Property Type

Interra Realty Brokers $23.4M Sale of The Cloisters Apartment Complex in Chicago’s Hyde Park

by Kristin Harlow August 30, 2021

CHICAGO — Interra Realty has brokered the $23.4 million sale of The Cloisters, a 13-story apartment complex in Chicago’s Hyde Park neighborhood. The 86-unit property is located at 5801 S. Dorchester Ave. The sales price of $272,675 per unit represents the highest price for any single multifamily asset in Hyde Park in over a decade, according to Interra. Built in 1928, The Cloisters features a variety of floor plans ranging from one-bedrooms to six-bedrooms. The property gets its name from the covered walkway on one side of a central courtyard. David Goss, Jon Morgan, Joe Smazal and Mark Dykstra of Interra represented the seller, the Baptist Theological Union, which purchased the property from the University of Chicago in 1961. The buyer, Antheus Capital, plans to upgrade units and continue to rent the property to university faculty and staff while expanding to include students and other renters.

August 30, 2021

Illinois Industrial Leasing Activity Midwest

IMC Outdoor Living Leases 325,944 SF of Industrial Space in Pontoon Beach, Illinois

by Kristin Harlow August 30, 2021

PONTOON BEACH, ILL. — IMC Outdoor Living has leased 325,944 square feet of industrial space in Gateway TradePort Building 2 in Pontoon Beach, just northeast of St. Louis. The tenant will occupy all of the remaining space within the building. IMC Outdoor Living, a division of Liberty Tire Recycling, manufactures landscaping and playground equipment from recycled rubber towers. The company plans to use the new facility for product storage and distribution while continuing to utilize its existing facility in Godfrey, Ill. Steve Stradal and George Convy of Avison Young, along with Tom Schenk of The White Co., represented the tenant in the lease transaction. JLL represented the landlord, NorthPoint Development.

August 30, 2021

Development Iowa Midwest Multifamily Retail

Shive-Hattery, City of Marion Plan Retail Redevelopment Project

by Kristin Harlow August 30, 2021

MARION, IOWA — Shive-Hattery is working with the City of Marion on the design of a retail strip center redevelopment across one-and-a-half acres. Cedar Falls, Iowa-based Eagle View Partners and DCI Group Inc. are the developers for the project, which will convert an aging retail center into multifamily space. The first phase of the project, Broad & Main on 7th, will include 42 apartment units atop retail and restaurant space on the ground floor. The second phase, Broad & Main on 6th, will bring an additional 42 units and parking space. A timeline for construction was not disclosed.

August 30, 2021

Leasing Activity Midwest Office Wisconsin

Eight Eleven Group Signs 7,500 SF Office Lease at HUB640 in Milwaukee

by Kristin Harlow August 30, 2021

MILWAUKEE — Eight Eleven Group has signed a 7,500-square-foot office lease at HUB640 in Milwaukee’s Westown neighborhood. This will be the second office in Milwaukee for the Indianapolis-based staffing and consulting firm. Eight Eleven employees will temporarily occupy a spec suite within HUB640 while they await the buildout of their permanent location on the third floor. Eight Eleven plans to hire five additional employees this year and seven to 10 more next year. Purchased in 2017 by North Wells Capital, HUB640 was formerly home to the corporate offices of The Bon-Ton Stores Inc. and its longtime Boston Store. Fully renovated in the years following, the 120-year-old property now features a new lobby, amenity floor, rooftop deck and fitness center. The project gets its name from the address, 640 N. 4th St. John Davis and Ned Purtell of Founders 3 Real Estate Services represented North Wells Capital in the lease with Eight Eleven.

August 30, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 298-Unit Apartment Community Adjacent to Battery Atlanta

by Julia Sanders August 30, 2021

ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.

August 30, 2021

Acquisitions California Office Western

Shorenstein Properties Buys 427,600 SF Phase I of America Center in North San Jose

by Amy Works August 30, 2021

SAN JOSE, CALIF. — Shorenstein Properties has purchased Phase I of America Center in North San Jose for an undisclosed price. The name of the seller was not released. The asset consists of two six-story, Class A office buildings, totaling 427,600 square feet, and a development parcel at 6001 and 6201 America Center Drive. The development site is entitled for a six-story, 200,000-square-foot office building. At the time of sale, the property was 98 percent leased with a weighted average remaining lease term of 2.9 years. The LEED Gold-certified property features on-site amenities, including exercise options, full-service cafeterias, outdoor trails, a sports park and expansive indoor and outdoor gathering space. The property is situated within the five-building America Center complex.

August 30, 2021

Affordable Housing Development Multifamily Nevada Seniors Housing Western

Volunteers of America Breaks Ground on Desert Oasis Affordable Seniors Housing Expansion In Las Vegas

by Amy Works August 30, 2021

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding partners include Nevada Housing Division’s Low Income Tax Credit program, City of Las Vegas- and Clark County-provided HOME funds and United Health Care. The building is scheduled for completion in fall 2022. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.

August 30, 2021

Acquisitions California Retail Western

Marcus & Millichap Brokers $5.7M Sale of Lake Forest Center Retail Property in California

by Amy Works August 30, 2021

LAKE FOREST, CALIF. — Marcus & Millichap has arranged the sale of Lake Forest Center, a shopping center located at 20761 Lake Forest Drive in Lake Forest. A California-based private family trust sold the asset to a Maryland-based private investor for $5.7 million, or $330 per square foot. The multi-tenant property features 17,244 square feet of retail space. Orbell Ovaness, Ara Rostamian and Peter Xiao of Marcus & Millichap’s Los Angeles office represented the seller and buyer in the deal.

August 30, 2021

Acquisitions California Industrial Western

Colliers Arranges Sale of 63,302 SF Industrial Facility in Corona, California

by Amy Works August 30, 2021

CORONA, CALIF. — Colliers has brokered the sale of a multi-purpose warehouse located at 2620 Palisades Drive in West Corona. Crown Associates acquired the property from L&CD Developments for an undisclosed price. Totaling 63,302 square feet, the building features 13,924 square feet of high-finish, two-story office space, 600 square feet of shop office space, 32-foot clear heights, ESFR sprinklers, 153 parking spaces, a private fenced yard and LED warehouse lighting. Built in 2017 on 3.6 acres, the warehouse site is zoned for both distribution and manufacturing. Clyde Stauff and Jace Gan of Colliers represented the buyer and seller in the transaction.

August 30, 2021

Acquisitions Colorado Office Western

Colorado Christian University Acquires Office Building in Lakewood, Colorado for $5M

by Amy Works August 30, 2021

LAKEWOOD, COLO. — Colorado Christian University has purchased 333 S Allison Parkway, an office and medical building in Lakewood. An undisclosed seller sold the asset for $5 million. Colorado Christian University plans to use the three-story, 35,741-square-foot building for its main offices and future site of its nursing school. Built in 1987, the property was formerly known as KeyBank Plaza. Garrett Neustrom and Jules Sherwood of Kenai Capital Advisors represented the seller, while Bob Pipkin and Jeff LaForte of Fuller Real Estate represented the buyer in the deal.

August 30, 2021

Newer Posts

Older Posts