Property Type

Locker Realty Corp. Arranges $6.2M Acquisition of Starbucks-Occupied Building in California

by Amy Works July 18, 2019

MONROVIA, CALIF. — Locker Realty Corp. has arranged the purchase of a restaurant and drive-thru property located West Huntington Drive in Monrovia. An undisclosed buyer acquired the property for $6.2 million. Starbucks Coffee occupies the recently completed, 2,200-square-foot building, which is situated on 27,975 square feet of land. The tenant relocated to the new location, which includes a drive-thru and outdoor patio, from 621 W. Huntington Drive. The lease is a corporate signature Starbucks net lease with approximately 20 years remaining. Paul Locker and Kristine Locker of Locker Realty represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the transaction.

July 18, 2019

Market Reports Midwest Midwest Market Reports Office Ohio

Various Submarkets Attract Cincinnati Office Tenants

by Kristin Harlow July 18, 2019

Over the past decade, Cincinnati has successfully positioned itself as a formidable Midwestern city, hungry for growth and innovation. Whether you’re a startup or a Fortune 500 company, the city (and its surrounding suburbs) can provide an attractive backdrop. The Cincinnati office market largely reflects this momentum. Demand in some areas has slowed, but the office market remains steady. In fact, the office market has experienced a flurry of activity in 2019 and is awash in new lease transactions and announcements of proposed new development. The first quarter of 2019 recorded a 1 percent drop in the entire market vacancy to 14.2 percent, according to Colliers International. The central business district (CBD)’s 12.2 percent vacancy is expected to drop another percentage point, as several pending leases are soon to be announced. I-71 North dominates The most active area is the I-71 North submarket, where five lease transactions came to fruition. Eversana leased 78,000 square feet at 8990 Duke Blvd., filling the former Express Scripts building just months after it went vacant. Worldpay took down 50,000 square feet at 8845 Governor’s Hill Drive across the street from its headquarters. Smith/Halleman Partners, the owner of the multi-building Governors Pointe, attracted Resurgent Capital …

July 18, 2019

Loans Office Texas

New York Life Provides $208M Loan for Repositioning of Downtown Houston Office Tower

by Taylor Williams July 17, 2019

HOUSTON — New York Life Real Estate Investors has provided a $208 million loan for the repositioning of 717 Texas, a 33-story office building in downtown Houston. Designed by HOK and developed by Hines in 2003, the property spans 697,300 square feet and includes coworking space on the 12th floor. The repositioning project will enhance the package of amenities, which includes a conference center, rooftop garden and workspace lounge. The renovation program will also upgrade the lobby, elevator, lighting and security consoles. A construction timeline was not released.

July 17, 2019

Development Office Retail Texas

Four Rivers Capital Begins Construction of 12-Story Office, Retail Building in Dallas

by Taylor Williams July 17, 2019

DALLAS — Four Rivers Capital has begun construction of Weir’s Plaza, a 12-story office and retail building in the Knox-Henderson neighborhood of Dallas. The project will consist of 250,000 square feet of office space and 40,000 square feet of retail space, about 70 percent of which will be occupied by Weir’s Furniture. International law firm Kirkland & Ellis has signed a 65,986-square-foot office lease to occupy the buildings’ top three floors, and WeWork has signed a 71,598-square-foot lease for coworking space. Tommy Nelson and Dennis Barnes of CBRE represented Four Rivers Capital in the lease negotiations. Kevin Kushner, Phil Puckett, Harlan Davis and Neal Puckett of CBRE, along with Brooke Armstrong of JLL, represented Kirkland & Ellis. Completion of the project is slated for 2021. CBRE represented the landlord in the office lease negotiations. Tim Jordan and Clint Coe of JLL arranged construction financing for the project through PCCP LLC.

July 17, 2019

Acquisitions Industrial Texas

NAI Partners Arranges Sale of 341,252 SF Industrial Portfolio in Houston

by Taylor Williams July 17, 2019

HOUSTON — NAI Partners has arranged the sale of a 14-building, 341,252-square-foot industrial portfolio located at 2700 Greens Road in Houston. The property is located near Interstates 45 and 69, as well as George Bush Intercontinental Airport. Joshua Lass-Sughrue, Chris Kugle and John Ferruzzo of NAI Partners represented the seller, Aero Greensmor LP, in the transaction. The buyer and sales price were not disclosed.

July 17, 2019

Development Hospitality Texas

RREAF Holdings Breaks Ground on 240-Room Hotel Near Fort Worth

by Taylor Williams July 17, 2019

SOUTHLAKE, TEXAS — Developer RREAF Holdings has broken ground on Marriott Delta Hotel, a 240-room property that will be located in the Fort Worth suburb of Southlake. Designed by Merriman Anderson Architects, the six-story hotel will include 10,000 square feet of meeting space and a full-service restaurant and bar. Hill & Wilkinson is the general contractor for the project, which is expected to be complete by 2020.

July 17, 2019

Acquisitions Development Multifamily Southeast Virginia

Washington Property Acquires Land in Northern Virginia, Plans 700-Unit Multifamily Community

by Alex Tostado July 17, 2019

TYSONS, VA. — Washington Property Co. (WPC) has acquired 5.2 acres of land in Tysons with plans to construct a 700-unit Solaire-branded multifamily community. An undisclosed global private equity firm sold the land to WPC for $21 million, according to someone with knowledge of the transaction. John Sheridan of CBRE represented the seller in the transaction. The parcel is part of the 19-acre Arbor Row neighborhood, a mixed-use development situated on Westpark Drive, 15 miles west of downtown Washington, D.C. WPC plans to break ground on the twin mid-rise buildings in the next 12 to 24 months. Plans for unit interiors include quartz countertops, stainless steel appliances, wood flooring, large windows and private balconies. The property will also include 8,000 square feet of retail space. WPC has not yet selected a design team for the project.

July 17, 2019

Acquisitions Florida Retail Southeast

InvenTrust Purchases Costco-Anchored Shopping Center in South Florida for $97M

by Alex Tostado July 17, 2019

ROYAL PALM BEACH, FLA. — InvesTrust Properties Corp. has purchased Southern Palm Crossing, a Costco-anchored, 346,200-square-foot shopping center in Royal Palm Beach, for $97 million. Other tenants include Marshalls, HomeGoods and 24 Hour Fitness. The center is situated at 11001 Southern Blvd., 12 miles west of downtown West Palm Beach. The seller was not disclosed.

July 17, 2019

Acquisitions North Carolina Retail Southeast

M&J Wilkow, Bailard Partner to Buy Two Adjacent Retail Centers in Raleigh for $43.6M

by Alex Tostado July 17, 2019

RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners plan to implement a new leasing strategy to bring new-to-market retailers to the centers, as well as upgrade the centers’ amenities. The seller(s) was not disclosed.

July 17, 2019

Acquisitions Mississippi Retail Southeast

CBL Properties Sells Shopping Center in Mississippi for $31.8M

by Alex Tostado July 17, 2019

MADISON, MISS. — CBL Properties has sold The Forum at Grandview, a 216,000-square-foot retail center in Madison, for $31.8 million. Hendon Properties acquired the center in an all-cash deal. CBL developed the property in a 75-25 joint venture with Mattiace Development in 2010. CBL received all of the profits from the sale. Tenants at The Forum include Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart, Petco and Ulta Beauty. The property is situated along Grandview Boulevard, 15 miles north of downtown Jackson.

July 17, 2019

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