Property Type

Story Senior, MPH Partners Underway on 140-Unit Seniors Housing Project in Irving

by Taylor Williams November 2, 2020

IRVING, TEXAS — A partnership between Story Senior Ltd. and MPH Partners LLC is underway on construction of The Luxe at Las Colinas, a 140-unit active adult project that will be located at the intersection of State Highway 161 and North Belt Line Road in Irving. The community will span approximately 149,000 square feet and offer one- and two-bedroom units ranging in size from 644 to 1,112 square feet. Amenities will include a pool, fitness center, library, medical clinic, wellness café, activity center and media room. Moss Construction is the general contractor for the project, which is expected to be complete in November 2021. Active adult communities are age-targeted or an age-restricted developments designed for people 55 or older that typically feature single-family, detached residences.

November 2, 2020

Acquisitions Healthcare Texas

Community Health Systems Sells Two Hospitals Totaling 419 Beds in West Texas

by Taylor Williams November 2, 2020

ABILENE AND BROWNWOOD, TEXAS — Tennessee-based healthcare provider Community Health Systems Inc. (NYSE: CYH) has sold two hospitals totaling 419 beds in West Texas. Abilene Regional Medical Center totals 231 beds, and Brownwood Regional Medical Center totals 188 beds. The buyer was a subsidiary of Hendrick Health System, a locally based nonprofit provider. As part of the transaction, Hendrick has secured the assignment for the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority. Community Health Systems owns, leases or operates 89 hospitals totaling approximately 15,000 beds in 16 states. The hospitals involved in this transaction are among the planned divestitures discussed on the company’s second-quarter 2020 earnings call.

November 2, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 70,200 SF Industrial Lease in Dallas

by Taylor Williams November 2, 2020

DALLAS — Lee & Associates has negotiated a 70,200-square-foot industrial lease at 8401 John W. Carpenter Freeway in Dallas. According to LoopNet Inc., the property was built in 1956 and totals 84,400 square feet. Stephen Williamson and Adam Graham of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. The representative of the tenant, TDU Tires, was not disclosed.

November 2, 2020

Leasing Activity Office Texas

Law Firm Thompson Coburn Signs 23,117 SF Office Lease in Dallas CBD

by Taylor Williams November 2, 2020

DALLAS — Law firm Thompson Coburn LLP has signed a 23,117-square-foot office lease at 2100 Ross Ave., a 33-story, 843,728-square-foot building in the Dallas Central Business District. The firm now has six offices across the country, including in Chicago, Los Angeles, St. Louis, Southern Illinois and Washington, D.C. Mike Dement, Sam Meginnis and Jon Altschuler of Altschuler & Co. represented the landlord, 2100 Ross LP, in the lease negotiations. Andy Leatherman of JLL represented the tenant.

November 2, 2020

Acquisitions Illinois Midwest Office

Sterling Bay Sells McDonald’s Headquarters in Chicago for $412.5M

by Kristin Harlow November 2, 2020

CHICAGO — Chicago-based developer Sterling Bay has sold the 575,000-square-foot corporate headquarters for McDonald’s in Chicago’s Fulton Market. Pittsburgh-based investment firm Normandy Properties purchased the asset for $412.5 million, according to the Chicago Sun Times. The building, located at 110 N. Carpenter St., features a 700-person conference center, fitness center, onsite parking, collaboration space and outdoor terraces. It was completed in 2018. Ground-floor retail tenants include Walgreens and Federal Express. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented Sterling Bay. Keith Largay and Tim Joyce of JLL arranged acquisition financing. McDonald’s previously was headquartered in the suburbs in Oak Brook.

November 2, 2020

Acquisitions Michigan Midwest Office

Moceri Cos., 400 Monroe Associates Acquire 420,000 SF Office Campus in Detroit

by Kristin Harlow November 2, 2020

DETROIT — Moceri Cos. and 400 Monroe Associates have acquired the UAW-GM Center for Human Resources in Detroit for an undisclosed price. The 420,000-square-foot office campus is located at 200 Walker St. along the Detroit River Walk. Built in the early 2000s, the property features 900 underground parking spaces, a full-service kitchen, 375-person auditorium, conference center, fitness center and an eighth-floor outdoor terrace. Brendan George and Jasper Hanifi of CBRE represented the seller, a joint venture between the United Auto Workers and General Motors. Lino and Michael Scamardella of Lino Realty represented the buyer. Red Oak Financial provided a $21.7 million bridge loan for the acquisition.

November 2, 2020

Acquisitions Midwest Missouri Multifamily

Watermark Residential Sells 276-Unit Apartment Community in Suburban Kansas City for $60M

by Kristin Harlow November 2, 2020

NORTHLAND, MO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has sold Watermark at Tiffany Springs in suburban Kansas City for $60 million. The 276-unit, Class A apartment community is located at 9641 N. Ambassador Drive in Northland. The property features one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor firepit area, dog park and fitness center. The buyer was an entity controlled by A&C Ventures Inc., a private investment firm based in Sonoma, Calif. Mac Crowther and Whittaker Potts of Newmark represented Watermark in the sale.

November 2, 2020

Illinois Leasing Activity Midwest Office

Reyes Holdings Inks 141,000 SF Office Lease Renewal in Rosemont, Illinois

by Kristin Harlow November 2, 2020

ROSEMONT, ILL. — Reyes Holdings has signed a 141,000-square-foot office lease renewal at One O’Hare Centre in Rosemont. Reyes has maintained its headquarters at the building since 2010. Located at 6250 N. River Road, One O’Hare Centre spans 380,000 square feet and is 90 percent leased. MDC Realty Advisors and Nicola Wealth Real Estate purchased the property in 2015. This year, ownership upgraded the HVAC filtration systems with UV light filters. The lobby and common areas are currently undergoing improvements. Francis Prock, Jonathon Connor and Steve Kling of Colliers International represented ownership. Jeff Liljiberg of JLL represented Reyes, which is the parent company of Reyes Beverage Group, Martin Brower, Great Lakes Coca-Cola, Reyes Coca-Cola and Reyes Fleet Management.

November 2, 2020

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $5.8M Sale of Luxury Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow November 2, 2020

CHICAGO — Interra Realty has arranged the sale of a 12-unit luxury apartment building in Chicago’s Lincoln Park neighborhood for $5.8 million. The price per unit of $481,250 is the highest in the submarket in four years, according to CoStar. The asset was built in 2017 as condos but has always operated as a rental property. It is located at 1513-17 W. Diversey Parkway. Jeremy Morton and Ted Stratman of Interra represented the seller, a local real estate developer. A California-based private investor purchased the property while completing a 1031 exchange. The building was fully leased at the time of sale.

November 2, 2020

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Acquires Entrada Apartments in Tucson for $65.5M

by Amy Works November 2, 2020

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Entrada Apartments, a multifamily property located at 4545 N. Via Entrada in Tucson. An undisclosed seller sold the asset for $65.5 million. Built in 1983 and 1985 on 19.8 acres, Entrada Apartments features 424 residential units spread across 28 buildings, a clubhouse and office building. TMR plans to implement a $4.9 million renovation and repositioning program including a full marketing rebrand; a high-end renovation scope for the remaining classic units; the addition of washers and dryers to units without them; a modernization of the 24-hour fitness center; enhancement of the pet park and sports court; the addition of package lockers; and the completion of a variety of capital upgrades.

November 2, 2020

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