Property Type

City Club Apartments Opens Phase II of Chicago Apartment Property

by Kristin Harlow May 19, 2021

CHICAGO — Detroit-based City Club Apartments has opened Phase II of the MDA building in downtown Chicago’s Loop District. Phase II is a seven-story building with 81 units. The project is the first of two new developments opening in the next 18 months that are part of City Club’s “apartment hotel” strategy, whereby residents are able to choose between short- and long-term leases. Amenities include a rooftop sky park with a pool, outdoor theater, grill station and lounge seating. The second floor houses an entertainment and conference room that connects to Phase I via a sixth-floor skybridge. Residents have access to amenities at both buildings, including the onsite restaurant Elephant & Castle, a fitness center, Zen garden, bicycle room, bark park and business center. The 23-story Phase I features 190 units. That building dates back to 1927 and was redeveloped into apartments in 2006. Monthly rents start around $1,500 for studios.

May 19, 2021

Acquisitions Industrial Midwest Ohio

W. P. Carey Acquires Manufacturing Facility in Columbus for $27M

by Kristin Harlow May 19, 2021

COLUMBUS, OHIO — W. P. Carey Inc. has acquired a 567,000-square-foot light manufacturing facility in Columbus for $27 million. The Class A facility is net leased to a U.S. wholly owned subsidiary of Knowlton Development Corp. Inc., a global provider specializing in package design and manufacturing solutions for beauty, personal care and home care brands. The building features a clear height of 30 feet and offers convenient access to I-270 and the Rickenbacker International Airport. The seller was undisclosed.

May 19, 2021

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $25M Condo Deconversion Sale in Crystal Lake, Illinois

by Kristin Harlow May 19, 2021

CRYSTAL LAKE, ILL. — 33 Realty has brokered the $25 million deconversion sale of Randall Village Condominiums in Crystal Lake, about 45 miles northwest of Chicago. Built in 1998, the property consists of 21 two-story buildings as well as a clubhouse and 26 garage parking spaces. Amenities include a pool, fitness center, grilling area and meeting rooms. Sean Connelly, John Meyer and Matt Petersen of 33 Realty brokered the transaction. The undisclosed buyer plans to invest in substantial unit upgrades. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

May 19, 2021

Acquisitions Indiana Midwest Multifamily

KC Venture Group Acquires 193-Unit Apartment Community in Carmel, Indiana

by Kristin Harlow May 19, 2021

CARMEL, IND. — KC Venture Group has acquired Penn Circle Apartments in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Built in 2013, the five-story asset sits on 6.2 acres at 12415 N. Pennsylvania St. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Inland. KC Venture Group is a real estate company engaged in the ownership, acquisition and management of multifamily communities in the Midwest and Texas.

May 19, 2021

Development Industrial Midwest Missouri

BCB Development to Build 167,000 SF Cold Storage Facility in Metro Kansas City

by Kristin Harlow May 19, 2021

LIBERTY, MO. — BCB Development is building a 167,000-square-foot cold storage facility in Liberty, a suburb of Kansas City. The Class A property will be located in the Heartland Meadows Industrial Park. Construction is set to begin in July and wrap up in the second quarter of 2022. Plans call for a fully insulated building and specialized floor slabs to maintain refrigeration and freezer temperatures. John Stafford, Chris Cummins and Turner Wisehart of Colliers International will market the project for lease. The facility will be the first cold storage building in the Kansas City market, according to Colliers.

May 19, 2021

Affordable Housing Development Loans Multifamily New York Northeast

CIT Group Provides $35.7M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams May 19, 2021

NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.

May 19, 2021

Development Hospitality Northeast Pennsylvania

Jenkins Organization to Open 60-Acre RV Park in Milton, Pennsylvania

by Taylor Williams May 19, 2021

MILTON, PA. — The Jenkins Organization, a Houston-based owner-operator of self-storage facilities and RV resorts, will open Jellystone Park at Milton, a 60-acre development located north of Harrisburg in the central part of the state. The property offers 20 cabins and lodges and 160 RV sites, as well as amenities such as a volleyball court, fishing ponds and an arts and crafts center. A formal opening ceremony will be conducted Saturday, May 22.

May 19, 2021

Acquisitions Multifamily New York Northeast Student Housing

W. P. Carey Acquires Student Housing Property in New Rochelle, New York, for $26M

by Taylor Williams May 19, 2021

NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.

May 19, 2021

Acquisitions Massachusetts Northeast Office

Coldwell Banker Brokers $5.1M Sale of Office Building in Chestnut Hill, Massachusetts

by Taylor Williams May 19, 2021

CHESTNUT HILL, MASS. — Coldwell Banker Commercial NRT has brokered the $5.1 million sale of The Pearl, an 18,000-square-foot office building in Chestnut Hill, located west of Boston. The four-story property was built on a half-acre parcel in 1973 and includes onsite parking. Todd Glaskin of Coldwell Banker represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.

May 19, 2021

Acquisitions New York Northeast Office Top Stories

SL Green Sells Office Property in Midtown Manhattan for $325M

by Kristin Harlow May 19, 2021

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 635-641 Sixth Avenue in Manhattan’s Midtown South neighborhood for a gross sales price of $325 million. The office property comprises two adjoining buildings rising eight stories and totaling 267,000 square feet. The transaction is expected to close in the second quarter and generate net cash proceeds to SL Green of approximately $312.5 million. The buyer was undisclosed. SL Green acquired the asset in 2012 for $173 million. The Manhattan-based office landlord completed a redevelopment of the buildings in 2015, featuring a new lobby, elevators, building systems and a penthouse rooftop equipped with a bocce court and event space. The buildings date back to the early 1900s and once housed the Simpson Crawford Department Store. Today, the property is 94 percent leased. Software company Infor is the anchor tenant and recently executed a renewal and extension of its lease through 2030. “New York City’s revitalization continues as does the demand for Class A office buildings,” says Harrison Sitomer, senior vice president of SL Green. “The disposition at a sales price of more than $1,200 per square foot is a result of extensive repositioning and leasing efforts at the property.” …

May 19, 2021

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