Property Type

Transwestern Negotiates Two Office Leases Totaling 36,000 SF at Chicago’s 191 North Wacker

by Kristin Harlow November 30, 2022

CHICAGO — Transwestern Real Estate Services has negotiated two office leases totaling 36,000 square feet at 191 N. Wacker Drive, a 37-story, 733,759-square-foot building in Chicago’s West Loop. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Manulife Investment Management. Quinn Emanuel Urquhart & Sullivan, an international business litigation law firm, expanded its lease from 18,864 square feet to 26,300 square feet. Kyle Kamin of CBRE represented the tenant. Maron Marvel Bradley Anderson & Tardy LLC, a national litigation defense law firm, inked a new lease for 10,121 square feet within a spec suite. Jeff Liljeberg of JLL represented the tenant.

November 30, 2022

Acquisitions Illinois Midwest Multifamily

Peak Realty Chicago Brokers $2.7M Sale of Apartment Building

by Kristin Harlow November 30, 2022

CHICAGO — Peak Realty Chicago (PRC) has brokered the sale of a six-unit apartment building in Chicago’s Logan Square neighborhood for $2.7 million. The sales price marks the highest price per unit in the submarket, according to CoStar. A private investor purchased the property, which is located at 2852-54 W. Shakespeare Ave. and has been renovated within the last five years. Oren Pollack of PRC brokered the transaction. At the time of sale, the building was managed by PRC’s affiliate, Peak Properties LLC.

November 30, 2022

California Development Industrial Western

Birtcher Development Receives Approval for 2.25 MSF Birtcher Oak Valley Commerce Center in Calimesa, California

by Amy Works November 30, 2022

CALIMESA, CALIF. — Birtcher Development has received full entitlement for Birtcher Oak Valley Commerce Center in Calimesa. Construction is currently underway, with completion slated for third-quarter 2024. Totaling 2.25 million square feet, Birtcher Oak Valley Commerce Center will feature four Class A logistics facilities: Building A, a 705,783-square-foot cross-dock facility with 5,600 square feet of office space and 118 dock-high doors. Completion is scheduled for second-quarter 2024. Building B, a 46,172-square-foot side-loaded property with 5,168 square feet of office space and 69 dock-high doors. Completion is slated for second-quarter 2024. Building C, a 457,257-square-foot cross-dock facility with 5,114 square feet of office space and 78 dock-high doors. Completion is expected in early third-quarter 2024. Building D, a 619,358-square-foot cross-dock building with 5,162 square feet of office space and 109 dock-high doors. Completion is scheduled for third-quarter 2024. All four facilities will feature 40-foot clear heights, flat floors, 10-inch slabs, a minimum of 185-foot truck courts and an ESFR sprinkler system. A nine-acre trailer lot will be constructed adjacent to Buildings A and B, providing 250 trailer stalls. Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL are handling leasing for the project.

November 30, 2022

Acquisitions Industrial Midwest Minnesota NAI

NAI Arranges $2.4M Sale of Industrial Building in Rogers, Minnesota

by Kristin Harlow November 30, 2022

ROGERS, MINN. — NAI Legacy and NAI Sioux Falls have arranged the $2.4 million sale of a 40,656-square-foot industrial building in Rogers, a northwest suburb of Minneapolis. The multi-tenant property is located at 21040 Commerce Blvd. and sits on three acres. Michael Houge of NAI Legacy and Troy Fawcett of NAI Sioux Falls brokered the transaction. Buyer and seller information was not provided. The existing tenants are now governed by a master lease.

November 30, 2022

Colorado Development Multifamily Western

Origin Investments, Jackson Dearborn Plan $117.9M Apartment Community in Colorado Springs

by Amy Works November 30, 2022

COLORADO SPRINGS, COLO. — Origin Investments and Jackson Dearborn Partners have formed a joint venture to develop Solace at The Ranch, a $117.9 million multifamily community at 7718 E. Woodmen Road in Colorado Springs. Construction is underway for the project, which will feature a three-story, 374-unit, garden-style apartment community and 12 carriage house-style units. The first units are slated for delivery by year-end 2024, with the balance of the units being delivered in phases over a period of several months. The community will consist of 21 residential buildings and a clubhouse. The unit mix will be 52 three-bedroom, 210 two-bedroom and 112 one-bedroom layouts, and the carriage houses will be a mix of two- and three-bedroom floor plans. Additionally, the community will offer 628 parking spaces, including 189 attached and detached garages. The carriage house units will sit atop attached garages. Sub4 Development is serving as general contractor for the project.

November 30, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential, FCP Acquire 382-Unit Omnia on Thomas Multifamily Property in Phoenix

by Amy Works November 30, 2022

PHOENIX — Avanti Residential, in partnership with FCP, has purchased Omnia on Thomas, a multifamily community in Phoenix, for $65 million. The name of the seller was not released. Located at 1645 E. Thomas Road, Omnia on Thomas features 382 apartments in a mix of studio, one- and two-bedroom layouts, four swimming pools, a fitness center and five electric vehicle charging stations. The partnership plans to spend approximately $12,000 per unit on capital improvements.

November 30, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $13.7M Sale of Union 5 Apartments in Long Beach, California

by Amy Works November 30, 2022

LONG BEACH, CALIF. — Kidder Mathews has arranged the sale of Union 5 Apartments in Long Beach. The asset traded for $13.7 million. The names of the seller and buyer were not released. Darin Beebower and Mark Ventre of Kidder Mathews handled the transaction. Located at 1821-27 E. 5th St., the 25,056-square-foot property features 34 apartments. Built in 1960, Union 5 was renovated in 2018.

November 30, 2022

Acquisitions Hospitality Illinois Midwest Top Stories

Hyatt Agrees to Acquire Dream Hotel Group for $125M

by Kristin Harlow November 30, 2022

CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …

November 30, 2022

Development Georgia Industrial Southeast

Automotive Supplier to Invest $926M for Manufacturing Facility Near Hyundai Plant in Metro Savannah

by John Nelson November 29, 2022

RICHMOND HILL, GA. — Hyundai Mobis, an automotive supplier based in South Korea, plans to invest $926 million for a new manufacturing facility near Hyundai’s previously announced electric vehicle and battery campus in Bryan County. Situated near the Port of Savannah, the new 1.2 million-square-foot facility will employ at least 1,500 people once fully operational. The project is located within the Georgia Ready for Accelerated Development (GRAD) Certified Belfast Commerce Park in Richmond Hill. Hyundai Mobis will supply electric vehicle power electric systems and charging control units to the mega Hyundai plant nearby and in Montgomery, Ala., as well as the Kia plant in West Point, Ga. Hyundai Mobis is the “parts and services” arm for South Korean auto giants Hyundai, Genesis Motors and Kia. The company has had an operational base near the Kia plant since 2009. The new Bryan County facility is expected to break ground in 2023 and begin operations in 2024.

November 29, 2022

Development Loans Maryland Multifamily Southeast

ACRES Capital Provides $83.7M Loan for Multifamily Project in Frederick, Maryland

by John Nelson November 29, 2022

FREDERICK, MD. — ACRES Capital has provided an $83.7 million construction loan for Residences at East Church, a 350-unit multifamily project located on a 14.8-acre site at 605 E. Church St. in Frederick. The borrower, The Goldstar Group, is developing the five-story community to feature a clubhouse, swimming pool and fitness center, as well as 525 parking spaces. The construction timeline was not disclosed. Jamie Butler of Walker & Dunlop originated the loan on behalf of Goldstar. Principals involved in the loan transaction include Michael Brodsky of Goldstar and Drew Miller of ACRES Capital’s New York office.

November 29, 2022

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