Property Type

Greysteel Negotiates Sale of Walker Place Apartment Complex in Dallas

by Haisten Willis March 25, 2016

DALLAS — Greysteel has negotiated the sale of Walker Place, a 67-unit multifamily community in Dallas. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill served as advisor and agent to 12 Walker MGMT LLC in the sale to Walker Place Apartments LLC. Built in 1987, Walker Place features 17 efficiency units, 45 one-bedroom/ one-bathroom units and five two-bedroom/two-bathroom units. Community amenities include private fenced patios, in-unit washer and dryer connections, ceiling fans and an on-site laundry facility. The property is located along Highway Loop 12 giving access to major Dallas/Fort Worth thoroughfares such as SH-67 and SH-12.

March 25, 2016

Cushman & Wakefield Arranges Pair of Office Leases in Dallas

by Haisten Willis March 25, 2016

DALLAS — Cushman & Wakefield has arranged two office leased in Dallas. In the first transaction, Condon Thornton Sladek has leased 10,502 square feet of office space at 8080 Park Lane. Mike Wyatt and Billy Gannon of Cushman & Wakefield represented Condon Thornton Sladek in the transaction. Trey Smith and Ward Eastman of Cushman &Wakefield represented the landlord, Northwood Investors. In the second transaction, Freese & Goss has leased 9,465 square feet of office space in Parkside Tower at 3500 Maple Ave. David Glasscock of CBRE represented Freese & Goss in the transaction. Johnny Johnson, Trey Smith and Layne Mayfield of Cushman & Wakefield represented the landlord, Champion Partners.

March 25, 2016

Midwest Ohio Retail

Bedrock Real Estate Services Acquires The Avenue Shops at Tower City Center for $56.5M

by Christina Cannon March 25, 2016

CLEVELAND — Detroit-based Bedrock Real Estate Services has acquired The Avenue Shops at Tower City Center, a three-story, 366,000-square-foot retail center located in downtown Cleveland, from Forest City Realty Trust Inc. The sale price was $56.5 million, including contractual parking rights to approximately 3,300 associated parking spaces in attached decks and adjacent surface lots. The Avenue Shops at Tower City Center opened in 1990 after Forest City converted the historic Cleveland Union Terminal into the shopping mall. The center is currently comprised of more than 100 retailers and restaurants as well as an 11-screen movie theater. The Avenue Shops are connected to the Ritz-Carlton Hotel, Skylight Office Tower and Terminal Tower, and via indoor walkways to Quicken Loans Arena and JACK Cleveland Casino. Bedrock Real Estate Services is the real estate arm of Quicken Loans Inc. founder and chairman Dan Gilbert.

March 25, 2016

Illinois Midwest Retail

Mid-America Arranges $15M Sale of Fenton Commons in Metro St. Louis

by Christina Cannon March 25, 2016

FENTON, ILL. — Mid-America Real Estate Corp. has arranged the $15 million sale of Fenton Commons, an 82,242-square-foot shopping center located in the St. Louis suburb of Fenton. Best Buy, Old Navy and Barnes & Noble anchor the center, which also features Chili’s and Bank of America outlots. Ben Wineman of Mid-America and Scott Seyfried of Pace Properties worked on behalf of the seller, a private St. Louis-based partnership. A group represented by Greenwood Village, Colo.-based GDA Real Estate acquired the property.

March 25, 2016

Michigan Midwest Office

Schostak Brothers, Schoolcraft College to Develop 91,220 SF Corporate Headquarters for Masco Corp. in Michigan

by Christina Cannon March 25, 2016

LIVONIA, MICH. — Schostak Brothers & Co. has formed a joint venture with Schoolcraft College to develop a 91,220-square-foot corporate headquarters for Masco Corp., which is relocating its operations to Livonia from Taylor, Mich. The building is slated for completion in the spring of 2017. The facility will be located between Six Mile Road and Seven Mile Road on the Schoolcraft College campus. Masco is a designer, manufacturer and distributer of branded home improvement and building products.

