Property Type

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

Acquisitions Industrial Midwest Missouri

Stan Johnson Co. Brokers $14M Sale of Industrial Facility in Fenton, Missouri

by Kristin Harlow July 12, 2019

FENTON, MO. — Stan Johnson Co. has brokered the sale of Cassens Business Center in Fenton for $14 million. The multi-tenant industrial facility spans 132,279 square feet and is located at 2391 Cassens Drive. At the time of sale, the property was fully leased to two national tenants as well as a regional company. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis, a Missouri-based developer. RCRL LLC, a New Jersey-based individual investor, purchased the building.

July 12, 2019

Connecticut Market Reports Northeast Northeast Market Reports Retail

Retail Landscape Evolves in Fairfield, Westchester Counties

by Taylor Williams July 12, 2019

Main Street isn’t dead. It’s being refreshed, rebranded and reimagined. Creating a compelling experience in today’s retail environment is a critical element to being successful. Property owners are working hard to make their retail sites attractive and relevant. This includes placing emphasis on curb appeal and redeveloping spaces that may previously have been occupied by big box tenants. Many landlords are turning larger vacancies into multiple spaces to accommodate junior anchors and smaller tenants at as retailers are rightsizing and working to maximize efficiencies. At the same time, landlords are replacing building façades and updating landscaping, parking areas and lighting to enhance visual appeal. Main Street in Westport, Connecticut, represents a prime example of this retail renaissance. This area is in the midst of a complete reboot. Over the past year or so, the talk of the town was that the storefronts along Westport’s commercial corridor are not as lively as they had been in the past. But appearances can be deceiving, and perception isn’t always reality. The truth is that Westport’s retail scene is very much alive and is being revived with new and fresher brands. New Players We’re seeing brands like Sundance, an apparel catalog company created by …

July 12, 2019

Company News Retail Top Stories

Charming Charlie Declares Second Bankruptcy, Will Close All 261 Stores

by Jeff Shaw July 12, 2019

HOUSTON — Charming Charlie, a women’s fashion and beauty chain based in Houston, filed for Chapter 11 bankruptcy on Thursday. It is the second time the retailer known for its colorful displays of jewelry, handbags, apparel and beauty products has filed for bankruptcy in less than two years. The company now plans to close all 261 of its remaining stores across 38 states. The retailer’s first filing was in December 2017, and the financial restructuring was completed the following April. However, the company continued to struggle following the reorganization and, according to the new filing, only has $6,000 in cash on hand compared to debt of $82 million. The Charming Charlie website was not accepting e-commerce orders during the first restructuring, but had just relaunched in August 2018. As of this morning, the site was once again not accepting orders. The stores are located almost exclusively in malls, with 125 locations in lifestyle centers, 80 in shopping malls and 50 in power centers. The remaining locations are two street stores and four outlets. Texas, Florida and California host the most brick-and-mortar locations with approximately 75 stores in total. “The large format of the store of about 7,500 feet, especially given …

July 12, 2019

California Market Reports Restaurant Retail Western Western Market Reports

Food and Beverage Remain the Stars of LA’s Retail Scene

by Taylor Williams July 12, 2019

One fact is very clear as we assess the retail landscape and take note of the variety of retail activities taking place: food and beverage (F&B) and dining out continue to reshape consumer trends. These trends are heavily influencing retail activities throughout the region, especially in the Downtown Los Angeles submarket. The market continues to show great activity in F&B as landlords look to absorb vacancies with more food uses by creating unique dining experiences and take-out options for today’s consumer. This new demand has been the catalyst for the increase in commissary kitchens and restaurateurs leasing spaces for delivery models that cater to the growing, app-based delivery services. CBRE’s latest report, the Food in Demand Series, highlights the momentum of F&B. This extends to fast-casual dining, prepared dining options offered in grocery stores, and as stand-alone offerings in mixed-use settings, such as residential, creative office and hospitality projects. Per the report, consumer spending in restaurants amongst Millennials, Generation X and Baby Boomers has outpaced spending on grocery items. This is a significant shift for consumers. For this reason, we will likely see landlords maintain a focus on F&B as a means to bring value to their assets and create …

July 12, 2019

Alabama Development Mixed-Use Southeast

Southpace Properties to Develop $11M Mixed-Use Building in Birmingham

by Alex Tostado July 11, 2019

BIRMINGHAM, ALA. — Southpace Properties will develop Macaroni Lofts, a mixed-use building in Birmingham’s Parkside District that will include 35 residential units and 6,000 square feet of retail space. Birmingham Business Journal reports the project will cost $11 million to complete. The residential units will span in size from 347 square feet to 1,750 square feet. Situated at the corner of 4th Avenue and 14 Street, Macaroni Lofts is a redevelopment of the former Birmingham Macaroni Co. warehouse, which was built in 1902. The building’s existing structure will remain intact with the addition of rooftop penthouse units with private terraces. The design also incorporates 12 newly constructed residential units on an adjacent lot with a community terrace between the two structures. The development team includes Fifth Dimension Architecture, Commerce One as the lender, Southpace Properties for the commercial space listing(s) and H2 Real Estate for the residential units. Completion is scheduled for summer 2020 with units becoming available for pre-sale this month.

July 11, 2019

Acquisitions Multifamily South Carolina Southeast Student Housing

Preiss, Crow Holdings Capital Acquire 598-Bed Student Housing Complex Near Clemson University

by Alex Tostado July 11, 2019

CLEMSON, S.C. — The Preiss Co. and a privately held fund advised by Crow Holdings Capital have acquired Aspen Heights Clemson, a 598-bed student housing complex near Clemson University. The buyers have rebranded the property as The Collective at Clemson and are underway on major renovations, including upgrading the clubhouse, study center, flooring, bringing in new furniture and painting the exterior. Other amenities include a swimming pool, hot tub, outdoor fireplaces, volleyball court, basketball court, fitness center and a game room. The property offers two- through five-bedroom floor plans and is located at 673 Old Greenville Highway, two miles north of Clemson University. The seller and sales price were not disclosed.

July 11, 2019

Acquisitions Florida Maryland Multifamily Southeast

Black Creek Acquires Two Multifamily Properties in Maryland, Florida Totaling 601 Units

by Alex Tostado July 11, 2019

ROCKVILLE, MD. AND WINTER PARK, FLA. — Black Creek Group has acquired two multifamily communities, one in Rockville and one in Winter Park. The Rockville property is The Daley at Shady Grove Metro, a 333-unit community that was 95 percent occupied at the time of sale. The Daley is situated at 8010 Gramercy Blvd., 25 miles north of downtown Washington, D.C. Communal amenities include a community lounge, fitness center, swimming pool, outdoor courtyard and grilling stations. The second property, Broadstone Winter Park, is a 268-unit asset that was 85 percent occupied at the time of sale. Broadstone offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, two-story resident clubhouse, business center and private storage units. The seller(s) and sales price(s) were not disclosed.

July 11, 2019

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