Property Type

Hunt Midwest to Expand SubTropolis by Additional 700,000 SF

by Kristin Harlow April 8, 2021

KANSAS CITY, MO. — Hunt Midwest has unveiled plans to build out an additional 700,000 square feet of Class A space in SubTropolis, the world’s largest underground business complex, located in Kansas City. The expansion, built on a speculative basis, will provide tenants with space for warehousing and distribution operations. With more than 7 million square feet of industrial space, SubTropolis offers lower operations and leasing costs than traditional above-ground industrial buildings, according to Hunt Midwest. It also offers a naturally temperature-controlled climate, helpful for storing inventory with a limited lifespan or specific temperature needs. A substantial portion of the business complex is currently utilized for e-commerce; archival and document storage; pharmaceutical and animal health facilities; and food distribution.

April 8, 2021

Hospitality Illinois Midwest

Hotel Essex on Chicago’s Michigan Avenue Rebrands as Le Méridien Essex Chicago

by Kristin Harlow April 8, 2021

CHICAGO — Hotel Essex, a luxury hotel located on Chicago’s Michigan Avenue adjacent to Grant Park, has been rebranded as Le Méridien Essex Chicago. Oxford Hotels & Resorts LLC owns the asset in joint venture with Quadrum Global. The property will continue to operate as an independent hotel until it officially joins the Marriott Bonvoy family this summer. The property reopened in 2019 after undergoing a multimillion-dollar transformation from Essex Inn into Hotel Essex. Each of the 274 guestrooms include a workstation, 55-inch smart TV, refrigerator and luxury linens. The onsite fitness center features workout equipment by Peloton, Star Trac, Life Fitness and Powermill. Guests can dine at Grant Park Bistro, a modern French grill, or SX Sky bar, a lounge with space for meetings and events. A Marriott brand, Le Méridien features a European flair and mid-century modern design aesthetic. “We’re always looking for ways to optimize the performance and value of our hotels and as leisure and business travel regains momentum this year, and in the years ahead, we felt combining forces with Le Méridien was a prudent, strategic move,” says John Rutledge, founder, president and CEO of Oxford.

April 8, 2021

Illinois Industrial Midwest Office

Clear Height Properties Recapitalizes 15-Property Industrial Portfolio, Forms JV with Harbert

by Kristin Harlow April 8, 2021

OAK BROOK, ILL. — Clear Height Properties has completed a more than $55 million recapitalization of a 15-property industrial portfolio through the formation of a joint venture partnership with Harbert U.S. Real Estate. The transaction provides capital for Clear Height to utilize in pursuing its goal of doubling in size over the next 12 months, according to a news release. The portfolio totals more than 1 million square feet throughout metro Chicago and is home to 130 tenants. Most of the properties are multi-tenant facilities that are approximately 90 percent leased. Oak Brook-based Clear Height owns more than $250 million of industrial and office assets. Kurt Sarbaugh, Christopher Carroll and Robin Stolberg of JLL arranged the recapitalization.

April 8, 2021

Affordable Housing Development Illinois Midwest Multifamily

Interfaith Housing Development Corp. Opens 72-Unit Affordable Housing Project in Suburban Chicago

by Kristin Harlow April 8, 2021

MAYWOOD, ILL. — Interfaith Housing Development Corp. has opened Fifth Avenue Apartments in Maywood, a western suburb of Chicago. The 72-unit affordable housing project is situated at 800 S. 5th Ave., a site purchased from the Village of Maywood in 2019. A 5,500-square-foot retail space on the ground floor is slated for grocery store use. Of the apartment units, 19 are set aside for special needs populations, eight for homeless veterans and 11 for residents from the Illinois State Referral Network. The building’s first occupants are being selected based on their ability to meet the federal income criteria for affordable housing programs. Maintaining its affordability status for a minimum of 40 years, the five-story development will provide housing for households at or below 60 percent of the area median income. HED was the project architect and McShane Construction Co. was the general contractor. Additional project team members include SITE Design for landscape architecture and Ericksson Engineering for civil engineering. Interfaith Management Services will serve as property manager. Financial partners for the project included Illinois Housing Development Authority, the Cook County Department of Planning and Development, the Richman Group Affordable Housing Corp. and Bank of America. The Chicago Community Loan Fund …