March 25, 2016

Illinois Industrial Midwest Office

Opus to Build 23,400 SF Industrial Facility in West Dundee, Illinois

by Christina Cannon March 25, 2016

WEST DUNDEE, ILL. — The Opus Group will develop a 23,400-square-foot warehouse and office facility in West Dundee, approximately 45 miles northwest of Chicago, for oelheld U.S. Inc., a German manufacturer of cooling and lubricating fluids for the tool-making industry. The space, which will be located inside the Oakview Corporate Park, will serve as the company’s U.S. headquarters and manufacturing site. The building will include 7,600 square feet of office space and 15,800 square feet of warehouse space with the ability to accommodate future expansion up to 16,000 square feet. The new facility will include both an interior and exterior spill containment system to ensure that any spilled fluids can be controlled for cleanup, and a new laboratory will allow oelheld to conduct the needed research to meet the demands of their clients. The project is slated for completion this December. Opus Design Build will be the design-builder, and Opus AE Group will be the architect and structural engineer of record. Noel Liston of Darwin Realty represented Opus Development Company, and Ed Lowenbaum and Jason Talanian of Lowenbaum Real Estate Partners represented oelheld in the transaction.

March 25, 2016

Midwest Ohio Retail

Phillips Edison Grocery Center REIT II, TPG Real Estate Announce Partnership

by Christina Cannon March 25, 2016

CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. and TPG Real Estate have formed a partnership to acquire value-add, grocery-anchored shopping centers throughout the United States. The partnership will invest up to $250 million of equity and plans to leverage this capital to achieve a $750 million acquisition target. The partnership plans to acquire six grocery-anchored shopping centers and will focus on growing the platform through additional acquisitions located in fundamentally strong markets that present attractive return potential through operational and capital improvements.

March 25, 2016

Louisiana Retail Southeast

Stirling Properties, CBL Open Ambassador Town Center In Louisiana

by John Nelson March 25, 2016

LAFAYETTE, LA. — Stirling Properties and CBL & Associates Properties Inc. have opened Ambassador Town Center in Lafayette. The co-developers hosted a formal ribbon cutting ceremony attended by Lafayette City-Parish president Joel Robideaux, former City-Parish president Joey Durel, LEDA president and CEO Gregg Gothreaux and other Lafayette area community leaders. Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream. Situated at Ambassador Caffery Parkway and Kaliste Saloom Road, the 430,000-square-foot property is 97 percent leased to tenants such as Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer and Verizon Wireless. Ambassador Town Center is expected to generate roughly 1,700 permanent jobs and nearly $9 million annually in estimated sales tax collection.

March 25, 2016

Retail Southeast Virginia

JCR Cos. Purchases Shopping Center in Metro D.C. for $22.6M

by John Nelson March 25, 2016

MANASSAS, VA. — The JCR Cos. has acquired Signal Hill Shopping Center, a 105,781-square-foot, grocery-anchored shopping center in Manassas, for $22.6 million. JCR Cos. purchased the property from Regency Centers in an off-market transaction. Sandy Spring Bank provided acquisition financing. Signal Hill’s tenant roster includes Shoppers Food Warehouse, GameStop, Glory Days Grill, Panera Bread, and Chick-fil-A. JCR Cos. has sold the Chick-fil-A pad to an undisclosed buyer for $2.3 million in another off-market transaction. Signal Hill is the seventh shopping center acquisition for JCR Cos. since 2012 and its 20th transaction since the firm was founded in 2009.

March 25, 2016

Florida Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Tampa for $22.4M

by John Nelson March 25, 2016

TAMPA, FLA. — Federal Capital Partners (FCP) has purchased Belara Lakes Apartments, a 324-unit multifamily community located at 8402 N. Waterford Ave. in Tampa, for $22.4 million. The Belara Lakes acquisition is FCP’s second investment in Florida in the last 90 days. The property features two swimming pools, a community lake, fitness center, picnic area and a playground. FCP has retained local firm Avesta to manage the community. Nick Meoli of the Meoli-Donaldson team at Marcus & Millichap represented the seller in the transaction.

March 25, 2016

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