Property Type

Summit Design + Build Completes Conversion of Office Building into Apartments in Chicago’s Gold Coast

by Kristin Harlow October 1, 2020

CHICAGO — Summit Design + Build has completed The Clark in Chicago’s Gold Coast neighborhood. The project involved the conversion of a four-story office and retail building into 98 luxury apartments. The building, located at 1201 N. Clark St., also received a vertical addition comprising five more stories. Floor plans range from studios to two-bedroom units. Amenities include a rooftop terrace, fitness center, business center, bike room, dog run and first-floor lobby with a café. Hartshorne Plunkard Architecture served as architect. Monthly rents start at $1,710. Residents can currently receive up to three months of free rent.

October 1, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $17M Sale of Residential Building in Manhattan

by Taylor Williams October 1, 2020

NEW YORK CITY — Marcus & Millichap has negotiated the $17 million sale of a 12-unit residential building located at 180 W. 81st St. on Manhattan’s Upper West Side. The property spans 21,568 square feet and includes three commercial spaces. Daniel Handweiler, Haley Hasho, Jacob Kahn, Joe Koicim, Peter Von Der Ahe and Seth Glasser of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both companies were private investors that requested anonymity.

October 1, 2020

Development Industrial Midwest Nebraska Office

McCarthy Moves into New 15,000 SF Nebraska Office

by Kristin Harlow October 1, 2020

OMAHA, NEB. — McCarthy Building Cos. Inc. has moved into its newly constructed office and warehouse property that will serve as the national construction company’s Nebraska office. The 15,000-square-foot development, located in West Omaha, features a single-story office building, a warehouse and an adjacent construction yard. McCarthy developed the project in conjunction with Tetrad Property Group LLC. DLR Group was the designer. The warehouse will enable the company to store construction materials and assemble some building components in advance of the jobsite. Since entering the Omaha market in 2001, McCarthy’s Omaha team has completed more than $1 billion in construction projects. The company’s core project types include healthcare, education, laboratories, pharmaceutical manufacturing, commercial, arts and entertainment and industrial. McCarthy is headquartered in St. Louis but has several other office locations across the country.

October 1, 2020

Acquisitions Kansas Midwest Retail

Block & Co. Sells 8,000 SF Monticello Center in Shawnee, Kansas

by Kristin Harlow October 1, 2020

SHAWNEE, KAN. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.

October 1, 2020

Acquisitions Iowa Midwest Retail

Marcus & Millichap Brokers $2.2M Sale of Property Occupied by T-Mobile in Davenport, Iowa

by Kristin Harlow October 1, 2020

DAVENPORT, IOWA — Marcus & Millichap has brokered the sale of a 3,305-square-foot retail property occupied by T-Mobile in Davenport. An undisclosed buyer purchased the asset for $2.2 million. The building is located at 3150 E. 53rd St. T-Mobile has more than eight years remaining on its 10-year lease. Dominic Sulo and Samuel Malato of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Jon Ruzicka assisted in closing the transaction as broker of record in Iowa.

October 1, 2020

Loans Multifamily Texas

Asia Capital Provides $49.1M Loan for Refinancing of Multifamily Asset Near Fort Worth

by Taylor Williams October 1, 2020

NORTH RICHLAND HILLS, TEXAS — Global real estate private equity and debt firm Asia Capital Real Estate has provided a $49.1 million loan for the refinancing of Millennium at Hometown, a 306-unit multifamily asset in North Richland Hills. The sponsor and developer is New York City-based Sovereign Properties. The property also features 11,697 square feet of retail space. Greg Nalbandian and Jesse Wright of JLL arranged the financing, which was structured with a 71 percent loan-to-value ratio.

October 1, 2020

Loans Multifamily Texas

Greystone Funds $24.1M HUD Loan for Refinancing of New Apartment Community in Azle, Texas

by Taylor Williams October 1, 2020

AZLE, TEXAS — Greystone has funded a $24.1 million HUD loan for the refinancing of Reata West, a 224-unit apartment community in Azle, located northwest of Fort Worth. Built in 2018, the garden-style property consists of 10 three-story buildings that house one, two- and three-bedroom units. Amenities include a clubhouse, pool, business center, fitness center and a dog park. Eric Rosenstock of Greystone originated the loan, which carried a 40-year term and a fixed interest rate, on behalf of the borrower, Partin Development Group.

October 1, 2020

Acquisitions Industrial Texas

Marcus & Millichap Negotiates Sale of 69,750 SF Industrial Building in Metro Dallas

by Taylor Williams October 1, 2020

HUTCHINS, TEXAS — Marcus & Millichap has negotiated the sale of a 69,750-square-foot industrial building in Hutchins, a southern suburb of Dallas. The property was built on 11.9 acres in 1986 and was occupied by Bocks Board Packaging, a provider of corrugated and other specialty paper products, at the time of sale. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors, in the transaction.

October 1, 2020

Acquisitions Industrial Texas

Matthews Brokers Sale of 66,853 SF Industrial Property Near Bush Airport in Houston

by Taylor Williams October 1, 2020

HOUSTON — Matthews Real Estate Investment Services has brokered the sale of a 66,853-square-foot industrial property located at 14310-14329 Interdrive E., approximately five miles south of George Bush Intercontinental Airport in Houston. The property was built in 1995 on five acres. Kate Fernandez and Andrew Gross of Matthews represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

October 1, 2020

Industrial Leasing Activity Texas

Frog Street Press Signs 28,390 SF Industrial Lease Near Fort Worth

by Taylor Williams October 1, 2020

SOUTHLAKE, TEXAS — Educational consulting firm Frog Street Press has signed a 28,390-square-foot industrial lease at Southlake Business Park near Fort Worth. Matt Carthey, George Jennings and Hogan Harrison with Holt Lunsford Commercial represented the owner, Frontier Equity, in the lease negotiations. Steve Schrum with Glacier Commercial represented the tenant.

October 1, 2020

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