Property Type

MedCraft to Develop $5M Medical Facility for Via Christi in Derby, Kansas

by Kristin Harlow March 6, 2017

DERBY, KAN. — MedCraft Healthcare Real Estate LLC is developing a $5 million build-to-suit medical facility for Via Christi Clinic in Derby, a suburb of Wichita. The 15,000-square-foot clinic will be located on the northwest corner of Tall Tree Road and Newberry Street. Completion is slated for this fall. The new building will allow Via Christi to expand from four family medicine and pediatric providers to eight, as well as integrate primary care and physical therapy. The clinic’s current location opened 19 years ago at 1720 Osage Road. Eby Construction is the contractor for the project, and Howard + Helmer Architecture is the project architect.

March 6, 2017

Midwest Ohio Retail

Big R Signs 98,000 SF Retail Lease in Former Sears Store in Findlay, Ohio

by Kristin Harlow March 6, 2017

FINDLAY, OHIO — Watseka, Ill.-based Big R has signed a 98,000-square-foot retail lease at a former Sears store in Findlay, 40 miles south of Toledo. The outdoor sporting goods store will occupy the space at the Findlay Village Mall located at 1800 N. Tiffin Ave. The building, vacant since 2014, is now under construction with a planned opening in the second quarter of 2017. This will be the second Ohio location for Big R, joining the recently opened location in Lima. Duke Wheeler of Reichle Klein Group represented the tenant in the lease transaction. JJ Gumberg Co. is the landlord for the mall.

March 6, 2017

Industrial Michigan Midwest

O.ME.R Enters Into 12,633 SF Industrial Lease in Shelby Township, Michigan

by Kristin Harlow March 6, 2017

SHELBY TOWNSHIP, MICH. — O.ME.R North America has entered into a 12,633-square-foot industrial lease in Shelby Township in western Michigan. The Italian-based manufacturer of railway interiors will occupy the space at 50570 Wing Drive. This is the company’s first location in the United States. Kris Pawlowski of Signature Associates represented the tenant in the lease transaction.

March 6, 2017

Illinois Midwest Office

City Capital Advisors Renews 9,148 SF Office Lease in Chicago

by Kristin Harlow March 6, 2017

CHICAGO — City Capital Advisors has renewed its 9,148-square-foot office lease at 444 N. Michigan Ave. in Chicago. As part of the lease, the investment bank will undertake a significant renovation to its current space to improve layout and include the firm’s separate practice group, City Capital Ventures. Jon Milonas and Kyle Kamin of CBRE represented City Capital Advisors in the transaction. Emily Marquardt of The Telos Group represented the landlord.

March 6, 2017

Industrial Midwest Wisconsin

Dickman Co. Arranges Sale of 7,700 SF Industrial Building in West Allis, Wisconsin

by Kristin Harlow March 6, 2017

WEST ALLIS, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 7,700-square-foot industrial building in West Allis, a suburb of Milwaukee. P & Z Properties purchased the building, located at 11408 W. Lincoln Ave., from Golden Site Management LLP. Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the seller in the transaction, while Brett Garceau of MLG Commercial represented the buyer.

March 6, 2017

Mixed-Use South Carolina Southeast

NASH, Newland Acquire 4,000-Acre Nexton Community Near Charleston

by John Nelson March 6, 2017

SUMMERVILLE, S.C. — North America Sekisui House LLC (NASH) and development partner American Newland Communities LLP (Newland) have purchased 4,000 acres in Summerville from WestRock Land and Development for an undisclosed price. The acquired land is situated within the Nexton master-planned development near Charleston. WestRock will continue to develop its commercial land fronting I-26 and US 176, including the PPCP Medical Campus, the Nexton town center retail space and other commercial and retail projects. Nexton has been approved for up to 13,000 residential units, comprising single-family detached, single-family attached and multifamily. Currently, more than 200 homes have been sold or are currently under construction within Nexton. The Nexton acquisition is the first development project in the Charleston area for both NASH and Newland, whose plans for the project were not disclosed.

