Property Type

Cushman & Wakefield Arranges Sale of 94,682 SF Industrial Facility in Bloomingdale, Illinois

by Kristin Harlow November 14, 2016

BLOOMINGDALE, ILL. — Cushman & Wakefield has arranged the sale of a 94,682-square-foot industrial facility located at 221 Covington Dr. in Bloomingdale, a western suburb of Chicago. The sales price was not disclosed. University Beauty Products Inc. purchased the recently renovated facility, which is located near the company’s headquarters in Glendale Heights. The facility sits within the Covington Corporate Center business park and features 19,115 square feet of premium Class A office space, 25-foot clear heights and five enclosed truck docks. Eric Fischer, Keith Puritz and Brett Kroner of Cushman & Wakefield represented Universal Beauty Products in the transaction. Jeff Fischer and Adam Naparsteck of NAI Hiffman represented the seller, High Street Realty Company LLC.

November 14, 2016

Loans Multifamily Student Housing Texas

ARA Newmark Secures $22.2M Construction Loan for Student Housing Community in Houston

by Amy Works November 14, 2016

HOUSTON — ARA Newmark has secured a $22.2 million construction loan for The Icon, a 380-bed student housing development located within walking distance of the University of Houston campus. David Schwarz and Spencer Hough of ARA Newmark secured the loan on behalf of the borrower, Tier One Group, through an undisclosed regional debt fund. The five-story property will feature a resort-style pool, business center, conference room, game room, lounge area, fitness center, fire pit and a covered outdoor bar with gas grills and a refrigerator. Tier One expects to deliver the project in time for fall 2017 classes.

November 14, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Brokers $1.6M Sale of Net Leased Starbucks Property in Cary, Illinois

by Kristin Harlow November 14, 2016

CARY, ILL. — The Boulder Group has arranged the sale of a single-tenant property in Cary net leased to Starbucks for $1.6 million. The newly built property is located at 630 NW Highway. The Starbucks lease, which began in October 2016, spans for 10 years and features four five-year renewal option periods with 10 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private partnership. The buyer was a private west coast-based real estate partnership.

November 14, 2016

Retail Texas

Cypress Equities Opens 12.7-Acre Crystal Falls Town Center in Leander, Texas

by Amy Works November 14, 2016

LEANDER, TEXAS — Cypress Equities has opened Crystal Falls Town Center, a 12.7-acre retail center located at the corner of Lakeline Boulevard and Crystal Falls Parkway in Leander. A 63,182-square-foot Randalls Food Market anchors the 93,642-square-foot center. Additional tenants include Orange Theory Fitness, Jack Brown Cleaners, La Bella Nails and Spa, ABC Liquor, Tomlinson’s Feed, Cost Cutters, GNC and Apple Springs Family Dentistry. SRS Real Estate Partners has been retained to lease the property.

November 14, 2016

Loans Michigan Midwest Retail

Bernard Financial Group Arranges $9M Acquisition Loan for 266,439 SF Retail Center in Sault Ste. Marie, Michigan

by Kristin Harlow November 14, 2016

SAULT STE. MARIE, MICH. — Bernard Financial Group has arranged a $9 million acquisition loan for a 266,439-square-foot retail shopping center in Sault Ste. Marie in the Upper Peninsula of Michigan. Cascade Crossing is located at 4500 I-75 Business Spur. Tenants include T.J. Maxx, Dollar Tree and Kohl’s, among others. David Dismondy of Bernard Financial Group originated the loan. Cascade X LLC was the borrowing entity.

November 14, 2016

Retail Texas

Venture Commercial Completes Sale of 38,000 SF Retail Property in Frisco, Texas

by Amy Works November 14, 2016

FRISCO, TEXAS — Venture Commercial Real Estate has arranged the sale of a single-tenant, net-leased LA Fitness in Frisco. The 38,000-square-foot gym anchors the Frisco Market Center, a 100-acre mixed-use development located at Main Street and Dallas North Tollway. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture Commercial represented the seller, Hermansen Land Development Inc., in the sale. The name of the buyer and the acquisition price were not released.

November 14, 2016

Industrial Texas

Lee & Associates Negotiates 63,000 SF Industrial Lease in McKinney, Texas

by Amy Works November 14, 2016

MCKINNEY, TEXAS — Lee & Associates has arranged a 63,000-square-foot lease expansion and extension for Popular Ink at 2040 Redbud Drive in McKinney. Popular Ink offers custom flexible packaging printing for a variety of products, including sleeves, boxes, pouches and labels. Brett Lewis, George Tanghongs and Adam Graham of Lee & Associates represented the landlord, Dalfen, while Carey Cox Co. represented the tenant in the transaction.

November 14, 2016

Office Texas

Stream Energy Relocates to 55,226 SF Office Space in Dallas

by Amy Works November 14, 2016

DALLAS — Stream Energy has relocated to 55,226 square feet of office space located at 14675 Dallas Parkway in Dallas. Stream Energy is a leading company in energy, connected life services and direct selling. Jon Silberman with NAI Partners, along with Van Power and David Schrock of NAI Robert Lynn, represented the tenant, while the landlord, Cawley Partners, was represented internally by Jeremy Duggins.

November 14, 2016

Multifamily Seniors Housing Top Stories

Ventas to Sell 36 Skilled Nursing Facilities to Kindred for $700M

by Jeff Shaw November 14, 2016

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) plans to buy the 36 skilled nursing facilities it currently operates for Ventas for $700 million. The move is the latest step in Kindred’s plan to fully exit the skilled nursing business. The company will presumably try to sell the facilities that it will now both own and operate. Kindred announced its plan to leave skilled nursing last week on its third-quarter earnings call, which revealed a quarterly loss of $671.3 million. The company will focus instead on home healthcare and post-acute care hospitals. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, sent out its own statement the next day, noting that Kindred could not sell or lease the 36 Ventas-owned facilities without Ventas’ consent. By buying those 36 facilities, Kindred is now free to sell or lease the properties. As part of the deal, Ventas has extended its lease with Kindred for all the Ventas-owned acute-care hospitals in Kindred’s operational portfolio. The leases were set to expire between 2018 and 2020, but have all been extended to 2025. Ventas itself is attempting to exit the skilled nursing business as well. The company created a separate spinoff company …

November 14, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Demand for Orlando’s Class A Office Space is Outpacing Supply

by John Nelson November 14, 2016

The Orlando office market is strong and continues to grow stronger. Vacancy rates are declining, rents are increasing and new developments are in the works. While many large office markets around the country seem to have reached or are approaching the peak of this real estate cycle, the market in the Orlando area still has great potential for expansion. According to the Orlando Economic Development Commission (EDC), there is currently an unprecedented level of office, multifamily and mixed-use development planned for downtown Orlando. This is largely thanks to Tremont Plaza, a 28-story mixed-use development being built by Lincoln Property Co. and Tremont Realty Capital. The $81 million development will have seven floors of office space totaling over 200,000 square feet, along with a 180-room hotel, making it the first large-scale Class A office project for Orlando in 10 years. With several other major multi-use commercial projects on the drawing board, the EDC calculates that more than 1 million additional square feet of construction is planned for Orlando’s downtown business district. There are several factors contributing to the office market’s prosperity, including Florida’s improving economy and business-friendly atmosphere. The state offers a favorable business tax structure, pro-business legislature and access to …

November 14, 2016

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