Property Type

Franklin Street Arranges $6.3M Sale of Davie Plaza Shopping Center in South Florida

by Julia Sanders July 13, 2021

DAVIE, FLA. — Franklin Street has arranged the $6.3 million sale of Davie Plaza, a 24,623-square-foot shopping center located in Davie. Greg Matus and Jonathan De Maa of Franklin Street represented a local private investor in acquiring the property. An entity doing business as Davie Investments LLC was the seller. Located at 7110-7162 Stirling Road in South Florida’s Broward County, Davie Plaza is situated on the corner of Stirling and Davie roads and is surrounded by neighboring retail plazas, as well as several multifamily development projects. The 1970s-era property was 100 percent leased at the time of sale to tenants including anchor Boost Mobile. The center includes a retail outparcel ground-leased to McDonald’s.

July 13, 2021

Illinois Loans Midwest Office

JLL Arranges $33M in Financing for Two Office Buildings in Lake Forest, Illinois

by Kristin Harlow July 13, 2021

LAKE FOREST, ILL. — JLL Capital Markets has arranged $33 million in financing for One and Two Conway Park, two Class A office buildings in the Chicago North Shore community of Lake Forest. JLL worked on behalf of the borrower, an affiliate of Pembroke IV LLC, to secure floating-rate financing through Money360. Loan proceeds were used to refinance One Conway, which was purchased in 2016, and fund the acquisition and renovation of Two Conway. Both buildings are located on North Field Drive near I-94 and are situated within the larger Conway Park office campus. Renovated in 2018, One Conway spans 105,000 square feet and is 57 percent leased to tenants such as Schiller Ducanto & Fleck, Meridian Compensation Partners and Stifel. Two Conway spans 120,354 square feet and is currently 55 percent leased. Shared amenities include a conference facility, fitness center, café and Wi-Fi lounge. Ownership plans to add a new cafeteria, training room and outdoor amenities such as picnic tables and fire pits in the coming months. Christopher Carroll and Lucas Borges of JLL represented the borrower.

July 13, 2021

Development Illinois Midwest Multifamily

Holladay Properties Breaks Ground on $30M Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow July 13, 2021

LOMBARD, ILL. — Holladay Properties has broken ground on Lilac Station, a $30 million luxury apartment complex in the western Chicago suburb of Lombard. The 118-unit property will feature amenities such as a deck area, pet run, game court, outdoor lounge area and fitness center. There will also be an onsite restaurant. Construction is slated for completion in early 2023. Lilac Station is the third luxury apartment complex in the Chicagoland area for Indiana-based Holladay Properties, which serves as the developer and manager on each of the properties. Holladay Construction Group is the general contractor. Lilac Station is named after the lilac flower. Lombard is home to Lilacia Park, a horticultural showcase that features more than 700 lilacs and 35,000 tulips. The project is being built on the site of the former DuPage Theatre. Certain historic elements of the theater will be integrated into the design of the apartment complex.

July 13, 2021

Loans Midwest Multifamily North Dakota

Greystone Provides $18.3M HUD-Insured Loan for Refinancing of Multifamily Property in North Dakota

by Kristin Harlow July 13, 2021

GRAND FORKS, N.D. — Greystone has provided an $18.3 million HUD 223(f) loan for the refinancing of Aspen Lofts Apartments in Grand Forks. Built in 2016, the 150-unit multifamily property offers studios, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, fitness center, game room, dog park and picnic area. Adam Yitzhaky and Ilan Bassali of Greystone originated the loan on behalf of the borrower, Northridge Group. The 35-year loan is fully amortizing and features a fixed interest rate. Loan proceeds will also be used ongoing maintenance.

July 13, 2021

Acquisitions Indiana Midwest Retail

First National Realty Partners Acquires Kroger-Anchored Shopping Center in Bloomington, Indiana

by Kristin Harlow July 13, 2021

BLOOMINGTON, IND. — First National Realty Partners (FNRP) has acquired Whitehall Plaza in Bloomington for an undisclosed price. Anchored by a 62,426-square-foot Kroger store, the shopping center spans a total of 172,485 square feet. The property, located at 500 South Liberty Drive, is 92 percent occupied. Additional tenants include Planet Fitness, JoAnn, Regions Bank and Freddy’s Frozen Custard and Steakburgers. Seller information was undisclosed.

