scale of what they needed,” says John
Hirschman, director of real estate development at Indianapolis-based Browning.
“AllPoints Midwest was not only able to meet
their immediate requirement, but also provide them with a third phase of expansion
down the road for a potential 400,000 sf.”
Hirschman notes that his team faced
considerable competition when PDS issued
its request for proposals in mid-summer of
last year. “Obviously for a project this size,
it’s a very competitive market, but the
Browning and Duke team worked very
closely with PDS to come up with the right
took the income and occupancy up, so it was
a smart time to sell.”
Golub and Intercontinental had previously
teamed up on office projects in suburban
Minneapolis and Chicago, but this is their first
October. Designed by JRA Architecture
LLC, the facility has approximately 28,000
sf of office space to be used as the tenant’s
corporate headquarters. It will feature
175,000 sf of air-conditioned warehouse
space as well as 160 dock doors.
The logistics company will relocate its
188 employees, and plans to add an additional 48 people within three years. The
Indiana Economic Development Corp.
offered PDS up to $225,000 in perform-ance-based tax credits contingent upon the
company’s job creation plans. The City of
Plainfield will also provide a 10-year real
property tax abatement, says Hirschman.
Situated on 920 acres, AllPoints Midwest
is primed for more than 12. 5 million sf of
bulk distribution space.—Danielle Douglas
“We will continue
to upgrade the
property and get it
to another level.
GOLUB & CO.
solutions,” he says, adding that his company had done business with PDS in the past.
Though he would not disclose the value of
the lease, reportedly the largest signed in
Indiana in 2007, Hirschman says the term is
approximately 11 years. Mike Lubbers of NAI
Olympia Partners Ltd. advised the tenant,
while the JV used in-house representation.
PDS will move into 646,380 sf of Building
One in March. At the same time, says
Hirschman, the developers will construct a
554,000-sf expansion to be delivered in
WITH NEW PARTNER, GOLUB
BUYS ASSET FOR SECOND TIME
St. Louis—For the second time in three years,
Golub & Co. LLC of Chicago has acquired the
700,000-sf Westport Plaza mixed-use complex here. The firm initially purchased the
property back in 2004 with partner Investcorp.
Late last year, the ownership entity sold the
office and retail asset to another Golub partnership, this one with Intercontinental Real
Estate Corp. of Boston.
“Our original business plan was to hold the
property for three to four years,” says Golub’s
president and CEO, Michael Newman. “We
Leasing: Did You Know?
Kimberly-Clark signed on for an additional 339,300 sf at Oakmont Industrial Group’s SouthPort Logistics
Center in McDonough, GA. The expansion comes a year after the medical and consumer products company inked
a 1.3-million-sf contract. The tenant will take occupancy of the new space during the second quarter. CB Richard
Ellis advised Oakmont, while Colliers Bennett & Kahnweiler and Colliers Spectrum Cauble negotiated for the
tenant…Mary Brickell Village in Miami’s Brickell Financial District has a new anchor tenant. Publix Super
Markets Inc. has committed to 31,000 sf at the lifestyle center, owned by Ivanhoe Cambridge of Canada.
Construction on the new grocery store is scheduled to commence this quarter, with a grand opening planned for
late spring/early summer…On behalf of American Hospital Association, Cushman & Wakefield has engineered a long-term lease agreement with the John Buck Co. for approximately 115,000 sf at 155 N. Wacker Dr.
in Chicago. In March 2010, the tenant plans to relocate its offices to the fourth through eight floors of the building. Currently under construction, the 1.1-million-sf, class A structure is seeking LEED Gold certification…Xand
Corp. has inked two office leases totaling 89,710 sf at Mack-Cali Realty Corp.’s Mid-Westchester Executive
Park in Hawthorne, NY. One agreement extends the tenant’s current 46,078-sf contract at 11 Skyline Dr. by three
years to 10 years and nine months. The other deal is a new 10-year, nine-month lease for 43,632 sf at 17 Skyline
Dr., which brings the 85,000-sf, class A building to 100% occu-pancy…Under a 20-year agreement, National Grid will consolidate its New England offices into approximately 270,000 sf in
a 312,000-sf building currently under way at Davis Marcus
Partners’ East Campus at Reservoir Woods in Waltham, MA.
Upon the facility’s completion in mid-2009, it will house an estimated 1,700 employees. Designed by ADD Inc., the three-story,
class A building will be reportedly the first multi-tenant, LEED
Gold building built in the Boston area. 17 Skyline Dr.
joint transaction in St. Louis, Newman says.
“The deal was marketed widely. There was
plenty of interest and a number of bidders,”
he relates. “It fits the profile for a lot of people
in terms of size and product type. We had a
relationship with Intercontinental and they
suggested we remain involved.”
Newman declined to give any financial
details, except to say that Intercontinental is
the majority partner and Golub will oversee
the day-to-day operations and leasing of
A modest amount of leverage, about
65%, was utilized by the partners,
Newman says. “As we were working
through the closing, the capital markets
started to change a bit. But it wasn’t like
we were trying to highly leverage this, so
the debt wasn’t an issue,” he says.
According to Real Capital Analytics, Golub
and Intercontinental purchased Westport
Plaza for $85 million. Back in February 2004,
Golub and Investcorp paid $60.2 million for
the 41-acre campus, located in the city’s
Maryland Heights submarket, about 20 minutes west of Downtown St. Louis.
In the past three years, Newman says the
occupancy rate at the property has risen
from the high 60% range to 93%. The office
portion spans about 500,000 sf and includes
such tenants as Northrop Grumman,
Travelers Insurance, WPP and Healthways.
Restaurants dominate the 170,000-sf retail
component, with such names as Dierdorf &
Hart’s Steak House, Coldstone Creamery,
Starbucks and Panera Bread.
The mixed-use nature of the property as
well as the stability of the marketplace were
factors that made the deal attractive to
Golub, Newman says. “Suburban St. Louis
is a stable market. It has good communities and good residential, which leads to a
good workforce,” he says. “We believe that
it was time for our old partnership to sell,
but also for the new partnership, there is
still more to do. Leases are rolling and
hopefully rents will increase. We will continue to upgrade the property and get it to
another level.”—Maria Wood