Property Type

ST. LOUIS — McCarthy Building Cos. Inc. has completed a 47,000-square-foot subterranean expansion and renovation of the Museum of the Gateway Arch. This is the final component of a $380 million redevelopment of the monument in downtown St. Louis. McCarthy also oversaw the transformation of the north and south grounds surrounding the Arch. The renovated museum and visitor’s center opened to the public on Tuesday, July 3. A new circular entrance and upper-level lobby replaces the previous underground entrances at the base of each leg of the Arch. The landmark remained open and fully operational throughout the three-year construction project. Cooper Robertson, James Carpenter Associates and Trivers Associates designed the museum expansion. Michael Van Valkenburgh Associates oversaw the landscape design. Gateway Arch Park Foundation and the National Park Service led the Gateway Arch Park redevelopment projects. Built as a monument to the westward expansion of the United States, the 630-foot Arch was completed in 1965.

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ROGERS, MINN. — Scannell Properties has sold the Wilfred Distribution Center in Rogers, about 25 miles northwest of Minneapolis, for $20.4 million. The 335,400-square-foot Class A distribution center is fully leased. Originally built in 1999 and renovated in 2008 and 2018, the facility features a clear height of 32 feet and parking for 99 trailers. Approximately 4.6 percent of the total space is allocated for office use. The property features additional land for a 141,000-square-foot expansion of the existing building. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented Scannell in the sale. An institutional buyer purchased the asset.

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MILWAUKEE — Sellars Absorbent Materials Inc. has signed a 134,000-square-foot lease at the former Lowe’s Home Improvement store located at 5800 W. Hope Ave. in Milwaukee. Built in 2004, the property has been vacant since Lowe’s closed the store in 2009. Phoenix Investors, which purchased the building in July 2016, plans to make structural and cosmetic upgrades to the property for Sellars’ distribution operations. Sellars is a Milwaukee-based manufacturer of paper towels, wipes and other absorbent materials. Samuel Dickman Jr., Samuel Dickman Sr. and Zach Noble of the Dickman Co. Inc. brokered the lease transaction.

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ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment group. Encore also represented the buyer, a private investor from Eldersburg, Md.

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HOUSTON — Winther Investment, a Houston-based developer, has broken ground on a 215-unit multifamily community in Houston. According to the Houston Chronicle, the company acquired the land for the project in 2013 but delayed construction in 2016 due to soft multifamily demand in the market. Steinberg Dickey Collaborative LLP designed the community, which is slated to be complete by spring 2020.

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PLEASANTON, TEXAS — San Antonio-based Windmill Investments LLC has acquired Chaparral Place, a 92-unit multifamily community in Pleasanton, about 30 miles south of San Antonio. The sale of the property, which was built in 2013, includes the 10.3 acres on which it is situated. Moses Siller and Zar Haro of JLL brokered the deal. The seller was not disclosed.

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FARMERS BRANCH, TEXAS — Transwestern has arranged the sale of Spring Valley Tech Center, a 61,139-square-foot flex property located at 4200-4288 Spring Valley Road in Farmers Branch, a northern suburb of Dallas. The property was built in 1979 and includes industrial features such as 12- to 18-foot clear heights and three dock-high loading doors. Steve Rowland and Timothy Veler of Transwestern represented the buyer, LCG Spring Valley LLC, in the transaction. Hal Pollard, also with Transwestern, represented the seller, 669 Fairway LLC.

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PLANO, TEXAS — Marcus & Millichap has closed the sale of an 8,957-square-foot retail asset in Plano, a northern suburb of Dallas. The property is shadow-anchored by Kroger. Philip Levy and Blake Davis of Marcus & Millichap represented the seller, a local developer, in the transaction. Justin Miller, Davis Hansen and Dimitri Jordan, also of Marcus & Millichap, procured the buyer, an international private investor.

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HOUSTON — Cypressbrook Co. has negotiated a 40,716-square-foot industrial lease at 11850 Hempstead Road in Houston. George Montes of Cypressbrook represented the tenant, flooring and cabinetry firm Horizon Forest Products LP, in the lease negotiations. Darryl Noon of Transwestern represented the landlord, Teachers Insurance and Annuity Association of America (TIAA).

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