Property Type

Howard Hughes Begins Preleasing 163-Unit Lane at Waterway Apartments in The Woodlands

by Taylor Williams September 14, 2020

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has begun preleasing residences at The Lane at Waterway, a 163-unit multifamily community in The Woodlands, about 30 miles north of Houston. The seven-story property spans 1.7 acres and offers one-, two and three-bedroom units, as well as townhomes. Units are furnished with quartz countertops, stainless steel appliances, smart thermostats and keyless entry systems. Amenities include a clubroom, fitness center and an outdoor cooking area. The Lane at Waterway also features coworking office space, and residents may also rent private offices for an additional charge. The first units are expected to be available for occupancy in December. Rents start at $1,217 for a one-bedroom unit, according to apartments.com.

September 14, 2020

Industrial Leasing Activity Texas

Kratos Building Products Signs 28,080 SF Industrial Lease in Metro Houston

by Taylor Williams September 14, 2020

HUMBLE, TEXAS — Metro Dallas-based Kratos Building Products has signed a 28,080-square-foot industrial lease at Building 2 at Parc Air 59, a 320,000-square-foot development in the northern Houston suburb of Humble. North Texas-based Jackson-Shaw is the owner and developer of the property, which is 91 percent leased following this transaction.

September 14, 2020

Development Healthcare Midwest Minnesota

Davis to Develop 78,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow September 14, 2020

ST. LOUIS PARK, MINN. — Davis has unveiled plans to develop the 78,000-square-foot Xchange Medical building in St. Louis Park, a western suburb of Minneapolis. Ear Nose & Throat Specialty Care and Surgical Care Affiliates will anchor the three-story, Class A medical office building. The two tenants will occupy 60 percent of the project, which will include a covered patient drop-off area, a healing garden and a total of 324 parking spaces. Xchange Medical will be built on a 4.6-acre site that Davis assembled from four separate parcels that currently house vacant office and warehouse buildings, an auto repair shop and a parking lot. Davis has owned the parcels since 2015. The buildings will be demolished to make way for the project, which the St. Louis Park City Council unanimously approved in August. Davis expects to break ground in October with completion slated for late 2021.

September 14, 2020

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 80,000 SF Industrial Building in Chicago’s Fulton Market

by Kristin Harlow September 14, 2020

CHICAGO — Lee & Associates of Illinois has brokered the sale of an 80,000-square-foot, loft-style industrial building located at 325 N. Ashland Ave. in Chicago’s Fulton Market for an undisclosed price. The two-story property will undergo renovations, including a new roof, LED lighting, remodeled office space and a new 45-space car parking lot. It was originally built in 1950. Tom Condon and Sean Austin of Lee & Associates brokered the sale. Rickard Binding sold the asset to Tradelane Properties, which has retained Lee & Associates to market the building for lease.

September 14, 2020

Illinois Industrial Leasing Activity Midwest

Chicago Electric Signs 46,559 SF Industrial Lease in Hanover Park, Illinois

by Kristin Harlow September 14, 2020

HANOVER PARK, ILL. — Chicago Electric has signed a 46,559-square-foot industrial lease at Turnberry Lakes Business Center in Hanover Park. The company, which offers products, systems and machine solutions for automation in industries with an emphasis on corrugated containers, plastic processing and building materials, is expanding from a 14,000-square-foot location in Carol Stream. The new building, located at 865 Muirfield Drive, features an office and showroom. Michael Marconi, Joe Karmin and Justin Lerner of Transwestern Real Estate Services represented Chicago Electric.

September 14, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

by Kristin Harlow September 14, 2020

ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.

September 14, 2020

Loans Midwest Multifamily Ohio

Gelt Financial Provides $3M Loan for 152-Unit Multifamily Community in Columbus

by Kristin Harlow September 14, 2020

COLUMBUS, OHIO — Gelt Financial has provided a $3 million first mortgage loan for Crown Pointe Apartments in Columbus. The multifamily community, built in 1989, features 152 units. Loan proceeds of the two-year bridge loan will be used for property improvements. South Florida-based Gelt says it plans to close an additional $15 million in non-stabilized property loans by the end of the year.

September 14, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $37.1M Refinancing Loan for New Seniors Housing Community in Charleston

by Alex Tostado September 14, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged a $37.1 million refinancing loan for Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. Truist Financial provided the loan to the borrower and owner, an affiliate of Maxwell Group. The Cushman & Wakefield Senior Housing Capital Markets team involved in the transaction included Richard Swartz, Tim Hosmer and Chris Remeika.

September 14, 2020

Acquisitions Florida Retail Southeast

TSCG Brokers Sale of Grocery-Anchored Shopping Center in Southeast Orlando

by John Nelson September 14, 2020

ORLANDO, FLA. — TSCG has arranged the sale of The Shoppes at South Semoran, a 101,611-square-foot shopping center in Orlando. The property was originally built in 1986 and renovated in 2013, when anchor Walmart Neighborhood Market opened. At the time of sale, the property was 97 percent leased to tenants including Walmart, Chase Bank, Dollar Tree and Wendy’s. The asset is situated at 4520 S. Semoran Blvd., seven miles southeast of downtown Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Gavin Walsh of TSCG represented the seller, an affiliate of Weingarten Realty, in the transaction. An affiliate of Core Investment Management acquired the property for an undisclosed price.

September 14, 2020

Florida Leasing Activity Office Southeast

Investment Management Firm Expands Lease in Miami Beach, Breaking Florida’s Rental Rate Record Per Square Foot

by John Nelson September 14, 2020

MIAMI BEACH, FLA. — J. Goldman & Co. LLP, an independent investment management firm, has signed an eight-year lease for 3,318 square feet of office space and a 700-square-foot covered terrace at The Yukon Miami. J. Goldman, which already leases 1,223 square feet on the fourth floor of the Class A office building, broke Florida’s per square foot rental rate pricing record with the new lease at $92 per square foot. The 88,148-square-foot Yukon Miami is situated at 119 Washington Ave. in Miami Beach’s South of Fifth enclave. The property features 9,081 square feet of ground-floor retail space and a rooftop development opportunity. The owner, an entity known as Yantra 119 LLC, is listing Yukon Miami for sale at $45 million. The Global Consulting Organization and longtime landlord representative The Company Real Estate are marketing the property on behalf of the ownership.

September 14, 2020

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