Property Type

JLL Negotiates Sale of 156-Room Allegria Hotel in Long Beach, New York

by Taylor Williams May 13, 2021

LONG BEACH, N.Y. — JLL has negotiated the sale of the 156-room Allegria Hotel, a luxury beachfront property in Long Beach. Originally built as a seniors housing facility, the property was converted to a hotel in 2009 and now offers a rooftop pool, fitness center and multiple food and beverage options. Jeffrey Davis, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented the seller, Stabilis Capital Management LP, in the transaction. Greg Labine and Martha Nay of JLL arranged fixed-rate acquisition financing on behalf of the buyer, Linchris Capital Partners LLC.

May 13, 2021

Acquisitions Massachusetts Northeast Office

MCRE, Taconic Capital Buy Downtown Boston Office Building for $23M

by Taylor Williams May 13, 2021

BOSTON — A joint venture between owner-operator MC Real Estate Partners LLC (MCRE) and an affiliate of New York City-based Taconic Capital Partners LP has acquired 11 Avenue de Lafayette, a 57,000-square-foot office building in downtown Boston. Scott Dragos and Tim Mulhall of CBRE represented the seller, nonprofit educational travel organization Elderhostel, in the transaction. As part of the deal, Elderhostel will now occupy a full floor of the five-story building via a sale-leaseback. The remaining 40,000 square feet of space is available for lease.

May 13, 2021

Development Industrial Midwest Minnesota

United Properties, PCCP Form Joint Venture to Develop 11-Building Industrial Portfolio

by Kristin Harlow May 13, 2021

MINNEAPOLIS — CBRE has arranged a $165 million joint venture partnership between United Properties and PCCP for the development of an 11-building industrial portfolio. The properties will total 1.4 million square feet across the Minneapolis, Denver and Austin markets. The joint venture has the potential to carry into a second phase of development with an additional 18 buildings totaling 2.3 million square feet, according to CBRE. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE Minneapolis led the team that arranged the partnership on behalf of United Properties, which is based in Minneapolis. PCCP, formerly known as Pacific Coast Capital Partners, is an investment manager with offices in New York, San Francisco, Atlanta and Los Angeles.

May 13, 2021

Leasing Activity New York Northeast Office

Tishman Speyer Opens Two Coworking Spaces in Manhattan

by Taylor Williams May 13, 2021

NEW YORK CITY — Tishman Speyer has opened two new spaces for Studio, the locally based landlord’s coworking concept, at 11 W. 42nd St. and 175 Varick St. in Manhattan. The first location spans approximately 40,000 square feet, and the second one comprises three floors with the potential to grow to 80,000 square feet. The spaces feature private offices of various sizes, and members have access to an on-demand and onsite suite of amenities created by Tishman Speyer. Those amenities include in-person and virtual wellness and fitness programs, backup childcare, food delivery and onsite medical services.

May 13, 2021

Development Indiana Midwest Multifamily

Milhaus Breaks Ground on $40M Apartment Community in Suburban Indianapolis

by Kristin Harlow May 13, 2021

WHITESTOWN, IND. — Milhaus and partner Humphreys Capital have broken ground on Milhaus Whitestown, a $40 million apartment community in Whitestown, about 15 miles northwest of downtown Indianapolis. Located at 7279 S. Indianapolis Road, the project will include 240 units, 440 surface parking spaces and 40 garage parking spaces. Amenities will include an 8,600-square-foot clubhouse, fitness center, pool, dog park, pickleball court and outdoor lounge. The project team includes CSO as architect, HWC Engineering as engineer and Mitsch Design as interior designer. Completion is slated for May 2022.

May 13, 2021

Affordable Housing Illinois Loans Midwest Multifamily Seniors Housing

Bellwether Enterprise Provides $28.5M in Financing for Renovation of Affordable Seniors Housing Asset in Chicago

by Kristin Harlow May 13, 2021

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.

