PEABODY, MASS. — Barton Associates has signed a lease for 50,500 square feet of medical office space at 300 Jubilee Dr. in Peabody. The firm plans to relocate its headquarters to the new space in April. With the relocation, the medical practice is doubling its existing office space at 10 Dearborn Road. Demetri Koutrouvelis and Nicole Miller of Savills Studley represented Barton Associates in the transaction.
Memphis has acquired many nicknames since its establishment in 1819: Blues City, Birthplace of Rock ‘N Roll, and Bluff City just to name a few. However, one name that has managed to work its way to the top of the list in recent years is America’s Distribution Center. Metropolitan Memphis, located in the southeast corner of Tennessee, northwest Mississippi and eastern Arkansas, contains approximately 4,598 square miles and is inhabited by approximately 1.3 million people. As one of the few MSAs to include three states, the Memphis region plays an integral role as the cornerstone of the Mid-South area. With a central location and rich transportation infrastructure, Memphis transformed into the regional and national distribution and logistics hub. Memphis’ transportation infrastructure is comprised of the four Rs: runway, rail, river, and road. Memphis International Airport was named the largest air-cargo airport in the United States for 18 consecutive years. It is now tied for first in the world with Hong Kong International Airport. Memphis is one of only three cities in the US that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corp., Norfolk Southern and Canadian National Railroad (CN). The …
The commercial real estate market in the Tyler metropolitan area experienced one of its best years in 2014. Led by the retail sector, a number of new leases and sales brought a bevy of businesses to the market. The city of Tyler has a population of around 100,000, while the metro area contains 222,000. Tyler is the retail and medical center of northeast Texas, with a trade area population of 415,000. The city experienced strong population growth of 15.8 percent from 2000 to 2010. The Tyler economy is fueled by the medical sector, which accounts for 20 percent of all employment. Trinity Mother Frances hospital employs 4,000; East Texas Medical Center accounts for over 3,200 jobs; and the University of Texas Health Center at Tyler has total employment of 865. Because of the outstanding medical facilities in the city, patients from a 14-county area come to Tyler for medical care. Another strong driver for the local economy is the existence of higher education opportunities. The University of Texas at Tyler continues its strong growth, boasting a total enrollment of more than 6,400, while Tyler Junior College serves 35,000 students. Both of these schools are expanding. UT Tyler’s engineering school has …
DETROIT — Olympia Development of Michigan plans to renovate and restore Detroit’s historic Eddystone Hotel into affordable housing units. The Eddystone is located at 110 Sproat St. at Park Avenue. The hotel opened in 1924 and Louis Kamper designed the building. Under plans to be submitted to the City of Detroit Historic District Commission, Olympia will completely renovate the property. Approximately 20 percent of the Eddystone’s roughly 100 units would be reserved as affordable housing. The Eddystone will also feature first-floor retail space. Work on the Eddystone Hotel could begin as early as fall of 2015. The project is near the site of the new Detroit Events Center, a mixed-used development and arena for the Detroit Red Wings hockey team. The new event center is slated for completion in 2017.
CHICAGO — Baum Realty Group LLC has arranged the $6.8 million sale of a single-tenant, net-leased Walgreens property in Chicago. The asset is located at 8700 S. Kedzie Ave. in the Evergreen Park neighborhood. The Walgreens property has 15 years remaining on its original 25-year lease. The property is located approximately 10 miles southwest of downtown Chicago and less than 5 miles from Midway International Airport. The 14,820-square-foot building is situated on 1.75 acres at corner of the intersection of W. 87th Street and S. Kedzie Boulevard. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the undisclosed seller in the transaction. The buyer was a New York-based private investor that purchased the property as part of a 1031 exchange.
COLUMBUS — America’s Realty and ARCJ Capital LLC have purchased Great Western Shopping Center in Columbus from 410 Investments LTD. The property was purchased for an undisclosed amount. The 335,000-square-foot shopping center is located at the intersection of W. Broad St. and N. Wilson Road. The property is 72 percent leased and has access to I-70 and I-270. America’s Realty and ARCJ Capital LLC plan to renovate the property.
CHICAGO — The Boulder Group has arranged the $4 million sale of a single-tenant, First Midwest Bank ground-lease in Chicago. The property is located at 3220 W. 26th St. The building was originally built in 1984 and was renovated in 2007. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago-based investor who purchased the property in a 1031 exchange. A West Coast-based real estate fund sold the property. There are more than 13 years remaining on the First Midwest Bank ground lease, which expires July 1, 2028. First Midwest Bancorp is a publicly traded company with a market capitalization in excess of $1.3 billion.
CYPRESS, TEXAS — KeyBank Real Estate Capital has secured a $22.9 million Freddie Mac CME loan for Avenues at Cypress, a multifamily apartment complex located in Cypress. The 240-unit, garden-style apartment complex was built in 2014. Chris Black of Key’s Commercial Mortgage Group arranged the financing, which was used to purchase the property from the developer. Stabilized occupancy is projected to be achieved this April.
DALLAS — C1S Group, a Dallas-based engineering and construction firm, has restored a historic commercial building in Dallas’ Deep Ellum neighborhood. The property has been renovated to become the Bomb Factory, a new music venue. Clint and Whitney Barlow own the property. Westdale Real Estate Investment and Management is the developer. The venue is designed for live concert audiences from an early 20th century building. Originally an automotive plant and then a munitions factory during World War II, the Bomb Factory can now accommodate as many as 4,300 concert attendees. C1S Group transformed the 50,000-square-foot facility, located on Canton Street near downtown Dallas, by removing and replacing the existing roof structure in order to increase the overall facility height to 38 feet. This provides unobstructed views throughout and also allows for the addition of a mezzanine level for added capacity and to create a VIP area. The building contains a new stage, several bar areas, and artist amenities including including four dressing rooms, on-site laundry and workout facilities. The renovation also includes a new HVAC system as well as a new electrical system. The opening night performance on March 26 featured Dallas native and two-time Grammy winning performer Erykah Badu. …
INDIANAPOLIS — McNamara Florist has acquired a 176,000-square-foot industrial property in Indianapolis for an undisclosed sales price. The property is located on 7.3 acres at 1853 Ludlow Ave. The site of the florist’s new corporate headquarters will undergo extensive renovations. Occupancy is expected in the first half of 2016. The company headquarters currently occupies 58,000 square feet of leased space in Fishers, Ind. McNamara currently employs 120 people and the company will be relocating 70 of those positions to this facility. Bill French and Grant Lindley of DTZ represented McNamara in the property transaction. First Internet Bank provided financing for the acquisition and construction and Premier Capital Corp. provided a SBA 504 loan. April Hensley of Leech Hensley Architects will be the principal architect and Kort Builders will serve as the general contractor. McNamara also received a LISC façade improvement grant, which will be used to improve the exterior appearance of the building.