Property Type

Second IKEA Location in Dallas-Fort Worth Area Taking Shape

by Taylor Williams March 1, 2017

GRAND PRAIRIE, TEXAS — IKEA has announced that construction on its 290,000-square-foot location in Grand Prairie, set to open in fall 2017, has progressed to the point of installing the company’s iconic blue panels. The Swedish furniture outlet, which already operates one DFW location in Frisco, will be situated on 30 acres along the eastern side of Highway 161 and Mayfield Road, roughly midway between downtown Dallas and downtown Fort Worth. IKEA recently announced plans for two new Texas locations to be opened in summer 2019 as well, one in Fort Worth and the other in San Antonio.

March 1, 2017

SHOP Cos. Facilitates Sale of Retail Center in Fort Worth

by Taylor Williams March 1, 2017

FORT WORTH, TEXAS — SHOP Cos. has negotiated the sale of Woodmont Plaza, an 84,521-square-foot retail site located at 6401-6451 McCart Ave. near the intersection of Altamesa Boulevard in southern Fort Worth. The property, which was 100 percent leased at the time of sale, currently houses tenants such as Big Lots, Advance Auto Parts, Pet Supplies Plus and Cricket Wireless. Tommy Tucker and Tim Axilrod of SHOP represented the seller, a Dallas-based limited liability company. The name of the buyer, a Texas-based limited partnership, was not disclosed.

March 1, 2017

Multifamily Texas

Henry S. Miller Brokers Sale of Multifamily Complex in Dallas

by Taylor Williams March 1, 2017

DALLAS — Henry S. Miller Brokerage has arranged the sale of Villa Del Sol Apartments, a 255-unit multifamily property located at 7651 C.F. Hawn Freeway in southeast Dallas. Community amenities include a business center, playground, basketball court and laundry services. Villa Del Sol was roughly 97 percent occupied at the time of sale. Lane Kommer and Mark Porterfield of Henry S. Miller represented the seller, 511 Oakgrove LLC. Independent investor Brad Sumrok represented the buyer, Staples Multi Family.

March 1, 2017

Retail Texas

EDGE Capital Markets Arranges Sale of Retail Center in Houston

by Taylor Williams March 1, 2017

HOUSTON — EDGE Capital Markets has brokered the sale of Park 45, a 20,510-square-foot retail center located at 26436 Lexington Road in Spring, a northern suburb of Houston. The property, located less than a mile from Interstate 45at the intersection of Spring Cypress Road, was 83 percent leased at the time of sale. Josh Jacobs and Burdette Huffman of EDGE represented the seller, Houston Joint Properties Ltd. Reed Parker of Lee & Associates represented the undisclosed buyer.

March 1, 2017

Loans Office Texas

Hunt Mortgage Group Secures $5M in Financing for Office Park in Stafford, Texas

by Taylor Williams March 1, 2017

STAFFORD, TEXAS — Commercial lender Hunt Mortgage Group has secured a $5 million first mortgage bridge loan for Park Place Business Park, an office property located at 11104 W. Airport Blvd. in Stafford, a city on the outskirts of Houston. The financing, originated by Texas-based lender Q10 Kinghorn, Driver, Hough & Co., is structured as a 24-month floating rate loan with three one-year extension options. The borrower, Stafford Office Park II LP, originally acquired the 92,864-square-foot, Class B office property in 2005.

March 1, 2017

Florida Industrial Southeast

Liberty Property Trust Opens First of Two Buildings Within Industrial Park in West Palm Beach

by John Nelson March 1, 2017

WEST PALM BEACH, FLA. — Liberty Property Trust has opened the first of two new buildings within its 70-acre industrial park in West Palm Beach, Liberty Airport Center (LAC). Situated at 6017 and 6035 Southern Blvd., the two assets span 218,000 square feet and feature ESFR fire suppression systems, T5 lighting and impact glass. The recently opened LAC Building One spans 140,400 square feet and features 32-foot clear heights, 42 dock doors, two oversized doors with ramps, a 130-foot private truck court and 54- by 50-foot column spacing. LAC Building Two will span 77,760 square feet and feature 24-foot clear heights, 32 dock doors, 200-foot shared truck court and 54- by 46-foot column spacing. When complete, LAC will include seven industrial buildings totaling 642,000 square feet.

March 1, 2017

Illinois Midwest Office

Reed Construction Completes Corporate Headquarters for Medline in Northfield, Illinois

by Kristin Harlow March 1, 2017

NORTHFIELD, ILL. — Reed Construction has completed construction of the new corporate headquarters for Medline Industries Inc. in Northfield, approximately 20 miles north of Chicago. Medline is a global medical supply manufacturer and distributor, providing products and clinical solutions to hospitals, physician offices, ambulatory surgery centers, nursing homes, home care and retail. Renovations encompassed more than 530,000 square feet in the space that formerly housed Kraft Food’s corporate headquarters. The property is located at 3 Lakes Drive. MB Real Estate and Medline selected Reed Construction to complete the project, which included an interior demolition and rebuild of the large existing space. The workspace areas include both open layouts and private offices. The space also features a large break area, cafeteria and various meeting and breakout rooms for employee use. More than half of the employees formerly located at One Medline Place in Mundelein, Ill. made the move to the new headquarters. The former campus will remain open. Jason Gunderson of Reed Construction led the project, along with Chris Ashman, Kari Hanson, Jay Crane and Michael Whited. Partners by Design provided architectural services. MB Real Estate served as the owner’s representative.

March 1, 2017

Georgia Hospitality Southeast

Image Hotels Breaks Ground on Courtyard by Marriott Hotel Near Savannah

by John Nelson March 1, 2017

POOLER, GA. — Image Hotels has broken ground on a four-story, 120-room Courtyard by Marriott located at 419 Pooler Parkway in Pooler, a suburb of Savannah. The Courtyard Pooler/Savannah Airport hotel will be situated near the Savannah/Hilton Head International Airport and the new Tanger Outlet Savannah. The property will feature 6,820 square feet of banquet and event space, as well as a fitness center, guest laundry services, business center, restaurant and a 24-hour snack shop. Set to open in September 2018, the hotel will operate as a Marriott franchise and will be owned by Image Pooler LLC. Image Hotels will manage the hotel upon completion.

March 1, 2017

Alabama Multifamily Southeast Student Housing

EdR Purchases Student Housing Community Near Auburn University

by John Nelson March 1, 2017

AUBURN, ALA. — EdR has acquired 319 Bragg, a 305-bed student housing community located within walking distance of the Auburn University campus in Auburn. Built in 2014, the property offers two-, three-, four- and five-bedroom units. Community amenities include a study lounge with individual study rooms, 24-hour fitness center, resort-style pool with cabanas, dog park and access gates. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller, Barrett Development Group, in the transaction. The sales price was undisclosed.

March 1, 2017

Midwest Missouri Retail

Block & Co. Brokers $4.9M Sale of Retail Portfolio in Raytown, Missouri

by Kristin Harlow March 1, 2017

RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of three shopping centers in Raytown, about 10 miles southeast of Kansas City, for $4.9 million. The centers are located at 5200-5254 Blue Ridge Blvd., 6204-6240 Raytown Trafficway and 6215-6249 Blue Ridge Blvd. The centers are all nearly 100 percent occupied. 1340 East 9th Street Realty Corp. purchased the properties from Monopoly Acquisitions. Bill Maas and Jay Friedman of Block & Co. brokered the sale on behalf of the seller. Block & Co. will continue to handle leasing on behalf of the new owner for the shopping center located at 6204-6240 Raytown Trafficway.

March 1, 2017

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