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Newmark to Obtain Dallas Brokerage Firm as it Broadens Texas Footprint

Acquisition of Jackson Cooksey to Bolster Newmark’s Service Offerings, Market Protection in the Region

Visualized from left: James Cooksey, president and founder of Jackson Cooksey, and Neal Golden, president of the Texas area at Newmark.After more than

a year of speculation in the Dallas property community, New York-based Newmark Group Inc. has actually created a deal to acquire a North Texas brokerage firm in hopes of expanding its worldwide corporate services platform.

Dallas-based Jackson Cooksey Co., a company understood for its business occupant representation work, will help boost Newmark’s service offerings and broaden market coverage, said Barry Gosin, ceo of Newmark Group (NASDAQ: NMRK).”Particularly, the Jackson Cooksey acquisition expands [Newmark’s] business tenant advisory services for office and commercial users throughout Texas,” Gosin said, in a statement.

Newmark and Jackson Cooksey did not instantly respond to emails and phone calls for interview requests.

James Cooksey, who established the 36-year-old real estate brokerage in Dallas, will sign up with Newmark’s Texas workplace as vice chairman and president of tenant representation in the Lone Star state.

Texas has actually been targeted as a development market for Newmark, and this acquisition will assist the company provide more “client-centric realty services,” stated Neal Golden, president of the Texas region for Newmark.

Cooksey said Newmark’s mission and worths fit perfectly with Jackson Cooksey’s customer-centric business renter focus and his individual vision of offering, “best-in-class property techniques and services, while keeping the greatest requirements of honesty, stability and dedication.”

In addition to a Dallas workplace, Jackson Cooksey likewise has offices in Houston, Austin and Denver, with a total of about 70 realty professionals.

Jackson Cooksey isn’t the only Dallas player that has actually been connected to Newmark. The now publicly traded realty brokerage likewise has some ties to former National Football League Hall of Famer, Emmitt Smith. Smith, who in 2015 left the business real estate company that bears his name to check out brand-new opportunities, helped ring in the launch of the initial public offering of Newmark in December 2017. At that time, a spokesperson for Smith stated there was no official collaboration to reveal to the public.

With the Jackson Cooksey acquisition and an ever-expanding company in Dallas, sources say that Newmark could be trying to find a brand-new Dallas office to get everybody in one North Texas office in the future. Newmark currently has a workplace on the 13th floor of Chateau Plaza along McKinney Opportunity in Dallas’ Uptown area.

Brookfield Proposes to Obtain GGP for $14.8 Billion

GGP Validates Receipt of Unsolicited Proposal from Brookfield, Shopping mall REIT’s Board Develops Special Committee to Evaluate Deal

Brookfield Property Partners LP(NYSE: BPY) (TSX: BPY.UN) has actually made a non-binding proposal to obtain GGP Inc. (NYSE: GGP) beyond the 34% it already owns.

Brookfield would pay $23/share payable in money and stock at an overall value of $14.8 billion.

The proposal represents a premium of 21% to the unaffected closing share price of GGP’s typical stock of $19.01 on Nov. 6, 2017, prior to when reports of such a deal started distributing.

Since Sept. 30, GGP owns full or partial interest in 126 retail residential or commercial properties totaling about 125 million square feet.

Looking only at the highest-quality assets in its retail portfolio, Brookfield Property reported that if believes that 75 of the 126 properties are of the “greatest quality.” Same-store NOI at those 75 was up 4% in the third quarter.

Tenancy across the whole portfolio increased 80 basis points year over year to 95.4%.

“These favorable outcomes demonstrate that well-located, top quality retail real estate in the United States continues to perform well, despite negative understanding in the public markets,” Brookfield reported to investors last week. “While some sellers continue to deal with substantial challenges in growing their services, those sellers focused on the crossway of physicals retail with online sales channels continue to expand and grow. This development is evident from the almost 10 million square feet of renting we have actually completed so far in 2017, which is up from 9.5 million square feet for all 2016.”

GGP has continued this year to get big-box anchor spaces in its shopping malls and rearrange them.

“We can make excellent returns doing this and it is one of the best chances in U.S. retail today,” Brookfield reported. “In this regard, we recently got, either directly or by means of lease termination, 21 Sears places attached to GGP and Rouse shopping malls for $314 million. As Sears continues to rationalize its property assets, we have the ability to additional buy our shopping malls and transform these areas into higher-paying junior box utilizes and inline renters. On much of these tasks we are projecting levered returns of more than 20% on our invested capital.”

