WICHITA, KAN. — Marcus & Millichap has brokered the sale of Best Western Airport Inn & Conference Center in Wichita for an undisclosed price. The 130-room hotel is located at 6815 W. Kellogg Drive near the Dwight D. Eisenhower National Airport. Steve Swenholt, Allan Miller, Chris Gomes and Greg Bates of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
WEST PLAINS, MO. — Mumford Co. has arranged the sale of a 62-room Ozark Hills Inn in West Plains, located in southern Missouri. The sales price was not disclosed. The property, located at 1605 Imperial Road, features a swimming pool and outside picnic area. George Arvanitis of Mumford Co. represented the seller, a local hotel and commercial real estate owner/developer, and procured the buyer, a Missouri-based hotel owner. The buyer plans to operate the hotel as a Baymont Inn under the Wyndham brand.
CHICAGO — ESD, a global engineering firm, has signed a 46,884-square-foot office lease at Willis Tower in Chicago. The firm plans to move its Chicago operations from 175 W. Jackson Blvd. to the tower in June 2018. ESD will occupy the entire 53rd floor and half of the 54th floor. Blackstone acquired Willis Tower in 2015, and unveiled plans for a $500 million renovation to the building earlier this year in conjunction with Equity Office, the U.S. office portfolio company wholly owned by Blackstone’s real estate funds. Jamey Dix, Maggie Brophy and Joy Jordan of the Telos Group represented Equity Office in the lease transaction. Gregg Witt of CBRE and Steve Stratton and Jeff Liljeberg of JLL represented ESD.
KENDALLVILLE AND ANGOLA, IND. — The Boulder Group has negotiated the sale of two single-tenant properties net leased to Jiffy Lube in Indiana for $2.4 million. The properties are located at 317 W. North St. in Kendallville and 640 N. Wayne St. in Angola. The two locations were recently renovated with additional drive-in bays. There are more than 15 years remaining on both Jiffy Lube leases, which expire in December 2032. A private investment group was the buyer and a global real estate fund was the seller. Randy Blankstein and John Feeney of The Boulder Group represented both parties in the sales transaction.
PLANO, TEXAS — TIER REIT Inc. (NYSE: TIER) has acquired 5851 Legacy Circle, a 12-story office tower in the Legacy Town Center area of Plano, for $123.3 million. The sale includes the assumption of a $66 million mortgage loan. The seller was not disclosed. The property, also known as Tower One, is master leased to Encana Corp., which has subleased 88 percent of the property to tenants such as LegacyTexas Bank, U.S. Renal Care and Aimbridge Hospitality. The Class A, 319,000-square-foot property was built in 2012. Tower One is contiguous to two other land parcels totaling four acres that TIER bought in 2015. The company is building office towers on each of those properties, which will add an additional 570,000 square feet. TIER will rebrand the entire combined development as Legacy District. “This acquisition complements our existing development parcels and enhances our vision for Legacy District, given its strategic location in the heart of the vibrant live-work-play Legacy submarket,” says Scott Fordham, president and CEO of TIER REIT. “Further, it plants our flag prominently near the exciting new corporate campuses of Toyota, JP Morgan, Liberty Mutual and FedEx Office, which combined should bring over 15,000 new office workers to the …
Denver’s industrial market has had an impressive run so far this economic cycle – so much so that the top-of-mind-question is, “Where do we go from here?” Last year was a prolific year, attracting new investors, delivering 4.5 million square feet of Class A space and posting the fifth straight year of sub-5 percent vacancy. But the outlook for 2017 is brighter given Denver’s strong economic foundation, the arrival of e-commerce users and delivery of much-needed warehouse inventory. E-commerce Arrives in a Big Way E-commerce arrived in Denver in 2016 but is only just rolling out. Construction began earlier this year on a 1.1-million-square-foot fulfillment center, which will be the market’s largest industrial building upon completion. Several other last-mile e-commerce facilities are opening in the region that are intended to provide same-day or fresh food delivery. The local e-commerce footprint is approaching 3 million square feet in total. E-commerce companies are actively securing sites in Denver largely in response to the region’s explosive population growth. Colorado was the second-fastest-growing state in 2015, and Colorado’s Front Range communities are home to more than 5 million people. Between 2010 and 2016, Denver added nearly 1,000 new residents a week and ranked 12th …
CHICAGO — In its most recent study on the workplace, JLL has found that helping people feel good on the job is more than a ‘box-ticking” exercise in trying to achieve work-life balance. A place of work is far more than a property. It is a living environment that helps individuals and businesses craft and experience a better fusion of life and work. One of the key findings from the report, entitled “Workplace Powered by Human Experience,” is that workplaces must provide a broader range of innovative spaces to meet employee expectations and attract and retain talent. The design and configuration of workplaces will evolve to put human experience at the heart of modern workspaces, and understanding the ecosystem in which employees operate and thrive is critical to business success as aesthetic solutions alone are no longer enough. The report finds that an ideal work environment is a mixture of collaborative space and support services, including coffee and tea shops, lounges, terraces, war rooms, service desks, creative spaces and “incubators” that feature dedicated space for employees and external talent to develop personal projects. The space provided by a company can directly impact employee experience levels. New types of spaces can …
SAN JOSE, CALIF. — A joint venture between TMG Partners and Valley Oak Partners has completed a preliminary review submittal application to the City of San Jose to develop close to 1 million square feet of commercial office space. The project would be situjated on 5.4 acres at 440 W. Julian St. within the Diridon Station Area Plan. The proposal includes three six-story office buildings and below-grade parking. The three buildings would contain 157,000 square feet, 345,000 square feet and 490,000 square feet, respectively, with views of downtown San Jose. Each building will feature floor plates ranging from 30,000 square feet to 90,000 square feet, as well as 15-foot floor-to-floor heights and large, private terraces on every floor. The site is situated near Google’s yet-to-be-constructed village development. Kohn Pedersen Fox Associates would act as the designer.
COSTA MESA, CALIF. — BLT Enterprises has acquired a 112,000-square-foot logistics property in Costa Mesa for $33.4 million. FedEx occupies the center, which is located at 1650 Sunflower Ave. FedEx’s lease was set to expire next year, but a blend-and-extend lease was built into the sale that will keep the company there until 2028. The property was built in 1976 and repurposed in 2008. The seller was Sovereign Capital Management Group. Colliers’ Institutional Investment Services Group – Western Region executed the sale.
LONG BEACH, CALIF. — Rexford Industrial Realty has purchased a build-to-suit facility at Douglas Park in Long Beach for $30.6 million. The 136,965-square-foot building is occupied by Universal Technical Institute, which signed a 15-year lease. CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the buyer and seller, Sares Regis Group, in this transaction. CBRE’s John Schumacher, Brian DeRevere and J.B. Green were the local market experts on the deal.
