Property Type

Proposed New Arena for Milwaukee Bucks Could Lead to Development Run

by Jeff Shaw August 6, 2015

An article highlighting the fortunes of the Milwaukee Bucks that appeared July 6 on CBSSports.com couldn’t be more accurate. “There’s something powerful and sustainable growing in Milwaukee, rising out of the weeds of small-market irrelevance and into a team you’re going to want to watch next season,” wrote Matt Moore who covers the NBA. Since New York hedge fund investors Wes Edens and Marc Lasry purchased the Bucks last year for $550 million, the team has been on the rise. Founded as an expansion team in 1968, the Bucks went from being the worst team in the league during the 2013-14 season to the sixth seed in the 2014-2015 playoffs. The new owners, along with former owner Herb Kohl, have committed $250 million for the construction of a new $500 million arena as a replacement for the team’s current home, BMO Harris Bradley Center, which opened in 1988. But if the new arena is not built by the 2017 season, Milwaukee could be left without an NBA team. Once complete, the entire development, which would sit on approximately 30 acres in the Park East corridor, could include up to 3 million square feet of office, entertainment, retail, residential and hotel …

August 6, 2015

Illinois Midwest Office

Reed Construction Completes Renovation of The Franklin in Chicago’s West Loop

by Jonathan Mehall August 5, 2015

CHICAGO — Reed Construction has completed the renovation of both towers that comprise The Franklin, an office complex in the West Loop neighborhood of downtown Chicago. The 60-story skyscraper is owned and managed by Tishman Speyer and consists of two separate towers: one at 222 W. Adams St. and the other at 227 W. Monroe St. The renovation work occurred on the fourth, 21st and 24th floors at 222 W. Adams, as well as the fifth floor at 227 W. Madison. A total of nine speculative suites, 10 breakrooms and four public corridors with men’s and women’s restrooms were renovated. A complete washroom was also relocated to the 21st floor of 222 W. Adams. Construction on each floor was completed simultaneously with staggered phasing to minimize disruptions for existing tenants. Jon Zawiski led the team for Reed Construction as the project manager, Jason Gunderson was the project executive, and Jay Crane was the superintendent. Harley Ellis Devereaux provided architectural services.

August 5, 2015

Illinois Midwest Office

Prudential Real Estate Investors acquires Roosevelt Collection in Chicago’s South Loop

by Jonathan Mehall August 5, 2015

CHICAGO — Prudential Real Estate Investors has acquired the Roosevelt Collection, a Class A mixed-use property in the South Loop of Chicago. Terms of the transaction were not disclosed. Located at 150 Roosevelt Road, the LEED-certified, mixed-use property includes two eight-story buildings with 326,098 square feet of retail space, 342 loft-style apartment units, and a three-level parking garage. (LEED stands for Leadership in Energy and Environmental Design, a standard developed by the U.S. Green Building Council.) The acquisition also includes an adjacent land lot that is part of a planned 400-unit, 43-story high-rise multifamily project. Retail components of the Roosevelt Collection feature a 16-screen Kerasotes ShowPlace ICON Movie Theatre, Container Store, lululemon and Banana Republic.

August 5, 2015

Illinois Midwest Multifamily

IMPACT Strategies Completes $4M Green Development in Granite City, Ill.

by Jonathan Mehall August 5, 2015

GRANITE CITY, ILL. — IMPACT Strategies has completed construction of the second phase of the federally funded Granite City Green Communities in Granite City, about 10 miles northeast of St. Louis. IMPACT Strategies constructed 20 new units within six buildings for a total of 63 units at the development. Granite City Green’s design and construction are focused on sustainable and energy-efficient criteria. The project incorporates the use of solar panel and bioretention rain gardens in an effort to maximize the development’s environmental impact and performance. The Granite City Housing Authority hired Impact Strategies to lead construction of the project, which began last August and wrapped up at the end of July The first phase of Granite City Green was developed in 2012. Farr Associates, a sustainable architecture and urban planning firm in Chicago, designed the project.

August 5, 2015

Indiana Industrial Midwest

America Place Completes Construction of Industrial Building in Jeffersonville, Ind.

by Jonathan Mehall August 5, 2015

JEFFERSONVILLE, IND. — America Place has completed construction of its second industrial building at River Ridge Commerce Center in Jeffersonville, approximately three miles outside of Louisville. America Place has invested over $100 million in the River Ridge development. The 252,515-square-foot building completed in the second phase comes on the heels of the 150,000-square-foot facility that America Place built last year on the River Ridge Campus. A third building, which will span 200,000 square feet and be located at the intersection of Salem Road and Trey Street, is slated for completion later this year. America Place is in negotiations with several potential tenants for the buildings completed in Phases II and III, but no leases have been signed yet.

