Property Type

GM to Invest $1.4B in Upgrades for Manufacturing Plant in Arlington

by Taylor Williams June 14, 2017

ARLINGTON, TEXAS — General Motors (GM) will invest $1.4 billion in improvements for its 4.3 million-square-foot Arlington Assembly Plant. Roughly 4,100 employees work at the facility, which will receive a new paint shop, body shop and general assembly area upgrades as part of the deal. The company will also be developing additional workspace at Arlington Logistics Center, a 1.2 million-square-foot industrial project under construction at the site of the former Six Flags Mall, according to the Fort Worth Star-Telegram.

June 14, 2017

MAA Completes Phase II Construction of Multifamily Community in Austin

by Taylor Williams June 14, 2017

AUSTIN, TEXAS — Tennessee-based developer MAA has completed Phase II construction of Post South Lamar, a multifamily community located at 1500 S. Lamar Blvd. in Austin. The property features a mix of studio, one-bedroom and two-bedroom units. Phase II delivered 344 units, restaurant and retail space and amenities such as two pools, an outdoor dining area, fitness center and rooftop terrace.

June 14, 2017

Hospitality Loans Texas

iBorrow Provides $12M in Refinancing for Crowne Plaza in Oklahoma City

by Taylor Williams June 14, 2017

OKLAHOMA CITY — California-based lender iBorrow has provided $12 million for the refinancing of the Crowne Plaza Oklahoma City, a 218-room hotel located at 2945 Northwest Expressway in Oklahoma City. The undisclosed borrower, which purchased the property in 2016 and has since invested approximately $8.1 million in it, will rebrand the asset as a Wyndham hotel.

June 14, 2017

Retail Texas

Marcus & Millichap Arranges Sale of 87,900 SF Retail Center in Arlington

by Taylor Williams June 14, 2017

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Sublett Corners Shopping Center, a five-building, 87,900-square-foot retail center located at 5900-5912 S. Cooper St. in Arlington. Situated on 10 acres and shadowed-anchored by Albertson’s, the Stein Mart-anchored center was 94 percent occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller and procured the buyer, both of whom are private investors.

June 14, 2017

Retail Texas

TREK Brokers Sale of 48,716 SF Shopping Center in Amarillo

by Taylor Williams June 14, 2017

AMARILLO, TEXAS — TREK Investment Group has brokered the sale of Coronado Shopping Center, a 48,716-square-foot retail center located at 3303 Wimberly Road in Amarillo. Parker Carroll of TREK represented the buyer, Assertive Realty Group LLC, in the transaction. The name and representative of the seller were not disclosed.

June 14, 2017

Civic Michigan Midwest

City of Lansing to Relocate City Hall, Redevelop Property in Michigan

by Kristin Harlow June 14, 2017

LANSING, MICH. — The City of Lansing has selected CBRE|Martin to procure a developer for the redevelopment of city hall located at 124 W. Michigan Ave. The 30,274-square-foot property is located directly across the street from the State Capitol Building. The redevelopment could include retail, office, entertainment, hospitality or residential concepts. The City of Lansing plans to relocate city hall, prior to the redevelopment of the current site. Although potential locations have been identified, no decision has been finalized. Therefore, the City of Lansing is willing to entertain proposals that include solutions for the construction of the new city hall. CBRE|Martin will be marketing the opportunity through a Request for Qualifications and Proposals (RFQP) process to developers throughout the country. Qualified candidates will ultimately be chosen by the city.

June 14, 2017

Industrial Michigan Midwest

Wolverine Breaks Ground on 300,000 SF Food Manufacturing Facility Addition in Kentwood, Michigan

by Kristin Harlow June 14, 2017

KENTWOOD, MICH. — Wolverine Building Group has broken ground on a 300,000-square-foot addition for Hearthside Bakery’s food manufacturing facility in Kentwood, about nine miles south of Grand Rapids. The $7 million project will expand storage space for the company, which manufactures snack bars, cookies, crackers, pretzels, croutons, breadcrumbs and other baked goods. Currently, Hearthside Bakery occupies a 255,000-square-foot location and stores raw ingredients in 53-foot semi-trailers at off-site locations around Michigan. Housing all the ingredients in one location will improve the company’s efficiency. Robert Grooters Development will own the new addition, and lease it to Hearthside Bakery.

June 14, 2017

Midwest Minnesota Retail

Cushman & Wakefield NorthMarq Arranges Sale of Two Shopping Centers in Suburban Minneapolis

by Kristin Harlow June 14, 2017

BROOKLYN PARK, MINN. — Cushman & Wakefield NorthMarq has arranged the sale of two shopping centers in suburban Minneapolis for undisclosed prices. Edinburgh Festival Centre, located at the corner of Highway 252 and 85th Avenue North in Brooklyn Park, consists of 91,563 square feet. Festival Foods anchors the center, which is 95 percent leased. Other tenants include Caribou Coffee, Broadway Pizza and Dollar Tree. Shingle Creek Shopping Center consists of 39,456 square feet and is located in Brooklyn Center. The property is fully leased to tenants such as Panera Bread, H&R Block, Gamestop and UPS. IRC Retail Centers sold both properties to LS Capital. Leah Maurer of Cushman & Wakefield NorthMarq represented the seller in the Edinburgh Festival transaction and the buyer in the Shingle Creek transaction.

June 14, 2017

Michigan Midwest Retail

Mid-America Brokers Sale of 174,353 SF Shopping Center in Delta Township, Michigan

by Kristin Harlow June 14, 2017

DELTA TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sale of a 174,353-square-foot shopping center in Delta Township, a western suburb of Lansing. The sales price was not disclosed. Marketplace at Delta Township is located at the southwest corner of I-69 and Saginaw Highway. Michaels, PetSmart, Tractor Supply Co. and Ulta anchor the center. GDA Real Estate Services purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, a public REIT.

June 14, 2017

Illinois Midwest Office

Reed Construction to Complete 32,000 SF Interior Renovation at Office Building in Chicago

by Kristin Harlow June 14, 2017

CHICAGO — Reed Construction has been selected to complete a 32,000-square-foot interior renovation of six new tenant suites at 123 North Wacker in Chicago. Built in 1986, 123 North Wacker is a 30-story Class A office tower located in the West Loop. LaSalle Investment Management’s Income and Growth Fund VII acquired the building for $147 million last year, according to Crain’s Chicago. JLL selected Reed Construction to complete the project, which will include the construction of six new suites. Interiors will include open offices, exposed ceilings, polished concrete and conference rooms. The project is slated for completion next month. Erik Gunderson of Reed Construction is leading the project team, along with Paul Jennrich and Mike Detlefsen. Earles Architect Associates is providing architectural services.

June 14, 2017

Newer Posts

Older Posts