April 8, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 320-Unit Self-Storage Facility in Huntsville, Texas

by Taylor Williams April 8, 2021

HUNTSVILLE, TEXAS — Marcus & Millichap has brokered the sale of A Space Place Self Storage, a 320-unit self-storage facility in Huntsville, about 70 miles north of Houston. The property spans 50,940 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller and the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

April 8, 2021

Acquisitions Michigan Midwest Office

L. Mason Capitani Brokers Sale of 110,000 SF Office Building in Bloomfield Hills, Michigan

by Kristin Harlow April 8, 2021

BLOOMFIELD HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Stoneridge II, an office building located at 40950 Woodward Ave. in Bloomfield Hills. The sales price and seller were undisclosed. The 110,000-square-foot property was recently renovated and was fully leased at the time of sale. Mason L. Capitani of the brokerage firm represented the buyer, LREH Michigan LLC.

April 8, 2021

Development Multifamily Texas

Greystar Opens 152-Unit Ellison Heights Apartment Community in Houston

by Taylor Williams April 8, 2021

HOUSTON — Charleston, S.C-based Greystar has opened Ellison Heights, a 152-unit apartment community in the Houston Heights neighborhood. Designed by Meeks + Partners, the property features one- and two-bedroom units that average 1,192 square feet and are furnished with quartz countertops and custom cabinetry. Amenities include a business center with coworking offices, a fitness and wellness studio, pet spa, sky lounge and a dog run. Rents start at $1,875 per month for a one-bedroom unit.

April 8, 2021

Acquisitions Multifamily Southeast Student Housing Virginia

Graystone Fund I Acquires 456-Bed Student Housing Portfolio Near Virginia Tech for $33.8M

by Julia Sanders April 8, 2021

BLACKSBURG, VA. — Graystone Fund I (GFI) has acquired a 456-bed, 140-unit portfolio of student housing near the Virginia Tech University campus in Blacksburg for $33.8 million. The properties were previously owned and managed by BCR Property Management. GFI plans to make improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. Further details on the acquisition were not disclosed. Graystone Cos. also plans to construct an approved 204-bed student housing community at the corner of Toms Creek Road in Blacksburg, furthering its footprint in the Virginia Tech market.

April 8, 2021

Development Industrial Texas

Catamount, HDA Architects Complete 61,300 SF Industrial Expansion Project in Beaumont

by Taylor Williams April 8, 2021

BEAUMONT, TEXAS — General contractor Catamount Constructors and St. Louis-based HDA Architects have completed a 61,300-square-foot industrial expansion project for Giglio Distributing in Beaumont. The project added a 40,000-square-foot warehouse; a 12,800-square-foot receiving dock area; 5,900-square-foot side bay loading area; 1,600 square feet of office space; and an 800-square-foot customer pickup space. Prior to the expansion, the facility spanned 74,000 square feet of warehouse and office space. Giglio Distributing is a locally based wholesale alcoholic beverage distributor that also carries some select non-alcoholic brands.

April 8, 2021

Industrial Leasing Activity Texas

Lee & Associates Negotiates 39,812 SF Industrial Lease Near Fort Worth

by Taylor Williams April 8, 2021

SOUTHLAKE, TEXAS — Lee & Associates has negotiated a 39,812-square-foot industrial lease at 415 Bank St. in the Fort Worth suburb of Southlake. The space is located within Southlake Business Park, a three-building, 182,129-square-foot complex. Mark Graybill of Lee & Associates represented the tenant, logistics firm Technical Transportation, in the lease negotiations. Holt Lunsford Commercial represented the landlord, Southlake Industrial.

April 8, 2021

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