Property Type

Transwestern Purchases Camelback Esplanade III Office Tower in Phoenix

by Amy Works July 12, 2019

PHOENIX — Transwestern, in a joint venture with an institutional partner, has acquired Camelback Esplanade III, a Class A office tower in Phoenix. The price was not disclosed. Developed by Opus in 1997, the 10-story Camelback Esplanade III features 218,387 square feet of office space. At the time of sale, the property was 50 percent leased to a mix of nationally recognized tenants. The LEED Gold-certified and Energy Star-rated office tower is located within The Esplanade, a mixed-use development. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner. Additionally, Jim Achen and Bill Zurek of Transwestern will provide office leasing services and oversee property management.

July 12, 2019

Acquisitions Oregon Retail Western

Hone Investments Sells Walgreens-Occupied Property in Central Oregon for $5.7M

by Amy Works July 12, 2019

COTTAGE GROVE, ORE. — Hone Investments has completed the disposition of a retail asset located at 1074 E. Main St. in Cottage Grove in Central Oregon. West Plaza LLC bought the property for $5.7 million. Walgreens occupies the 14,820-square-foot retail property with 15 years remaining on its existing long-term lease. Jon Busse and David Kotansky of Colliers International San Diego Region represented the seller, while Jeff Miller of First Commercial Real Estate Services represented the buyer in the deal.

July 12, 2019

Development Leasing Activity Office Texas

Endurance Builders Completes Renovation of Two Houston Office Buildings Totaling 880,000 SF

by Taylor Williams July 12, 2019

HOUSTON — General contractor Endurance Builders has completed renovations of One and Three Riverway, two office buildings totaling 880,000 square feet in Houston. Ziegler Cooper Architects handled the design of the renovation program, which delivered new amenities such as a coffee bar, tenant lounge, fitness center and conference centers. Additionally, law firm McKinney Taylor PC has signed a 10,000-square-foot lease at Three Riverway and will move in this summer, and Commonwealth Projects LLC relocated to a 10,616-square-foot space at One Riverway earlier this year. CBRE handles leasing of the buildings, and Unilev Management Corp. manages them.

July 12, 2019

Development Hospitality Texas

Greysteel Arranges Construction Financing for 71-Room Hotel Project in Austin

by Taylor Williams July 12, 2019

AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for a 71-room hotel project in Austin. The hotel will be located at the intersection of Tech Ridge Boulevard and East Yager Lane and will be operated under InterContinental Hotels Group’s Avid brand. Mitt Patel and Daniel Hartnett of Greysteel arranged the loan, which carries a seven-year term, on behalf of the undisclosed borrower. Construction is underway and expected to be complete by the end of 2020.

July 12, 2019

Industrial Leasing Activity Texas

Plastic Manufacturer Signs 56,195 SF Industrial Lease in Metro Houston

by Taylor Williams July 12, 2019

HUMBLE, TEXAS — Plastic manufacturer Starplast USA LLC has signed a 56,195-square-foot industrial lease at 8575 Volta Drive in Humble, a northern suburb of Houston. According to LoopNet Inc., the property was built in 2016 and spans 168,400 square feet. John Hornbuckle of Cypressbrook Co. represented the landlord, Nuveen Real Estate, in the lease negotiations. Ryan Fuselier of JLL represented the tenant.

July 12, 2019

Acquisitions Retail Texas

EDGE Negotiates Sale of 19,851 SF Retail Center in Corpus Christi

by Taylor Williams July 12, 2019

CORPUS CHRISTI, TEXAS — EDGE Realty Capital Markets has negotiated the sale of Padre Commons, a 19,851-square-foot retail center in Corpus Christi. Shadow-anchored by Lowe’s, the property houses tenants such as T-Mobile, Cicis Pizza, Leslie’s Pool Supplies, HoneyBaked Ham and Sportsclips. Micha van Marcke and Chace Henke of EDGE represented the seller in the transaction. Additional terms of sale were not disclosed.

July 12, 2019

Leasing Activity Office Texas

NAI Partners Secures 5,106 SF Office Lease in West Houston

by Taylor Williams July 12, 2019

HOUSTON — NAI Partners has secured a 5,106-square-foot office lease at 510 Bering Drive in west Houston for Partners Surgical LLC, which acquires, develops and manages acute surgery centers across the United States. According to LoopNet Inc., the property was built in 1984 and totals 100,840 square feet. Dan Boyles of NAI Partners represented the tenant in the lease negotiations. Richard Barbles of Stream Realty Partners represented the landlord.

July 12, 2019

Development Illinois Midwest Mixed-Use

Wight & Co. to Lead Design of Former AT&T Headquarters Redevelopment in Suburban Chicago

by Kristin Harlow July 12, 2019

HOFFMAN ESTATES, ILL. — Somerset Development has selected Wight & Co. to provide design services for Bell Works Chicagoland, a redevelopment project transforming the former 1.6 million-square-foot AT&T corporate campus in Hoffman Estates into a mixed-use complex. Plans call for office, coworking, retail and community space. Wight & Co. will serve as the project’s master architect, redesigning its shell and core, public spaces and individual tenant spaces. Wight plans to transform the 67,000-square-foot solarium that served as the AT&T food service area into an event center. Other plans include an 80,000-square-foot conference center and a 29,000-square-foot fitness center. Somerset refers to the project as a “metroburb” and has completed one such project in Monmouth, N.J. The AT&T headquarters, built as the Ameritech Center in 1990, was originally designed by Wight & Co. principal Dirk Lohan.

July 12, 2019

Development Illinois Midwest Multifamily

Fifield to Break Ground on 188-Unit Transit-Oriented Development in Chicago’s River West

by Kristin Harlow July 12, 2019

CHICAGO — Developer Fifield Cos. will break ground on 740 Aberdeen on Tuesday, July 16. The 11-story, transit-oriented development will offer 188 luxury apartment units in Chicago’s River West neighborhood. The project is scheduled to open in fall 2020. The building will be located less than a block from the CTA Chicago Blue Line station and includes a public park designed by Hitchcock Design Group. Units will range from 540 to 1,513 square feet. Amenities will include a party room, coffee bar, coworking space, fitness center, bike storage, sun terrace, pool and grilling stations. Plans also call for an 80-space parking garage and 2,400 square feet of ground-floor retail space. FitzGerald Associates Architects is the project architect with interiors designed by Morgante Wilson Associates. McHugh Construction is the general contractor.

July 12, 2019

Development Midwest Nebraska Retail

Darland Underway on 59,000 SF Car Dealership in Papillion, Nebraska

by Kristin Harlow July 12, 2019

PAPILLION, NEB. — Darland Construction Co. is underway on a new Chrysler, Dodge, Ram and Jeep dealership near I-80 and Highway 370 in Papillion, a southwest suburb of Omaha. The project spans more than 59,000 square feet, including a showroom, service center, customer lounge, car wash and storage. The dealership will be one of the first in the area to include a hail protection system. The 135,000-square-foot hail netting is designed to protect inventory from hail, heat and ultraviolet rays. Construction began in April and completion is slated for spring 2020. Carlson West Povandra is the project architect.

July 12, 2019

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