JACKSON TOWNSHIP, OHIO — Industrial Commercial Properties LLC has begun development of a new headquarters and distribution center for ComDoc in Jackson Township, about 12 miles south of Akron. ComDoc is a subsidiary of Global Imaging Systems, a Xerox company. The 107,500-square-foot facility will be located on 12 acres on Pittsburg Avenue. The property will feature 32,500 square feet of office space and 75,000 square feet of distribution space. ComDoc plans to consolidate four northeast Ohio facilities at the new headquarters, which is slated for completion in the spring of 2019. M.E. Osborne Building Co. is the general contractor for the project.
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MOORESVILLE, IND. — Midland Atlantic Properties has completed the lease-up of a former 55,000-square-foot grocery store in Mooresville, about 20 miles southwest of Indianapolis. The property is located at 435 Town Center Drive. Tracey Holtzman of Midland Atlantic Properties represented the landlord, Grenadier Indiana LLC, in the lease transactions. Tractor Supply Co. leased 23,556 square feet while Ollie’s Bargain Outlet leased 31,444 square feet.
STILWELL, KAN. — Block & Co. Inc. Realtors has brokered the $1.1 million sale of a 2,887-square-foot gas station and convenience store net leased to Shell in Stilwell, about 30 miles south of Kansas City. The property is located on a 2.4-acre lot at 7770 W. 199th St. David Block and Daniel Brocato of Block & Co. represented the seller, 8386 Blackburn Partners LLC. Arshad Mahmood purchased the asset.
LOS ANGELES — Delta Airlines, in a partnership with Los Angeles World Airports (LAWA), has unveiled plans for the $1.86 billion Sky Way project at Los Angeles International Airport (LAX). The undertaking calls for upgrades to two of the existing domestic terminals, as well as the Tom Bradley International Terminal, and delivery of infrastructure that connects the hubs. Construction of the project is scheduled to begin this fall. Upon completion, the terminals will offer a greater capacity for security screening with automated lanes, as well as more gate-area seating. Terminals 2 and 3 will feature 27-gate complexes with a secure connection to the international terminal. “LAX is one of the most important hubs in our network where we operate more than 170 daily flights and connect more passengers to our partner airlines than anywhere else in the U.S,” said Delta CEO Ed Bastian. “The Delta Sky Way at LAX project is a once-in-a-generation opportunity to invest in and transform the airport experience in partnership with LAWA and the City of Los Angeles.” Delta, which launched a new slate of retail and dining options for Terminal 3 in December 2017, will continue to adjust the shopping and restaurant options at the …
The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents. Most of the new construction projects underway or recently delivered are in the form of mixed-use projects, both within Miami’s urban core and in well-established submarkets such as Coral Gables, Doral and the Design District. The bad news? Miami is landlocked between the Atlantic Ocean and the Everglades, limiting space for traditional retail development and retailer footprints. But here’s where it gets interesting, and promising — instead of abandoning the market, developers and retailers in Miami-Dade County are simply getting creative with the limited dirt available. Building Density Because of the scarcity of land and its high price per-acre, density is the top priority, resulting in a surge of vertical, mixed-use developments with structured parking. For instance, Brickell City Centre demonstrates that if developers want critical mass, sometimes the only way to …
DALLAS — Real estate developer and operator Oaxaca Interests will open Nowhere, TX, a 2.8-acre entertainment venue that will be located on a former industrial site in west Dallas. The concept will feature pop-up events and biergarten-style dining with rotating menus. Hocker Design Group designed the three-building venue, which is scheduled to open this summer.
GRAHAM, TEXAS — Henry S. Miller Brokerage Co. (HSM) has arranged the sale of two industrial assets totaling 231,530 square feet in Graham, about 90 miles west of Fort Worth. Scott Axelrod of HSM represented Tampa-based packaging producer Jordan Industries in the purchase of a 125,810-square-foot building from Dallas-based Mercer Graham Properties LLC. Axelrod also represented a private investor in the sale of a 105,720-square-foot building to Traylor Investments Cliff LLC. The sales prices were not disclosed.
HOUSTON — EDGE Capital Markets has closed the sale of seven shopping centers totaling 137,742 square feet in the Houston area. The properties are: the 19,826-square-foot Coles Crossing III in Cypress; the 16,205-square-foot River Pointe Center in Richmond; the 21,830-square-foot River Gate Center in Richmond; the 20,085-square-foot Highway 290 & Mueschke in Cypress; the 21,975-square-foot Miramesa Retail Center in Cypress; the 18,151-square-foot Canyon Lakes Shopping Center in Humble; and the 19,670-square-foot Clay Road Crossings in Houston. Josh Jacobs and Burdette Huffman of EDGE represented the undisclosed sellers in the transactions.
HOUSTON — Dallas-based private equity firm Velocis has sold Echo Lane, a two-building, 189,162-square-foot office complex located in the Hedwig Village area of west Houston. Velocis acquired the property in 2012 and raised the occupancy rate from 83 percent to 97 percent during its ownership period. Investment firm 800 Builders acquired the property for an undisclosed price.
NEW YORK CITY — JLL has arranged a $104 million loan to refinance Redbridge, an 85,000-square-foot mixed-use residential and retail property in the Williamsburg neighborhood of Brooklyn. The property is located at 237–241 Bedford Ave., 160–164 North 4th St. and 159–173 North 3rd St. Retail tenants at Redbridge include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. JLL worked on behalf of RedSky Capital, JZ Capital Partners and Waterbridge Capital to place the loan with JP Morgan Chase & Co. RedSky Capital acquired the portfolio in 2012. The portfolio also includes 20,000 square feet of retail space at 247 Bedford Ave., which is currently occupied by Apple Inc. and The Corcoran Group.