If approved, the GGP transaction would create in Brookfield Property one of the largest listed property companies in the world, with an ownership interest in nearly $100 billion of real estate possessions worldwide and annual net operating earnings of roughly $5 billion.

“Brookfield’s access to massive capital and deep operating proficiency throughout several property sectors integrated with GGP’s top quality retail possession base will allow us to maximize the value of these irreplaceable assets,” stated Brian Kingston, CEO of Brookfield Residential Or Commercial Property Group.

GGP has formed a special committee of its non-executive, independent directors to examine the proposition.

Goldman Sachs & & Co. is functioning as monetary consultant and Simpson Thacher & & Bartlett LLP is working as legal counsel to the special committee. Citigroup Global Markets Inc. is serving as financial advisor and Sullivan & & Cromwell LLP is working as legal counsel to GGP.

Google to Obtain 3 More Buildings in Sunnyvale from NetApp for $319 Million

Internet Giant Has actually Now Gotten More Than $1 Billion in Sunnyvale Home Because July

Google Inc. has consented to get three workplace residential or commercial properties in the Silicon Valley city of Sunnyvale, CA, from information management and storage business NetApp, Inc. for $318.7 million.

The residential or commercial properties consisted of in the purchase contract dated Sept. 11 consist of 495 East Java Drive, a 126,760
square foot, four-story office complex constructed in 1999; the 133,021-square-foot 475 East Java Drive; 1330 Geneva Drive, a 121,185-square-foot home, and unimproved land near the structures, according to a Securities and Exchange Commission filing by Sunnyvale, CA-based NetApp.

The deal is expected to close in two stages, with more than $223 million due by Jan. 21, 2018 and the $95.6 million balance payable at a second closing by the end of October 2018. Under the arrangement, NetApp will rent back and continue to occupy among the structures for an undetermined term.

The transaction is the current in a Sunnyvale purchasing spree by Google, which simply six weeks ago took control of ownership of about 50 homes in Moffett Park got on the internet search giant’s behalf by CBRE Global Investors Ltd. for more than $800 million. Google obtained a portfolio of eight Sunnyvale homes from NetApp in April 2016 for $250 million.

In June, Google confirmed that it’s exploring development of an enormous “tech village” totaling at least 6 million square feet on about 250 acres in surrounding San Jose.

Disney streaming service to obtain '' Star Wars ' and Marvel


Marvel’s Avengers: Age Of Ultron. L to R: Captain America/Steve Rogers (Chris Evans) and Thor (Chris Hemsworth). Ph: Jay Maidment. Marvel 2015

Thursday, Sept. 7, 2017|6:27 p.m.

NEW YORK– “Star Wars” and the Marvel comic-book motion pictures will sign up with Disney’s upcoming streaming service, potentially providing it wider appeal beyond households with young children.

The Disney service will be the only place to stream those movies as needed in the United States as part of a regular monthly membership. (So, not on Netflix.)

A cost hasn’t been revealed yet. The service is anticipated in late 2019 after Disney’s existing handle Netflix ends.

Previously Disney revealed the addition of simply Disney and Pixar films and Disney TELEVISION shows. Adding the “Star Wars” and Marvel movies could make the brand-new service attracting teens and adults. The Marvel movies include the “Avengers” and “Guardians of the Galaxy” franchises.

The service will likewise have initial Disney films, TV series and shorts. Disney CEO Bob Iger stated thousands of TV episodes and hundreds of movies will be readily available, though shows from Disney’s ABC network aren’t pertaining to the service.

Disney said last month that it was thinking about moving “Star Wars” and Marvel to the brand-new service, however a choice wasn’t revealed till Thursday.

Disney did not say whether all the “Star Wars” films going back to the 1977 would be offered on the service, or all the movies in the Marvel universe. A spokesman had no immediate comment. Netflix also has a TELEVISION series based on Marvel characters, and Netflix said Thursday that relationship continues. Similar to the Disney and Pixar movies, Marvel and “Star Wars” motion pictures that play in theaters in 2018 will be on Netflix for U.S. viewers, and some films will be available into 2020.

Disney’s offering is one of numerous online film and TV choices coming from home entertainment and tech companies, with more in the works. Disney, for instance, is likewise launching an ESPN sports streaming service early next year. It won’t replicate what’s on ESPN, in the meantime, so it’s expected to be rather specific niche.

