Property Type

CIM Group Negotiates Three Leases Totaling 108,975 SF at 40-Story Office Tower in Chicago

by Kristin Harlow December 22, 2022

CHICAGO — Owner CIM Group has negotiated three new leases totaling 108,975 square feet at 425 S. Financial Place, a 40-story, 1 million-square-foot office tower in Chicago’s Central Loop. Loop Capital, a full-service investment bank, brokerage and advisory firm, leased 36,676 square feet on the 26th and 27th floors. The company is relocating its Chicago operations. Chicago Trading Co., which has occupied space at 425 S. Financial Place since 2009, is expanding within the building taking an additional 46,343 square feet on the seventh and eighth floors. The company is a proprietary trading firm and consists of a collaborative group of traders, quants, technologists and operations team members. TICG Management, which offers a range of products including mortgage loans, real estate services and a line of insurance, renewed its lease for 25,956 square feet. The company has occupied space on the 20th floor since 2014. In 2015, 425 S. Financial Place underwent renovations, including the addition of a full-service cafeteria, conference centers, concierge services, a tenant lounge and outdoor terrace. The property also houses the Buckingham.AC, a private social and athletic club, as well as the 21-room Buckingham Hotel.

December 22, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $27M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow December 22, 2022

CHICAGO — Interra Realty has arranged the sale of a 204-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $27 million. The six buildings are located at 811 E. 46th St., 4500 S. Drexel Blvd., 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4727 S. Ingleside Ave. and 4746 S. Ingleside Ave. Originally built in the 1920s, the properties house studio, one-, two-, three-, four- and five-bedroom units. The portfolio was 90 percent leased at the time of sale. Some of the units are set aside for renters meeting affordable housing guidelines set by the Illinois Housing Development Authority and the City of Chicago. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The team also procured the undisclosed buyer.

December 22, 2022

Acquisitions Midwest Retail Wisconsin

Colliers Brokers Sale of Newly Constructed Retail Building in Greendale, Wisconsin

by Kristin Harlow December 22, 2022

GREENDALE, WIS. — Colliers has brokered the sale of a newly constructed retail building on 76th Street in Greendale, a southern suburb of Milwaukee. The sales price was undisclosed. The property is fully leased to Summit Credit Union, AT&T, Crumbl Cookies and Tropical Smoothie Café. Adam Connor, Heather Dorfler and Josh Minkin of Colliers represented the undisclosed seller and procured the California-based buyer. A local credit union provided acquisition financing.

December 22, 2022

Leasing Activity Michigan Midwest Retail

Dog Groomer Leases 1,412 SF at Shopping Center in Waterford Township, Michigan

by Kristin Harlow December 22, 2022

WATERFORD, MICH. — Tammy’s Four Paws Dog Grooming has leased 1,412 square feet at the Excalibur Square shopping center located on Highland Road in Waterford Township, about 38 miles north of Detroit. Michael Murphy of Gerdom Realty & Investment represented the tenant in the lease transaction. Petar Elieff of Iconic Real Estate represented the undisclosed landlord.

December 22, 2022

Acquisitions Multifamily New York Northeast Top Stories

Empire State Realty Trust Acquires Multifamily Community in Lower Manhattan for $115M

by Katie Sloan December 22, 2022

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has acquired 298 Mulberry Street, a 96-unit multifamily community located in Manhattan’s NoHo neighborhood, for $115 million. Located at the corner of East Houston and Mulberry streets, the community features ground-floor retail space occupied by CVS/pharmacy. Shared amenities include a 24-hour doorman, fitness center, rooftop terrace and laundry room. All of the building’s units are market-rate rentals and feature walk-in closets and stainless steel kitchen appliances. The seller was a joint venture between Broad Street Development and an affiliate of Crow Holdings Capital. Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Steven Rutman and Jonathan Faxon of JLL represented the seller in the all-cash, 1031 exchange transaction. Empire State Realty is a self-managed REIT that operates a portfolio of office, retail and multifamily properties within Manhattan and the greater New York City area. The company’s stock price closed at $6.90 per share on Wednesday, Dec. 21, down slightly from $8.65 one year ago. New York City-based Broad Street Development is a privately held real estate developer, investor and operator with a focus on office and residential properties. Dallas-based Crow Holdings is a privately owned real estate investment and development firm with $30 billion …

December 22, 2022

Features Retail

Closer to Consumers: Retailers Outline Their 2022 Successes, Strategy for 2023 in JLL Webinar

by Jeff Shaw December 22, 2022

Though there has been no paucity of retail success even amidst current economic headwinds, participants in JLL’s recent webinar — “The Retail Reset: All Eyes on Retailers” — were clear: That success has been hard-earned. David Krueger, senior vice president of growth and development with Ulta Beauty Inc., distilled this sentiment into a few words during the webinar while discussing the company’s momentum going into 2023, saying that it “was not easy” and “is not going to get any easier for a while.” Retail growth in the face of a potentially recessionary environment, elevated costs to build and fierce competition for space is about getting closer to consumers — both literally and conceptually. Other participants from the retail sector included Jerald Estime, vice president of Americas Real Estate with Levi Strauss & Co.; Steve Rouman, senior vice president of real estate at RH; and Clary Groen, vice president of real estate for The Lovesac Co. Hosted by Naveen Jaggi and David Zoba of JLL, the webinar also featured presentations from Ryan Severino, chief economist of JLL, and Dana Telsey of Telsey Advisory Group, a research, trading, banking and consulting brokerage firm. Slowing, Not Collapsing No one can deny the strain …

December 22, 2022

California Market Reports Multifamily Western Western Market Reports

San Bernardino Multifamily Market Slows But Market Fundamentals Remain Strong

by Jeff Shaw December 22, 2022

By Guy Enriquez, Vice President, NAI Capital The market for small- to medium-sized multifamily buildings ranging from 10 to 100 units in the City of San Bernardino has experienced a severe downturn in sales transactions recently. This was caused by the rapid increase in interest rates and a disconnect between buyers and sellers on pricing expectations. Cap rates on sales completed in the third quarter of 2022 show an increase of about 80 basis points year over year to 5.5 percent in the Inland Empire. Third-quarter 2022 sales volume in the Inland Empire fell to 15 transactions totaling $54 million. The area has been averaging 37 transactions totaling $180 million on a quarterly basis over the past four quarters. This quarter, the City of San Bernardino saw one sales transaction in this segment of the market, indicating the lack of deal volume. While rising interest rates caused a collapse of sales volume, combined with other general economic factors, San Bernardino’s rental market has remained very strong. The city’s overall multifamily physical vacancy rate has stood at 3.2 percent throughout 2022. The average rent for a one-bedroom unit increased from $949 to $966 per unit during the first three quarters of …

December 22, 2022

Acquisitions Industrial Self-Storage Texas

Versal Arranges Sale of 531-Unit Self-Storage Portfolio in Fort Worth

by Taylor Williams December 21, 2022

FORT WORTH, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a portfolio of two facilities totaling 531 units in Fort Worth. The portfolio spans 89,300 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, an entity doing business as Plano Storage Station LP, in the transaction. The team also procured the buyer, an Austin-based family partnership.

December 21, 2022

Acquisitions Multifamily Texas

Bascom Group, Cadre Acquire 346-Unit Montierra Apartments in Houston

by Taylor Williams December 21, 2022

HOUSTON — A partnership between Southern California-based investment firm Bascom Group and New York-based investment manager Cadre has acquired The Montierra, a 346-unit apartment community in Houston’s Uptown/Galleria area. Sueba USA developed the property in 2003. According to Apartments.com, units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, clubhouse, lounge, movie theater, business center and outdoor grilling stations. Dustin Selzer of JLL represented the seller in the transaction. Brandon Smith, Annie Rice and Jamie Kline, also with JLL, arranged acquisition financing through California Bank & Trust. The new ownership plans to implement a value-add program.

December 21, 2022

Civic Development Indiana Midwest

Clayco to Renovate, Expand East Terminal at Fort Wayne International Airport in Indiana

by Kristin Harlow December 21, 2022

FORT WAYNE, IND. — Clayco will renovate and expand the East Terminal at Fort Wayne International Airport in Indiana. Construction is scheduled to begin in May and includes the renovation of approximately 10,500 square feet of concourse area as well as the expansion of roughly 5,000 square feet of space designated for airport operations. Mead & Hunt is the project architect. Plans also call for relocating all airline gates and passenger boarding bridges to the second level, expanding the TSA security checkpoint area, relocating the airport restaurant, and creating a new frequent flyer lounge. Clayco will demolish existing interior and structural components to expand the building outward and vertically over the first floor. Completion of the project is slated for June 2025.

December 21, 2022

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