Property Type

City Club Apartments Opens 288-Unit Community in Downtown Detroit

by Kristin Harlow June 21, 2021

DETROIT — City Club Apartments has opened its new community in Detroit’s central business district. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site once housed the 18-story, 800-room Statler Hotel, which dates back to 1915. The property was demolished in 2005 after sitting vacant for 30 years. The new project on the site includes 288 apartments and penthouses, 396 underground parking spaces and 13,000 square feet of commercial space. Amenities include a lobby lounge with concierge, clubroom, indoor theater, fitness room, work-from-home business center, pool, outdoor courtyard and bark park. Dubbed an “apartment hotel community,” the property offers both short-term furnished and long-term furnished options. The Joe Vicari Restaurant Group will soon open the Statler Bistro, an American and French bistro and market on the first floor. Michigan-based Premier Pet Supply will open its pet supply store at the property this summer. Huntington Bank, Bank of Ann Arbor, Comerica Bank and Asia Capital Real Estate provided project financing. BKV Group and Damon Farber were the project architects. Monthly rents start at $1,265.

June 21, 2021

Illinois Loans Midwest Retail

Associated Bank Provides $26.7M Loan for Acquisition, Revitalization of Shopping Center in Naperville, Illinois

by Kristin Harlow June 21, 2021

NAPERVILLE, ILL. — Associated Bank has provided a $26.7 million loan for the acquisition and revitalization of Market Meadows Shopping Center in Naperville. The 148,700-square-foot retail center is located at 1201 S. Naper Blvd. Existing tenants include Jewel, US Bank, McDonald’s and T-Mobile. The borrower, Shorewood Development Group, plans to build a new three-tenant, 6,855-square-foot property on an outparcel at the northwest corner of 75th Street and Naper Boulevard as well as a Lock-Up self-storage facility. Chipotle, BMO, Jersey Mike’s, Big Blue Swim School and Delta Life Fitness have already signed new leases to occupy the center upon completion of the redevelopment project. Daniel Barrins of Associated Bank handled the loan arrangements and closing. This is the 11th loan that Associated Bank has provided on behalf of Shorewood.

June 21, 2021

Acquisitions Industrial Michigan Midwest

Castle Lanterra Properties Acquires 270,000 SF Industrial Asset in Lansing, Michigan

by Kristin Harlow June 21, 2021

LANSING, MICH. — Castle Lanterra Properties (CLP), a New York City-based national real estate investment firm, has acquired Snow Road Warehouse in Lansing for an undisclosed price. The two-tenant distribution facility is located at 2510 Snow Road. Built in 1999 and expanded in 2000, the property spans 270,000 square feet with 59 dock doors, two drive-in doors and clear heights ranging from 22 to 24 feet. This is the first major industrial acquisition for CLP, which is known for owning and managing multifamily assets.

June 21, 2021

Illinois Industrial Leasing Activity Midwest

American Bear Logistics Signs 57,143 SF Industrial Lease in Itasca, Illinois

by Kristin Harlow June 21, 2021

ITASCA, ILL. — American Bear Logistics has signed a 57,143-square-foot industrial lease at 1475 Thorndale Ave. in Itasca. The building features 8,838 square feet of office space, 26 docks, one drive-in doors, 24 trailer stalls and a clear height of 28 feet. Nick Krejci of Darwin Realty/CORFAC International represented the tenant in the lease transaction. American Bear Logistics, an ocean freight transportation company, was seeking a larger warehouse near O’Hare International Airport to support growing demand from its customers, according to Darwin.

June 21, 2021

Acquisitions Idaho Multifamily Top Stories Western

Kennedy Wilson Buys Three Apartment Communities, Development Site Near Boise for $143M

by Taylor Williams June 21, 2021

MERIDIAN AND BOISE, IDAHO — Kennedy Wilson Holdings Inc. (NYSE: KW) has purchased three apartment communities totaling 640 units and a multifamily development site that is fully entitled for 240 units in the Boise metro area for $143 million. The three multifamily communities include The Lofts at Ten Mile, Jasper Apartments and Towne Square. The new owner plans to implement value-add programs at the existing communities and to complete construction at the Dovetail development site, which is located in an Opportunity Zone, by 2023. Construction costs for that project are estimated at about $60 million. The Lofts at Ten Mile, located west of downtown Boise in Meridian, features one- and two-bedroom units and amenities such as a pool, fitness center, business center, media lounge and outdoor grilling stations. Jasper Apartments, also in Meridian, offers one-, two- and three-bedroom apartments and amenities such as a resident lounge, pool, fitness center and private study rooms. Towne Square, located in Boise, includes one-, two- and three-bedroom floor plans and a similar suite of amenities. Kennedy Wilson has an average ownership stake of 95 percent in these four properties, which were acquired in off-market trades, and has invested $68 million of equity into them. …

