Property Type

Whole Foods-Anchored Retail Center in Suburban Chicago Sells for $67.2M

by Kristin Harlow October 5, 2021

EVERGREEN PARK, ILL. — Evergreen Plaza, a recently redeveloped, 255,249-square-foot retail center in the Chicago suburb of Evergreen Park, has sold for $67.2 million. The sale represents the largest single-asset retail sales transaction in the Chicago area this year, according to JLL, which brokered the sale. Anchored by Whole Foods Market, Evergreen Plaza is also home to TJ Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness. The property is 94 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, a partnership between funds managed by affiliates of Fortress Investment Group LLC and Lormax Stern. LBX Investments acquired the asset. Christopher Knight and Gregg Shapiro of JLL arranged a 10-year, fixed-rate acquisition loan in the amount of $45.4 million through Angel Oak Commercial Lending.

October 5, 2021

Illinois Loans Midwest Multifamily

Associated Bank Arranges $57.2M Loan for Construction of 22-Story Apartment Tower in Chicago

by Kristin Harlow October 5, 2021

CHICAGO — Associated Bank has arranged a $57.2 million loan for the construction of a 22-story apartment tower located at 513 S. Damen Ave. in Chicago. Marquette Cos. is developing the project, which is situated in the Illinois Medical District and within walking distance of Rush University Medical Center. The development will include 279 studios, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, coworking space, tenant lounge, rooftop deck, dog park, dog wash and bike storage. Completion is slated for March 2023. Elizabeth Hozian of Associated Bank arranged the loan with Wheaton Bank & Trust.

October 5, 2021

Development Midwest Missouri Office

Remiger Design Opens New 6,100 SF Office in Downtown St. Louis

by Kristin Harlow October 5, 2021

ST. LOUIS — Remiger Design has opened a new 6,100-square-foot office at 2921 Olive St. in downtown St. Louis. The historic storefront was originally built in 1894. It took a year to outfit the office with the right furniture, lighting and technology and to build out the three-level space. A fourth level now houses the design firm’s extensive files. The office features a conference room, resource library and private room. The third floor houses employee workstations that are carefully spaced to allow for social distancing. Remiger’s team of 12 is able to work from home or in the office.

October 5, 2021

Features Restaurant Retail

Business Conditions Are Worse Now than Three Months Ago, Says National Restaurant Association

by Kristin Harlow October 5, 2021

WASHINGTON, D.C. — The majority of full-service and limited-service restaurant operators say that business conditions are worse now than they were three months ago, according to a new survey conducted by the National Restaurant Association. The study found that 44 percent of operators think it will take more than a year before business conditions return to normal, and 19 percent believe they never will. The National Restaurant Association conducted the study from Sept. 7-15 and surveyed 4,000 restaurant operators nationwide. Although the industry has added back many of the jobs lost during the pandemic, 78 percent of operators say their restaurant does not have enough employees to support current customer demand. Rising costs are impacting restaurants too. According to the survey, 91 percent of operators are paying more for their food; 84 percent have higher labor costs; and 63 percent are paying higher occupancy costs. At the same time, profitability is down — 85 percent of operators reported smaller margins than prior to the pandemic. While August is typically one of the busiest months for restaurants, 63 percent of operators reported that their sales volume for August 2021 was lower than it was in August 2019. Additionally, 78 percent of …

October 5, 2021

Development Leasing Activity Mixed-Use Nevada Office Top Stories Western

DraftKings to Anchor $400M UnCommons Mixed-Use Project in Las Vegas

by John Nelson October 5, 2021

LAS VEGAS — DraftKings Inc., a fantasy and digital sports betting company based in Boston, plans to open its second largest office hub within UnCommons, a $400 million mixed-use development underway in southwest Las Vegas. DraftKings will occupy 90,000 square feet and ultimately house more than 1,000 employees at the new offices. Matter Real Estate Group, a San Diego-based developer, broke ground on the 40-acre project last summer and plans to deliver the first phase of the campus in early 2022. “Our goal is to create another world-class workplace environment that will foster DraftKings’ innovation, further bolster our local presence and deepen community involvement,” says Matt Kalish, co-founder and president of the North America division of DraftKings (NASDAQ: DKNG). “With these lofty aspirations, we were thrilled to discover that UnCommons mirrors these high standards.” Designed by IA Interior Architects, DraftKings’ new space will mirror its Boston headquarters with 130 sports trading desks surrounded by multimedia walls. The property will also include collaborative work spaces, a cafeteria, putting green, custom casino training pit, private and public outdoor spaces, mothers’ rooms, prayer suites and salons for haircuts and manicures/pedicures. UnCommons will comprise more than 500,000 square feet of modern office space; more …

