Property Type

SRS Brokers $9.2M Sale of VCA Animal Hospital-Occupied Property in Fountain Valley, California

by Amy Works July 15, 2020

FOUNTAIN VALLEY, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property located at 183 Euclid St. in Fountain Valley. An Orange County, Calif.-based family trust acquired sold the asset to a Southern California-based private investor for $9.2 million. VCA Animal Hospital occupies the 23,800-square-foot building and recently extended its lease for an additional 10 years at the property. Built in 1969, the building underwent a $6 million renovation in 2017 sponsored by the tenant. Matthew Mousavi, Patrick Luther and Rich Walter of SRS represented the seller and buyer in the deal.

July 15, 2020

Development Michigan Midwest Mixed-Use

Bedrock to Begin Vertical Construction at Hudson Tower Site in Detroit

by Kristin Harlow July 15, 2020

DETROIT — Two construction cranes now occupy the site that eventually will be home to the highly anticipated Hudson Tower project in downtown Detroit. The cranes signal that vertical construction can begin and Bedrock is able to bring the project into the next phase of development. Plans call for a 680-foot-tall mixed-use tower that will include 1.3 million square feet of retail, office, hotel, residential and public space. Bedrock, the real estate arm of billionaire businessman Dan Gilbert, founder of Quicken Loans, initially broke ground on the project in December 2017. It is now slated for completion in 2024. Southfield-based Barton Malow Co. is the general contractor. The project is a redevelopment of the former J.L. Hudson department store, which closed in 1984 and was imploded in 1998.

July 15, 2020

Development Midwest Missouri Multifamily

Arnold, Yarco Near Completion of Passive House Apartment Project in Kansas City

by Kristin Harlow July 15, 2020

KANSAS CITY, MO. — Arnold Development Group and Yarco Development are nearing completion of Second + Delaware, a 276-unit apartment community in Kansas City’s River Market district. The project will be the largest Passive House development in the world, according to the developers. Passive House means that the building uses 80 to 90 percent less energy than conventional buildings with a focus on indoor air quality. The Passive House Institute in Darmstadt, Germany, developed Passive House best practices. Whereas most multifamily buildings have double-glazed windows, Second + Delaware features triple-glazed windows. The extra glass layer, combined with a highly insulated frame, keeps the interior of the window within two degrees of the interior air temperature. In addition, a dedicated outside air system draws fresh air from outside and circulates it into living spaces. A ventilation system ensures air quality. The first residents are set to move into the units in October. Amenities include a saltwater pool, fitness and yoga room, conference room, bike storage and rooftop garden beds. Yarco will serve as property manager. Monthly rents range from $1,300 to $3,500 with water, trash and sewer included. As the name suggests, Second + Delaware is located at the intersection of …

July 15, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4.9M Acquisition Loan for Multifamily Building in Chicago

by Kristin Harlow July 15, 2020

CHICAGO — American Street Capital (ASC) has arranged a $4.9 million loan for the acquisition of an 85-unit multifamily building in Chicago’s Marquette Park neighborhood. Constructed in 1928, the three-story building was renovated in 2019. The property features 74 one-bedroom units and 11 two-bedroom units. The asset was 92 percent occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year agency loan, which features five years fixed and 15 years floating with one year of interest-only payments.

July 15, 2020

Acquisitions Indiana Midwest Mixed-Use

Hanley Investment Group Negotiates Sale of Mixed-Use Building in Suburban Indianapolis

by Kristin Harlow July 15, 2020

FISHERS, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of the Bonn Building in Fishers within suburban Indianapolis. Although the sales price was undisclosed, the transaction marks the third for Hanley in the state of Indiana in the last five months for a total consideration of $12.2 million. Dylan Mallory and Corey Olson of Hanley represented the Toledo-based seller and developer, Republic Development. A Bloomington, Ind.-based private investor purchased the asset. Built in 2007, the Bonn Building sits on 2.3 acres at E. 131st St. within Saxony, a 3.5 million-square-foot office and industrial development. The Bonn Building was 92 percent leased at the time of sale to a mix of retail, food service, healthcare and office tenants.

