Property Type

KBH Ventures, KDW Unveil Plans for Katy Boardwalk District in Metro Houston

by Taylor Williams December 19, 2018

KATY, TEXAS — Developers KBH Ventures and Houston-based KDW have unveiled plans for Katy Boardwalk District, a mixed-use project on the western outskirts of Houston. The master development calls for a full-service conference center hotel with at least 300 rooms, a 319-unit residential community, 155,000 square feet of retail and restaurant space and 60,000 square feet of Class A office space. Construction of the hotel is expected to begin in fall 2019 while construction of the residential component is slated to begin in January and wrap by spring 2020. Construction of the retail phase is scheduled to begin in late 2019.

December 19, 2018

Loans Multifamily New Jersey Northeast

Juniper Capital Group Secures $23.3M Acquisition Loan for Apartment Community in New Jersey

by David Cohen December 19, 2018

BRIDGEWATER, N.J. — New York-based financial advisory firm Juniper Capital Group has secured $23.3 million in acquisition financing for Woodmont Square, a 100-unit apartment community in Bridgewater. Amenities at the property include quartz counter tops, stainless steel appliances, a gym, clubhouse, game room, basketball courts and electronic keyless entry systems. Nate Lowy of Juniper secured the 10-year loan through a local bank on behalf of the borrower, a local investor. Terms of the financing include a 4 percent interest rate.

December 19, 2018

Development Mixed-Use Texas

Thakkar, CricRealty to Develop Cricket Stadium, 80-Acre Mixed-Use Project in Allen, Texas

by Taylor Williams December 19, 2018

ALLEN, TEXAS — Texas-based Thakkar Developers, in partnership with CricRealty Co., will develop a 15,000-seat cricket stadium and 80-acre mixed-use development in Allen, a northeastern suburb of Dallas. The project, which has been branded Allen Sports Village, will deliver 500,000 square feet of Class A office space, 1,000 residential units, 165,000 square feet of retail and restaurant space, an event center and two hotels. The stadium will also be used for other sporting events and concerts. Construction is expected to begin in 2019. The first phase, which includes the stadium, is slated for a 2021 completion.

December 19, 2018

Acquisitions Hospitality Indiana Midwest Minnesota North Dakota

FCPT Buys Six Red Lobster Restaurant Properties for $25.9M

by Kristin Harlow December 19, 2018

INDIANA, MINNESOTA AND NORTH DAKOTA — Four Corners Property Trust (NYSE: FCPT) has purchased six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. All six properties are under one triple-net master lease, which includes two other Red Lobster properties previously acquired by FCPT in November 2017. The master lease has approximately 21 years remaining.

December 19, 2018

Acquisitions Illinois Midwest Office

Fairbridge Properties Acquires Office Building in Warrenville, Illinois for $20.7M

by Kristin Harlow December 19, 2018

WARRENVILLE, ILL. — Fairbridge Properties has acquired Cornerstone I at Cantera, a 152,520-square-foot office building in Warrenville, about 30 miles west of Chicago, for $20.7 million. The Class A building is part of the 650-acre mixed-use development known as Cantera. The seller, Northwestern Mutual, invested $540,000 in fitness center and conference room renovations. The building is currently 79.6 percent leased. Jim Postweiler, Peter Harwood and Derek Fohl of JLL represented Northwestern Mutual in the sale.

December 19, 2018

Acquisitions Multifamily Texas

Muskin Commercial Brokers Sale of 228-Unit Apartment Community in Killeen, Texas

by Taylor Williams December 19, 2018

KILLEEN, TEXAS — Austin-based Muskin Commercial LLC has brokered the sale of River Oaks Apartments, a 228-unit multifamily community in Killeen, about 65 miles north of Austin. Muskin Commercial represented the seller, 101 S. Twin Creek LLC, which acquired the asset in 2015 and upgraded the unit interiors and amenity spaces. Rich Heine of Southwest Investment Properties represented the buyer, California-based Redford Park LLC, in the transaction.

December 19, 2018

Illinois Leasing Activity Midwest Office

Chicago Office of Colliers International Moves Locations

by Kristin Harlow December 19, 2018

CHICAGO — Colliers International | Chicago has moved its downtown operations to 71 S. Wacker Drive. The 17,000-square-foot space will house the company’s valuation and advisory services, Chicago office advisory group and corporate solutions teams. The firm will continue to have a strong presence in Rosemont, where its industrial advisory, supply chain logistics, investment services and office leasing groups reside. The downtown office has 83 workspaces, of which 55 are workstations and 28 are private offices. In addition, the new office includes client workspace, wellness rooms and a café-style break area. The Irvine Company owns the 48-story, 1.5 million-square-foot office tower.

December 19, 2018

Acquisitions Michigan Midwest Retail

Bedrock Purchases Broadway Clothing Store in Detroit

by Kristin Harlow December 19, 2018

DETROIT — Bedrock has purchased The Broadway clothing store located at 1247 Broadway St. in Detroit. Pepper Martin, the store’s owner, has announced his retirement after more than 40 years in business. A liquidation sale at the 3,000-square-foot store began this week. The Broadway sells high-end and exotic clothes from around the world, including Italian suits and sweaters, alligator and ostrich shoes, fur and leather jackets and an assortment of shirts, jeans and dress pants. The store has served many national and local celebrities including Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, The Temptations, George Clinton, Oral Roberts, Notorious BIG and Mike Epps. Financial details of the sale were not disclosed. The store will close in early spring, or when all the inventory is sold. Bedrock is the real estate arm of billionaire businessman Dan Gilbert.

December 19, 2018

Leasing Activity Midwest Multifamily Ohio

City Club Apartments Negotiates Leases for Restaurant, Market at Cincinnati Property

by Kristin Harlow December 19, 2018

CINCINNATI — City Club Apartments has executed a lease for a 6,000-square-foot rooftop restaurant and bar at its apartment property in Cincinnati. Scheduled to open in spring 2019, the 10th-floor restaurant will include indoor and outdoor seating, as well as handcrafted cocktails, wine and craft beer. The owners will share the concept’s name and additional details at a later date, according to Jonathan Holtzman, CEO of City Club Apartments. The apartment property includes 294 units and penthouses with 50 different floor plans. City Club Apartments had previously announced a 10,000-square-foot specialty market and a 1,000-square-foot wellness café on the first floor.

December 19, 2018

Civic Development Texas

Woodmont Begins Work on 13,500 SF Kiddie Academy in Metro Austin

by Taylor Williams December 19, 2018

CEDAR PARK, TEXAS — Retail development and management firm The Woodmont Co. has begun work on a 13,500-square-foot project for Kiddie Academy in the northern Austin metro of Cedar Park. The project will convert an existing structure into a full-time childcare center for younger children that will include summer camps. The opening is slated for March 2019.

December 19, 2018

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