The company’s shares slid $4.05, or 4 percent, to $97.46 in Thursday afternoon trading. Financiers might have sold because Iger stated revenues per share for this fiscal year will resemble the level for the year that ended on Oct. 1, 2016. Wall Street analysts had forecasted growth.

Columbia Teams with Allianz Real Estate in New JV to Obtain Class-A Workplace Property

Seeking to obtain more workplace residential or commercial properties in its core markets without turning to releasing stock or raising take advantage of, Columbia Residential or commercial property Trust (NYSE: CXP) has actually formed a joint endeavor with Allianz Real Estate to pursue Class-A workplace acquisitions in certain U.S. markets. The two investors have initially contributed three of their particular residential or commercial properties to the joint endeavor with a combined gross possession worth of $1.26 billion.

Columbia contributed a pair of its homes in the San Francisco Bay area: University Circle, a three-building, 451,000-square-foot office complex in Palo Alto valued at $540 million, which Columbia acquired in 2005; and 333 Market St., a 657,000-square-foot workplace tower in the San Francisco monetary district valued at $500 million, which Columbia got in 2012.

Allianz now owns a 22.5% interest in University Circle and 333 Market, while Columbia owns 77.5% and will continue to manage property management and leasing at the 2 residential or commercial properties, along with management of daily operations of the joint endeavor.

Over the next 12 months, Allianz plans to increase its ownership interest in both residential or commercial properties, changing Columbia’s ownership portion to 55% and self-funding the endeavor for Columbia.

Allianz contributed 114 5th Ave., a 352,000-square-foot office building in Manhattan valued at $220 million that Allianz has actually owned since 2015 along with its partner, L&L Holding Co. Columbia and Allianz now each own 49.5%, while L&L keeps its general partnership stake and will continue as the home management and leasing agent for this Midtown South building.

Through the joint endeavor, Allianz and Columbia Residential or commercial property Trust mean to pursue extra core workplace assets in CBD areas. Based in New york city City, Allianz Real Estate deals with the portfolio financial investment strategies in the Americas on behalf of a variety of Allianz Group insurance companies.

“Our financial investment in this joint venture accomplished our immediate goal of acquiring leading office assets in core areas on the West Coast,” stated Christoph Donner, CEO of Allianz Realty. “Over the long-term, the chance to even more diversify and broaden our nationwide geographic exposure in the U.S. office sector, and to form a tactical partnership with Columbia Property Trust is a great deal.”

Nelson Mills, president and CEO of Columbia Property Trust, said the joint endeavor with Allianz will enable the REIT to increase scale in its core markets while avoiding dilutive investment alternatives.

“This partnership permits us to increase market existence without providing stock or raising leverage,” kept in mind Mills. “In addition, with these transactions, we recognize a part of the significant worth we have produced within our portfolio.”

Columbia was recommended by HFF and J.P. Morgan Securities LLC on the deals. Allianz was encouraged by Cushman & & Wakefield of New york city, NY on 114 Fifth Opportunity.

For additional details on the property transfers, see CoStar Sale Comps 3946063 and 3946070.

UPDATED: Norges Bank Teams with Oxford Properties to Obtain Set of DC Office Characteristic

Norway’s Norges Bank Property Management, in joint endeavor with a brand-new financial investment partner, Canada’s Oxford Properties Group, got a pair of office buildings in downtown Washington, DC, from 2 various sets of sellers simply ahead of the Fourth of July holiday.

The JV purchased the just recently developed 900 16th St. NW, a nine-story, 127,825-square-foot structure at the corner of 16th and I streets, NW, and the much larger but older 1101 New York Ave. NW, a 12-story 404,495-square-foot building completed in 2006 that is 99% rented.

Toronto-based Oxford Residences, the real estate investment affiliate of the Ontario Municipal Worker Retirement System, will handle both properties.

“These are Oxford’s fifth and sixth jobs in D.C., and we are very happy to be making this investment next to the exceptional group from Norges Bank Property Management,” noted Chris Mundy, senior vice president of investments for Oxford Residence Group.

Oxford’s Washington, D.C. portfolio includes Washington Center (1001 G Street), 600 Massachusetts Opportunity and Gallery Location. In addition, Oxford is partnering with Gould Residential or commercial property Business on the prepared advancement of 900 New york city Opportunity.

The list price for 1101 New york city Ave., NW, was not revealed. W. R. Berkley Corp., an insurance coverage holding business, and Morgan Stanley Property Investing (MSREI), were the sellers.

