Property Type

HAP Investments Nears Completion of 199-Unit Maverick Residential Project in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — Locally based developer HAP Investments is nearing completion of Maverick, , a 199-unit residential tower located at 215 and 225 W. 28th St. in the Chelsea neighborhood of Manhattan. Also known as Hap 8, the development consists of two 20-story towers spanning 312,500 square feet and offering a mix of 87 condominium residences and 112 rental units. The two buildings will share amenities such as a parking garage, pool, sauna, fitness center, children’s playroom and a roof deck with outdoor grilling stations. DXA studio designed the project, which is expected to be officially complete in early 2021.

July 14, 2020

Development Midwest Office Wisconsin

Milliman Slated to Occupy 118,300 SF Office at Golf Parkway Corporate Center Near Milwaukee in Summer 2022

by Kristin Harlow July 14, 2020

BROOKFIELD, WIS. — Milliman Inc., an international actuarial and consulting firm, has unveiled plans to move its Brookfield office to Golf Parkway Corporate Center, which is currently in the pre-development phase. The company will occupy 118,300 square feet within a six-story, 186,000-square-foot building. Milliman’s space will feature flexible floor plates, floor-to-ceiling windows, healthy design and exclusive amenities, according to the developer, Irgens. Construction is scheduled to begin this fall with initial occupancy slated for summer 2022. Golf Parkway Corporate Center will consist of two Class A office buildings totaling 231,000 rentable square feet. Common areas will include a conference room, tenant lounge, outdoor patio, bike storage and fitness center. Kahler Slater is the architect and CG Schmidt is the general contractor. William Bonifas of CBRE represented Milliman in the lease transaction.

July 14, 2020

Acquisitions Illinois Midwest Office

Marcus & Millichap Brokers $3.4M Sale of Government-Occupied Office Building in Chicago

by Kristin Harlow July 14, 2020

CHICAGO — Marcus & Millichap has brokered the sale of a 38,747-square-foot office property occupied by the Illinois Department of Human Services in Chicago for $3.4 million. The single-tenant building is located at 1642 W. 59th St. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. A Chicago-based private investor purchased the asset. The Illinois Department of Human Services is one of the state’s largest agencies with more than 13,000 employees.

July 14, 2020

Acquisitions Illinois Industrial Midwest

Clear Height Properties Purchases 30,000 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow July 14, 2020

BENSENVILLE, ILL. — Clear Height Properties has purchased a 30,000-square-foot industrial building located at 464-480 Country Club Drive in Bensenville for an undisclosed price. Built in 1973, the property was vacant at the time of sale. It has primarily been used for warehouse distribution and light manufacturing purposes. Clear Height plans to make capital improvements such as new landscaping, sidewalks, parking lot, dock staircase and overhead doors. Justin Lerner of Transwestern represented Clear Height in the transaction. Marcus & Millichap represented the seller, Aspen Industries.

July 14, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Chicken Salad Chick Opens at Levee District in East Peoria, Illinois

by Kristin Harlow July 14, 2020

EAST PEORIA, ILL. — Chicken Salad Chick has opened today at The Levee District in East Peoria. The restaurant, which specializes in homemade chicken salad, occupies 2,718 square feet between Jersey Mike’s Subs and Xfinity. The first 100 guests on opening day will receive one large serving of chicken salad per month for an entire year. The restaurant will open at limited capacity with social distancing measures in place for COVID-19. This will be the farthest north restaurant of Chicken Salad Chick’s 157 locations. Chicken Salad Chick currently operates in 17 states and is rapidly expanding with both franchise and company locations. Owned and managed by Cullinan Properties Ltd., The Levee District encompasses 650,000 square feet of retail and restaurant space, as well as office, hotel and civic components.

