Property Type

Bridge Development Partners Buys Land Site in Metro Seattle for Industrial Development

by Amy Works September 18, 2019

SUMNER, WASH. — Bridge Development Partners has purchased a 3.8-acre land site at 3113 142nd Ave. East in Sumner, a suburb of Seattle, for an undisclosed price. The company plans to develop Bridge Point Sumner South, an industrial building, on the site. Slated for delivery in third-quarter 2020, Bridge Point Sumner South will feature 82,591 square feet of space, divisible down to 30,000 square feet; LED interior and exterior wall pack lighting; ESFR fire protection; 32-foot clear ceiling heights; two drive-in doors; 14 exterior docks; a 125-foot truck court; and parking for 63 cars. Thad Mallory, Taylor Huff, Cam Warren and Blake Bentz of Newmark Knight Frank brokered the deal for Bridge and will serve as leasing agents for the project.

September 18, 2019

Acquisitions Development Hospitality Washington Western

The Hotel Group to Manage Hilton Garden Inn Redmond Under Construction in Washington

by Amy Works September 18, 2019

REDMOND, WASH. — The Hotel Group has added the Hilton Garden Inn Redmond, a hotel currently under construction in Redmond, to its management portfolio. Slated to open in first-quarter 2020, the hotel will be the company’s seventh Hilton-branded hotel in the Pacific Northwest. The six-story property will feature 177 guestrooms with Hilton Garden Inn’s signature bedding, in-room hospitality centers with Keurig Coffee and miniature refrigerators, guest laundry and complementary Wi-Fi. The hotel also features more than 2,400 square feet of flexible meeting space including outdoor areas, as well as Fork + Spoke, an on-site restaurant.

September 18, 2019

Development Michigan Midwest Office

Ford Unveils Redesign for Dearborn, Michigan Campus

by Kristin Harlow September 18, 2019

DEARBORN, MICH. — Ford Motor Co. has unveiled plans to transform its Research & Engineering Center in Dearborn into a high-tech campus for its thousands of designers, engineers and product development workers. The heart of the project will be a new central campus building, which will sit on the site of Ford’s 66-year-old product development center. Construction of the new building is slated for completion in 2025. The new facility will help Ford speed product and technology innovation and attract world-class talent, according to a news release. Ultimately, the master plan envisions a campus of interconnected buildings that could one day house more than 20,000 employees. The new master plan is the result of a two-year research and planning process led by architect Snohetta. Plans call for an increase in public spaces and shared pathways, as well as coffee shops and restaurants.

September 18, 2019

Illinois Loans Midwest Mixed-Use

JLL Arranges $140M Refinancing for Mixed-Use Development Adjacent to Wrigley Field

by Kristin Harlow September 18, 2019

CHICAGO — JLL has arranged a $140 million loan for the refinancing of Gallagher Way, a recently completed mixed-use development adjacent to Chicago’s Wrigley Field. The project includes more than 93,000 square feet of office space, 85,100 square feet of retail space, the 173-room Hotel Zachary and an 8,000-square-foot open-air entertainment plaza. Office tenants include American Airlines and the Chicago Cubs. Danny Kaufman, Christopher Knight, Jeff Bucaro and Nicole Aguiar of JLL arranged the 30-year, fixed-rate loan on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family. Barings, an international investment management firm owned by Massachusetts Mutual Life Insurance Co., provided the loan, proceeds of which will replace the construction financing arranged by the same capital markets team in 2016. The Ricketts family owns the Chicago Cubs baseball team.

September 18, 2019

Acquisitions Midwest Missouri Office

Copaken Brooks, Square Deal Investments Acquire Former Kansas City Public School Building

by Kristin Harlow September 18, 2019

KANSAS CITY, MO. — Copaken Brooks and Square Deal Investments have acquired the former Kansas City Public Library and Board of Education Building for an undisclosed price. The building is located at 1211 McGee St. in downtown Kansas City. The 11-story, 261,800-square-foot property has been vacant since the Kansas City Public Schools district moved to its current location at 2901 Troost in 2016. Aaron Mesmer and Matt Levi of Block Real Estate Services represented the seller, the school district.

September 18, 2019

Acquisitions Healthcare Kansas Midwest

VanTrust Sells 76,332 SF Medical Office Building in Overland Park, Kansas

by Kristin Harlow September 18, 2019

OVERLAND PARK, KAN. — VanTrust Real Estate LLC has sold a 76,332-square-foot medical office building in Overland Park for an undisclosed price. The Class A property is located at 6650 W. 110th St. VanTrust developed the property in 2017. It is currently 92 percent occupied. Keith Baker of CBRE represented the buyer, Griffin-American Healthcare REIT IV Inc., a non-traded real estate investment trust. After the sale, CBRE was awarded leasing and property management assignments. Baker will handle leasing while Stacy Oldham will oversee management. As of June 30, Griffin-American Healthcare REIT IV’s portfolio totaled 4.1 million square feet in 24 states.