July 15, 2020

Acquisitions Illinois Industrial Midwest

Premier Commercial Realty Brokers Sale of 45,000 SF Industrial Building in Huntley, Illinois

by Kristin Harlow July 15, 2020

HUNTLEY, ILL. — Premier Commercial Realty has brokered the sale of a 45,000-square-foot industrial building located at 11253-11299 Kiley Drive in Huntley, about 50 miles northwest of Chicago. The sales price was undisclosed. The multi-tenant building was fully leased at the time of sale. Bruce Kaplan and Kevin Kaplan of Premier brokered the transaction. A private investor purchased the asset from Blackhawk Huntley LP.

July 15, 2020

New York Northeast Retail Top Stories

PVH to Close 162 Outlet Stores, Reduce Office Workforce by 12 Percent

by Kristin Harlow July 15, 2020

NEW YORK CITY — In a move to streamline its North American operations and adapt to an evolving retail landscape that has been accelerated by the COVID-19 pandemic, PVH Corp. (NYSE: PVH) announced Tuesday that it will close all of its 162 Heritage Brands outlet stores and reduce its office workforce by approximately 450 positions, or 12 percent. PVH’s Heritage Brands include Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffrey Beene. The Heritage Brands retail locations are expected to operate through mid-2021. The workforce reductions, which are spread across all three brand businesses of Tommy Hilfiger, Calvin Klein and Heritage Brands, are expected to result in annual cost savings of approximately $80 million. “The structural changes occurring in the North American retail landscape have required us to take a hard look at our North American operations and identify where we can optimize costs across our business model,” says Manny Chirico, chairman and CEO of PVH. “We did not take these decisions lightly, as our Heritage Brands retail business is our oldest retail business, yet no longer met appropriate return metrics.” Stefan Larsson, president of PVH, says that the COVID-19 crisis is dramatically reshaping the retail landscape for the long term …

July 15, 2020

Development Florida Industrial Southeast

Bridge Development, PGIM to Develop 312,103 SF Cold Storage Facility Near Miami

by Alex Tostado July 14, 2020

HIALEAH, FLA. — Bridge Development Partners and PGIM Real Estate will develop Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The joint venture expects to deliver the speculative property in fourth-quarter 2021. The 20.1-acre site is situated at the intersection of NW 162nd Street and NW 102nd Avenue, 18 miles northwest of Miami International Airport. The asset will be able to accommodate multiple tenants and will feature 50-foot clear heights, 39 dock-high doors, 207 parking spaces and 49 trailer parking stalls. The building’s refrigeration system is expected to provide temperatures ranging from minus-10 degrees to -55 degrees. Ware Malcomb is the architect for the building. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield brokered the land transaction.

July 14, 2020

Acquisitions Multifamily Southeast Virginia

FCP Sells Multifamily Community in Northern Virginia for $81.5M

by Alex Tostado July 14, 2020

WOODBRIDGE, VA. — FCP has sold Potomac Vista Apartments, a 408-unit multifamily community in Woodbridge. Jair Lynch Realty Partners and Nuveen acquired the property for $81.5 million. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, business center and a clubhouse. The three-story property was originally built in 1987. FCP acquired Potomac Vista in August 2016. The community is located at 14101 Kristin Court, 25 miles southwest of downtown Washington, D.C. Brian Crivella, Walter Coker and Robert Jenkins of JLL represented the seller in the transaction.

July 14, 2020

Development Florida Multifamily Seniors Housing Southeast

ZOM, Watermark Acquire Two Development Sites for Planned Seniors Housing Communities in South Florida

by Alex Tostado July 14, 2020

CORAL GABLES AND WEST PALM BEACH, FLA. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities. M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property. Groundbreaking is slated for later this summer on both projects.

July 14, 2020

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