October 5, 2021

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Industrial Market is Firing on All Cylinders

by Jeff Shaw October 5, 2021

By Rob Martensen, Executive Vice President, Colliers As a racing driver, it is important that my vehicles fire on all cylinders to run their best. In the Phoenix metro area, the engine cylinders of the industrial market are the different industries, as well as the geographic locations around the Valley where these industries conduct business. First, let’s look at advanced manufacturing. Intel, which already has a large presence in the Southeast Valley, just announced a $20 billion expansion of its Price Road facility. This will create hundreds of construction jobs and demand for these contractors to find space, not to mention all the equipment suppliers, etc., that will require space for the long-term. With the huge demand for semiconductors and the supply of land and labor, Taiwan Semiconductor Manufacturing Company (TSMC) has chosen Phoenix to build its next fabrication plant. TSMC will spend $12 billion to build the new factory, which is already under construction in North Phoenix. This will create a huge demand for industrial space in the Deer Valley submarket to support TSMC. Other manufacturing companies like Apel Extrusions, MLILY and Ball Container have either recently completed projects or are under construction on new manufacturing facilities. Food and beverage …

October 5, 2021

Affordable Housing Development District of Columbia Multifamily Southeast

Enterprise Community Development Reopens $51M Affordable Housing Community in D.C.

by Julia Sanders October 4, 2021

WASHINGTON, D.C. — Enterprise Community Development (ECD) has reopened Randle Hill Apartments, a $51 million affordable housing property in Washington, D.C.’s Congress Heights neighborhood that was recently renovated. The property includes 195 apartments, including 20 set aside for formerly homeless individuals and families. Located at 3300 6th St. SE, Randle Hill is a nine-building complex with one-, two- and three-bedroom units. The renovations on the property include updated kitchens and bathrooms, new HVAC units, enhanced light fixtures and energy-efficient features. In addition, the property includes onsite resident services such as workforce development, case management, educational and financial literacy programs. ECD made sure no residents of Randle Hill were displaced during renovations. District of Columbia Housing Finance Agency provided $25 million in bonds of construction financing and Bank of America provided a $26.5 million loan. Additional financing included $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital and $15.3 million in low-income housing tax credit equity from Enterprise Housing Credit Investments LLC to support the development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million. Associates Architects …

October 4, 2021

Development Maryland Office Southeast

Cushman & Wakefield Announces $10M Redevelopment Project for Office Property in Bethesda

by Julia Sanders October 4, 2021

BETHESDA, MD. — Cushman & Wakefield has announced an over $10 million capital improvement program for 4800 Hampden Lane, a Class A, 185,000-square-foot office building located in Bethesda. New York-based Anne and Bernard Spitzer Charitable Trust owns the office property. 4800 Hampden Lane is a 12-story building that features terraces exclusive to tenants, six elevators, 24/7 security, onsite garage parking and onsite property management. The property is located close to the Capital Crescent Trail, an off-road trail that runs from Georgetown in Washington, D.C. to Bethesda. The property is currently 95 percent leased to tenants including Boston Consulting Group, Paley Rothman, Salamandra, EYA and Declaration Partners. The redevelopment of 4800 Hampden Lane will include the addition of a new conference center; new fitness center, including private/dedicated workout kiosks and separate locker rooms with towel service; a new bike storage facility; upgraded lobby and enhancements to the façade. Renovations at the property will begin within the next two months and are slated to be complete by fall 2022. Michael Katcher and Katie Datin of Cushman & Wakefield are the exclusive leasing brokers for the property.

October 4, 2021

Acquisitions Georgia Retail Southeast

JLL Arranges $16 Million Sale of Kroger-Anchored Retail Center in Metro Atlanta

by Julia Sanders October 4, 2021

ATLANTA — JLL Capital Markets has arranged the $16 million sale of Main Street South Fulton, a 129,449-square-foot, Kroger-anchored shopping center in the Atlanta neighborhood of South Fulton. Main Street South Fulton is fully leased to retailers including Dollar Tree, Rainbow USA, Pizza Hut and Subway. Located at 6055 Old National Highway, the shopping center is approximately three miles south of Hartsfield-Jackson Atlanta International Airport. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based M&P Shopping Centers, in the transaction. Benjamin Bruner of the Bruner Group represented the buyer, New York City-based Irgang Group Inc.

October 4, 2021

Acquisitions Georgia Industrial Southeast

MDH Partners Acquires 48,975 SF Industrial Building in Atlanta’s Upper Westside

by Julia Sanders October 4, 2021

ATLANTA — MDH Partners has acquired 1500 Marietta Blvd., a 48,975-square-foot industrial building located in Atlanta’s Upper Westside. The transaction is a sale-leaseback deal with the tenant, Ideation. The sales price was $6.2 million. Ideation, a wholesale bakery based in Atlanta that was previously known as H&F Bread Co. signed a three-year lease with MDH at the Class B, infill industrial facility. The property is located close to Interstate 75 and the Interstate 285 loop. The facility also sits adjacent to Tilford Yard, where TPA Group is set to develop 77 acres on behalf of Amazon, including a 220,000-square-foot delivery station. Ideation provides research, development, manufacturing and packaging solutions for restaurants, hotels, grocers and caterers. MDH Partners is an Atlanta-based real estate investment company.

October 4, 2021

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