Property Type

Transwestern Arranges 13,816 SF Industrial Lease in Chicago Suburb

by Christina Cannon May 6, 2016

BOLINGBROOK, ILL. — Transwestern has arranged a 13,816-square-foot industrial lease in Bolingbrook, approximately 30 miles southwest of Chicago. Cope Plastics will occupy space at the 55,480-square-foot building. The property, 4 Territorial Court, was built in 2002 and is one of five buildings located in the Territorial Business Center. Cope Plastics, which makes and distributes plastic sheet, rod and tubing products, previously leased 10,700 square feet of space within the same business center. Scott Mueller of Transwestern represented the tenant in the transaction.

May 6, 2016

California Loans Retail Western

GSP Arranges Acquisition Loan for $43M Purchase of Fred Segal in Los Angeles

by Nellie Day May 6, 2016

LOS ANGELES — George Smith Partners (GSP) has secured financing on behalf of Canadian retail investment firm CormackHill LP for the $43 million acquisition of the Fred Segal retail property at 8100 Melrose Ave. in Hollywood. George Smith Partners’ Principal David Rifkind and his team arranged the sub-3 percent, floating-rate loan with prepayment flexibility.

May 6, 2016

California Retail Western

Lee & Associates Brokers $3M Sale of Future Retail Development Site in Vista

by Nellie Day May 6, 2016

VISTA, CALIF. — Lee & Associates has arranged the sale of a 4.6-acre land parcel located on E. Vista Way and Monte Mar Road in Vista. J&T Business Management purchased the site for $3 million. The buyer has plans to build and operate a gas station and additional retail on the site. Matt Weaver, Al Alpuzzo and Patrick Miller of Lee & Associates – North San Diego County represented the sellers, Monte Mar Land LLC and ALB Land LLC, while Brian Bielatowicz of Lee & Associates – Temecula represented the buyer in the deal.

May 6, 2016

California Retail Western

Net-Leased Del Taco Property in Los Angeles Sells for $2.5M

by Nellie Day May 6, 2016

LOS ANGELES — A local family trust has acquired a single-tenant, net-leased Del Taco property located at 2060 S. La Cienega Blvd. in Los Angeles. An Orange County, Calif.-based private investor sold the 1,804-square-foot property for $2.5 million, or $1,386 per square foot. Built in 1965, the 24-hour Del Taco features a drive-thru lane and was remodeled in 2004. Jeremy McChesney of Hanley Investment Group represented the seller, while Shah Noorvash of Coldwell Banker Commercial represented the buyer in the all-cash transaction.

May 6, 2016

Arizona Office Western

Presidio Leases Office Space in Phoenix

by Nellie Day May 6, 2016

PHOENIX — Presidio has leased 2,915 square feet of office space at 24th at Camelback, a Class A office building in Phoenix. The building is also home to Cisco Systems, Presidio’s largest vendor. Other notable tenants in the building include AAA Arizona, Greenberg Traurig and Regus Business Centre. Presidio has been in the Phoenix market for seven years. It will open its newest office with 12 local employees. Peter Menna of Cushman & Wakefield represented the IT services provider. Jeff Hartland and Scott Boardman of the same firm represented the landlord, Hines, in this transaction.

May 6, 2016

Market Reports Office Retail Texas Texas Market Reports

Strong Demand, New Developments in Store for Fort Worth Office & Retail

by Haisten Willis May 6, 2016

In 2016, uncertainty in the oil and gas industry has made a major impact on the Fort Worth commercial real estate market. While each submarket is affected differently, the need for relocations and renovations will lead to a rising demand for quality office and retail spaces across the area. Development of Fort Worth real estate is expected to remain strong in 2016, with growing opportunities that create a strong and healthy market. Office Opportunity Downtown Fort Worth has become a hub for major players in the oil and gas industry, such as Holland Services, Forestar Oil & Gas and FTS International. Within the last 180 days, these tenants have put over 125,000 square feet of office space up on the market for sublease. However, the rest of the office sector has been consistently absorbing large blocks of space, proving healthy despite oil and gas concerns. We have seen at least six transactions totaling over 385,000 square feet within the last six months. Transactions included Charles Schwab’s 130,000-square-foot lease at Circle T in Westlake, and Teague Nall & Perkins’ 42,000-square-foot lease of the former Everest College building at the Mercantile Center in Fort Worth. The consistently strong demand for quality office …

