sales_and_leases

Duke Realty Breaks Ground on 421,000 SF Build-to-Suit Warehouse in Columbus, Ohio

by Jonathan Mehall August 6, 2015

COLUMBUS, OHIO — Duke Realty Corp. has broken ground on a 421,000-square-foot bulk warehouse for BASF Corp. The build-to-suit facility is being constructed on a 33-acre site in Rickenbacker Global Logistics Park, a 1,576-acre, multi-modal industrial site being developed through a partnership between Duke Realty, the Columbus Regional Airport Authority and Capitol Square Ltd. The facility will be adjacent to Rickenbacker Parkway and in close proximity to Norfolk Southern’s intermodal terminal and Rickenbacker International Airport. The cross-docked building will feature 32-foot clear ceiling heights; 28 dock doors with levelers, bumpers, seals and lights, staging for 50 trailers next to the building and a 135-foot truck court. Completion of the warehouse is set for 2016.

August 6, 2015

Illinois Midwest Mixed-Use

Marcus & Millichap Arranges Sale of 20,000 SF Mixed-Use Building in Chicago

by Jonathan Mehall August 6, 2015

CHICAGO — Marcus & Millichap has brokered the sale of a 20,000-square-foot mixed-use building for $1.9 million at 3801 N. Bernard St. in Chicago. The property is located in Chicago’s Irving Park neighborhood. The area offers convenient access to the Chicago Transit Authority’s Blue Line train. The Abbey Pub & Grill is the major tenant of the building. Jacob Korman and Kyle Stengle of Marcus & Millichap’s Chicago office represented the seller, a private investor. Stengle and Korman also secured the buyer, a limited liability company.

August 6, 2015

Midwest Retail Wisconsin

Baum Realty Group Brokers $1.5M Sale of a Dollar Tree in Baraboo, Wis.

by Jonathan Mehall August 6, 2015

BARABOO, WIS. — Baum Realty Group has brokered the sale of a single-tenant, net leased Dollar Tree property located at 905 U.S. Highway 12 in Baraboo, approximately 47 miles northwest of Madison. The property sold for $1.5 million, which represents one of the lowest cap rates for a Dollar Tree property outside of California, with less than 10 years remaining on the lease term. Dollar Tree signed a new seven-year lease with no early termination clause. The new build-to-suit development is situated across the street from Walmart and Menards. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the seller, a private developer, in the transaction. The buyer was a private investor from Minnesota.

August 6, 2015

Florida Industrial Southeast

Cushman & Wakefield Brokers $90.5M Sale of Coach’s Distribution Center in Jacksonville

by John Nelson August 6, 2015

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $90.5 million sale of Coach’s distribution and fulfillment center in Jacksonville. The Class A, 851,696-square-foot property is located on Coach Way within the 425-acre Jacksonville International Tradeport, which houses other global companies such as Mercedes-Benz. The facility includes 50,000 square feet of office space and serves as the hub for all distribution and fulfillment services of Coach products throughout North America. Mike Davis, Michael Lerner, Rick Brugge, David Bernhaut, Karl Johnston and Tyler Newman of Cushman & Wakefield represented the seller, Pantheon Properties, in the transaction. The buyer was Intercontinental Real Estate Corp. According to Cushman & Wakefield, the transaction is the largest non-portfolio industrial sale in the Jacksonville market since 2013.

August 6, 2015

Massachusetts Northeast Office

JV Acquires 182,000 SF Laboratory/Office Building in Waltham for $104.2M

by Amy Works August 6, 2015

WALTHAM, MASS. — A joint venture between King Street Properties and Carlyle Group has acquired a laboratory and office building located at 830 Winter St. in Waltham. Intercontinental Real Estate Corp. sold the 182,000-square-foot property for $104.2 million, or $572 per square foot. Built in 2000, the property is designed to accommodate both chemical and biological laboratories. Additional on-site amenities include a full-service cafeteria, outside seating, conference facilities and structured parking. The property was fully leased at the time of sale to tenants including Histogenics Corp., GlaxoSmithKline and ImmunoGen Inc. Chris Skeffington, John Lasher, Roy Sanderman, Jon Varholak and Steve Purpura of Transwestern|RBJ represented the seller and procured the buyer in the transaction.

August 6, 2015

California Office Western

Burnham-Ward Properties Buys Newport Beach Office Building

by Nellie Day August 6, 2015

NEWPORT BEACH, CALIF. — Burnham-Ward Properties has acquired a 28,000-square-foot office building in Newport Beach for an undisclosed sum. The building is located at 4220 Von Karman Ave., within the Koll Center Newport master-planned office park. The entire 14,000-square-foot second floor of the office building was pre-leased during escrow to personal injury law firm Bergener & Associates. John Pomer and Ben Gott of Stream Realty and Justin Hodgdon of Newmark Grubb Knight Frank represented both the buyer and lessee in this transaction.

August 6, 2015

Colorado Retail Western

Orchard Town Center Adds Seven New Tenants

by Nellie Day August 6, 2015

WESTMINSTER, COLO. — Orchard Town Center, a 914,000-square-foot open-air regional retail center located in Westminster, has added seven new tenants to its roster. Additions include a newly opened Bitto Bistro; a 2,673-square-foot Crushed Red to open in August; a 3,085-square-foot 20/20 EyeVenue to open in September; a 6,644-square-foot Katie Eile to open in October; and a 4,500-square-foot Rusty Bucket Restaurant and Tavern, a 23,000-square-foot Marshalls, and a 5,000-square-foot Maurices, all to open in spring 2016. Other recent openings include a 7,500-square-foot DXL and a 4,346-square-foot Panera Bread. Phoenix-based Vestar, who acquired the property in 2014 in a joint venture with UBS, oversees property management, leasing and marketing at Orchard Town Center.

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 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

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