Property Type

Shopping Center Developers are Increasingly Active in Metro St. Louis

by Danielle Everson May 14, 2015

Statistically speaking, retail real estate market conditions have remained relatively stable in St. Louis throughout 2014 and early 2015. Close to 88,000 square feet of new retail space was delivered in the first quarter of this year, resulting in a slight uptick in vacancies. At the end of the first quarter, the overall vacancy rate stood at 7.3 percent, up 10 basis points from the prior quarter, according to CoStar Group. The pace of new development is expected to escalate this year, with several new projects on the drawing board: • Pace Properties is under contract in Midtown — across from the IKEA that will soon open — to develop Midtown Station. The project will include 150,000 square feet of retail space. • Summit Development Group is under contract in Richmond Heights to develop a mixed-use project totaling 120,000 square feet that will feature a combination of restaurant and retail space — possibly even a grocer — and a hotel. The project will be known as The Crossings at Richmond Heights. • The city of Kirkwood has approved plans to redevelop the southeast and southwest corners of Lindbergh Boulevard and Manchester Road to make way for a Fresh Thyme Farmers …

May 14, 2015

Retail Texas

Inland Purchases Green Tree Shopping Center in Metro Houston

by Haisten Willis May 13, 2015

KATY, TEXAS — Inland Real Estate Income Trust Inc. has acquired the 147,658-square-foot Green Tree Shopping Center in Katy. Sharon Anderson-Cox and Matthew Tice of Inland Real Estate Acquisitions arranged the purchase of the property on behalf of Inland Income Trust. Located at 231 S. Fry Road, Green Tree Shopping Center is 99.1 percent leased to tenants including T.J. Maxx, PetSmart, Ulta and Party City. The property is shadow-anchored by a Target.

May 13, 2015

Retail Texas

Japan-Based Daiso Opens First Texas Location in Metro Dallas

by Haisten Willis May 13, 2015

CARROLLTON, TEXAS — Japan-based Daiso will open at NewQuest Properties’ development of Carrollton Town Center. The 11,000-square-foot location will be Daiso’s first store in Texas and will carry dining, kitchen, living, bath and stationery merchandise, 99 percent of which is developed in-house. Daiso operates 3,300 stores worldwide with a total of 44 stores in the United States, and plans to open 20 stores throughout Texas. The Carrollton store is scheduled to open this summer. Carrollton Town Center is located at the intersection of President George Bush Turnpike and Old Denton Road. Carrollton Town Center is undergoing a $7 million facelift and will be anchored by a new 99 Ranch Market. The development will feature Asian restaurants and retailers such as Gen Korean, Kung Fu Tea and Dan Sung Sa.

May 13, 2015

Indiana Midwest Multifamily Student Housing

ACC to Break Ground on $40M Butler University Student Residences in Indianapolis

by Danielle Everson May 13, 2015

INDIANAPOLIS — American Campus Communities Inc. will break ground on Sunset Student Residences, a 633-bed sophomore residence hall on the campus of Butler University in Indianapolis, this month. The $40 million facility will open in August 2016. The site previously had been a parking lot. Sunset Student Residences is the result of a partnership between ACC and Butler University. ACC will build and maintain the facility, while Butler will provide staff to manage the building. Sunset Student Residences will feature suites of three- and four-bedroom floor plans.

May 13, 2015

Retail Texas

Bright Realty Brokers Sale of Land in Metro Dallas

by Haisten Willis May 13, 2015

LEWISVILLE, TEXAS — Bright Realty has brokered the sale of 5.6 acres in Lewisville in the Castle Hills area. The company owned 19 acres of SH 121 frontage road property adjacent to Nebraska Furniture Mart and has sold the final acreage to Unser Racing for an indoor go-cart racing and events center. Tim McNutt and Britton Lankford of Bright Realty brokered the sale for Bright Realty. Forshey Hoobler and Craig Phelps of JLL represented the buyer.

