Property Type

RHYS Negotiates $18.5M Sale of Office Building in Greenwich, Connecticut

by Amy Works December 8, 2016

GREENWICH, CONN. — RHYS has arranged the sale of an office building located at 115 E. Putnam Ave. in downtown Greenwich. The Helen M. deKay Trust sold the property to 115 East Putnam Avenue LLC for $18.5 million. The 1.3-acre property, which is subject to a long-term ground lease, traded for more than $14 million per acre. The three-story building features 37,678 square feet of office space and 115 parking spaces. Cory Gubner and Christian Bangert of RHYS represented the seller, while Stephen Westerberg of Newmark Grubb Knight Frank represented the buyer in the transaction.

December 8, 2016

Multifamily Texas

Partnership to Develop 300-Unit Urban Living Community in Frisco

by Amy Works December 8, 2016

FRISCO, TEXAS — The Frisco Station Partnership has engaged Hillwood Multifamily to develop Station House, a 300-unit urban living community in Frisco. The project will be the first residential property to break ground in Frisco Station, a 242-acre multi-use development at the northwest quadrant of Dallas North Tollway and Warren Parkway. Designed by JHP Architecture/Urban Design, the four-story Station House will feature apartment homes with energy-efficient, stainless steel appliances and LED lighting, mudrooms, butler’s pantries, built-in desks, oversized soaking bathtubs and walk-in showers. Community amenities will include private interior courtyards with a pool area; outdoor kitchen and social spaces; massage room and Pilates studio; coffee bar and wine bar; resident lounge and library; demonstration kitchen and private dining room; game room; and terrace lounges. Additional project partners for Frisco Station include Rudman Partnership, which has owned the Frisco Station land since 1962, and Van Trust Real Estate, which serves as the office development partner.

December 8, 2016

Retail Texas

CBRE Arranges Sale of Grocery-Anchored Retail Center in Dallas

by Amy Works December 8, 2016

DALLAS — CBRE, on behalf of Ares Management and Benchmark Opportunity Partners, has brokered the sale of Sierra Vista Plaza, a 15.9-acre grocery-anchored retail center in Dallas. ACF Property Management acquired the 163,000-square-foot property for an undisclosed price. Fiesta Mart, Marshalls, Melrose, Footlocker, Footlocker Kids, Applebee’s, Bank of America, Payless Shoe Source, Cici’s Pizza and Gamestop occupy the center. At the time of sale, the property was fully leased and stabilized. Chris Cozby and Chris Gerard of CBRE represented the seller in the transaction.

December 8, 2016

Hospitality Texas

HEI Hotels & Resorts Sells 309-Room Sheraton Dallas by the Galleria

by Amy Works December 8, 2016

DALLAS — HEI Hotels & Resorts has completed the sale of Sheraton Dallas by the Galleria, a full-service hotel located at 4801 Lyndon B. Johnson Freeway in Dallas’ Galleria submarket. A partnership between Driftwood Hospitality Management and an institutional real estate investor purchased the asset for an undisclosed price. Driftwood has assumed management of the hotel. The 309-room hotel features 13,741 square feet of function space across 21 meeting rooms; Front Yard, a full-service restaurant; Sheraton Club Lounge; a 24-hour fitness center; a 24-hour business center and an outdoor pool. John Bourret, Austin Brooks and Daniel Peek of HFF represented HEI in the transaction.

December 8, 2016

Multifamily Texas

San Antonio Commercial Advisors Brokers Sale of Two Apartment Communities in San Antonio

by Amy Works December 8, 2016

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of two apartment communities in San Antonio for an undisclosed sum. The properties include The Montage at North Point and City Heights Apartments, located at 3601 Magic Drive and 9400 Fredericksburg Road, respectively. Built in 1982, The Montage at North Point features 208 apartments, a swimming pool, picnic space, sports court and a dog park. City Heights, which was built in 1972, features 272 apartments across 35 two-story buildings, two swimming pools and a fitness center. Brandon Lo Porto and Scott Weems of SACA represented the undisclosed seller in the deal. The name of the buyer was not released.

