Property Type

Prologis to Acquire DCT Industrial Trust in $8.4B, All-Stock Transaction

by Taylor Williams April 30, 2018

SAN FRANCISCO AND DENVER — San Francisco-based Prologis Inc. (NYSE: PLD) and Denver-based DCT Industrial Trust Inc. (NYSE: DCT) have entered into a definitive merger agreement wherein Prologis will acquire DCT Industrial Trust for $8.4 billion. The sale will be structured as an all-stock transaction. DCT shareholders will receive 1.02 shares of Prologis stock for each share of DCT stock they own. Under the terms of the transaction, which is expected to close during the third quarter, Prologis will assume all of DCT’s outstanding debt. During a conference call on the morning of April 30, the leaders of both companies pointed to the similarities in their operating strategies as key incentives behind the merger. “For some time, we have considered DCT’s realigned portfolio to be the most complementary to our own in terms of product quality, market position and growth potential,” said Hamid Moghadam, Prologis’ chairman and CEO. “This high level of strategic fit will allow us to capture significant economies of scale immediately.” “We competed against Prologis for many years and it has always been apparent that their approach to developing and operating is very similar to ours,” said Phil Hawkins, president and CEO of DCT. “This merger represents …

April 30, 2018

Industrial Market Reports Property Type South Carolina Southeast Southeast Market Reports

Advanced Manufacturing, Logistics Activity Accelerate Upstate’s Industrial Growth

by John Nelson April 30, 2018

The Greenville-Spartanburg economy has a long legacy of being fueled by industrial activity. Today, the whole Upstate market continues to experience record levels of growth as it evolves into advanced manufacturing, automotive and distribution related activities. South Carolina is the largest exporter of goods on a per capita basis in the Southeast and has one of the highest densities of foreign direct investment per capita in the United States. The Upstate is the manufacturing center of South Carolina, with approximately 55 percent of the market’s 177 million square feet of industrial space classified as manufacturing. Due to the strong fundamentals of the market, manufacturing is expected to continue to grow. The metro offers manufacturers a pro-business environment, with skilled and affordable labor, a critical mass of industry and a solid transportation infrastructure with access to high population bases. Strategic Location The region is also becoming increasingly crucial to supply chains serving the East Coast and Southeast. The Upstate can reach over 95 million people within a day’s truck drive. With the continued proliferation of e-commerce, the Greenville-Spartanburg market provides an opportunity to mitigate transportation costs by allowing companies to leverage Inland Port Greer, which provides overnight service to and from …

April 30, 2018

Acquisitions Office Texas

VCP Acquires 100,000 SF Office Building in Southwest Austin

by Taylor Williams April 27, 2018

AUSTIN, TEXAS — Valor Capital Partners (VCP) has acquired The Overlook at Rob Roy, a 100,000-square-foot, Class A office building in southwest Austin. Built in 2002, the property is located just off Bee Cave Road. This is the fifth acquisition in the Austin area for VCP, which will build an additional two-story parking structure at the property. Equitable Commercial Realty (ECR) represented the seller in the transaction. Other terms of sale were not disclosed.

April 27, 2018

Development Healthcare Texas

Everson Breaks Ground on 58,000 SF Medical Office Building in Metro Houston

by Taylor Williams April 27, 2018

SHENANDOAH, TEXAS — Everson Developments has broken ground on a 58,000-square-foot medical office building at 121 Vision Park Blvd. in Shenandoah, a northern suburb of Houston. Designed by Ziegler Cooper, the three-story, Class A property is slated for completion by year’s end. The J. Beard Real Estate Co. is handling leasing of the property and recently secured its first tenant, Gill Plastic Surgery & Dermatology.

April 27, 2018

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 55,376 SF Industrial Lease in Dallas

by Taylor Williams April 27, 2018

DALLAS — Lee & Associates has secured a 55,376-square-foot industrial lease at 2115 Exchange Drive in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, Global Logistic Properties, in the lease negotiations. Reed Parker of Lee & Associates represented the tenant, Blue Ribbon Delivery Inc., a transportation and logistics firm.

April 27, 2018

Industrial Leasing Activity Texas

Asia Cabinetry Leases 41,458 SF of Industrial Space in Northwest Houston

by Taylor Williams April 27, 2018

HOUSTON — JLL has negotiated a 41,458-square-foot industrial lease at 7875 Northcourt Road in northwest Houston on behalf of Asia Cabinetry, a wholesale cabinet distributor. The space will continue to serve as the company’s headquarters, although it represents an expansion from its previous space. Jeff Venghaus and Geoff Perrott of JLL represented Asia Cabinetry in the lease negotiations. Darryl Noon of Transwestern represented the landlord, CPF Alamo Crossing LLC.

April 27, 2018

Leasing Activity Office Texas

Basis Technologies Relocates Headquarters from Canada to Metro Dallas

by Taylor Williams April 27, 2018

ADDISON, TEXAS — British tech firm Basis Technologies has relocated its North American headquarters from Vancouver to Dallas, signing a 4,200-square-foot lease at 16301 Quorum Drive in the Dallas suburb of Addison. Ryan Hoopes of Colliers represented the company in its lease negotiations. Basis Technologies plans to hire 100 additional employees in the U.S. over the next five years.

April 27, 2018

Illinois Leasing Activity Midwest Office

Publicis Signs 681,545 SF Office Lease Renewal, Expansion in Chicago

by Kristin Harlow April 27, 2018

CHICAGO — Publicis has signed an office lease renewal and expansion at 35 W. Wacker Drive in Chicago. The new lease for 681,545 square feet represents a 50,000-square-foot expansion for Publicis, which is an advertising and public relations company. The firm is consolidating three other Chicago-area offices into this location. Also known as the Leo Burnett Building, 35 W. Wacker is a 1 million-square-foot, Class A building that is now fully leased. Drew Nieman and Christy Domin of CBRE represented the landlord, UBS Asset Management, in the lease transaction. Mike Christian and Steve Schneider of Cushman & Wakefield represented Publicis.

April 27, 2018

Acquisitions Hospitality Midwest Wisconsin

MCR Purchases 169-Room Courtyard by Marriott Hotel in Downtown Milwaukee

by Kristin Harlow April 27, 2018

MILWAUKEE — MCR has purchased the 169-room Courtyard by Marriott Milwaukee Downtown for an undisclosed price. MCR will also manage the property, which is located at 300 W. Michigan St. Hotel features include Wi-Fi, a fitness center, indoor pool, convenience store, restaurant and bar and four event spaces. MCR is a hotel owner-operator that has invested in 103 hotel properties with more than 12,000 rooms in 27 states.

April 27, 2018

Acquisitions Healthcare Midwest Wisconsin

Healthcare Trust Acquires 25,466 SF Medical Office Building in Milwaukee for $6M

by Kristin Harlow April 27, 2018

MILWAUKEE — Healthcare Trust Inc. has acquired Aurora Health Center in Milwaukee for $6 million. The 25,466-square-foot outpatient facility and surgical center is 95 percent leased to subsidiaries of Aurora Health Care. Completed in 2000, the property is less than one mile from Aurora’s flagship 882-bed hospital, St. Luke’s Medical Center. Ben Appel, Evan Kovac, Andrew Milne, Anthony Frogameni, Matt DiCesare and Jaime Fink of HFF marketed the property on behalf of the seller, Atkins Cos.

April 27, 2018

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