May 13, 2015

Illinois Midwest Office

Reed Construction Completes Build-Out for Eckenhoff Saunders Architects HQ

by Danielle Everson May 13, 2015

CHICAGO — Reed Construction has completed an 8,980-square-foot build-out of the new headquarters for Eckenhoff Saunders Architects (ESA). The office is located on the 18th floor within One Prudential Plaza at 130 E. Randolph in Chicago. ESA is a Chicago-based, midsize firm specializing in architecture, planning and interior design. The company recently relocated from the West Loop to One Prudential Plaza. The project featured custom, fabricated millwork throughout, the construction of open loft ceilings with high-end LED light fixtures and walls clad in walnut wood flooring. Reed Construction also simultaneously renovated the 18th floor corridor and elevator lobby space adjacent to the ESA suite. Project management firm JLL selected Reed Construction to complete interior renovations at to the new space. Scott Pickands was the project’s executive leading the construction team for Reed Construction and Joseph Kozlowski served as the project manager. ESA provided architectural services for the project.

May 13, 2015

Industrial Texas

SurePoint Self Storage to Open New Location in Houston

by Haisten Willis May 13, 2015

HOUSTON — SurePoint Self Storage will open a third property in the Houston market. This summer the SurePoint team will begin construction on a Class A, three-story building that will include 123,000 square feet. The two-acre property is located on Barker Cypress Road, south of US 290. In addition, the three San Antonio-based developers are poised to begin construction in the next 60 days on two Class A multi-story facilities in the Houston market, one is a three-story, 110,000-square-foot facility on Spring Cypress Road just east of Grant Road in Cypress, and the other is a four-story building in Richmond near Highway 59 and the Grand Parkway. SurePoint Self Storage has just completed two new projects in San Antonio and a third is under construction.

May 13, 2015

Illinois Midwest Multifamily

Interra Realty Brokers $1.2M Sale of Apartment Property in Chicago

by Danielle Everson May 13, 2015

CHICAGO — Interra Realty has brokered the $1.2 million sale of a 13-unit, walk-up style apartment building at 1614 N. Harding Ave. in Chicago’s Humboldt Park neighborhood. The property features studio, one-, two- and three- bedroom layouts. Ten of the units have recently been renovated and the property. Joe Smazal and James Clough of Interra Realty represented both the buyer and the seller in the transaction.

May 13, 2015

Multifamily Texas

Harmony Housing Acquires Apartment Complex in Metro Houston

by Haisten Willis May 13, 2015

CONROE, TEXAS — Harmony Housing, a non-profit organization that owns and acquires affordable multifamily housing in the U.S., has acquired the Park Village apartment complex in Conroe. The company aims to grow its affordable rental housing properties and provide safe and affordable housing across the country. The organization’s proceeds are reinvested into its property portfolio or distributed to the broader community through charitable giving. Harmony Housing was originally founded as a philanthropic effort of Stephen Rosenberg, founder of Greystone & Co., a real estate lending, investment and advisory company.

May 13, 2015

Indiana Industrial Midwest

HSA Commercial Arranges Industrial Lease Renewal for Banning Engineering in Indiana

by Danielle Everson May 13, 2015

PLAINFIELD, IND. — HSA Commercial Real Estate has arranged a long-term lease renewal for Banning Engineering within the Gateway Industrial Business Park in Plainfield. The property is located at 853 Columbia Road. Banning, a civil engineering and surveying firm, occupies 16,000 square feet in the first distribution facility to be constructed at the 13-acre business park and was the original tenant at the park in 2004. HSA Commercial owns and manages the park, which has since expanded to include a 121,000-square-foot multi-tenant second phase that was built in 2006, a 34,880-square-foot facility occupied by the Federal Aviation Administration, and a 220,000-square-foot speculative warehouse that HSA built in partnership with Great Point Investors LLC in 2014.

May 13, 2015

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