AURORA, ILL. — The Pizzuti Companies, and its partner Molto Properties, has unveiled plans to develop a 274,000-square-foot speculative industrial building in Aurora. The property will be situated on 16 acres on Mitchell Road. The project will feature a clear height of 32 feet, 52 loading docks, 49 trailer spaces, 238 car parking spaces and LED lighting. Construction is scheduled to begin this spring, with completion slated for the third quarter. David Prell and Jeff Kapcheck of CBRE will handle leasing for the property.
WEST OMAHA, NEB. — Darland Construction Co. is underway on Pacific Springs Center II, a 40,000-square-foot office complex in West Omaha. Located on the northwest corner of 168th and Pacific streets, the two-story property features an underground parking garage. Completion is slated for this fall. Investors Realty is handling management and leasing for the project. Avant Architects is the architect and Century Development is the developer.
ROCHESTER HILLS, MICH. — Signature Associates has arranged the sale of a 28,817-square-foot industrial building located at 1837 Enterprise Drive in Rochester Hills. Kris Pawlowski and Paul Hoge of Signature Associates represented the buyer, 1837 Enterprise LLC. This is the third location for the buyer, which sells small prosthetics and medical compression socks. The seller was not disclosed.
AcquisitionsAlabamaFloridaMichiganMidwestMultifamilyNortheastPennsylvaniaSoutheastStudent HousingTexasTop Stories
Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M
MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …
CHICAGO — Draper and Kramer Inc. has broken ground on 2111 S. Wabash Ave., a 24-story, 275-unit apartment tower in the McCormick Square area of Chicago’s South Loop. Designed by Solomon Cordwell Buenz, the property will feature an asymmetric base topped with a glass tower. Apartment units will range from 529 to 1,411 square feet and will include a mix of one-, two- and three-bedroom floor plans. A 25,000-square-foot amenity area on the fourth floor will feature a club lounge with a bar, coworking space, music rooms, fitness studios and an outdoor terrace. Monthly rents are expected to start at $1,800. Power Construction Co. LLC and Ujamaa Construction are serving as the general contractors. Completion is slated for summer 2020.
MADISON, WIS. — Lamar Cos., in conjunction with Real Capital Solutions, has acquired East Town Plaza in Madison for an undisclosed price. The 216,785-square-foot shopping center is 83 percent leased. Tenants include Burlington, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, DSW, Ulta and Party City. The property, built in 1999, is positioned along East Washington Avenue. The seller was not disclosed.
CHICAGO — AbelsonTaylor, a health and wellness advertising agency, has signed a lease to occupy nearly 85,000 square feet at the Old Post Office Building in Chicago. The firm plans to move all its operations to the building on March 1, 2020. The property owner, 601W Cos., is transforming the building into office space. Other tenants who have signed office leases at the building include Walgreens, candy manufacturer Ferrara and the Chicago Metropolitan Agency for Planning. Work on the $800 million adaptive reuse project is underway. Plans call for a food hall, fitness center, library and multi-acre rooftop park. Stephen Smith, Jamey Dix and Daniel Heckman of The Telos Group represented building ownership in the lease transaction with AbelsonTaylor. Jack Keenan of Cushman & Wakefield represented the tenant.
MT. CARMEL, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a nonprofit healthcare campus in Mt. Carmel, located in the southern part of the state along the Indiana border. Arkansas-based General Baptist Health Care sold the property. The buyer was CareTrust REIT and its regional operating partner, WLC Management Firm. Although the price was not disclosed, Blueprint reports the purchase price translated to approximately $70,000 per licensed bed. The campus is made up of two adjacent healthcare buildings: Oakview Heights, a 90-bed skilled nursing and long-term care facility, and Oakview Villa, a 38-bed supportive living facility offering affordable assisted living services. Since acquiring the propertyin 1981, ownership continuously expanded the campus, adding a secure memory care unit, rehabilitation facility and supportive living building. Michael Segal and Josh Salzman of Blueprint handled the transaction.
FORT WAYNE, IND. — Marcus & Millichap has arranged the sale of the Best Western Plus Fort Wayne Inn & Suites for $5.3 million. The 62-room hotel is located at 5926 Cross Creek Blvd. Built in 2000, the three-story property features a pool, spa and fitness center. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer. Josh Caruana assisted in closing the transaction as the broker of record in Indiana.
BRIDGETON, MO. — US Capital Development has broken ground on an engineering and light manufacturing facility for Leonardo DRS Inc. in Bridgeton. The $32 million build-to-suit project will accommodate the company’s growing land systems line of business. The company is a defense contractor that integrates a wide range of systems for the U.S. Army, Air Force and Marine Corps. This includes a variety of systems in ground vehicles, including recon and surveillance, mission support, vehicle survivability and lethality. Brinkmann Constructors is serving as the general contractor for the 171,500-square-foot facility. Completion is slated for early 2020.