September 18, 2019

Illinois Industrial Leasing Activity Midwest

Fiat Chrysler Signs 25,523 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow September 18, 2019

BOLINGBROOK, ILL. — Fiat Chrysler Automobiles (FCA) has signed a 25,523-square-foot industrial lease in Bolingbrook. The car manufacturer will use the space as a training facility for its employees. The 112,049-square-foot building is located at 1325 Remington within Carlow Corporate Center. The property features a clear height of 28 feet, 242 car parking spaces, three drive-in doors and 11 loading docks. FCA will begin occupying the space in January. Jordan Decker and Chris Cobb of Cushman & Wakefield represented FCA in the lease transaction. Dominic DeRose, Vern Schultz and Charles Canale of Colliers International represented the owner and developer, Opus Group.

September 18, 2019

Development Mixed-Use Top Stories Washington Western

Alexandria Real Estate Equities to Develop 800,000 SF Mixed-Use Technology Campus in Seattle

by Kristin Harlow September 18, 2019

SEATTLE — The City of Seattle has selected Alexandria Real Estate Equities Inc. (NYSE: ARE) to develop an approximately 800,000-square-foot mixed-use campus known as the Mercer Mega Block. The life sciences and technology-driven project will be built on the last large, undeveloped site — nearly three acres — in Seattle’s Lake Union submarket. Alexandria won the bid for the project by agreeing to pay $143.5 million for the land and to address homelessness, according to the Puget Sound Business Journal. The Seattle City Council approved the development plan on Monday night. The newspaper reports that total project costs could reach $305 million. Plans call for two 13-story office and laboratory towers as well as a 30,000-square-foot community center. Alexandria also intends to develop on-site affordable housing, a farm-to-table restaurant, ground-floor retail space and a pedestrian-only walkway on 8th Avenue surrounded by public spaces with outdoor seating. “We envision our Mercer Mega Block development as a mission-critical campus that can drive the cross-pollination of life science and technology, spur world-class innovations to improve the human condition and significantly enhance the surrounding neighborhood,” says Joel Marcus, executive chairman and founder of Alexandria. The company also says it has strong confidence in the …

September 18, 2019

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Array of Industries Drives New Jersey Industrial Market’s Growth

by Taylor Williams September 18, 2019

New Jersey’s industrial market continues to expand, driven by a plethora of industries, including retail, manufacturing, food companies, transportation and logistics. As the popularity of e-commerce shows no signs of abating, New Jersey has become a key location for distribution centers and last-mile delivery hubs to serve the entire Northeast region. E-retailers are scooping up available industrial space, taking advantage of New Jersey’s excellent air, freight, port, and rail infrastructure that links it to the rest of the region and the country. Increasing Demand After taking a slight breather during the first quarter of 2019, in part due to a lack of available high-quality space, total leasing activity has increased by 20 percent during the past three months, bolstered by more than 20 leases exceeding 100,000 square feet. Absorption was widespread, with occupancy level increases in 16 of 25 submarkets for both the quarter and year over year. In total, 2.4 million square feet of positive net absorption was recorded during the second quarter of 2019, the highest level since the third quarter of 2018. Moreover, occupancy levels increased by 8.6 million square feet during the past 12 months, the eighth consecutive quarter where more than 8 million square feet …

September 18, 2019

Features Healthcare

Top Three Reasons Healthcare Real Estate is Recession-Resistant

by Alex Tostado September 18, 2019

This has been a roller coaster of a year when it comes to the economy, and many are talking about the potential of a recession happening very soon. According to the Conference Board Consumer Confidence Index, August has been just slightly down. Consumer spending makes up 70 percent of the U.S. economy. If sentiment moves down, consumers and purchasing managers begin to curtail spending and an economic slowdown is inevitable. Unfortunately, the more the news and articles focus on the impending recession, the more it becomes a self-fulfilling prophecy. Other signs that point toward a potential recession include an unemployment rate that is at the lowest point in 49 years, trade wars that are causing material prices to increase, and geopolitical unrest abroad that could have a huge impact on the U.S. economy. On the bright side, wages appear to be moving up, initial unemployment claims remain low, interest rates support continued investment and inflation remains in check. There is a close correlation between real estate values and the health of the U.S. economy, but like most things, it is quite nuanced. As companies retract and give back space, occupancies fall and therefore so does the value of commercial real estate. …

September 18, 2019

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