Property Type

To Attract and Retain Tenants, Office Landlords Get Creative in Minneapolis

by Kristin Harlow March 21, 2019

Stakes are rising in the war for talent, and employers are using amenity-rich real estate to win the hearts and minds of the brightest young recruits. Determined to outflank the competition, companies are increasingly focused on occupying buildings with the best available on-site features, proximity to nearby amenities, and the elusive “cool” factor. Competition escalates To heed the call for better offerings, landlords in Minneapolis have begun to offer unconventional amenities including golf simulators and nap pods. As owners of traditional Class B and C buildings undertake renovations and amenity package upgrades to compete with Class A properties, lines between building classes are starting to blur. Tenants will likely start taking a more cautious approach to real estate, reflecting an increase in business uncertainty and projections for slower growth. This mindset will decrease appetites for relocations, prompting more renewals in 2019. Despite this trend, there will be a healthy number of relocations for those tenants that have not yet right-sized by employing modern furniture systems, single-sized offices, more natural light and more collaborative space. Within tenants’ spaces, private offices will grow increasingly scarce, and those that remain will move to the interior to provide more light, greater flexibility and better …

March 21, 2019

Development Mixed-Use Texas

Collaborate to Develop 43-Acre Mixed-Use Project in Metro Houston

by Taylor Williams March 20, 2019

JERSEY VILLAGE, TEXAS — Houston-based development firm Collaborate has entered into a partnership agreement with the City of Jersey Village, located about 20 miles northwest of downtown Houston, to develop Village Center, a 43-acre mixed-use project. According to Community Impact Newspaper, the project will include residential, retail, restaurant and hotel uses, with water features, green spaces and pedestrian trails interspersed throughout the property. Houston-based Page is leading design of the project, which has a development time frame of 36 to 48 months. Greatland Co., another local firm, will handle leasing and management of the retail and restaurant space.

March 20, 2019

Acquisitions Office Texas

TerraCap Management Buys 367,543 SF Office Property in Plano

by Taylor Williams March 20, 2019

PLANO, TEXAS — Florida-based TerraCap Management LLC has purchased Preston Park Financial Center, a 367,543-square-foot office property located in the northeastern Dallas suburb of Plano. The Class A complex offers amenities such as a fitness center, deli, conference center and tenant lounge. Gary Carr and Robert Hill of CBRE represented the seller, a joint venture between Griffin Partners and San Francisco-based Stockbridge Capital Group, in the transaction. Dallas-based Lincoln Property Co. has been hired to lease and manage the property. IberiaBank provided debt for the acquisition on behalf of TerraCap.

March 20, 2019

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 252-Unit Apartment Community in Corpus Christi

by Taylor Williams March 20, 2019

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Arbors on Saratoga, a 252-unit apartment community in Corpus Christi. Built in 1998, the Class B property offers amenities such as a clubhouse with a conference room and business center, fitness center, pool, outdoor kitchen, pet park and a sports court. The new ownership will upgrade the unit interiors, including the flooring, cabinetry, countertops and appliances, as well as the amenity spaces and landscaping. The seller was not disclosed.

March 20, 2019

Industrial Leasing Activity Texas

CBRE Negotiates 73,142 SF Industrial Lease in San Antonio

by Taylor Williams March 20, 2019

SAN ANTONIO — CBRE has negotiated a 73,142-square-foot industrial lease at 4829 Eisenhauer Road in San Antonio. Josh Aguilar and Rob Burlingame of CBRE represented the tenant, Millennium Distribution, a supply chain operator that serves the food and sanitation industries. Ty Bragg of Cavender & Hill represented the landlord, EastGroup Properties Inc. Millennium Distribution will assume occupancy of the space in May.

March 20, 2019

Industrial Leasing Activity Texas

Agricultural Distributor Relocates Headquarters from Minneapolis to 40,000 SF Space in Fort Worth

by Taylor Williams March 20, 2019

FORT WORTH, TEXAS — Mid-States Distributing Co. Inc., which serves the agriculture industry, will relocate its corporate headquarters from Minneapolis to a 40,000-square-foot space within Mercantile Center in Fort Worth. More than 100 employees will work at the property, which Mid-States Distributing purchased from the American Paint Horse Association (APHA). Colt Power of NAI Robert Lynn represented both parties in the sale.

March 20, 2019

Acquisitions District of Columbia Office Southeast

Office Properties Income Trust Sells Office Building in Downtown D.C. for $70M

by Alex Tostado March 20, 2019

WASHINGTON, D.C. — Office Properties Income Trust (OPI), a REIT, has sold a 129,035-square-foot office building located at 500 First St. NW in downtown Washington, D.C. The Bureau of Prisons is expected to leave the office by the end of April, leaving the property vacant. According to OPI CEO David Blackman, OPI planned to renovate the asset, “but at a sales price of more than $540 per square foot for a to-be vacant building, we decided to be opportunistic and focus our capital elsewhere.” Proceeds from the sale will go toward repaying a portion of OPI’s unsecured term loans. The buyer was not disclosed, although Washington Business Journal reports Georgetown University bought the property. The university plans to relocate many Georgetown Law centers and institutes and some McCourt School of Public Policy centers and institutes into the building, according to the report.

March 20, 2019

Development Florida Restaurant Retail Southeast

Yumbrella Food Hall Opens at The Shops at Sunset Place in South Miami

by Alex Tostado March 20, 2019

SOUTH MIAMI, FLA. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of Racks BBQ, The Tonic and The Beverly. Amenities include a shared kitchen, full bar, stage for musical performances and a private room for events. The Shops at Sunset Place has been owned and operated by Federal Realty Investment Trust, Grass River Property and The Comras Co. since 2015. Other tenants at The Shops at Sunset Place include AMC Theatres, LA Fitness, Tea & Poets, Splitsville and Z-Gallerie.

March 20, 2019

Acquisitions Florida Office Southeast

Grover Corlew Purchases Office Center in South Florida for $32.5M

by Alex Tostado March 20, 2019

DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.

March 20, 2019

Acquisitions Industrial Southeast Tennessee

Fortress, Sansone Group Acquire Industrial Facility in Metro Nashville for $23.6M

by Alex Tostado March 20, 2019

MT. JULIET, TENN. — Fortress Investment Group LLC and Sansone Group have acquired a 709,651-square-foot industrial building in Mt. Juliet for $23.6 million. The property is located along Interstate 840 at 245 Couchville Industrial Blvd., about 32 miles east of downtown Nashville. The buyers also finalized a five-year, more than 237,000-square-foot lease with Superior 3rd Party Logistics Inc. The asset underwent a multimillion-dollar capital improvement project completed in 2018. Terry Smith and Max Smith of Colliers International will handle leasing efforts for the new ownership.

March 20, 2019

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