June 21, 2021

Market Reports Maryland Office Southeast Southeast Market Reports

Maryland Governor Hogan’s Good News for Baltimore’s CBD, Demand Rises for Mental Health Space

by John Nelson June 21, 2021

Among Maryland’s hardest hit submarkets the past 12 months is the Baltimore Central Business District (CBD), where the vacancy rate has risen to 16 percent, according to CoStar Group. Notable departures from companies such as T. Rowe Price and Legg Mason have accelerated during the pandemic due to aging infrastructure and rising crime, coupled with the expansion of sexy nearby submarkets, Inner Harbor East and Harbor Point. Combined these factors have stressed property owners and businesses trying to survive. Downtown restaurants in particular have suffered even more from the double whammy of the area’s rising pre-pandemic vacancies followed by the crushing hit from the spread of COVID-19 and government shutdowns. State government swoops in But Baltimoreans just received some good news from Maryland Gov. Larry Hogan that is sure to spur economic and social revitalization of its CBD. Over time the State of Maryland will be relocating 12 agencies and approximately 3,300 employees to available properties throughout the CBD from an aging Midtown office complex known as State Center. The first agency on the move will be the Department of Human Services (DHS), which has an RFP out for approximately 105,000 square feet of office space. The Department of Health …

June 21, 2021

Acquisitions California Hospitality Top Stories

Geolo Capital Sells 160-Acre Ventana Big Sur Resort in California for $148M

by Julia Sanders June 18, 2021

BIG SUR, CALIF. — Geolo Capital and its joint venture partner Wanxiang America Real Estate have sold Ventana Big Sur Resort, an Alila Resort in Big Sur. The buyer, an affiliate of the Hyatt Hotels Corp., bought the 160-acre property for $148 million. Geolo, which is the private equity investment arm of the John Pritzker family office, claims the $2.5 million-per-room price is a record for a North American resort. Built in 1975, Ventana Big Sur Resort is a 59-room property. Geolo Capital acquired Ventana in 2015 and then renovated and reopened the property in 2017. San Francisco-based interior design firm BraytonHughes Design Studio and Carmel, Calif.-based architectural firm Ray Parks & Associates led the renovation project. The renovations included a new Glass House Gallery, which showcases artwork, jewelry, pottery and photography from California-based artists, as well as upgrades to all the guestrooms, suites and villas. Additionally, outdoor fireside seating was added, and a new 7,000-square-foot Ocean Meadow Lawn was added for events and weddings with space for up to 200 guests. Ventana Big Sur has a total of 12,000 square feet of events and meeting space. A new restaurant, the Sur House restaurant, was also built during renovations, as …

June 18, 2021

Acquisitions California Retail Western

Eastern Real Estate, Atlas Capital Acquire 466,000 SF Eagle Rock Plaza in Los Angeles

by Amy Works June 18, 2021

LOS ANGELES — Eastern Real Estate and Atlas Capital Group have purchased Eagle Rock Plaza, a regional shopping center at the intersection of Glendale and Ventura freeways in Los Angeles’ Eagle Rock neighborhood. Situated on 22 acres, the property features 466,000 square feet of retail space. Current anchor tenants include Target, Macy’s, Seafood City and Fitness 19. Bill Bauman and Kyle Miller of Newmark Capital Markets represented the undisclosed seller in the deal. The acquisition price was not released.

June 18, 2021

Colorado Development Industrial Western

Central Development Breaks Ground on 171,600 SF Warehouse at Encompass Business Park in Centennial, Colorado

by Amy Works June 18, 2021

CENTENNIAL, COLO. — Central Development has broken ground for Encompass 171, the fourth building at its Encompass Business Park in Centennial. Established in 2017, the 62-acre infill industrial park offers last-mile warehousing, industrial and technology uses for tenants. Encompass 171 will feature 171,600 square feet of warehouse space, 28-foot clear heights, a speed bay and a 190-foot-deep truck court. Alcorn Construction is serving as general contractor for the building. Current tenants at Encompass Business Park include Amazon, Room & Board, Brakes Plus, Mygrant Glass, Winn-Marion Cos., Rincon Research and Evoqua Water Technologies.

June 18, 2021

MorningStar-Senior-Living-Holly-Park-Centennial-CO

Colorado Development Multifamily Seniors Housing Western

MorningStar Senior Living, Edgemark Plan 160-Unit Seniors Housing Community Near Denver

by Amy Works June 18, 2021

CENTENNIAL, COLO. — MorningStar Senior Living and Edgemark Development LLC have unveiled plans for MorningStar Senior Living at Holly Park in the Denver suburb of Centennial. Groundbreaking is scheduled for fourth-quarter 2021 for planned completion in 2023. The four-story project will be located on three acres and offer 160 units of independent living, assisted living and memory care. This will be MorningStar’s second location in Centennial and 13th in Colorado. MorningStar and Edgemark will co-develop and own the community.

June 18, 2021

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