Norges is investing $74 million for a 49% interest in 900 16th St., NW, which values the residential or commercial property at $151 million or about $1,208/ square foot. Oxford will own the staying 51% interest.

The home offered unencumbered by financial obligation, and no financing was associated with the deal.

The seller, a development joint venture in between The JBG Cos. and ICG Characteristics LLC, completed construction of the structure in April 2016. Law firm Miller & & Chevalier occupies about 70% of the structure.

It is also the home of the 12,000 square-foot sanctuary, reading space and administrative offices of First Church of Christ, Researcher, formally the Third Church of Christ, which originally owned the website and had actually looked for to redevelop the valuable area in what amounts to a fascinating backstory to the deal including an impressive historical conservation battle lasting nearly two decades.

John Duffy and Andrew Asbill of the Washington DC workplace of JLL represented JBG and ICG Characteristics in the sale.Nevertheless, ICG Persisted In the early 2000s, the church parish looked for to offer its building at the popular place at 16th and I streets, NW and replace it with a new sanctuary, mentioning the difficulty and expense of keeping the big structure. Nevertheless, unidentified to the congregation, in 1991 a group of preservationists applied to have the Third Church structure designated as a D.C. historic landmark. The former church structure was an example

of the hulking, Brutalist-style architecture that flourished from the 1950s to the mid-1970s. Similar to the current FBI head office building the GSA is looking for to sell. ICG thought it had a deal with the church to change the

structure with an office building that would include a brand-new sanctuary and filed for demolition licenses. Nevertheless, in 2007 the city officially landmarked it, triggering the congregation to file suit to have the status got rid of. That triggered 3 more years of settlements in between ICG, the church, the court, the

District government and the D.C. Preservation League, prior to a settlement was reached in 2010. However it would be another two years prior to the task was finally approved by the D.C. Historic Conservation Review Board and the D.C. Zoning Commission. The structure was lastly demolished in 2014, and changed by the new structure in 2015. At the time his firm finally secured the essential approvals, David Stern of ICG kept in mind that he began working on the brand-new building

at the start of 2006.”My child was two. She’s now 9, “he said. Please refer to CoStar COMPs 3943853 for 1101 New york city Ave. NW and 3943751 for 900 16th St. NW. This report was upgraded given that it was initially released to include the second asset obtained by the Norges/Oxford collaboration, 1101 New York Opportunity,


Columbia Pacific Advisors to Obtain 55-Property Hawthorn Retirement Group

Offers Also Includes 24 Seniors Real estate Communities in Pre-Development or Under Construction

Columbia Pacific founder Dan Baty has built two previous senior living chains.
Columbia Pacific creator Dan Baty has built two previous senior living chains. Columbia Pacific Advisors has actually accepted acquire Hawthorn Retirement Group, a Vancouver, WA-based company that owns and operates elders housing neighborhoods in North America. This will be the 3rd go-around for Columbia Pacific creator Dan Baty, who developed two previous senior living chains.

Hawthorn owns and runs 55 seniors real estate neighborhoods throughout 20 U.S. states and two Canadian provinces, with another 24 under building or in pre-development. In addition to the property portfolio, the acquisition will consist of Hawthorn’s management and building organisations.

Columbia Pacific’s purchase of Hawthorn is anticipated to close later on this summer season. Regards to the offer were not disclosed.

“We are purchasing what we believe to be among the very best senior living companies ahead of a substantial and quickly approaching demographic pattern of an aging U.S. population,” said Alex Washburn, handling partner and co-founder of Columbia Pacific Advisors. “The Hawthorn platform consists of high quality residential or commercial properties and a substantial pipeline of chance with the right operator to meet head-on the trends and challenges of the senior living industry.”

Columbia Pacific Advisors, based in Seattle, has actually completed more than $13 billion in associated transactions in the last 25 years. Over the past Ten Years, funds handled by Columbia Pacific Advisors (Certified Public Accountant) have actually developed or acquired ownership interests in more than 300 senior living communities making up more than 25,000 units.

Additionally, the firm is active throughout other real estate sectors, consisting of the acquisition and development of 1,300 multifamily systems and more than 1.2 million square feet of business area throughout the U.S.

Baty, co-founder of Columbia Pacific, was also the creator of Emeritus Corp., among the largest operators of freestanding assisted living communities in the United States, which merged with Brookdale Senior citizen Living Inc. in 2014 in a $2.8 billion deal.