July 14, 2020

Arizona Development Office Western

Ryan Cos., University Realty Complete Third Phase of Novus Innovation Corridor in Tempe, Arizona

by Amy Works July 14, 2020

TEMPE, ARIZ. — Ryan Cos. and University Realty LLC have completed 777 Tower at Novus Innovation Corridor, the third phase of the Arizona State University (ASU) Novus Innovation Corridor in Tempe. Totaling 160,000 square feet, the six-story, multi-tenant building features an open floor plan, penthouse office space, 8,000 square feet of ground-floor retail space and a public urban plaza. DAVIS served as architect of record for the building, which Ryan Cos. built. The building is 84 percent leased by a mix of tenants, including ASU’s Herberger Gallery, University City Exchange, University Real Estate Development, Master of Design, Master of Innovation and Venture Development, and the Innovation Studio. Additionally, Infosys, a next-generation digital services and consulting firm, occupies the fourth and fifth floors at the building. At full build-out, Novus Innovation Corridor will feature more than 10 million square feet of mixed-use opportunities, including the 2.1 million-square-foot Marina Heights campus that Ryan Cos. and Sunbelt Holdings co-developed. Catellus Development Corp. is the master developer of the 355-acre, multi-phased Novus Innovation Corridor.

July 14, 2020

Acquisitions California Office Western

CBRE Global Investors Buys 137,625 SF Historic Office Building in San Francisco

by Amy Works July 14, 2020

SAN FRANCISCO — A fund sponsored by CBRE Global Investors has acquired 123 Townsend Street, an office building located in San Francisco’s SoMa neighborhood. Terms, including acquisition price and seller, were not released. The acquisition is part of the fund’s broader strategy to invest in target office markets across the United States. Built in 1903, the six-story, brick-and-timber building underwent a full renovation in 2000, including significant seismic structural upgrades, a new roof, new systems and the addition of elevators and skylights. Totaling 137,625 square feet, the low-rise property features multiple stairwells and large, flexible floorplans. On-site amenities include a fitness center, bike storage and rooftop deck.

July 14, 2020

California Civic Western

California Governor Issues Business Closures as Statewide Cases of COVID-19 Surge

by Amy Works July 14, 2020

SACRAMENTO, CALIF. — California Gov. Gavin Newsom has issued a series of business closures as statewide cases of COVID-19 continue to increase. In total, the state has 329,162 confirmed cases as of Sunday, July 12, and cases are sharply rising. Based on the increase of cases, Newsom has instructed the closures of numerous indoor businesses statewide, including dine-in restaurants, bars, breweries, wineries, tasting rooms, movie theaters, family entertainment centers, zoos, museums and card rooms. Additionally, counties that have been on the “county monitoring list” for three consecutive days are required to close fitness centers, places of worship, indoor protests, offices for non-critical infrastructure sectors, personal care services, hair salons, barbershops and malls. As of July 13, there were nearly 30 counties on the monitoring list, including Fresno, Los Angeles, Napa, Orange, Colusa, Kings, Glenn, Sacramento, San Diego, Sonoma, Ventura and Riverside. According California’s COVID-19 data collections, the state experienced 109,910 new cases and 1,104 new deaths in the last 14 days. Additionally, in the last 14 days, approximately 1.5 million tests were reported with 7.4 percent resulting in a positive test.

July 14, 2020

Acquisitions California Industrial Western

Terreno Realty Purchases Industrial Property in South San Francisco for $6.3M

by Amy Works July 14, 2020

SOUTH SAN FRANCISCO, CALIF. — Terreno Realty has acquired an industrial building located in South San Francisco for $6.3 million. The name of the seller was not released. Located at 179 Starlite St., the 22,000-square-foot property features two dock-high and one grade-level loading positions and parking for 15 cars. At the time of sale, the building was fully leased to one tenant.

July 14, 2020

Colorado Loans Multifamily Western

Merchants Capital Arranges Bridge Loan for 148-Unit Workforce Housing Complex in Aspen, Colorado

by Amy Works July 14, 2020

ASPEN, COLO. — Merchants Capital has provided a three-year bridge loan for Centennial Aspen, a 148-unit workforce housing community located in Aspen. The acquisition of the property is financed through Merchants Bank of Indiana on behalf of Birge & Held Asset Management. Merchants Capital intends to further provide long-term, permanent financing for the project either through Fannie Me or Freddie Mac’s preservation platforms and through a syndication of new tax credits via Fannie, Freddie or HUD. Situated at the base of Smugger Mountain at 100 Luke Short Court, Centennial Aspen features a land use restriction agreement that requires 100 percent of the rental units to be workforce housing. Built in 1986, the 11-building, three-story property features a mix of studio, one-, two- and three-bedroom apartments with exterior entrances, exterior storage units and electric heat. Community amenities include an on-site laundry facility, office, a playground and assigned parking.

July 14, 2020

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