Property Type

Red Mountain Group Acquires 600,000 SF Algonquin Commons Power Center in Suburban Chicago

by Kristin Harlow May 14, 2021

ALGONQUIN, ILL. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Located at 1504-2298 S. Randall Road, the center sits on 70 acres. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest nearly $30 million for the renovation and repositioning of the asset. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While in escrow, Red Mountain executed a new lease with Ashley Furniture. The company says it is currently working with two other large-format national retailers. Red Mountain’s portfolio comprises 95 shopping centers across 18 states.

May 14, 2021

Development Illinois Midwest Office

KBS Begins $22M Renovation of Chicago’s Accenture Tower

by Kristin Harlow May 14, 2021

CHICAGO — KBS has begun a $22 million renovation project at Accenture Tower, a 40-story office building in downtown Chicago. Planned upgrades include a new lobby, conference center, tenant lounge and an outdoor deck with a fire pit and bar area. Chicago-based GREC Architects designed the renovation plans. In addition to the building upgrades, KBS is adding 90,000 square feet of spec suites, which involves building out tenant suites without a committed tenant. Originally built in 1987, Accenture Tower spans nearly 1.5 million square feet. It features a 14,000-square-foot fitness center and more than 20 dining options. Its first two levels feature 80,000 square feet of retail space. Commercial real estate owner KBS is working with Leonardo Cos. on the planned upgrades. Wendy Katz and Matt Lerner of Stream Realty are the leasing agents for the property.

May 14, 2021

Acquisitions Midwest Office Wisconsin

River Bank Plaza Office Building in Downtown Milwaukee Trades Hands

by Kristin Harlow May 14, 2021

MILWAUKEE — CBRE has arranged the sale of River Bank Plaza, an 81,865-square-foot office building in downtown Milwaukee. The sales price was undisclosed. The multi-tenant property is located at 740 N. Plankinton Ave. along the Milwaukee River. Originally constructed in 1912, the eight-story building features 61 parking spaces in an adjacent surface lot. The building’s ground floor is home to restaurant tenant Rock Bottom Brewery. Patrick Gallagher and Matson Holbrook of CBRE represented the seller, Riverbank Plaza LLC. The buyer, 740 Plankinton LLC, plans to redevelop the upper floors into multifamily units.

May 14, 2021

Affordable Housing Development Indiana Midwest Multifamily

Muesing Management to Build 348-Unit Workforce Housing Property in Greenfield, Indiana

by Kristin Harlow May 14, 2021

GREENFIELD, IND. — Muesing Management Co. Inc. will develop Preserve at Blue Road, a 348-unit workforce housing property in the metro Indianapolis community of Greenfield. Project plans call for 19 buildings on 28 acres. Units will range in size from 541 to 1,400 square feet. Amenities will include a pool, outdoor kitchen, fitness center, dog park, clubhouse and walking trails. Mortgage banking company Merchants Capital provided financing for the project. A timeline for construction was not disclosed.

May 14, 2021

Development Illinois Midwest Multifamily

McHugh, Crea Construction Complete Interior Renovations on 150 Units at Chicago’s Prairie Shores

by Kristin Harlow May 14, 2021

CHICAGO — James McHugh Construction Co. and Crea Construction have completed interior renovations to more than 150 units at Prairie Shores, a five-tower apartment complex in Chicago’s Bronzeville neighborhood. Located on 20 acres at 2801-3001 S. Martin Luther King Drive, Prairie Shores includes a total of 1,675 units and is undergoing a multi-phase renovation. The property was developed from 1957 to 1961. Golub & Co. and Farpoint Development, along with Goldman Sachs, purchased the asset in 2019. McHugh and Crea are overseeing the installation of new appliances, countertops, flooring, plumbing, fixtures and lighting, as well as electrical system upgrades and painting. Designed by Evanston, Ill.-based Kaufman & O’Neil, the renovated units feature white cabinetry and granite countertops in the kitchens as well as more open floor plans.

