Monday, June 16, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Property Type

DevelopmentIllinoisIndustrialMidwest

PCCP, Transwestern to Build 173,400 SF Spec Industrial Facility in North Aurora, Illinois

by Kristin Harlow

NORTH AURORA, ILL. — A joint venture between PCCP and Transwestern Development Co. is building a 173,400-square-foot speculative industrial facility in North Aurora along the I-88 corridor. Construction is scheduled to begin in October with completion slated for the second quarter of 2022. Situated on nine acres at 950 Ice Cream Drive, the Class A building will feature a clear height of 36 feet, 42 trailer parking stalls, car parking and exterior docks. Transwestern Development currently has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development stages nationwide.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsKansasMidwestOffice

LANE4 Purchases 83,000 SF Office Building in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — A group of private investors led by LANE4 Property Group has purchased an 83,000-square-foot office building in Overland Park for an undisclosed price. Located at 4551 W. 107th St., the three-story property is fully leased. Allied National Inc., a third-party administrator in the health insurance and benefits industry, occupies the majority of the building. Kessinger Hunter represented the undisclosed seller in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLeasing ActivityMidwestOffice

Cooley Signs 30,000 SF Office Lease at Bank of America Tower in Chicago

by Kristin Harlow

CHICAGO — Law firm Cooley has signed a 30,000-square-foot office lease at Bank of America Tower in Chicago. Cooley is slated to relocate from its current coworking space to the new property in the second quarter of 2022. Developed by Howard Hughes Corp. and Riverside Investment & Development Co., Bank of America Tower is located at 110 N. Wacker St. It rises 55 stories and spans 1.5 million square feet. Other tenants at the building include HPS Capital Partners, Longshore Capital Partners, Chartwell Financial Advisory and SE Capital. Cooley launched its Chicago office in May of this year.

Continue Reading
FacebookTwitterLinkedinEmail
Hillcroft-Village-Danbury
AcquisitionsConnecticutMultifamilyNortheast

FPA Multifamily Buys 192-Unit Hillcroft Village Apartments in Danbury, Connecticut

by Taylor Williams

DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
Clarus-Glen-Ridge
DevelopmentMultifamilyNew JerseyNortheast

JMF Properties Begins Leasing 110-Unit Apartment Complex in Glen Ridge, New Jersey

by Taylor Williams

GLEN RIDGE, N.J. — JMF Properties has begun leasing Clarus Glen Ridge, a 110-unit apartment complex in Glen Ridge, located in Northern New Jersey’s Essex County. The property offers one- and two-bedroom units and amenities such as a fitness center, theater room, parlor with a wet bar, business center, dog park and storage lockers. Rents start at roughly $2,600 per month for a one-bedroom unit. Construction began in May 2019.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilyNew JerseyNortheast

Gebroe-Hammer Arranges $21.4M Sale of Jersey City Multifamily Portfolio

by Taylor Williams

JERSEY CITY, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has arranged the $21.4 million sale of a portfolio of five multifamily properties totaling 134 units in Jersey City. Niko Nicolaou of Gebroe-Hammer represented the seller, Coltown Properties, and procured the buyer, West of Hudson Properties, in the transaction. Brad Domenico of Progress Capital arranged an undisclosed amount of acquisition financing on behalf of the new ownership.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialNew JerseyNortheast

Sitex Group Acquires 30,000 SF Warehouse in Fairfield, New Jersey

by Taylor Williams

FAIRFIELD, N.J. — Private equity real estate firm Sitex Group has acquired a 30,000-square-foot warehouse located in the Northern New Jersey community of Fairfield. The seller was an undisclosed private investor. David Zimmel of Zimmel Associates brokered the deal and has been retained as the leasing agent. Sitex Group plans to implement a value-add program and make the property available for occupancy in summer 2022.

Continue Reading
FacebookTwitterLinkedinEmail
Daytons-Redevelopment-Minneapolis
MidwestMinnesotaMixed-UseOfficeRetailTop Stories

Joint Venture Receives $250M in Financing for 1.2 MSF Dayton’s Redevelopment Project in Downtown Minneapolis

by Katie Sloan

MINNEAPOLIS — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017. The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office amenities will include a rooftop terrace with views of the Minneapolis skyline, private lounge and library spaces, and a 10,000-square-foot, state-of-the-art health club.  Over the past few months, the development has been at the center of legal drama between developer 601W Cos. and Monarch Alternative Capital, which holds the mezzanine loan on the project, according to reports by Twin Cities Business (TCB).  601W sued Monarch in June of this year, with Monarch countering through the advertisement of a foreclosure sale of 601W’s equity interests in the property under technical default for not meeting leasing obligations, according to TCB. Hennepin County District Judge Susan Burke granted 601W a temporary injunction to secure new financing, thereby stopping the foreclosure sale that had been set for Aug. 23. Jaime Fink, …

Continue Reading
FacebookTwitterLinkedinEmail
IndustrialMarket ReportsMidwestMidwest Market ReportsOfficeOhioRetail

Commercial Real Estate Fundamentals Stay Steady in Akron, Ohio

by Kristin Harlow

By Jerry Fiume, SVN Summit Commercial Real Estate Advisors You’ve heard it before. In Akron, everything is earned, and nothing is given. No quote better represents the fabric of the City of Akron, Summit County and Northeast Ohio. Aside from an unstoppable work ethic, the other key characteristic of our marketplace is one of steady consistency. Our pricing is steady, our cap rates are steady and our opportunities are steady. With that said, there is a renaissance underway in our area. Akron is experiencing residential growth driven by a 15-year, 100 percent residential tax abatement program for all new residential and multifamily construction. This also applies to recent rehabilitation work, helping Akron stand out as a competitive and attractive place to invest in real estate. Plus, increased residential investment will continue to attract more commercial investment. Akron has made a significant investment in its downtown neighborhood, spurring significant residential, retail and office growth. The city invested $30 million to facelift Main Street, including several significant mixed-use projects like The Bowery and the 159, creating a better-looking, more walkable downtown that is becoming a premier place to live. Hundreds of new apartments have been constructed in former office buildings, and hundreds …

Continue Reading
FacebookTwitterLinkedinEmail
FeaturesHospitalityOfficeRetail

Does Your Property Tax Assessment Reflect COVID-19’s Long-Term Challenges?

by John Nelson

Countless companies have seen their top and bottom lines decimated by COVID-19-related shutdowns, travel restrictions and changing consumer preferences since the start of the pandemic. Yet for many taxpayers, property tax values have changed little or even increased. Many of these taxpayers have been surprised to receive property tax bills that do not reflect the real and lingering economic challenges that the retail, hospitality, office and other industries have, are and will continue to face. These taxpayers — and even those in industries better suited to weather the storm — should give special attention to ensuring they receive fair and reasonable assessments. Observe Valuation Dates, Notices and Appeal Deadlines With a large percentage of employees working remotely, together with an inconsistent postal service, it is more important than ever to have dedicated employees and knowledgeable property tax professionals reviewing property value assessments annually and filing timely protests when warranted. Failure to receive a tax valuation notice rarely excuses a missed protest deadline, so it is vital to know and comply with applicable deadlines. Many property tax bills issued in 2020 were based on statutory valuation dates that preceded the emergence of COVID-19. For instance, assessors working under a valuation date …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts