Property Type

Newmark Arranges Sale of 52,337 SF Medical Office Building in Downtown Boston

by Taylor Williams April 5, 2021

BOSTON — Newmark has arranged the sale of a 52,337-square-foot medical office building located at 147 Milk St. in downtown Boston. The 10-story property was fully leased at the time of sale to Atrius Health/Harvard Vanguard Medical Associates, the largest independent physicians’ group in New England. Robert Griffin, Frank Nelson and Michael Greeley of Newmark represented the seller, New York City-based institutional investment firm BentallGreenOak, in the transaction. The trio also procured the buyer, KanAm Grund, an investment firm based in Frankfurt, Germany.

April 5, 2021

Affordable Housing Development Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Taylor Williams April 5, 2021

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.

April 5, 2021

Development Illinois Midwest Mixed-Use

UrbanStreet Group to Develop The District at Veridian in Schaumburg, Illinois

by Kristin Harlow April 5, 2021

SCHAUMBURG, ILL. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.

April 5, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $4.5M Sale of Apartment Building in The Bronx

by Taylor Williams April 5, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 42-unit apartment building located at 653 Cauldwell Ave. in The Bronx. The sales price equates to roughly $107,000 per unit. Michael Fusco, Seth Glasser, Joe Koicim, Peter Von Der Ahe and Bryan Jimenez of Marcus & Millichap represented the seller and the buyer, both of which were private individual investors, in the transaction. John Krueger, regional manager of the firm’s Manhattan office, also assisted in closing the deal.

April 5, 2021

Loans Midwest Multifamily Ohio Walker & Dunlop

Walker & Dunlop Arranges $55.5M in Financing for Development of Multifamily Project in Columbus

by Kristin Harlow April 5, 2021

COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $55.5 million in construction and permanent financing for the development of Quarry Trails Apartments and Quarry Trails Townhomes and Flats in Columbus. Thrive Cos. is developing the 293-unit multifamily and 100-unit townhome project within a decommissioned quarry. The development is positioned within a natural park and rests alongside a 60-foot waterfall, a 160-foot vertical rock face and more than two miles of riverfront trails. Plans also call for the development of an office building, 20,000 square feet of retail space and a community center. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop’s Ohio Capital Markets group arranged the financing through two local banks. A timeline for construction was not disclosed.

April 5, 2021

Leasing Activity Massachusetts Northeast Office

Bank of America Signs 23,330 SF Office Lease Expansion in Metro Boston

by Taylor Williams April 5, 2021

WALTHAM, MASS. — Bank of America has signed a 23,330-square-foot office lease expansion at Cityside, located at 1025-1075 Main St. in the western Boston suburb of Waltham. Ryan Romano, Tom Hansen and Malcolm See of CBRE represented the tenant in the lease negotiations. Rob Byrne and Liz McLaughlin of Cushman & Wakefield represented the landlord, locally based investment firm The Davis Cos.

April 5, 2021

Acquisitions Hospitality Illinois Midwest

Commonwealth Acquires Two Adjacent Hotels in Suburban Chicago

by Kristin Harlow April 5, 2021

WARRENVILLE, ILL. — Commonwealth Hotels has acquired a Hyatt House hotel and a Hyatt Place hotel in Warrenville, about 30 miles west of Chicago. The purchase price and seller were undisclosed. The two hotels are located next door to each other and include 123 rooms each. Both properties feature meeting space, indoor pools, fitness centers, business centers, onsite restaurants, a complimentary breakfast and shuttle service. The Hyatt House provides longer-stay travelers with in-suite kitchens.

April 5, 2021

Acquisitions Illinois Industrial Midwest

Baum Negotiates Sale of 50,000 SF Industrial Property in Chicago

by Kristin Harlow April 5, 2021

CHICAGO — Baum Realty Group LLC has negotiated the sale of a 50,000-square-foot industrial property in Chicago for an undisclosed price. Located at 3333 W. Lake St., the two-story property consists of a former vehicle fleet storage and field office training facility. The asset is situated in East Garfield Park with convenient access to I-280 and the Chicago Transit Authority’s Green Line. Baum represented the buyer, a local developer. Baum has also been retained to lease the property.

April 5, 2021

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of 25,229 SF Office Building in Lincolnshire, Illinois

by Kristin Harlow April 5, 2021

LINCOLNSHIRE, ILL. — Cawley Chicago has brokered the sale of a 25,229-square-foot office building located at 680 Barclay Blvd. in Lincolnshire for $4 million. Rawly Lantz and Justin Harris of Cawley represented the buyer, Relevant Radio, which opted to move the company’s headquarters closer to its local radio operations. Mason Hezner of Brown Commercial Group represented the seller, Union Building Corp. Based in Green Bay, Wisconsin, Relevant Radio is a religious radio network.

April 5, 2021

Acquisitions Arizona Office Western

BPM Real Estate Group Purchases PetSmart Corporate Headquarters in Phoenix for $110M

by Amy Works April 5, 2021

PHOENIX — Portland, Ore.-based BPM Real Estate Group has acquired PetSmart’s corporate headquarters in Phoenix from an undisclosed institutional seller for $110 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE, along with Kevin Shannon, Ken White and CJ Osbrink of Newmark, represented the seller, while Newmark’s Nick Kucha represented the buyer in the deal. David Milestone and Ramsey Daya of Newmark arranged acquisition financing for the buyer. Located at 19601 N. 27th Ave. in Phoenix’s Deer Valley submarket, PetSmart’s corporate headquarters features 365,672 square feet. The property includes three four-story buildings, one of which was built in 1997 and two in 2008, as well as a six-level parking structure. On-site amenities include a recently renovated full-service café, a daycare center and a fitness center with full-service locker rooms. The 15.1-acre site allows for the development of a 90,000-square-foot building and parking structure.

April 5, 2021

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