Property Type

Midas Construction Breaks Ground on $47M Residence Inn Hotel in Suburban St. Louis

by Kristin Harlow March 22, 2021

CLAYTON, MO. — Midas Construction has broken ground on a $47 million Residence Inn by Marriott hotel in Clayton, a suburb of St. Louis. The extended-stay hotel will rise 12 stories with 170 rooms. Completion is slated for 2022. A street-level bar will include indoor and outdoor seating. There will also be 3,300 square feet of meeting space with an outdoor terrace and bar. Guests will enjoy complimentary breakfast and access to a 1,500-square-foot fitness center. Joining Midas on the project team are CECO Concrete Construction Inc., SSC Engineering and Castle Contracting LLC.

March 22, 2021

Illinois Industrial Midwest

Industrial Outdoor Ventures Recapitalizes, Forms Joint Venture with Stockbridge

by Kristin Harlow March 22, 2021

SCHAUMBURG, ILL. — Schaumburg-based Industrial Outdoor Ventures (IOV) and its equity sponsor BLG Capital Advisors have recapitalized and formed a joint venture with San Francisco-based Stockbridge. Financial terms of the deal were not disclosed. IOV sold a significant interest in its 26-building industrial service facilities (ISF) portfolio to Stockbridge. The properties are located in major markets throughout the U.S., including Atlanta, Chicago, Dallas, Phoenix and southern California. The venture plans to continue growing the portfolio, with plans to make $100 million to $200 million in property acquisitions each year. IOV has entered into an agreement to continue managing the portfolio and future investments. CIBC Bank, along with a group of co-lenders, provided a $145 million credit facility to the venture for the seed portfolio and future acquisitions. Mike Caprile, Zach Graham and Ryan Bain of CBRE arranged the recapitalization and joint venture. IOV is a national real estate investor focused exclusively on outdoor storage facilities. ISF are used to support supply chains in the storage, maintenance and dispatch of equipment and bulk material. They are primarily used by the transportation, e-commerce, construction and utility industries.

March 22, 2021

Illinois Leasing Activity Midwest Office

Law Firm Ice Miller Signs Office Lease Extension, Expansion in Chicago

by Kristin Harlow March 22, 2021

CHICAGO — Full-service law firm Ice Miller LLP has signed a long-term lease extension and expansion at 200 West Madison in Chicago. The firm will increase its current 22,897-square-foot space to 36,112 square feet, remaining on the entire 35th floor and expanding to part of the 36th floor. Corey Siegrist, Bill Rogers and Brian Means of JLL represented Ice Miller in the lease negations. Jeff Dowdell and Eric Myers of Transwestern represented ownership, BentallGreenOak.

March 22, 2021

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Arranges $2.5M Sale of Raising Cane’s-Occupied Property in Indiana

by Kristin Harlow March 22, 2021

MISHAWAKA, IND. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Buyer information was undisclosed.

March 22, 2021

Kansas Leasing Activity Midwest NAI Retail

M.Vincè Nail Spa to Join Tenant Lineup at Bradley Fair in Wichita, Kansas

by Kristin Harlow March 22, 2021

WICHITA, KAN. — M.Vincè Nail Spa is set to open at Bradley Fair in Wichita this summer. This will be the nail spa’s second location in the state of Kansas. The store design will feature areas for nail care, eyebrow and eyelash care, waxing services and skincare services. The unique layout enables each client to have more privacy than other salons offer, according to the company. Guests can enjoy complementary beverages during their visit. M.Vincè is a sister brand of Anthony Vincè nail spas. Bradley Fair, built in 1990, includes over 40 stores and restaurants. WS Development is the property owner.

March 22, 2021

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Negotiates 100,170 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams March 22, 2021

BURLINGTON, N.J. — NAI Mertz has negotiated a 100,170-square-foot industrial lease at 320 Dulty’s Lane in Burlington, located northeast of Philadelphia. The property is situated on 13 acres, spans 280,290 square feet and features 36-foot clear heights. Scott Mertz of NAI Mertz represented the landlord, Denver-based Black Creek Group, in the lease negotiations. The tenant is EBP Supply Solutions, a wholesale distributor of products to the cleaning and foodservice industries.

March 22, 2021

Healthcare Loans Massachusetts Northeast

Eastern Union Provides $31M in Financing for Two Skilled Nursing Facilities in Massachusetts

by Taylor Williams March 22, 2021

SALEM AND WILMINGTON, MASS. — Eastern Union has provided $31 million in financing for a pair of skilled nursing facilities totaling 265 beds in Massachusetts. The first property is a 123-bed facility in Salem, and the second is a 142-bed clinic in Wilmington. The overall package was structured with limited recourse, a three-year term, an 85 percent loan-to-value ratio and a floating interest rate. Proceeds will be used to refinance existing debt and fund capital improvements. Nachum Soroka and Jacob Shonland of Eastern Union handled the transaction. The borrower was not disclosed.

March 22, 2021

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 30-Unit Apartment Complex in Middletown, Pennsylvania

by Taylor Williams March 22, 2021

MIDDLETOWN, PA. — Marcus & Millichap has brokered the sale of Oak Grove Apartments, a 30-unit multifamily complex in Middletown, a southern suburb of Harrisburg. All units are two-bedrooms. Craig Dunkle and Mher Vartanian of Marcus & Millichap represented the buyer and seller in the transaction. Both parties requested anonymity.

March 22, 2021

Leasing Activity New York Northeast Restaurant Retail

Piazzetta Italian Kitchen & Bar to Open 3,000 SF Restaurant in West Islip, New York

by Taylor Williams March 22, 2021

WEST ISLIP, N.Y. — Piazzetta Italian Kitchen & Bar has signed a lease to open a 3,000-square-foot restaurant at a 19,757-square-foot retail center in the Long Island hamlet of West Islip. The center is under construction at 425 Union Blvd. and will house other tenants such as 7-Eleven and Brownstone Coffee. Christopher Mayor and Lawrence Densen of Island Associates Real Estate brokered the lease negotiations. The restaurant will be the chain’s fifth.

March 22, 2021

Acquisitions Florida Office Southeast Top Stories

Shorenstein Properties Sells Miami Office Complex for $230M

by Taylor Williams March 22, 2021

MIAMI — Shorenstein Properties, a privately owned investment firm with offices in New York City and San Francisco, has sold 2 & 3 MiamiCentral, a 320,000-square-foot office complex in the city’s downtown area. A fund backed by Blackstone purchased the property for $230 million. Constructed in 2018, the two-building complex is located within MiamiCentral, a transit-oriented, mixed-use development that spans nine acres and roughly 3 million square feet of residential and commercial space. The site’s history as a transit hub dates back to 1896, when it served as the southern terminus for Henry Flagler’s Florida East Coast Railway that ran throughout the Florida Keys. According to the Miami Herald, Florida East Coast was the original developer of the MiamiCentral project in 2007. The first office building rises 17 stories and includes a 288-space valet parking garage. The second building comprises four floors of office, eight levels of parking and a 33,000-square-foot Publix grocery store on the ground floor. Amenities include a conference room, caterer’s kitchen, fitness center with locker rooms and an outdoor amenity deck. In addition, the adjacent MiamiCentral train station houses an 18,000-square-foot food hall with more than 20 different food and beverage vendors. Blackstone is also a …

March 22, 2021

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