Property Type

WinnDevelopment, GDD Properties Break Ground on $200M Redevelopment of The Sibley Building in Rochester

by Katie Sloan June 14, 2016

ROCHESTER, N.Y. — WinnDevelopment and GDD Properties, in a public-private partnership with New York State, have broken ground on the $200 million redevelopment of The Sibley Building, located at the intersection of East Avenue and East Main Street in downtown Rochester. The Sibley Building opened in 1868 as the city’s first department store, and earned a spot on the National Register of Historic Places in 1984. The property will be rebranded as Sibley Square, with the name, logo and signage to be changed in the coming weeks. The phased redevelopment will begin with the $100 million construction of 96 modern apartments on the ninth through 12th floors of the building. Phase I will also include the addition of boutique retail, local artisan foodservice tenants, office space and active senior living apartments, as well as a complete rehabilitation of the façade and windows of the property. The residential components of the building will be named The Lofts at Sibley and The Residences at Sibley. Leases for active adult units at The Residences will be available by the end of this year. Redevelopment of the top floor of the building, once home to the Tea Room of the Sibley Department Store, is …

June 14, 2016

Features Multifamily Office Retail Top Stories

Walkability On the Rise in America’s Major Cities, Study Finds

by Haisten Willis June 14, 2016

A new report from George Washington University finds that metropolitan areas in the United States are shifting toward developing more walkable areas, reversing a trend that dates back more than half a century. Christopher Leinberger and Michael Rodriguez of The George Washington University School of Business wrote the report, titled “Foot Traffic Ahead, Ranking Walkable Urbanism in America’s Largest Metros.” “The end of sprawl is in sight,” the authors write. “The nation’s largest metropolitan areas are focusing on building walkable urban development.” For what may be the first time in 60 years, the report finds that walkable urban places (WalkUPs) in all 30 of the largest metros are gaining market share over their drivable suburban competition, which is often accessible only by car. This has been coupled in recent years by substantially higher rental premiums in the office and retail sectors. The 30 metro areas measured include 46 percent of the nation’s population (145 million of 314 million) and 54 percent of the national GDP. They were measured based on the current percentage of occupied walkable urban office, retail and multifamily rental square feet in their WalkUPs. The top walkable metro areas are as follows: The study found that walkable …

June 14, 2016

Illinois Midwest Office

McDonald’s to Relocate Headquarters to Downtown Chicago

by Christina Cannon June 13, 2016

CHICAGO — McDonald’s will relocate its corporate headquarters from Oak Brook to downtown Chicago by the spring of 2018. The fast food giant has signed a lease at 1045 W. Randolph St. in the West Loop neighborhood. McDonald’s was headquartered in Chicago from 1955 to 1971. The new location will provide offices, as well as house Hamburger University, one of seven worldwide training centers. According to Crain’s Chicago, McDonald’s will likely lease over 300,000 square feet at the building, which formerly served as Oprah Winfrey’s Harpo Studios. McDonald’s currently operates over 36,000 locations in over 100 countries.

June 13, 2016

Hospitality Texas

NewcrestImage Acquires Hyatt Place Hotel in Metro Dallas

by Haisten Willis June 13, 2016

GRAPEVINE, TEXAS — NewcrestImage has purchased the 125-room, six-floor Hyatt Place hotel in the Dallas suburb of Grapevine. This is the company’s fourth Hyatt Place, joining hotels owned and operated in San Antonio, Lubbock and Plano. The new property features two meeting rooms spanning 1,100 square feet and 400 square feet, a breakfast area, outdoor pool, cocktail and coffee bar, fitness center and a business center. The hotel is located near Legoland Discovery Center and the Grapevine Mills Mall. Dallas-based NewcrestImage now owns and operates 22 properties, with another 11 hotels under construction or in development. The company’s three divisions include real estate development, construction and hotel management.

June 13, 2016

Restaurant Retail Texas

Developers Sell Phase II of Willow Bend Commons in Plano

by Haisten Willis June 13, 2016

PLANO, TEXAS — A partnership controlled by Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby of RTG Capital LLC has sold Phase II of Willow Bend Commons. The retail property is located at 1885 Dallas Parkway in Plano, and was sold to an undisclosed buyer. The newly constructed, 6,000-square-foot building is leased to Verts Mediterranean Restaurant and Ideal Dental. The partners purchased a 5.2-acre site from Costco two years ago for the development. Phase I was a 14,000-square-foot retail center that was 100 percent leased upon completion, and subsequently sold in 2015. Phase I tenants include Torchy’s Tacos, Shell Shack, Jersey Mike’s Subs, LA Bikini, Wok Box and Salada. In addition to the retail center, one pad site was sold to Randolph-Brooks Federal Credit Union, whose facility also opened in 2015.

June 13, 2016

Hospitality Texas

Weis Builders Breaks Ground on Downtown Fort Worth Hotel

by Haisten Willis June 13, 2016

FORT WORTH, TEXAS — Weis Builders has begun construction on a Hampton Inn & Suites in downtown Fort Worth at the former site of the Fort Worth United Way. Located across from Fort Worth Convention Center, the 245-key hotel will feature an indoor fitness area, swimming pool, business meeting and conference areas and a lounge with a bar.

June 13, 2016

Industrial Texas

Colliers Arranges Sale of Two Land Tracts in Metro Houston for Warehouse Facilities

by Haisten Willis June 13, 2016

TOMBALL and PASADENA, TEXAS — Colliers International has arranged the sale of two land tracts for the expansion of Restaurant Depot, a wholesale grocery and foodservice supplier, in metro Houston. Restaurant Depot is a division of Jetro Holdings LLC, headquartered in College Point, N.Y. Each tract will house a 60,000-square-foot distribution warehouse store. One of the new locations is a 5-acre site on the west side of SH 249 north of Spring Cypress Road in Tomball. The other location is a 5.4-acre site on the northeast side of Preston Road between East Beltway 8 and Crenshaw Road in Pasadena. The new stores are expected to break ground in the fourth quarter and will be open for business by summer 2017. Marshall Clinkscales of Colliers’ Houston office and Tom Condon Jr. of The Woodlands office represented the buyers, JMDH Real Estate of Tomball LLC and Preston Park LLC, respectively. Keith Edwards with Caldwell Cos. represented the seller of the Tomball location. Alix Fox with Qualified Properties represented Mattie Faye Properties LLC, the seller of the Pasadena location. Kerry Wakefield with Alamo Title Co. coordinated both closings.

June 13, 2016

Retail Texas

M&M Arranges Sale of 8,500 SF Net Leased Retail Property in McAllen

by Haisten Willis June 13, 2016

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of an 8,500-square-foot retail building net leased to Mattress Firm in McAllen. Vincent Knipp of the firm’s Dallas office procured the private buyer, which utilized a 1031 tax-deferred exchange. Mattress Firm is situated on 1.3 acres at 1304 E. Expressway 83 northeast of Jackson Avenue.

June 13, 2016

Loans Multifamily New York Northeast

Alchemy Properties to Convert Upper Floors of Landmark Woolworth Building into Luxury Condos

by Amy Works June 13, 2016

NEW YORK CITY — Alchemy Properties Inc. has received $220 million in financing for the conversion of the upper floors of the landmark Woolworth Building into luxury condominiums called The Woolworth Tower Residences. Reed Smith LLP represented the lender, United Overseas Bank Limited, New York Agency, in the financing. The luxury condominium conversion will be designed by Thierry Despont. Built in 1913, the Neo-Gothic tower was commissioned by Frank W. Woolworth and designed by Cass Gilbert. The Reed Smith LLP team included Joseph Sarcinella, Gerard Hefner, Crystal Persaud, Konstantinos Melitsanopoulos and Rose Plager-Unger.

June 13, 2016

New Jersey Northeast Office

Bergman Real Estate Sells 112,260 SF Office Building in New Jersey

by Amy Works June 13, 2016

NEW PROVIDENCE, N.J. — Bergman Real Estate Group has completed the sale of its four-story office building located at 121 Chanlon Road in New Providence. A private entity acquired the property for an undisclosed sum. Situated on 6.5 acres, the 112,260-square-foot office building is 85 percent leased by a variety of companies in industries such as publishing, technology and healthcare. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.

June 13, 2016

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