May 13, 2021

Acquisitions Illinois Industrial Midwest

Clear Height Properties Sells 100,000 SF Industrial Building in Arlington Heights, Illinois

by Kristin Harlow May 13, 2021

ARLINGTON HEIGHTS, ILL. — Clear Height Properties has sold a 100,000-square-foot industrial building in Arlington Heights, a northwest suburb of Chicago. The buyer and sales price were undisclosed. Located at 3456 N. Ridge Road, the property was occupied by three tenants at the time of sale. Clear Height owned the asset since May 2018. Pat Turner and Brendan Green of Colliers International represented Clear Height in the sale. Clear Height is a real estate investment and management company headquartered in Oak Brook, Ill. Its portfolio totals 2.8 million square feet across 32 properties.

May 13, 2021

Acquisitions Michigan Midwest Restaurant Retail

Hanley Investment Group Brokers $2.4M Sale of Olive Garden Ground Lease in Metro Detroit

by Kristin Harlow May 13, 2021

CHESTERFIELD TOWNSHIP, MICH. — Hanley Investment Group Real Estate Advisors has brokered the $2.4 million sale of an Olive Garden ground lease in Chesterfield Township, about 30 miles north of Detroit. The 7,757-square-foot restaurant property, located at 27169 23 Mile Road, opened in the fall of 2020. The single-tenant building is situated on an outparcel directly in front of a Meijer supermarket. Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a Southern California-based 1031 exchange buyer. Phil Sambazis of Marcus & Millichap represented the seller, a Detroit-based investor. There are 10 years remaining on the ground lease.

May 13, 2021

Acquisitions California Multifamily Top Stories Western

Blackstone Group to Acquire 66 Multifamily Communities in San Diego for $1B

by Katie Sloan May 13, 2021

SAN DIEGO — Blackstone Group (NYSE: BX), in partnership with TruAmerica, plans to acquire 66 multifamily communities in San Diego County for more than $1 billion. The sale is one of the largest real estate transactions in county history, according to reports by The San Diego Union-Tribune. The seller, Conrad Prebys Foundation — a philanthropic organization created by local real estate owner Conrad Prebys — began shopping its multifamily portfolio in February, according to KPBS, a public broadcasting service in San Diego. The assets largely feature below-market-rate rents for low-income renters. The report by KPBS lists that the portfolio includes Conrad Villas apartments in Spring Valley, alongside communities located in San Ysidro, Imperial Beach, Chula Vista, National City, Lemon Grove, Lakeside, Spring Valley, Pacific Beach, Ocean Beach, El Cajon, Escondido, Ramona and Santee. The 5,800-unit, market-rate portfolio is set to undergo $100 million in renovations under the new ownership, according to the Union-Tribune. Blackstone also plans to partner with the nonprofit organization Pacific Housing to provide services for residents, including after-school tutoring, financial literacy classes, and health and wellness initiatives at no cost. The deal will add to Blackstone’s existing portfolio of $4.5 billion worth of assets in San Diego …

May 13, 2021

Industrial Market Reports Midwest Midwest Market Reports Nebraska

Omaha Industrial Activity Remains Strong, Particularly in Western Sarpy County

by Kristin Harlow May 13, 2021

By John Dickerson, OMNE Partners Our Omaha-area industrial sector has come through the pandemic very well, compared with other commercial sectors. We have not had to work out many rent payment plans with tenants, and industrial users going out of business have been minimal. Omaha has survived and come out of 2020 well economically. Our unemployment rate is the second lowest in the country. Our cost of living has also been lower than most other major cities in the Midwest. This low cost of living carries over to real estate rental rates and operating costs. Leasing activity Industrial leasing has been quite good in Omaha for years. Our vacancy rates have been below 5 percent for a number of years and currently have been about 3.5 percent. By reviewing spaces for lease on Crexi, an internet marketing service, there are about 120 properties that I identified with space available with a total of over 3 million square feet for lease. Rental rates for industrial vary, of course, for typical reasons — age and condition of the property, location and how much a space/building might be finished in office or other special improvements. In Omaha, many flex buildings have users that …

May 13, 2021

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