May 14, 2021

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Investment Demand Heats Up for Multi-Use Logistics Assets in New Jersey

by Taylor Williams May 14, 2021

By Alex Kachris, research manager — Northeast industrial region, JLL Industrial commercial real estate had its second-best year on record in 2020, with U.S. transaction volume nearing $96 billion. As competition among investors for industrial product remains strong in 2021, JLL Capital Markets Research isolated one sub-class that is gaining investor interest: multi-use logistics. The multi-use logistics profile includes older, multi-tenant assets ranging from 20,000 to 100,000 square feet that have solid footprints within infill urban logistics markets. These assets, which often have diversified, local tenant bases, usually house a mix of distribution, flex showroom, industrial showroom, R&D, warehouse and/or manufacturing space. Multi-use logistics assets boast compelling rent growth profiles and strong long-term outlooks. With new, yield-focused investors jumping into the industrial space, multi-use logistics product is desirable as an alternative to the bulk industrial market, which is getting tighter. Given that multi-use logistics facilities are generally older properties, population centers have exploded around these assets, making not only almost impossible to replace but highly sought-after as last-mile logistics locations close to end users. Compounded by industry fundamentals that are driven by macroeconomic factors, including reshoring and acceleration of e-commerce adoption, the increased demand for these smaller, multi-tenant industrial assets …

May 14, 2021

Development Office Washington Western

Skanska Invests $476M in The Eight Spec Office Development in Bellevue, Washington

by Amy Works May 13, 2021

BELLEVUE, WASH. — Skanska has announced a $476 million investment in The Eight, a previously announced, 25-story office tower at the intersection of Northeast 8th Street and 108th Avenue Northeast in Bellevue. The project is Skanska’s sixth development in the Greater Seattle area and its second project in Bellevue since starting operations in the region in 2011. Construction is slated to begin in June, with completion scheduled for fourth-quarter 2023. The investment includes a construction contract worth approximately $270 million. The 540,000-square-foot development will include a 3,190-square-foot private rooftop deck, seven alternating indoor/outdoor exterior balconies, 12,000 square feet of ground-floor retail space and four levels of below-grade parking with valet services and electric-car charging stations.

May 13, 2021

Acquisitions Office Oregon Western

ScanlanKemperBard, WHI Real Estate Partners Sell 43,151 SF Office Building in Portland

by Amy Works May 13, 2021

PORTLAND, ORE. — ScanlanKemperBard and WHI Real Estate Partners have completed the sale of 5550 Macadam, an office building located in Portland. The name of the buyer and acquisition price were not released. Renovated in 2019, the three-story, 43,151-square-foot building features updated common areas, locker rooms and restrooms; a modern, light-filled lobby; and lush landscaping. The property offers 14,000-square-foot floor plates and was 89 percent leased at the time of sale. Buzz Ellis, Logan Greer and Adam Taylor of JLL Capital Markets represented the seller in the transaction.

May 13, 2021

Orange-County-Global-Medical-Center-Santa-Ana-CA

California Healthcare Loans Western

CBRE Arranges $58.2M Refinancing for Healthcare Portfolio in Orange County, California

by Amy Works May 13, 2021

SANTA ANA AND ANAHEIM, CALIF. — CBRE has arranged a $58.2 million loan for the refinancing of a five-property healthcare portfolio in Orange County. Sabrina Solomiany and Zack Holderman of CBRE’s Debt & Structured Finance platform secured the loan on behalf of Pacific Coast Holdings Investment, the owner of the portfolio. Jonathan Bloch and Jennifer Eiteljorg of Brownstein Hyatt represented the borrower in the financing transaction. The portfolio consists of three acute-care hospital leased to KPC Healthcare, one long-term acute care hospital leased to Kindred Healthcare and a vacant medical office building. Orange County Global Medical Center, South Coast Global Medical Center, Kindred Hospital and the vacant building are located in Santa Ana; and Anaheim Global Medical Center is located in Anaheim. The 621,000-square-foot, 703-bed portfolio was more than 97 percent leased at the time of refinancing.

May 13, 2021

Acquisitions Arizona Industrial Western

MAG Capital Partners Buys 38,300 SF Cold-Storage Facility in Phoenix in Sale-Leaseback Deal

by Amy Works May 13, 2021

PHOENIX — Fort Worth, Texas-based MAG Capital Partners has acquired a cold-storage warehouse property located at 2721 W. Willetta St. in Phoenix. Lin’s Distribution Corp. sold the property for an undisclosed price in an off-market, sale-leaseback transaction. Built in 1980 on 1.7 acres, the 38,300-square-foot facility features five truck wells and two industrial GL doors. The multi-tenant property is fully occupied by Lin’s Distribution Corp., Red Bird Farms Distribution Co. and Bon Suisse. Concurrent with the sale, Lin’s signed a long-term leaseback deal to continue to occupy the property. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer, while Oscar Lopez and Steve Lowe of Matthews Real Estate represented the seller in the transaction.

May 13, 2021

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