Property Type

Gilbane Smith to Serve as Contractor for Wisconsin Center Expansion

by Kristin Harlow January 14, 2020

MILWAUKEE — Wisconsin Center District has selected Gilbane Building Co. and CD Smith (Gilbane Smith) to serve as construction manager for the expansion of the Wisconsin Center convention hall. Gilbane Smith and the architecture team of tvsdesign and EUA will immediately begin working together to formulate the design and determine a cost estimate for the project. However, the Milwaukee Business Journal estimates project costs at $300 million. Renderings are expected early in the second quarter. The Wisconsin Center District Board is expected to vote on a financing package for the project at a meeting on Thursday, April 2. The district owner’s representative is CAA/ICON. Wisconsin Center District is a government body created in 1994 to fund, build and operate the Wisconsin Center.

January 14, 2020

Acquisitions California Retail Western

CBRE Negotiates $5.6M Sale of Las Cumbres Square in San Diego’s Mission Valley

by Amy Works January 14, 2020

SAN DIEGO — CBRE has arranged the sale of Las Cumbres Square, a retail center in San Diego’s Mission Valley submarket. A local private buyer acquired the property from a local investor for $5.6 million. Located at 6110-6120 Friars Road, the 12,781-square-foot property was originally built in 1978 and remodeled in 2019. At the time of sale, the retail center was 70 percent leased to nine tenants, including Round Table Pizza, Mr. Peabody’s Burgers & Ale and Los Panchos Taco Shop. Additionally, the site offers 63 off-street parking spaces. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller in the deal.

January 14, 2020

Civic Development Michigan Midwest

University of Michigan Student Center Reopens Following $85.2M Renovation

by Kristin Harlow January 14, 2020

ANN ARBOR, MICH. — Michigan Union at the University of Michigan has reopened following an 18-month, $85.2 million renovation. The project included electrical, mechanical and plumbing system improvements; elevator replacements and upgrades; replacement of the roof and windows; and restroom upgrades. The building now features more social space, meeting options and a newly created IdeaHub. Project architects included Integrated Design Solutions, Workshop Architects and Hartman Cox Architects. Walbridge Aldinger served as construction manager and contracted Full Spectrum Stained Glass to complete a preservation of the century-old windows. Originally built in 1919, the building spans 250,000 square feet. There are more than 44,000 enrolled students at the university.

January 14, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Fundamental Advisors Sells 53-Story Continuing Care Retirement Community in Chicago

by Kristin Harlow January 14, 2020

CHICAGO — Fundamental Advisors has sold The Clare, a 53-story, 338-unit continuing care retirement community in downtown Chicago, to LCS for an undisclosed price. Fundamental partnered with Senior Care Development and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center and augmented programs and services for residents. Additionally, Life Care Services, the management arm of LCS, was brought in to operate the community. During the years since the acquisition, occupancy increased from 34 percent to 98 percent. Located at 55 E. Pearson St. within the Gold Coast neighborhood, The Clare was developed in 2008 and features 248 independent living units, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.

January 14, 2020

Affordable Housing Development Illinois Midwest Multifamily

McShane Breaks Ground on 72-Unit Affordable Housing Project in Maywood, Illinois

by Kristin Harlow January 14, 2020

MAYWOOD, ILL. — McShane Construction Co. has broken ground on a 72-unit affordable housing project on behalf of developer Interfaith Housing Development Corp. in Maywood, about 11 miles west of Chicago. Situated on South Fifth Avenue, the property will be known as Fifth Avenue Apartments. Plans also call for 4,000 square feet of retail space on the ground floor. Designed to achieve National Green Building Standard’s Bronze Level, the property will include a high-performance HVAC system, efficient insulation and LED lighting. Completion is slated for February 2021. HED is the project architect.

January 14, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 80,704 SF Industrial Building in Roselle, Illinois

by Kristin Harlow January 14, 2020

ROSELLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired an 80,704-square-foot industrial building in Roselle for an undisclosed price. The property sits on 5.1 acres at 31 Presidential Drive, about 30 miles northwest of Chicago. Built in 1992, the facility features a clear height of 18 feet, five docks, three drive-in doors and parking for 232 cars. The single-tenant building was fully leased to an undisclosed tenant at the time of sale. Jeff Janda and Jeff Galante of Lee & Associates represented the undisclosed seller.

January 14, 2020

Acquisitions Industrial New York Northeast

CenterPoint Acquires 925,411 SF Industrial Portfolio in Brooklyn

by Alex Patton January 14, 2020

NEW YORK CITY — CenterPoint Properties has acquired the Flatlands Portfolio, a 925,411-square-foot industrial portfolio comprising three buildings and a one-acre lot in Brooklyn. The three buildings are located at 101-01 Ave. D, 103-00 Foster Ave. and 101-10 Foster Ave., and the one-acre lot is between Avenue D and Foster Avenue on East 105th Street. The buildings feature clear heights ranging from 22 to 32 feet, and the portfolio was 100 percent leased to 13 tenants at the time of sale. Mat Diana, Paul Yuras and Peter Derbar of DY Realty represented the undisclosed seller in the transaction and will represent CenterPoint in leasing the portfolio moving forward.

January 14, 2020

Leasing Activity New York Northeast Office

Northwestern Mutual Signs 91,217 SF Office Lease in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Financial security company Northwestern Mutual has signed a 91,217-square-foot office lease at 200 Liberty Street, a 40-story, Class A office building in Manhattan. Northwestern will occupy the entire 30th through 32nd floors of the 1.74 million-square-foot building. Cesar Pelli & Associates Architects designed the building, which was completed in 1986. Scott Vinett of JLL represented Northwestern in the lease negotiations along with Chris Joyner and Andrew Hegmann of Fischer & Co. Mikael Nahmias represented the landlord, Brookfield Properties, on an internal basis along with Paul Glickman and John Wheeler of JLL.

January 14, 2020

Acquisitions New Jersey Northeast Retail

JLL Brokers $32.3M Sale of Grocery-Anchored Retail Center in Monroe, New Jersey

by Alex Patton January 14, 2020

MONROE, N.J. — JLL has brokered the $32.3 million sale of Concordia Shopping Center, a 135,090-square-foot retail center in Monroe, located approximately 30 miles northeast of Trenton. Situated at 1600 Perrineville Road, the retail center was 95 percent leased to tenants including Stop & Shop, UPS and Monroe Physical Therapy at the time of sale. Chris Munley, Jose Cruz and James Galbally led a JLL team that represented the seller, Concordia Shopping Manager Corp., in the transaction. A joint venture of KPR and DRA Advisors was the buyer.

January 14, 2020

Leasing Activity New York Northeast Office

Helmsley Spear Negotiates 8,266 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Helmsley Spear LLC has negotiated an 8,266-square-foot office lease renewal and expansion for boutique corporate and real estate law firm Burgher Gray LLP in Manhattan. The law firm, which moved into its office space at 1350 Broadway in October 2016, renewed its lease for 10 years. The company also expanded its office space by 3,460 square feet to a total of 8,266 square feet. Often called the Herald Square Building, the 25-story tower spans 400,000 square feet. Rene Hamilton and Shanae Ursini represented the landlord, Empire State Realty Trust, in the lease negotiations.

January 14, 2020

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