CROWN POINT, IND. — Mid-America Real Estate Corp. has brokered the sale of Summit Crossing, an 11,859-square-foot shopping center Crown Point. A California-based private investor purchased the shopping center for $3.2 million. Summit Crossing is located at the southeast corner of Route 55 and East Summit Street. Tenants at the fully leased center include ATI Physical Therapy, Advance Auto Parts, Supercuts and Starbucks. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. brokered the transaction on behalf of the seller, Chicago-based Origin Capital Partners.
SCHAUMBURG, ILL. — Summit Design + Build LLC will complete a 20,588-square-foot office build-out for Sparton Corp. at Woodfield Corporate Center in Schaumburg. The property is located at 425 N. Martingale Road. The firm, which is currently located in the same building, will be expanding to the entire 10th floor. Construction plans include the demolition of the existing space and build-out of a new reception area, multiple conference rooms, private offices, executive suite, boardroom and a new large training area with state-of-the-art technology. Lincoln Property Co. is the property manager of Woodfield Corporate Center. EWP Architects will provide architectural services. Completion is scheduled for this spring. Sparton Corp. is a provider of electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service and refurbishment. The primary markets served are medical and biotechnology, military and aerospace, and industrial and commercial.
COLLEYVILLE, TEXAS — Kite Realty Group Trust has acquired Colleyville Downs, a 201,000-square-foot shopping center located in Colleyville. The center is 92 percent leased and anchored by three national anchor tenants including Petco, Ace Hardware and Whole Foods Market. Colleyville Downs is located at the southeast corner of Highway 26 and Glade Road. The shopping center is situated in a densely populated market with an estimated population of 80,000 and an average household income of $127,000 within a three-mile radius.
CEDAR PARK, TEXAS — GBT Realty Corp., a retail development company, has acquired a retail site in the Austin suburb of Cedar Park. Lakeline Commons is a 1.4-acre site shadow-anchored by Target. The property is adjacent to The Home Depot. GBT acquired the outparcel for $1.6 million from Regions Bank. The $4.5 million retail development is fully leased and is expected to open this fall. AT&T, Blaze Pizza and Potbelly Sandwich Shop will occupy the almost 10,000-square foot building adding restaurant and service amenities along the corridor in the north Austin community.
HOUSTON — CenterPoint Properties has acquired a 27-building portfolio in Houston. The properties are located within nine business parks and total 3.6 million square feet. Jud Clements, Rusty Tamlyn, Trent Agnew and Robby Rieke of HFF facilitated the transaction between CenterPoint and the unnamed seller. The majority of the facilities acquired are situated east of the Houston Central Business District. The buildings offer access to shipping channels including the Union Pacific (UP) Settegast, UP Englewood and Burlington Northern Santa Fe Mykawa yards, the Port of Houston, and a petrochemical refining complex.
BELLAIRE, TEXAS — California-based KBS Strategic Opportunity REIT has signed an 11,809-square-foot lease at 6575 W. Loop S. in Bellaire, which is three miles west of Houston’s central business district. The new tenant is Regus, a provider of flexible workspace operating in more than 2,000 locations worldwide. The company is a provider of executive suites, office space, virtual offices and conference rooms. The leased space is located at an office complex known as West Loop I and II. The multitenant, 5.6-acre, 313,873-square-foot property includes two buildings and an eight-story parking garage. West Loop I is an eight-story building that includes 169,536 rentable square feet, while West Loop II offers 144,337 rentable square feet in seven stories. The property is located near several residential communities, including Bellaire and West University.
HOUSTON — A Whole Foods Market is set to open April 8 at 1407 S. Voss Road in Houston. The new store will replace a current market located at 6401 Woodway and will double the store footprint serving the immediate area. Arch-Con Construction was the general contractor for the site and for the new 46,532-square-foot Whole Foods shell built on the former Randalls site. The store will be the anchor tenant for developer Regency Center’s existing Woodway Collection retail center. The building also includes 4,000 square feet of small shop space attached to the Whole Foods. Langford Market and Lilly Rain are the small shop tenants. Store features include a high-roof entry with glass and aluminum shutters, stone and IPE wood siding and an outdoor beer garden and music area. It is Arch-Con’s second Whole Foods Market.
LOS ANGELES – A 2,872-square-foot retail property in the Los Angeles submarket of Santa Fe Springs has sold to an Orange County-based buyer for $3.6 million. The property is located at 11442 Telegraph Road. It is situated within the Santa Fe Springs Promenade. The center is anchored by 99 Cent Only. Other notable tenants include Bank of America, Auto Zone and KFC/Taco Bell. Matthew Mousavi and Joe Chichester of Faris Lee Investments represented both the buyer and the seller, a private Orange County partnership, in this transaction.
KNOXVILLE, TENN. — Campus Advantage is currently developing its newest project, The Knox, which will serve students attending the University of Tennessee beginning in fall 2016. Pinecrest Partners is providing equity financing for the 101-unit, 382-bed community. Located at 1505 Clinch Ave., the location puts residents less than 100 feet from the University of Tennessee campus. The Knox will feature three-, four- and five-bedroom apartments. The community consists of two buildings, a five-level building and a six‐level building, and features two levels of gated garage parking and nine floors of residential space. Amenities will include a cyber cafe, computer bar, lounge room with fireplace and large-screen televisions and a fitness center, as well as an outdoor green roof with grills, water features, hammocks and a theater area. Each fully furnished apartment features a 42-inch television in its living room, wood-style flooring in the common areas, an in-unit washer and dryer, high-end finishes, stainless steel appliances and cable and high-speed Internet. Campus Advantage worked closely with the Historic Preservation Office at the city of Knoxville, as well as the Historic Fort Sanders Neighborhood Association, to design The Knox. Ronnie Macejewski, senior vice president of development of Campus Advantage, is leading the …
DEERSFIELD BEACH, FLA. — Bristol Group Inc. and Butters Construction and Development have acquired the former Deerfield Country Club in Deersfield Beach from Gator Development Group LLC. Bristol and Butters will be co-developing a 925,000-square-foot business park at the site known as Hillsboro Technology Center. Plans for the 74-acre campus include a Class A warehouse/distribution center, office space and a limited service hotel. The park will be located adjacent to the four-way interchange of I-95 and Hillsboro Boulevard. Phase I of the park will also include a developer-donated recreation building for the city of Deerfield Beach and a public park with jogging and walking trails. Construction on the development will begin in the second quarter of 2015, and the developers plan to deliver the first two speculative industrial buildings in the first half of 2016. Upon completion in three to five years, Hillsboro Technology Center is expected to host roughly 1,500 permanent jobs, and the project is expected to create roughly 3,500 construction jobs. Tom Viscount and Tom Hotz of Butters Realty & Management have been selected to lease the project.