Property Type

Bradford Allen Underway on Redevelopment of 245,783 SF Headquarters Space for Andretti Global in Indianapolis

by Kristin Harlow March 5, 2025

INDIANAPOLIS — Bradford Allen has negotiated a lease for TWG Motorsports, parent company of Andretti Global, at the former IndyStar Pulliam Production Center located at 8278 Georgetown Road in Indianapolis. The firm is redeveloping the 245,783-square-foot space to serve as the headquarters of Andretti Global’s INDYCAR, INDY NXT and Formula E teams. The renovated facility will have both office and industrial space and accommodate approximately 300 employees. Construction has begun and will be coordinated concurrently with the removal of several three-story printing presses from the building. The project is expected to be completed by this summer. The facility marks Bradford Allen’s second project for TWG Motorsports, the first being a nearly 400,000-square-foot motorsports facility under construction in Fishers, Ind. Built in 1995, 8278 Georgetown Road served as a production facility for the Indianapolis Star until 2024. Bradford Allen will modernize the building’s technology, introduce tailored workspaces and fabrication zones, and incorporate employee amenities such as a fitness center, dining space and pit-stop performance area. Additional project partners include ABEL Construction Co. and Merriman Schmitt Architects. Both firms have experience with motorsports facilities.

March 5, 2025

Illinois Leasing Activity Midwest Office

Lessen Opens New 76,932 SF Office in Downtown Chicago

by Kristin Harlow March 5, 2025

CHICAGO — Lessen, a tech-enabled solution for outsourced real estate property services, has opened its new 76,932-square-foot office at 203 North LaSalle Street in downtown Chicago. The 17-story building is situated in the city’s Central Loop tech district adjacent to Google’s forthcoming Chicago office in the Thompson Center. Lessen first entered the Chicago market in 2023 after its acquisition of technology company SMS Assist for $950 million, the largest proptech merger in U.S. history, according to the company. Lessen partners with residential and commercial owners and occupiers who collectively manage over 1 million locations.

March 5, 2025

Development Illinois Midwest Multifamily Seniors Housing

F.H. Paschen Breaks Ground on 80-Unit Seniors Housing Community in Franklin Park, Illinois

by Kristin Harlow March 5, 2025

FRANKLIN PARK, ILL. — General contractor F.H. Paschen has broken ground on an 80-unit seniors housing community in the western Chicago suburb of Franklin Park, which is part of Leyden Township. Evergreen Real Estate Group is the developer for the project, which is named Leyden Senior Apartments. The four-story residential building will also feature the new Carl Fiorito Senior Center, a one-story community center that will complement the apartments. Designed by Weese Langley Klein Architects and scheduled to open in summer 2026, the development is a collaborative effort between Leyden Township, Evergreen, owner Leyden Apartments LP and F.H. Paschen. Evergreen will also serve as property manager. The project site is 2.8 acres of vacant land located at the intersection of Mannheim Road and Nevada Avenue. The development is financed through multiple sources, including the Illinois Housing Development Authority, Bank of America, Hudson Housing, Leyden Township and the Cook County Department of Planning and Development. Mesirow Financial participated in the underwriting syndicate for the IHDA financing and served as the lead underwriter for Leyden Township’s General Obligation bond offering.

March 5, 2025

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers Sales of Two Adjacent Retail Buildings in Metro Kansas City

by Kristin Harlow March 5, 2025

BLUE SPRINGS, MO. — Hanley Investment Group Real Estate Advisors has brokered the sales of two adjacent retail buildings in the Kansas City suburb of Blue Springs. The sales price was undisclosed, but the combined transaction size exceeded $5 million with a blended cap rate in the low 6 percent range. The single-tenant, net-leased properties are occupied by Heartland Dental (4,200 square feet) and Starbucks (2,312 square feet). Both were constructed in 2024. Jeff Lefko and Bill Asher of Hanley, in association with Jay Ferguson of Ferguson Properties Inc., represented the seller and developer of both buildings, Ferguson Properties and Foresight Real Estate. Peter Winterling of Kidder Mathews represented the buyer of the Heartland Dental-occupied property, a private 1031 exchange investor from California’s Central Valley. John Martin of Lee & Associates represented the buyer of the Starbucks-occupied asset, a private 1031 exchange investor from Southern California.