March 6, 2017

Florida Multifamily Southeast

Glenmont Capital, Arlington Properties Sell Apartment Community in Tampa for $73M

by John Nelson March 6, 2017

TAMPA, FLA. — Glenmont Capital Management LLC and Arlington Properties have sold Tapestry at Citrus Park, a 400-unit apartment community in Tampa, for $73 million. Developed in 2015 by Glenmont and Arlington, the Class A property is situated on 60 acres at 12780 Olive Jones Road in Tampa’s North Hillsborough submarket. Tapestry at Citrus Park’s units average 1,005 square feet and feature private entrances, nine-foot ceilings, plank flooring, walk-in closets, granite countertops and stainless steel appliances. Community amenities include two beachfront-entry pools, a fitness center, lounge, business center and dog park. Patrick Dufour and Scott Ramey of ARA Newmark represented Glenmont and Arlington in the sale. Matthew Williams of Newmark Grubb Knight Frank Capital Markets arranged a four-year, $53.8 million, floating-rate acquisition loan through ARES Commercial Real Estate on behalf of the borrower, an institutional owner/operator.

March 6, 2017

Industrial Southeast Virginia

Finmarc Purchases 15-Building Industrial Portfolio in Northern Virginia for $58M

by John Nelson March 6, 2017

WOODBRIDGE AND FREDERICKSBURG, VA. — Finmarc Management Inc. has purchased a 15-building, 750,000-square-foot industrial portfolio in northern Virginia’s I-95 corridor from Stewart Investment Co. for $58 million. Contained primarily within the Featherstone Industrial Park in Woodbridge and including a property in Fredericksburg, the portfolio was 91 percent leased at the time of sale to more than 25 tenants, including Coleman American Moving Services, Joe Moholland Moving Inc., The United States General Services Administration, Arven Moving & Storage and Atlantic Transfer Inc. Marc Rampulla, Mark Levy and Jay Wellschlanger of JLL were the brokers of record in the transaction. Finmarc has retained John Detleff of JLL to manage leasing activities for the portfolio.

March 6, 2017

Florida Retail Southeast

MMG Equity Partners Buys Shopping Center in Miami for $38.6M

by John Nelson March 6, 2017

MIAMI — MMG Equity Partners has purchased Kendall Corners, a 97,189-square-foot shopping center located on Kendall Drive in Miami, for $38.6 million. The property was 92 percent leased at the time of sale to tenants such as Ashley Furniture, Baptist Hospital, Bank United, Mattress Firm, Phenix Salons and IHOP. The seller was undisclosed.

March 6, 2017

Indiana Retail Top Stories

Growth of E-Commerce Sales, Intense Competition Lead to hhgregg Store Closures

by Taylor Williams March 6, 2017

INDIANAPOLIS — Electronics and home appliances retailer hhgregg’s Inc.’s decision last week to close 88 stores — or roughly 40 percent of its total outlets — and three distribution facilities over the next two months came in the wake of a rough financial stretch for the company. Net sales decreased 23.7 percent on a year-over-year basis during the company’s most recent fiscal quarter, which ended Dec. 31, 2016, and the gross operating margin declined 4.1 percent. The net loss for the quarter was roughly $58.3 million, despite the fact that this period encompassed the holidays. The company was recently delisted from the New York Stock Exchange for failing to meet minimum requirements. Most commonly, delisting occurs when a security trades below $1 per share for 30 consecutive business days; hhgregg had not closed at or above this level since Jan. 9 of this year As a supplier of consumer goods that span several different sectors, hhgregg has been hit equally hard by the rising popularity of e-commerce and competition from other multichannel retailers like Walmart and Home Depot, both of which have enjoyed upward-trending stock prices throughout the year’s early stages. Its electronics division, in particular, was hit hard by this …

March 6, 2017

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