KANSAS CITY, MO. — Dejana Truck & Utility Equipment has signed a 90,000-square-foot industrial lease in SubTropolis within Kansas City. The automotive equipment manufacturer will run a new Ford Transit and Ford F-150 upfitting operation at the underground business complex. The New York-based subsidiary of Douglas Dynamics Inc. (NYSE: PLOW) will also lease two additional acres in SubTropolis for vehicle staging. Dejana manufactures van partitions, racking systems and hauling systems for aftermarket installation on commercial vans and trucks. Hunt Midwest owns the property.
ELMHURST, ILL. — Euroview Enterprises LLC has entered into a 47,861-square-foot industrial lease in Elmhurst, about 18 miles west of Chicago. The manufacturer and distributor of glass shower doors will occupy the space at 342 Carol Lane. The company is moving from a nearby location at 420 W. Wrightwood Ave. Adam Haefner and Zeke Rowan of Darwin Realty represented the landlord, an institutional investor. Justin Lerner of Transwestern represented the tenant.
HAMMOND, IND. — Associated Bank has provided a $3.1 million loan for the acquisition of a 1.4-acre land site located at 7905-17 Indianapolis Blvd. in Hammond, about 25 miles southeast of Chicago. The borrower, GW Properties, plans to build a multi-tenant retail building at the site. The 9,250-square-foot building will be divided into four retail spaces. Completion is slated for the second quarter of 2018. Brian Rogan of Associated Bank originated the loan.
SAN FRANCISCO — Store closing sales are underway at select Perfumania store locations. The nationwide sale is being conducted by Gordon Brothers and its joint venture partner, Hilco Global. Perfumania, one of America’s largest fragrance retailers, filed for Chapter 11 bankruptcy protection on August 26, 2017 as part of a recapitalization. While Gordon Brothers and Hilco Global will be liquidating the inventory for 65 stores nationwide, Perfumania will continue operating over 150 of its stores. West Coast locations set to close include: Anchorage 5th Avenue Mall in Anchorage, Alaska Tucson Mall in Tucson, Ariz. Paradise Valley Mall in Phoenix Chandler Fashion Center in Chandler, Ariz. Tucson Premium Outlets in Tucson, Ariz. Serramonte Center in Daly City, Calif. Las Americas Premium Outlets in San Diego The Outlets at Orange in Orange, Calif. Outlets at San Clemente in San Clemente, Calif. The Oaks Mall in Thousand Oaks, Calif. Camarillo Promenade in Camarillo, Calif. Plaza West Covina in West Covina, Calif. Desert Hills Premium Outlets in Cabazon, Calif. Gilroy Premium Outlets in Gilroy, Calif. Westfield Palm Desert in Palm Desert, Calif. Westfield San Francisco Centre in San Francisco Chula Vista Center in Chula Vista, Calif. Fashion Outlet of Las Vegas in Primm, Nev. …
AURORA, COLO. — Majestic Realty Co. has broken ground on a 701,900-square-foot speculative warehouse/distribution facility in Aurora. Nicknamed the “Big Bomber,” the building will be the state’s largest facility of its kind once it’s completed in early 2018. The building is being constructed on 36 acres at the 1,500-acre Majestic Commercenter, situated at the intersection of I-70 and Tower Road. It will feature 36-foot ceiling clearance, 146 dock doors, 198 trailer parking spaces and 426 car spaces. Designed for larger users, the facility will be divisible for multiple tenants who require as little as 150,000 square feet. Majestic has been Aurora’s largest industrial developer over the past two decades.
SAN DIEGO — CBRE has announced that Young Hickory — a café offering local coffee, craft beer, breakfast and lunch — will open a 1,577-square-foot location at IDEA1, a mixed-use development by Lowe Enterprises, LaSalle Investment Management and I.D.E.A. Partners in San Diego’s East Village neighborhood. The development, which opens in December, will feature a mix of apartment homes, live/work lofts, retail and an outdoor collaborative workplace. CBRE’s Reg Kobzi and Michael Peterson represented the tenant and the landlord, IDEA1 Property LLC, on the 10-year lease.
HOUSTON — CoStar Group Inc. has assessed the potential impact Hurricane Harvey could have on the Houston commercial real estate market, with findings reported that 27 percent of the gross leasable area may be flooded. This represents $55 billion in property value. The commercial real estate analytics firm reports that roughly 72,000 apartment units sit within the 100-year floodplain and are likely to be flooded. A 100-year flood is a flood event that has a 1 percent probability of occurring in any given year. The area of inundation is mapped and referred to as a “100-year floodplain.” In total, CoStar reports there are 12,000 properties with 400 million square feet of space that fall within the 500-year floodplain. This zone has a .2 percent chance of flooding each year. Only 9 million square feet of space, including 4,000 apartments, are within a designated floodway and most are probably inundated with floodwaters today. However, 175 million square feet located in the 100-year floodplain, including 72,000 apartment units and 20 million square feet of office space, are likely seeing water incursion today. Another 225 million square feet sits in the 500-year floodplain and is also at some risk of flooding, according to the report. “Unfortunately, the …
The need for storage and distribution space for the variety of fruits and vegetables imported from Mexico has long been a driver of industrial demand in the Rio Grande Valley (RGV). Overall industrial occupancy is on the rise throughout the region — about 92 percent in the Greater McAllen Area — and the role of agriculture is becoming a major part of it. The agriculture industry has fueled rapid growth in the RGV city of Pharr and continues to bolster its economic prosperity today. As a global agricultural powerhouse, Pharr is home to a variety of thriving businesses in the agriculture industry. The Pharr-Reynosa International Bridge represents the sixth-largest land (in the United States and currently processes more than $30 billion in international trade on an annual basis. The most influential element behind this uptick has not been agrarian, financial or demographic, but rather infrastructural and on the Mexico side of the region. The Baluarte Bicentennial Bridge, a 3,700-foot cable-stayed bridge completed in late 2013, provides direct access from the Pacific coast city of Mazatlan to the inland metro area of Durango. From Durango, product can be transported directly to the Mexico border city of Reynosa, which has a thriving …
Nearly a week has passed since Hurricane Harvey made landfall in Texas, drenching Houston and the Gulf Coast area with trillions of gallons of rainwater and sending residents scrambling for shelter. While Houston is now, in the words of Mayor Sylvester Turner, “mostly dry,” CoStar estimates that roughly 72,000 residential units are situated within Houston’s 100-year floodplain and are expected to suffer water damage, if they haven’t already. The volume of devastation has prompted property owners across all sectors of commercial real estate in Texas to issue press releases on the status of their properties. Texas Real Estate Business reached out to Norman Radow, CEO of The RADCO Cos., a private equity firm in the multifamily space whose holdings were mostly spared by Harvey. The Atlanta-based company owns seven multifamily properties in Texas, including four in Houston totaling about 1,800 units. Of those, only about 1 percent, or 18 units, were damaged by Harvey. The following interview captures his firm’s efforts to help displaced tenants, and offers insight on how Hurricane Harvey might positively impact future absorption and occupancy in Houston’s multifamily market. Texas Real Estate Business: Prior to the storm, the consensus coming out of Houston seems to have been …
QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …