Property Type

Crossman Negotiates $15.4M Sale of Retail Center in Central Florida

by Alex Tostado January 6, 2021

ORANGE CITY, FLA. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General, as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was Saglo Development.

January 6, 2021

Illinois Midwest Retail

Macy’s to Shutter 45 More Locations, Including Longtime Store at Chicago’s Water Tower Place

by Kristin Harlow January 6, 2021

CHICAGO — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park. Even before the pandemic began in early 2020, Macy’s announced that it would close 125 stores nationwide over a three-year period in effort to right-size its store fleet. This week, Macy’s unveiled plans to shutter an additional 45 more locations as part of that three-year plan. A full list of the store closures can be found here. Located on Michigan Avenue, Water Tower Place rises eight stories and is home to more than 100 stores. Brookfield Property Partners owns the mall. Earlier this week, Brookfield Asset Management submitted a proposal to take Brookfield Property Partners private for $5.9 billion. The retail vacancy rate for the Magnificent Mile was 10.5 percent in late 2020, up from 7.4 percent in 2019 and 6.5 percent in 2018, according to CBRE. In addition to Macy’s, Gap recently unveiled plans to close its flagship store on Michigan Avenue.

January 6, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 1.4 MSF Gateway Logistics Center in Irving

by Taylor Williams January 6, 2021

IRVING, TEXAS — JLL has negotiated the sale of Gateway Logistics Center, a 1.4 million-square-foot industrial park located near DFW International Airport in Irving. The property was built in 2019. Dustin Volz, Stephen Bailey, Jody Thornton, Zach Riebe and Wells Waller of JLL represented the seller and developer, a partnership between Dallas-based Bandera Ventures and Boston-based Long Wharf Capital, in the transaction. BentallGreenOak acquired the five-building industrial park on behalf on an institutional investor.

January 6, 2021

Loans Midwest Minnesota Multifamily

JLL Arranges $44M in Construction Financing for Apartment Project in St. Paul

by Kristin Harlow January 6, 2021

ST. PAUL, MINN. — JLL Capital Markets has arranged $44.05 million in construction financing for University & Raymond, a 220-unit apartment project in the Saint Anthony Park neighborhood of St. Paul. The development will be situated on a 1.2-acre site at the corner of University and Raymond avenues. Amenities will include a fitness center, outdoor courtyard, pool, clubroom and rooftop patio. Russ Kappenman, Josh Talberg, Dan Linnell, Mox Gunderson and Ken Dayton of JLL represented the borrower, UniRay LLC. The team secured the loan through Principal Real Estate Investors. Kraus-Anderson is building the project, completion of which is slated for summer 2022.

January 6, 2021

Loans Midwest Multifamily Nebraska

NorthMarq Provides $36.2M Refinancing for Multifamily Portfolio in Lincoln, Nebraska

by Kristin Harlow January 6, 2021

LINCOLN, NEB. — NorthMarq has provided a $36.2 million Freddie Mac loan for the refinancing of a three-property multifamily portfolio in Lincoln. The properties, totaling 443 units, include Chateau Terrace, Alena Court and Sherman Village. Bob Chalupa of NorthMarq originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.

January 6, 2021

Acquisitions Healthcare Indiana Midwest

Montecito Acquires Two Medical Office Buildings in Central Indiana

by Kristin Harlow January 6, 2021

INDIANAPOLIS AND FRANKLIN, IND. — Montecito Medical Real Estate has acquired two recently constructed medical office buildings in central Indiana. The two properties, located in Indianapolis and Franklin, are nearly identical in size and represent a combined total of 47,000 square feet. Both buildings were constructed on a build-to-suit basis and are now fully leased. Providers at both facilities offer a range of medical services, including primary care, family medicine and imaging. Physicians at the Indianapolis location also provide care in the specialties of pediatrics, women’s health and oncology, while those at the Franklin location serve patients in the specialties of orthopedics, pain management, neurology, sleep management and podiatry. The Indianapolis property is located at 7255 Marsh Road on the city’s northwest side, near the junction of I-65 and I-465. The Franklin building is located at 990 State Route 44, on the south side of the Indianapolis metro area. Seller information was not disclosed.

January 6, 2021

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers $7.1M Sale of Industrial Property in Willowbrook, Illinois

by Kristin Harlow January 6, 2021

WILLOWBROOK, ILL. — SVN Commercial Chicago has brokered the $7.1 million sale of a 142,000-square-foot industrial property in Willowbrook, a southwest suburb of Chicago. The building sits on 12 acres at 7409 S. Quincy St. The sale also included a 4.9-acre site for future development or expansion. The building’s tenant vacated prior to the end of 2020. Paul Cawthon and Angelo Labriola of SVN’s Cawthon-Labriola Group represented the seller. The buyer and seller information was not disclosed.

January 6, 2021

Development Industrial Multifamily Texas

Rastegar Property to Develop 700,000 SF Distribution Center, Residential Community in Central Texas

by Taylor Williams January 6, 2021

AUSTIN AND KYLE, TEXAS — Austin-based Rastegar Property Co. will develop a 700,000-square-foot bulk distribution center and a 200-acre residential community that will feature single-family homes and townhome rentals in Central Texas. The industrial project will be located at 11708 McAngus Road near the new Tesla Gigafactory, and the residential community will be located at 700 Bunton Lane in the suburb of Kyle. Ronald Granite and Elena Burgos of investment banking firm Eyzenberg & Company arranged a $4.6 million fixed-rate loan through a regional insurance company to partially fund pre-development costs of both projects. Construction timelines were not disclosed.

January 6, 2021

Acquisitions Data Centers Industrial Oregon Western

Harrison Street, 1547 Data Center Fund Acquire Pittock Block in Portland for $326M

by Amy Works January 6, 2021

PORTLAND, ORE. — Harrison Street and 1547 Data Center Real Estate Fund II, an affiliate of fifteenfortyseven Critical Systems Realty, have purchased the historic Pittock Block Building, a 302,262-square-foot, mixed-use asset in Portland’s central business district, for $326 million. The seller was Also Investment Co. The price is the highest transaction cost in Oregon since 2015, according to JLL, which brokered the deal. The 302,200-square-foot building is one of the most connected data center buildings in the United States, serving 179 service providers, according to the buyers. Additionally, the property is one of only two primary internet exchanges in the entire Northwest. The property also features office suites and retail space. The acquisition of Pittock Block is the second investment for Harrison Street and 1547 following the purchase of the Wells Building, a carrier hotel and data center in Milwaukee. The Pittock Block is named after Portland publishing magnate Henry L. Pittock, whose house was located on the property until construction. The building was developed by a subsidiary of the Northwestern Electric Co. and several other investors, primarily as an office building with an electrical and steam generation plant in the three-story sub-basement serving the Portland westside. In 1986, Alco …

January 6, 2021

Development Multifamily Texas

JPI Breaks Ground on 325-Unit Jefferson Texas Plaza II Apartments in Irving

by Taylor Williams January 6, 2021

IRVING, TEXAS — Locally based developer JPI has broken ground on Jefferson Texas Plaza II, a 325-unit apartment project in Irving. Units will feature granite countertops, glass-enclosed showers and private yards. Amenities will include a fitness center, pool with cabanas and a demonstration kitchen. JPI is partnering with investment firm NTS on the project, which is expected to be complete in fall 2022.

January 6, 2021

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