July 13, 2021

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates $2.3M Sale of Industrial Portfolio in O’Hare Submarket

by Kristin Harlow July 13, 2021

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the $2.3 million sale of a three-building industrial portfolio in Chicago’s O’Hare submarket. The properties are located at 825 Touhy Ave., 855 Touhy Ave. and 875 Touhy Ave. in Elk Grove Village. All three buildings are leased on a long-term basis by Centech Plastics Inc., a plastic injection molding company. Mason Hezner of Brown represented the seller, a private investor. John Joyce and Danny Vanecko of SVN Chicago Industrial represented the buyer, Sawmill Property Co.

July 13, 2021

Development Healthcare Loans Multifamily Student Housing Texas

Medistar Tops Out 19-Story Student Housing Tower at Texas A&M Innovation Plaza Campus in Houston

by Taylor Williams July 13, 2021

HOUSTON — Locally based developer Medistar Corp. and partner Healthcare Trust of America (NYSE: HTA) have topped out construction of Life Tower, a 714-bed student housing building that is part of the new three-tower Texas A&M Innovation Plaza campus in Houston. The project is transit-connected and is situated adjacent to the Texas Medical Center. CIM Group provided $135.8 million in construction financing for the 19-story, 483-unit student housing building. The Carlton Group of New York City served as the loan arranger for the construction financing. In June, construction began on Horizon Tower, a 17-story, 485,000-square-foot medical/biomedical tower and a new 13-level parking garage that will house 2,638 spaces and 15,200 square feet of retail space. Life Tower, Horizon Tower, the new garage and amenities will complement and support the Texas A&M Engineering-Medicine (EnMed) program. Completion of the student housing tower is slated for summer 2022, enabling medical, nursing and engineering students to move in prior to the fall 2022 academic semester. Horizon Tower is now leasing through Tim Relyea and Bill Hartman with Cushman & Wakefield, and scheduled for an early 2023 completion. At $550 million in total investment, Texas A&M Innovation Plaza is the largest public-private partnership of the …

July 13, 2021

Acquisitions Retail Texas

JLL Negotiates Sale of 365,559 SF Winwood Town Center in Odessa, Texas

by Taylor Williams July 13, 2021

ODESSA, TEXAS — JLL has negotiated the sale of Winwood Town Center, a 365,559-square-foot regional shopping center located in the West Texas city of Odessa. The property sits on 40.4 acres and was 100 percent leased at the time of sale. Tenants include regional grocer H-E-B, Target, Ross Dress for Less, dd’s Discounts, Office Depot and Michaels. Restaurant users include Chick-fil-A, Jack in the Box and Taco Bell. Chris Gerard, Ryan Shore and Barry Brown of JLL represented the seller, Brixmor Property Group, in the transaction. Colby Mueck, Ryan West and Clint Coe of JLL arranged a 10-year acquisition loan through Frost Bank on behalf of the buyer, Houston-based Fidelis Realty Partners.

July 13, 2021

Acquisitions Hospitality Texas

Driftwood Capital Acquires 131-Room Hotel in Uptown Houston

by Taylor Williams July 13, 2021

HOUSTON — Driftwood Capital, an investment firm based in the Miami area, has acquired Hotel Indigo Houston at the Galleria, a 131-room property located in the city’s Uptown neighborhood. Built in 2001 and renovated in 2009, the property features more than 3,000 square feet of meeting and event space, a fitness center and an onsite restaurant called Crossroads Bar & Bistro. The seller was not disclosed.

July 13, 2021

Acquisitions Multifamily Texas

Bolour Associates Buys Multifamily Property in Metro Houston for $9.6M

by Taylor Williams July 13, 2021

HUMBLE, TEXAS — California-based Bolour Associates Inc. has purchased Northeast Pines, a 136-unit multifamily property located in the northern Houston suburb of Humble, for $9.6 million. Built in 1980, the property offers one- and two-bedroom units ranging in size from 420 to 970 square feet and amenities such as a clubhouse and a pool. Bolour Associates plans to implement a value-add program that will upgrade kitchens with new countertops, cabinetry, flooring and appliances. The company will also renovate amenity spaces as part of the 24-month capital improvement project. Robert Su of Su Real Estate Group represented the seller, a private investor, in the transaction.

July 13, 2021

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