August 5, 2015

Michigan Midwest Office

Signature Associates to Market 100,000 SF Office Building for Sale or Lease in Detroit

by Jonathan Mehall August 5, 2015

DETROIT — Alidade Capital has selected Signature Associates to market 1900 St. Antoine, a 100,000-square-foot, Class A office property in Detroit, for sale or lease. The building, which is adjacent to Ford Field, was built in 2005 and features ample covered parking with an on-site garage, flexible floor plans, an on-site security desk, modern common areas and high-end finishes. Building signage and corporate branding opportunities are also available. The central downtown Detroit location makes it walkable to amenities in the central business district and provides easy access to the I-75 and I-375 expressways. Garrett Keais and Jarrod Champine of Signature Associates are the listing brokers representing Alidade Capital, the building owner.

August 5, 2015

Retail Texas

The Woodmont Co. Arranges $6.3M Sale of Metro Dallas Retail Property

by Haisten Willis August 5, 2015

NORTH RICHLAND HILLS, TEXAS — The Woodmont Co. has completed the $6.3 million sale of North Hills Village, a 188,856-square-foot retail center located in North Richland Hills, to a private investor. Brad Cruickshank, Trip Green and Randy Bell of The Woodmont Co. represented the seller, a subsidiary of LNR Partners LLC, in the transaction. Built in 1988, the two-building property is located at 7520-7640 N.E. Loop 820 and is situated on 16.4 acres. It was 34 percent occupied at the time of sale with tenants including Cinemark Theaters, Mattress Firm, Subway and T-Mobile. North Hills Village is adjacent to City Pointe Center, a 74-acre mixed-use and municipal complex currently in development.

August 5, 2015

Industrial Texas

Boyd Commercial/CORFAC Negotiates Sale of 21-Acre Property in Houston

by Haisten Willis August 5, 2015

HOUSTON — Boyd Commercial LLC/CORFAC International, a full-service commercial real estate services provider in Houston, has negotiated the sale of a 21-acre Houston property to Summer Street Retail LP, a business entity backed by Gulf Coast Commercial Group. The Houston Business Journal reported that the property sold for $40 million. Previously owned by Texas Tile Manufacturing LLC, an affiliate of Tarkett USA Inc., the property was marketed for sale by Conrad Bernard of Boyd Commercial/CORFAC, as well as the firm’s founder, J. Michael Boyd. They were the only brokers involved in the transaction. Tarkett ceased manufacturing at its facility located at 1705 Oliver St. in Houston last fall and used portions of the property as warehouse product as recently as June. The French-owned company had occupied the site since 1932, constructing in excess of 750,000 square feet of manufacturing and warehouse space in the ensuing years.

August 5, 2015

Industrial Texas

EastGroup to Develop 350,000 SF Industrial Development in Metro Dallas

by Haisten Willis August 5, 2015

LEWISVILLE, TEXAS —EastGroup Properties has purchased a 28-acre site in Lewisville for the development of four Class A industrial buildings totaling 350,000 square feet. The project will accommodate tenants ranging from 12,750 square feet to 122,000 square feet. The development, CreekView 121, will benefit from the site’s direct access to TX-121 and its proximity to I-35 East, Dallas North Tollway, DFW International Airport, Nebraska Furniture Mart and Toyota’s new headquarters.

August 5, 2015

Office Texas

NAI Partners, NAI Robert Lynn Arrange Office Relocation in Metro Dallas for GEICO

by Haisten Willis August 5, 2015

RICHARDSON, TEXAS — NAI Partners and NAI Robert Lynn have represented GEICO with the relocation and leasing of its regional office. The new complex, located at 2280 N. Greenville Ave. in Richardson, is the former headquarters of Fossil Inc. The office spans 233,000 square feet and will serve more than 1,600 GEICO associates. Griff Bandy and Jon Silberman of NAI Partners, along with Tom Lynn and Nick Lee of NAI Robert Lynn, represented GEICO in the transaction. Chuck Sellers and Lauren Perry of Peloton Commercial Real Estate represented the landlord, CNL Commercial Real Estate.

August 5, 2015

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