Property Type

Hanley Investment Group Brokers $2.9M Sale of Starbucks-Occupied Retail Asset in El Centro

by Amy Works May 1, 2020

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the seller, while John Kerrigan, a Sherman Oaks, Calif.-based real estate broker, represented the buyer.

May 1, 2020

Acquisitions Colorado Mixed-Use Western

AQYRE Real Estate Advisors Arranges Sale of 45,580 SF Land Parcel in Colorado

by Amy Works May 1, 2020

ENGLEWOOD, COLO. — AQYRE Real Estate Advisors has negotiated the sale of an opportunity zone development site located at 3560-3590 S. Clarkson St. in Englewood. Terms of the transaction were not released. The 45,580-square-foot opportunity zone site is zoned M2, which allows for mixed-use medical, office, high-density residential and limited retail development. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the buyer and seller in the deal.

May 1, 2020

Indiana Midwest Retail

Simon Property Group Begins Reopening Malls in Stages, Outlines Safety Protocols

by Kristin Harlow May 1, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort to help prevent further spread of COVID-19. Simon employees, contractors and vendors will be required to screen themselves at home prior coming to work. Anyone with a temperature exceeding 100.4 degrees or who exhibits flu-like symptoms will be required to stay home. Employees will be trained in COVID-19 safety guidelines from the Centers for Disease Control and Prevention. They will wear protective face masks while on property and be instructed to maintain six feet of distance from coworkers or shoppers. Simon will ensure that property occupancies do not exceed a targeted level of one person per 50 square feet. Food court seating, as well as common area seating, will …

May 1, 2020

Development Illinois Midwest Office

Vermilion Development to Build 18-Story Office Tower in Evanston, Illinois

by Kristin Harlow May 1, 2020

EVANSTON, ILL. — Vermilion Development has received approval from Evanston’s City Council to build a 210,000-square-foot, 18-story office tower located at 605 Davis St. in Evanston. The Class A property will be the first high-rise office building in Evanston in 20 years, according to Vermilion. Solomon Cordwell Buenz is the architect for the project, which is slated for completion as early as 2022. John Clark and Bill Rolander of Newmark Knight Frank will market the property for lease. Plans call for 15 floors of office space with conference and fitness facilities, a tenant lounge and an outdoor terrace. The building’s ground floor will house two retail suites as well as a lobby and bike room. The top two floors will feature private balcony access.

May 1, 2020

Development Healthcare Illinois Midwest

Clark Construction Completes Transformation of Shuttered Chicago Hospital into Alternate Care Facility

by Kristin Harlow May 1, 2020

BLUE ISLAND, ILL. — Clark Construction Group, in collaboration with the U.S. Army Corps of Engineers, has completed the transformation of the MetroSouth Medical Center, a shuttered hospital just south of Chicago, into an alternate care facility to treat COVID-19 patients. Located in Blue Island, the facility now features 585 beds, including 265 high-acuity beds for critically ill patients. Clark completed the project in 22 days. The project team also included architect Perkins and Will, engineer Salas O’Brien, Hill Mechanical, Titan Electric, RG Construction and Consolidated Flooring. The MetroSouth Medical Center closed in late 2019.

May 1, 2020

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $8.7M Sale of Multifamily Property in Milan, Illinois

by Kristin Harlow May 1, 2020

MILAN, ILL. — Berkadia has negotiated the $8.7 million sale of Village Woods in Milan near the Quad Cities. The 96-unit, garden-style multifamily property was built in 1998. Amenities include a pool, fitness center and new leasing center. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Minnesota-based Dominium Inc. Pete Benedetto of Berkadia secured acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group.

May 1, 2020

Loans Midwest Multifamily Wisconsin

Prescient Capital Provides $1.7M Bridge Loan for 132-Unit Multifamily Portfolio in Milwaukee

by Kristin Harlow May 1, 2020

MILWAUKEE — Prescient Capital has provided a $1.7 million bridge loan for a 132-unit multifamily portfolio in Milwaukee. The three properties include 2848 W. Wells St., 2904 W. Wisconsin Ave. and 2625-2635 W. Juneau Ave. The debt yield was 15 percent and the loan-to-value ratio was 37 percent. The borrower was undisclosed.

May 1, 2020

District of Columbia Loans Multifamily Southeast Top Stories Walker & Dunlop

Walker & Dunlop Provides $2.4B Fannie Mae Refinancing for Multifamily Portfolio in Metro D.C., Largest Loan in Company’s History

by Alex Patton May 1, 2020

WASHINGTON, D.C. — Walker & Dunlop Inc. has provided a $2.4 billion Fannie Mae loan to refinance a 67-property multifamily portfolio in the Washington, D.C., metro area. The borrower is Virginia-based multifamily owner and manager Southern Management Corp. (SMC). The portfolio includes 22,439 units in total, more than 60 percent of which qualify as affordable housing. The loan package features staggered maturities across a mix of fixed- and floating-rate, full-term, interest-only financing. “This $2.4 billion Southern Management transaction gave us the opportunity to partner with one of our top DUS lenders, Walker & Dunlop, using the credit facility, one of our most flexible financing products, to structure a winning solution for the borrower while delivering affordability to the Washington, D.C.,” says Jeffery Hayward, executive vice president of multifamily at Fannie Mae. The loan represents the largest transaction in Walker & Dunlop’s history, according to a statement from the company. “Walker & Dunlop’s creativity, tenacity and market knowledge resulted in a superior execution for this large and complex transaction amidst the uncertainty of a rapidly unfolding financial and health crisis,” says Suzanne Hillman, president and CEO of SMC. Brendan Coleman, Chris Forte and Connor Locke led a Walker & Dunlop team …

May 1, 2020

Development Florida Loans Multifamily Southeast

Madison Realty Provides $102M Construction Loan for Two Multifamily Communities in South Florida

by Alex Tostado April 30, 2020

POMPANO BEACH AND PLANTATION, FLA. — Madison Realty Capital has provided a $102 million construction loan to Invesca Development Group for two planned multifamily projects in South Florida’s Broward County. Invesca will use some of the loan to complete a 214-unit property at 452 E. Atlantic Blvd. in Pompano Beach. Construction is 98 percent complete, and Invesca expects to start lease-up in the next two months. The yet-to-be-named property will also include 12,000 square feet of ground-floor retail space. The asset will feature two buildings connected by a sky bridge and will offer studio to three-bedroom floor plans. Invesca will use the other portion of the loan to begin construction on a 330-unit project at 4350 W. Sunrise Plantation Blvd. in Plantation. The planned development includes an additional 30,000-square-foot commercial building, office space and 10 townhomes with 37 townhome lots on a 12-acre site. The property will comprise eight nine-story buildings offering studio, one- and two-bedroom floor plans. The two communities are situated 11 miles from each other. Josh Zegan of Madison Realty Capital originated the loan.

April 30, 2020

Acquisitions North Carolina Retail Southeast

SRS Arranges $23.9M Sale of Hobby Lobby-Anchored Shopping Center Near Charlotte

by Alex Tostado April 30, 2020

MATTHEWS, N.C. — SRS investment Properties Group has arranged the $23.9 million sale of Matthews Corner Shopping Center, a 191,664-square-foot property in Matthews. The asset was fully leased at the time of sale to eight tenants, including Hobby Lobby, Marshalls, Academy Sports + Outdoors and Ollie’s Bargain Outlet. Matthews Corner is situated on 19 acres at 2332 Matthews Township Parkway, 12 miles southeast of downtown Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Viking Partners, in the transaction. The buyer, Big V Property Group, was self-represented in the transaction.

April 30, 2020

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