May 6, 2016

New York Northeast Office Top Stories

Construction Begins on $380M Tech and Innovation Building in Brooklyn’s Navy Yard

by Christina Cannon May 6, 2016

NEW YORK CITY — Construction is underway on Dock 72, a $380 million project that will bring 675,000 square feet of tech and innovation space to the Brooklyn Navy Yard. The 16-story building is currently slated for delivery in late 2017. Dock 72 is part of Mayor Bill de Blasio’s commitment to spur job growth around Navy Yard, a 300-acre modern industrial and office park. With this project, Navy Yard has over $700 million of construction activity underway or in the planning stages. The new projects at the Brooklyn Navy Yard are expected to increase the number of permanent jobs at the Navy Yard from 7,000 to 16,000 by 2020. Boston Properties Inc. and an affiliate of Rudin Management Company Inc. (Rudin Development) are developing the building in conjunction with Brooklyn Navy Yard Development Corp. (BNYDC). S9 Architecture designed the building, which is centrally located within the Yard on a 60,000-square-foot strip of land that juts out into the East River between two active dry-docks. WeWork, a provider of collaborative co-working office spaces, is also involved in the development process and will anchor Dock 72. WeWork will occupy 222,000 square feet, and the remaining floor plates will range from 40,000 …

May 6, 2016

Office Texas

Drever Capital Acquires 50-Story Downtown Dallas Skyscraper

by Haisten Willis May 5, 2016

DALLAS — Drever Capital Management has acquired 1401 Elm St., a 50-story office tower in downtown Dallas. The property was bought out of bankruptcy. The building will be renovated into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops and restaurants. The iconic building was constructed in 1965 by oilman H.L. Hunt for the First National Bank of Dallas, and was designed to look like a banker’s pinstriped suit. It was also the fictional leather-floored office of J.R. Ewing of the “Dallas” TV series. The 1.5 million-square-foot landmark, vacant for the last five years, was sold by a partnership between New York-City based Olympic Property Partners and BDRC Partners, a Dallas-based development company. Drever Capital has appointed Dallas-based Andres Construction as construction manager. There are 450 underground parking spaces at 1401 Elm and another 450-plus spaces will be added by converting four of the bank’s storage floors to parking.

May 5, 2016

Office Texas

Jamba Juice Relocates Headquarters to Frisco’s Hall Office Park

by Haisten Willis May 5, 2016

DALLAS — Jamba Inc., a health and wellness brand, has leased 25,000 square feet of space in Hall Office Park. The 16-building, 2.2 million-square-foot office park is located in Frisco. The company will relocate its headquarters from Emeryville, Calif. The new “Jamba Whirl’d Center” will be situated within an eight-story, Class A office building located at 3001 Dallas Parkway. The new Jamba headquarters will include 19,000 square feet of office and meeting space, as well as a 6,000-square-foot test kitchen and storefront. The center will house the company’s operations, business development, sales and marketing, finance, supply chain, technology and human resources divisions. Cushman & Wakefield’s Robbie Baty and Bill McClung brokered the lease on behalf of Jamba Juice and negotiated municipal and state incentives, securing grants from both the city of Frisco and the Texas Enterprise Fund. Hall Group’s Kim Butler, Brad Gibson and Tammy Nellis completed the lease on behalf of Hall Office Park.

May 5, 2016

Multifamily Texas

Criterion Property to Develop Apartment Community in Fort Worth

by Haisten Willis May 5, 2016

FORT WORTH, TEXAS — Criterion Property Cos. has begun construction on The Scenic Residences at River East, a multifamily development in the River East neighborhood of Fort Worth. The Scenic will be a 276-unit, Class A property adjacent to Riverside Park. The development will overlook both the Trinity River and downtown Fort Worth. The Scenic will comprise studio, one- and two-bedroom units and also offer two-story townhomes. Amenities will include a pool with sundeck, indoor/outdoor pavilion, grilling kitchen, pet park, fenced yards for most first-floor units, community gardening plots, pocket parks and a trail system.

May 5, 2016

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