March 5, 2025

Development Mixed-Use South Carolina Southeast Top Stories

Highland Resources Breaks Ground on 192-Acre Magnolia Landing Mixed-Use Project in Charleston

by Kristin Harlow March 5, 2025

CHARLESTON, S.C. — Highland Resources Inc. has broken ground on Magnolia Landing, a planned mixed-use community located along the Ashley River in Charleston. Spanning 192 acres, the project will offer a blend of parks, residences, hospitality options, offices, shops, restaurants, waterfront docks, a marina and entertainment options. Full build-out of the multi-phase project is anticipated by 2040. The first residents are expected to take occupancy in 2027. Plans for the first phase include a high-rise waterfront residential community and a mid-rise property both developed by Charleston-based Woodfield Development, offering a total of 600 rental residences, including affordable housing. The first phase will also feature 158 luxury townhomes developed by an undisclosed national developer. Plans also call for multiple office and retail buildings. The first phase will include a waterfront, Class A office building totaling 100,000 square feet in addition to 75,000 square feet of street-level retail, gourmet restaurants and commercial space. Magnolia Landing will also offer a range of hospitality options designed to cater to both short-term visitors and extended stays. The first phase will include a 125-room boutique hotel. The project will incorporate a marina featuring day-dock options, four waterfront restaurants with direct day-dock access, a boat club, monthly …

March 5, 2025

Acquisitions Multifamily Texas

AvalonBay Agrees to Acquire Dallas-Fort Worth Multifamily Portfolio for $431.5M

by Taylor Williams March 4, 2025

DALLAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire a portfolio of six multifamily properties totaling 1,844 units in the Dallas-Fort Worth (DFW) metroplex for $431.5 million. The seller is BSR REIT, and the deal is expected to close in the second quarter. The properties — Auberry at Twin Creeks, Satori Frisco, Vale Frisco, Aura Benbrook, Lakeway Castle Hills and Wimberly — were all built between 1995 and 2021 and range in size from 216 to 349 units. AvalonBay acquired the portfolio in conjunction with two Austin-area communities that sold for $187 million.

March 4, 2025

Acquisitions Industrial Office Texas

BH Properties Buys 374,085 SF Legacy R&D Business Park in Plano, Plans Industrial Conversion

by Taylor Williams March 4, 2025

PLANO, TEXAS — California-based investment firm BH Properties, which also has two offices in Texas, has purchased Legacy R&D, a 374,085-square-foot business park in Plano that the company plans to convert to industrial use. The 40-acre property consists of seven buildings that were 58 percent leased at the time of sale. Elizabeth Malone and K.C. Scheipe of Eastdil Secured represented the undisclosed seller in the transaction. The new ownership has tapped Stream Realty Partners to lease the park, including to prospective life sciences users.

March 4, 2025

Development Industrial Texas

Alliance Industrial Breaks Ground on 201,221 SF Distribution Center in Irving

by Taylor Williams March 4, 2025

IRVING, TEXAS — Houston-based developer Alliance Industrial has broken ground on Airport Bend Commerce Center, a 201,221-square-foot distribution building in Irving. The 13.2-acre site formerly housed the office operations of retailer Michaels. The development will feature two rear-load buildings totaling 171,608 and 29,613 square feet with 32-foot clear heights. Project partners include Seeberger Architecture, Langan Engineering, Alliance Industrial Builders and Stream Realty Partners. Completion of Airport Bend Commerce Center is slated for the first quarter of 2026.

March 4, 2025

Development Retail Texas

Weitzman Completes Renovation of 78,914 SF Shopping Center in Irving

by Taylor Williams March 4, 2025

IRVING, TEXAS — Weitzman has completed the renovation of Grande Center, a 78,914-square-foot shopping center in Irving. The project involved resurfacing the center’s stucco façade and updating tenant and pylon signage with new lighting and color schemes. The renovation also revamped Grande Center’s signature building and created additional tenant visibility. Weitzman acted as the project manager, with Hodges & Associates and Preston Pierce Construction acting as architect and general contractor, respectively.

March 4, 2025

Development Industrial Texas

Welcome Group Delivers Two Industrial Buildings Totaling 40,080 SF in Baytown, Texas

by Taylor Williams March 4, 2025

BAYTOWN, TEXAS — Locally based developer Welcome Group had delivered two industrial buildings totaling 40,080 square feet in Baytown, an eastern suburb of Houston. The twin buildings are situated on a 4.3-acre site within the TGS Cedar Port Industrial Park master-planned development. Project partners include Tomorrow Planning (architect), KDW (general contractor) and Simmons Bank (construction lender). Welcome Group is also leasing the buildings, each of which also houses 2,200 square feet of office space.

March 4, 2025

Newer Posts

Older Posts