-foot building will feature 32-foot clear heights, 52 dock doors, eight grade-level doors and 182 car parking spaces. The building is currently available for pre-leasing and is divisible to 24,300 square feet. Garrett Toft and Sean Zaher of CBRE Las Vegas is representing the property. United Construction Co. is serving as general contractor.

May 23, 2019

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