Baty also formerly served as the chairman of Holiday Retirement Corp., then the largest operator of retirement centers in the US and Canada, from 1987 till its sale in 2007 to Fortress Financial investment Group for more than $6 billion.

The principal owners of Hawthorn, Bart and Brad Colson, Norm Brenden and Pat Kennedy, have all understood and worked with Columbia creator Baty for several years. Colson and Baty were the primary owners of Holiday Retirement.

Updated: Amazon to Obtain Whole Foods Markets for $13.7 B In Game-Changing Deal for Retail Property

Analyst: Deal Catapulting E-Tailer Into Leading Ranks of United States Grocery Market is Proof Well-Located Retail Property Will Win Out, Even as E-Commerce Continues Rapid Development

In its very first large-scale push into brick-and-mortar retail, Amazon (Nasdaq: AMZN) revealed this morning it has actually agreed to purchase Whole Foods Market, Inc. (Nasdaq: WFM) in an all-cash merger transaction valued at $13.7 billion.

The historic pairing, together with today’s statement by retail huge Wal-Mart Stores, Inc. that it will buy Bonobos, Inc., a New York-based guys’s clothing merchant that does most of its service online, casts a spotlight on the seismic modifications reshaping the way we purchase items and services.

The transactions reveal the increasing acknowledgement of the interdependence and symbiosis of e-commerce and physical retail. They likewise underscore the heated competition between the country’s retail titans, Amazon and Wal-Mart, as well as Amazon’s recognition that developing a presence in strong retail places, a minimum of in the grocery sector, may be needed to take the fight to its brick-and-mortar rivals across multiple retail sectors.

Under the conclusive contract, Amazon will pay $42 per share to shareholders of Whole Foods, which has had a hard time economically in recent quarters, a 27% premium over its Thursday closing price. The transaction is expected to close in the 3rd or fourth quarter.

Editor’s note: CoStar News will be updating this significant retail and technology story with news and analysis throughout the day.

Amazon in 2015 appeared to be preparing for a significant push into book shops and other physical retail, but defying the forecasts of some analysts, has actually not revealed a major roll out to this day. The ambitious move into the supermarket space would provide Amazon control of the 460 areas in the U.S., Canada and United Kingdom run by Austin-based Whole Foods, which utilizes 87,000 people and reported $16 billion in income for 2016.

‘ Shot Heard Round the World’

The statements were greeted with a lot of commentary by analysts in both the retail and property industries.

Citi REIT equity expert Michael Bilerman described the relocation as a recognition of the long-lasting power of premium, well-located retail real estate.

Bilerman stated the deal is more evidence that online sellers appreciate the power that a brick-and-mortar existence can have as online merchants increasingly have problem with the costs and logistics of both last-mile shipment to shoppers along with product returns and exchanges.

“All this is consistent with our views that high-quality, well-located retail real estate will continue to win out even with ongoing growth in e-commerce,” Bilerman said.

Morgan Stanley & & Co. retail analyst Simeon Gutman noted that while Amazon was anticipated to rake into the physical supermarket space, consisting of reports that it had an interest in opening 2,000 Amazon Fresh grocery stores in the U.S. over Ten Years, “we did unknown in what kind or when.”

“In thinking of other brick-and-mortar classifications, food retail makes good sense for Amazon to go deeper, offered the high frequency of purchases and distinct approach of circulation,” Gutman stated, who explained the offer as the “shot heard round the world.” “Besides auto parts and possibly appeal retail, we do not think there are other categories that are so unique that Amazon would have an interest in pursuing traditional areas.”

While was relatively well known that Amazon had actually planned to pursue a more aggressive brick-and-mortar technique, the small number of bookstore openings up until now have actually been restricted to high-traffic street retail areas, added Bilerman.

“Plainly, Amazon has opted to purchase rather of construct, and in picking a grocer, the seller is acquiring some extremely well-located shops,” Bilerman added.

Under the contract, John Mackey would stay CEO of Whole Foods, established in 1978, and the grocer would continue to operate under its existing brand and maintain its headquarters in Austin.

The partnership is an opportunity to maximize value for Whole Foods investors, a number of which have actually slammed the chain for its sagging stock rate in the intensely competitive U.S. grocer area, while at the very same time leveraging Amazon’s deep pockets and innovation platform.

“Whole Foods Market has actually been pleasing, thrilling and nourishing customers for nearly four years – they’re doing a remarkable task and we want that to continue,” said billionaire Jeff Bezos, Amazon founder and CEO.

