Property Type

JLL Arranges $87.6M in Construction Financing for 25-Story Ascent Apartments in Milwaukee

by Kristin Harlow December 11, 2020

MILWAUKEE — JLL Capital Markets has arranged $87.6 million in construction financing for Ascent, a 25-story, 259-unit luxury apartment tower in Milwaukee. Upon completion, Ascent will be the tallest mass timber building in the world, according to JLL. The 272,475-square-foot development will offer one-, two- and three-bedroom units averaging 1,052 square feet. Slated to deliver in summer 2022, the development will also include 8,000 square feet of retail space. Amenities will include an indoor and outdoor pool, sauna, lounge, fitness center and a rooftop with event space, fire pits, outdoor cinema area, shared workspaces and views of Lake Michigan. Timothy Joyce and Trent Niederberger of JLL arranged the financing on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises. Bank OZK provided senior financing while Hines Realty Income Fund provided a mezzanine loan. Construction is now underway. Mass timber is a category of framing styles typically characterized by the use of large solid wood panels for wall, floor, and roof construction.

December 11, 2020

Development Industrial Michigan Midwest

NorthPoint Development to Redevelop Former Cadillac Stamping Plant in Detroit

by Kristin Harlow December 11, 2020

DETROIT — NorthPoint Development and Michigan-based LoPatin & Co. have unveiled plans to redevelop the 44.8-acre former Cadillac stamping plant in Detroit. The project scope includes the demolition of an abandoned factory and the construction of a new 684,000-square-foot, Class A industrial building that will be geared toward automotive suppliers, advanced manufacturing and logistics users. The project is expected to generate a total private investment of $47.9 million and create 450 full-time jobs. The city and Michigan Strategic Fund are reimbursing $3.3 million for brownfield remediation work. The property has a history of manufacturing uses dating back to the early 1900s and requires extensive cleanup of the soil and asbestos removal in addition to high demolition costs, according to NorthPoint.

December 11, 2020

Acquisitions Industrial Midwest Ohio

Stan Johnson Brokers $29M Sale of Cincinnati Industrial Building

by Kristin Harlow December 11, 2020

CINCINNATI — Stan Johnson Co. has brokered the sale of a 134,000-square-foot industrial building in Cincinnati for approximately $29 million. Located at 3191 Railside Ave., the last-mile facility is fully leased to an undisclosed e-commerce company. The newly constructed facility sits on 22.5 acres. Craig Tomlinson and John Zimmerman of Stan Johnson represented the seller, Neyer Properties. EXAN Group represented the buyer, a discretionary Spanish commercial real estate group. The property is part of a larger tract of land that Neyer had acquired in recent years from the city.

December 11, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $11M Sale of Shopping Center in Schaumburg, Illinois

by Kristin Harlow December 11, 2020

SCHAUMBURG, ILL. — Marcus & Millichap has arranged the sale of a 130,105-square-foot shopping center in Schaumburg for $11 million. The property is home to PGA Tour Superstore and XSport Fitness. It is located at 1317-1321 E. Golf Road. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a trust. The team also secured and represented the buyer, a Chicago-based limited liability company completing a 1031 exchange.

December 11, 2020

Illinois Industrial Leasing Activity Midwest

Costco-Innovel Solutions Signs 111,909 SF Industrial Lease at Bridge Point Itasca

by Kristin Harlow December 11, 2020

ITASCA, ILL. — Costco-Innovel Solutions has signed a long-term lease to occupy 111,909 square feet of Building I at Bridge Point Itasca, a three-building, 741,162-square-foot industrial campus in Itasca. Costco will use the facility for last-mile distribution of consumer products. The company will begin occupying the space immediately while the developer, Bridge Development Partners, continues to build out the interior space. Bridge Point Itasca is now 65 percent leased. It was completed this summer. Chris Nelson and Jeffrey Janda of Lee & Associates represented Bridge in the lease transaction. Chris Lydon and Brian Pomorski of Avison Young represented Costco, which acquired logistics company Innovel Solutions earlier this year.

December 11, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $55M Sale of Industrial Portfolio in Wilmington, Massachusetts

by Taylor Williams December 11, 2020

WILMINGTON, MASS. — CBRE has negotiated the $55 million sale of an industrial portfolio in Wilmington, located on the northern outskirts of Boston. The portfolio consists of four buildings totaling 255,678 square feet and was 88 percent leased at the time of sale to a tenant roster that includes Bimbo Bakeries, Aramark and Tesla. New Hampshire-based Carlisle Capital sold the portfolio to a joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate. Scott Dragos, Chris Skeffington, Doug Jacoby, Tim Mulhall, Tony Hayes, Roy Sandeman and Daniel Hines of CBRE represented both parties in the transaction.

December 11, 2020

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires Grocery-Anchored Shopping Center in Metro Boston for $23M

by Taylor Williams December 11, 2020

FRAMINGHAM, MASS. — Locally based investment firm RK Centers has acquired an 80,000-square-foot grocery-anchored shopping center in the western Boston suburb of Framingham for $23 million. Stop & Shop is the grocer that anchors the property, which is located just off Exit 13 of the Massachusetts Turnpike. Geoffrey Millerd of Newmark represented the seller, a joint venture led by Florida-based shopping center REIT Regency Centers, in the transaction.

December 11, 2020

Loans New York Northeast Retail

G.S. Wilcox Arranges $18M Loan for Refinancing of Shopping Center on Long Island

by Taylor Williams December 11, 2020

PLAINVIEW, N.Y. — G.S. Wilcox, an intermediary based in Northern New Jersey, has provided an $18 million loan for the refinancing of a 118,000-square-foot shopping center in the Long Island hamlet of Plainview. The loan was structured with a 15-year term and a 30-year amortization schedule. David Fryer of G.S. Wilcox arranged the loan through one of the firm’s correspondent lenders on behalf of the undisclosed borrower.

December 11, 2020

Multifamily Seniors Housing Texas

Capital Senior Living to Turn 18 Communities Over to Fannie Mae to Reduce Debt by $217.7M

by Taylor Williams December 10, 2020

DEER PARK, TEXAS — Capital Senior Living Corp. (NYSE: CSU) has completed the operational transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s nonrecourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all 18 of the community transitions to be completed by the end of the first quarter of 2021, which the company estimates will reduce its debt load by $217.7 million and improve annual cash flow by $10 million. The Deer Park transfer alone will extinguish $19.4 million in debt for CSU.

December 10, 2020

Development Hospitality Texas

Blossom Holding Group Nears Completion of 267-Room Hotel in Houston

by Taylor Williams December 10, 2020

HOUSTON — Blossom Holding Group is nearing completion of The Blossom Hotel, a 267-room hospitality property that will be located at 7118 Bertner Ave. near the Texas Medical Center in Houston. The 16-story hotel will feature a fitness center, lobby library, outdoor pool, karaoke room and multiple meeting and event spaces. Construction began in August 2018 and is expected to be complete during the first quarter of 2021.

December 10, 2020

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