December 8, 2016

Retail Texas

Pearland Central Plaza in Metro Houston Sells for $2.4M

by Amy Works December 8, 2016

PEARLAND, TEXAS — A partnership has completed the disposition of Pearland Central Plaza, a retail property located at 1909 N. Main St. in Pearland. A limited liability company acquired the 9,600-square-foot property for $2.4 million. Gus Lagos and Alex Bouchard of Marcus & Millichap represented the seller, while Keith Lloyd and James Wilson, also of Marcus & Millichap, represented the buyer in the deal.

December 8, 2016

Illinois Midwest Mixed-Use

Developers of Addison & Clark Mixed-Use Project Strike Up Leases With Two New Tenants in Chicago

by Kristin Harlow December 8, 2016

CHICAGO — Lucky Strike Entertainment and Shake Shack Inc. have signed leases at Addison & Clark, the mixed-use development opening in Chicago’s Lakeview neighborhood in 2018. The center will be Lucky Strike Entertainment’s second Chicago location and Shake Shack’s fourth Chicago-area restaurant. Lucky Strike Entertainment will occupy 30,000 square feet and offer a premium bowling experience, with a chef-driven menu, private function spaces and live music. Shake Shack, which offers burgers, hot dogs and shakes, will occupy 3,500 square feet. CMX luxury dine-in movie theater has already signed a lease at the building, located directly across from Wrigley Field. Upon completion, the development will include 148 luxury apartments and 150,000 square feet of retail space. Project developers include a joint venture between M&R Development and Bucksbaum Retail Properties LLC.

December 8, 2016

Illinois Industrial Midwest

Transwestern Negotiates 47-Acre Ground Lease in Chicago Suburb

by Kristin Harlow December 8, 2016

LEMONT, ILL. — Transwestern has negotiated a 47-acre ground lease for Chicago Truck Parking in Lemont, a suburb of Chicago. The multi-million deal is one of the largest parking leases ever in metro Chicago. The operator of parking lots for tractor-trailers and other commercial vehicles will occupy the space at 12300 New Ave. Located in the I-55 industrial corridor, the new parking lot will allow Chicago Truck Parking to consolidate multiple yards into a single location. The company will continue to operate its truck parking at Veterans Parkway and I-55 in Bolingbrook, Ill., but will consolidate its Archer Avenue and Route 83 location in Lemont at the new location. Terri Alexander of Transwestern represented the tenant in the eight-year lease. Tim McCahill and Brian Vanosky of Lee & Associates represented the landlord, Realterm Logistics.

December 8, 2016

Industrial Midwest Wisconsin

Dickman Co. Arranges 12,040 SF Industrial Lease in Milwaukee

by Kristin Harlow December 8, 2016

MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the lease of 12,040 square feet of industrial and office space for Naturescape Inc. in Milwaukee. The lawn and landscape care company will occupy the building at 5757 N. Lovers Lane Road. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of the Dickman Co. represented the landlord, Marva’s Realty LLC. Lori Hake of Judson & Associates represented the tenant.

December 8, 2016

Industrial Michigan Midwest

Colliers Brokers 10,197 SF Industrial Lease in Bloomfield Hills, Michigan

by Kristin Harlow December 8, 2016

BLOOMFIELD HILLS, MICH. — Colliers International has brokered the lease of a 10,197-square-foot industrial facility for Team Rehab in Bloomfield Hills, a northern suburb of Detroit. The physical and occupational therapy company will be occupying the former St. Joseph Mercy Hospice center located at 281 Enterprise Drive. The company is expected to move into the facility by February 2017, and will use the space as a training and rehab facility for outpatient and sports physical therapy. Peter E. Kepic and Peter J. Kepic of Colliers International represented the landlord in the lease.

December 8, 2016

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