The merger has the benefit of “extending our objective and bringing the highest quality, experience, benefit and development to our clients,” stated Mackey, a Whole Foods co-founder.

Updated: 10:30 a.m, 11 a.m., 11:45 a.m. PDT

UPGRADED: Healthcare Trust of America to Obtain Duke Real estate'' s Medical Workplace Portfolio for $2.75 Billion

Duke Realty's Baylor McKinney 2 MOB in McKinney, TX, is among those being sold to Healthcare Trust of America.
Duke Realty’s Baylor McKinney 2 MOB in McKinney, TX, is amongst those being offered to Healthcare Trust of America. Healthcare Trust of America, Inc.(NYSE: HTA)is buying all the medical office buildings owned by Duke Realty Corp. (NYSE: DRE) and its medical development pipeline for $2.75 billion in money. The cost breaks down to approximately $450/square foot.

The deal consists of $2.35 billion for 64 stabilized, running medical workplace properties and $400 million for 14 residential or commercial properties under advancement or in the lease-up stage.

The consolidated portfolio consists of 78 properties total which contain 6.1 million square feet of gross leasable area that are 94% leased, consisting of Duke’s proportionate interest in 2 unconsolidated joint endeavor entities. The acquisition also consists of 2 advancement land parcels amounting to 17 acres.

The mix will increase HTA’s portfolio to 25 million square feet of medical office.

“This deal strengthens HTA as the dominant owner and operator of medical office buildings located in key, gateway markets in the United States,” stated Scott D. Peters, chairman and CEO of Scottsdale-based HTA.

Around 85% of the properties lie in HTA’s existing markets. HTA said the overlap must lead to “considerable operating synergy opportunities” for home management, leasing and development.

The transaction is expected to close in a number of tranches in the second and third quarter of 2017. The final size of the offer could differ as 31 of the residential or commercial properties undergo rights of first refusals or deal, which could lower the size of the acquisition or postpone the timing of the closing.

As part of the contract, Duke is requiring that HTA accept seller funding of $330 million, through a senior protected very first mortgage, which will bear interest at 4% per year. This note will require 3 yearly primary payments of $110 million beginning in 2018 and is not prepayable.

Health care Trust of America said it will fund the remainder of the purchase price through the sale of typical stock.

HTA priced the offering of 47.5 million shares at $28.50 per share. The offering was upsized from an initial offering size of 39.5 million reflecting strong investor interest. In addition, the underwriters have a 30-day choice to buy approximately an extra 7.125 million shares. HTA will get roughly $1.35 billion in gross proceeds from the offering.

[Editor’s Note: This story was upgraded Wednesday afternoon May 3rd with the news of the upsized offering and additional details on Duke Real estate below.]

Wells Fargo Securities and its subsidiary, Eastdil Protected, are serving as unique financial consultants to Health care Trust of America, and O’Melveny & & Myers LLP, San Francisco, is functioning as its legal counsel to the business in connection with the transaction.

Hogan Lovells US LLP is legal advisor to Duke Realty in the sale.

Upon statement of the MOB portfolio sale, Duke Real estate announced a series of brand-new industrial residential or commercial property financial investments.

In South Florida, Duke got 3, recently built commercial buildings amounting to 676,835 square feet in the Hialeah Gardens submarket of Miami, raising its portfolio in the market to 5.9 million square feet. The three buildings, which are located on the east side of Florida’s Turnpike at U.S. 27, collectively will be named Miami Industrial Logistics Center.

The acquired residential or commercial properties include:10701 NW 140th St., 255,846 SF
14802 NW 107th Ave., 209,232 SF
15002 NW 107th Ave., 211,757 SF

The Northeast area office of Duke bought 72.87 acres in Bethel Area in Berks County, Pennsylvania, for future advancement. The land called Central Logistics Park, fronts I-78. When Duke Real estate develops a bulk storage facility on its most recent site, the building will be Duke Realty’s 5th building in the Lehigh Valley location.

Duke’s Minneapolis-St. Paul office executed a long-term lease with MyPillow Inc., a manufacturer, supplier and seller of pillows and bed linen items, for 172,836 square feet of Gateway South 2101, a new 374,700-square-foot warehouse it is developing in Shakopee.

Brian Netz with Colliers represented MyPillow in the transaction, while noting representative Kris Smeltzer with Cushman & & Wakefield/Northmarq and Josh Budish of Duke Real estate represented Duke.