ORLANDO, FLA. — Colliers International has secured a 69,545-square-foot lease for Safemark Systems, a manufacturer of electronic safes for the hospitality industry, at Horizon Commerce Park in Orlando. With the new lease, Safemark Systems will combine its office and warehouse operations into one space. Richard Davis Jr. of Colliers International represented Safemark Systems in the lease transaction. Mike Borling of JLL represented the landlord, EastGroup Properties. Located at 200 W. Sand Lake Road, the property is situated roughly eight miles south of downtown Orlando, with access to State Road 528 and the Orlando Executive Airport.
STERLING HEIGHTS, MICH. — Time Equities Inc. (TEI) has acquired Clinton Valley Shopping Center in Sterling Heights for $23.5 million. The 205,435-square-foot retail center is located at 44809 Schoenherr Road. The property is currently 91 percent occupied. Tenants include Hobby Lobby, Office Depot, DSW, OptimeEyes, Avenue, GameStop, Lifeway Christian, Carrabba’s Italian Grill and BD’s Mongolian Barbeque. Ami Ziff, Jonathan Kim and Adam Levitt of TEI represented TEI in the acquisition. Ben Wineman of Mid-America Real Estate Group represented the seller, Ramco-Gershenson Properties Trust. This is TEI’s fourth asset in Michigan.
EVANSTON, ILL. — Real Capital Solutions Inc. and RMK Management Corp. have opened 1620 Central, a 47-unit luxury apartment building in Evanston. The four-story property, located at 1620 Central St., is 40 percent leased. Floor plans include one-, two- and three-bedroom units ranging from 601 to 1,297 square feet. Monthly rents range from $2,020 to $3,287. Amenities include a bike storage room, electronic package management system and dry cleaning drop-off and pick-up. TJM Development Inc. and Real Capital Solutions developed the property. First National Bank provided project financing, while McHugh Homes was the general contractor.
TOPEKA AND MANHATTAN, KAN. — CBRE has arranged the sale of two multifamily properties near major universities in Kansas for an undisclosed price. Constructed between 2009 and 2014, the Lofts at College Hill is a 220-unit property located near Washburn University in Topeka. Amenities include a clubhouse, fitness facility, resort-style pool, media room, game room and business room. The Campus East Apartments consists of 110 units and is located one block from Kansas State University in Manhattan. Amenities include a pool, on-site laundry and on-site storage areas. A private equity group led by Oklahoma City-based real estate investor Lew McGinnis acquired the properties. Jeff Lamott of CBRE arranged the transaction on behalf of the sellers, Newsome Development and First Management.
MIDLAND, MICH. — Zolman Restoration has signed a 30,690-square-foot industrial lease in Midland, about 27 miles east of Mt. Pleasant. The property is located at 2520 Schuette Road. Zolman Restoration is a fire, flood and storm damage repair company. The company needed the space to house furnishings, equipment and fixtures while repairing a building damaged from fire. John Hamburger and Julie Strong of Signature Associates represented the tenant in the lease transaction. The landlord was not disclosed.
CHICAGO — Joe & The Juice has signed three leases to open its first locations in Chicago. The properties are located at 10 E. Delaware Place, 412 N. Wells St. and 8 E. Huron St. The Denmark-based company is known for its natural and organic ingredients in freshly prepared juices, coffee, shakes and sandwiches. The locations, the company’s first in the Midwest, are slated to open later this year and in 2018. Phil Golding, Todd Siegel and Amira Yunis of CBRE represented Joe & The Juice in the lease transactions.
HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Management have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Hawaii, California, Mexico and Japan. The formation of the joint venture follows Trinity and Oaktree’s $317 million acquisition of the 759-room Westin Maui Resort and Spa in April. That transaction more than doubled Trinity’s volume of hospitality investment for 2017. In addition to the four markets mentioned, the joint venture may also pursue investment opportunities in select gateway markets in the continental United States. Honolulu-based Trinity will oversee the joint venture and be responsible for its acquisitions and asset management. “Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets,” says Sean Hehir, president and CEO of Trinity. “Oaktree is a savvy investor that recognizes the success of our platform and shares our bullish outlook on these markets.” The stock price of Los Angeles-based Oaktree Capital Group LLC closed at $46.60 per share on Friday, Aug. 18, up from $43.87 on Aug. 25, 2016. — Taylor Williams
The industrial market in Charlotte is healthy, with trends pointing to another solid year of net absorption and rent growth. The market continues to attract institutional capital, as cap rates hover slightly below 6 percent for Class A product in the metro’s primary submarkets. Charlotte’s job growth continues to drive population migration into the market. More than 37,000 new jobs have been added in the past 12 months, dropping the unemployment rate from 5.2 percent to 4.9 percent. North Carolina has a young, educated workforce and boasts 53 universities and colleges. The state is nationally recognized for its labor climate. Major employers span the gamut of the business world, from financial and energy stalwarts such as Bank of America and Wells Fargo, Duke Energy and Siemen’s Energy Inc., to more industrial players such as Daimler Trucks North America, Lowe’s, FedEx and Snyder’s-Lance Inc. Charlotte is a logistically sound market, with the city’s airport ranking as the eighth busiest in the U.S., according to the Federal Aviation Administration. A relatively new intermodal rail facility and continued investment in road infrastructure projects are also helping to foster an optimistic environment. The HB2 legislation, which proved a major obstacle to attracting new companies …
SAN ANTONIO — Casey Development Ltd. has broken ground on The Keep Storage, a 77,000-square-foot self-storage facility located just south of Thousand Oaks Drive and Henderson Pass in San Antonio. The Class A property will feature 500 climate-controlled units totaling more than 55,000 square feet of net rentable space. Archcon Architecture designed the project. Capco Construction, the project’s general contractor, expects to deliver the property in May 2018.
WACO, TEXAS — CBL & Associates Properties Inc., a publicly traded, Chattanooga, Tenn.-based retail developer, has begun work on a 45,000-square-foot Dick’s Sporting Goods location in Waco. The property will be situated within the Richland Mall, which is located at 6001 W. Waco Drive and totals roughly 700,000 square feet. The store opening is scheduled for spring 2018.