Property Type

Shorenstein Breaks Ground on 210,500 SF Office Building in Austin’s Mueller Business District

by Taylor Williams December 18, 2019

AUSTIN, TEXAS — Shorenstein Properties has broken ground on the Alpha Building, a 210,500-square-foot office property located within Austin’s Mueller Business District. Mueller Business District comprises three development sites with the capacity to house four office buildings totaling roughly 800,000 square feet of space. Designed by architecture firm Page, the Alpha Building will be located across the street from an Alamo Drafthouse Cinema and the site of the future Origin Hotel and will include 26,000 square feet of ground-floor retail space. AQUILA Commercial handles leasing of the building, which is scheduled to be complete in the first quarter of 2021.

December 18, 2019

Acquisitions Iowa Midwest Multifamily South Dakota

IRET Sells 970-Unit Multifamily Portfolio in Iowa, South Dakota for $78M

by Kristin Harlow December 18, 2019

SIOUX CITY, IOWA AND SIOUX FALLS, S.D. — IRET has sold a 10-property, 970-unit multifamily portfolio in Sioux City and Sioux Falls for $78 million. Monarch Investment and Management Group purchased the three Sioux City properties, which total 444 units. The communities were built between 1970 and 1998. Monitor Finance acquired the seven Sioux Falls properties, which total 526 units. They were completed between 1985 and 2000. At the time of sale, the occupancy for the entire portfolio was 93 percent. Mox Gunderson, Dan Linnell, Josh Talberg, Adam Haydon and David Gaines of JLL represented IRET in the sale.

December 18, 2019

Illinois Leasing Activity Midwest Office

US Foods Signs 275,000 SF Office Lease Renewal in Rosemont, Illinois

by Kristin Harlow December 18, 2019

ROSEMONT, ILL. — US Foods has signed a 275,000-square-foot office lease renewal at Riverway in Rosemont. This is the largest office lease signed in suburban Chicago since 2017, according to Cushman & Wakefield. Riverway is a 1.1 million-square-foot office campus comprised of four 11-story buildings. Dan Svachula, Michael Simpson and Allyson Birchmeier of Cushman & Wakefield represented the landlord, Adventus Realty. James Otto, Abigail Zaleski and Chris Reynolds of CBRE represented US Foods, a major foodservice distributor and supplier.

December 18, 2019

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 335,480 SF Industrial Lease Renewal in Irving

by Taylor Williams December 18, 2019

IRVING, TEXAS — Lee & Associates has negotiated a 335,480-square-foot industrial lease renewal at 9400 N. Royal Lane in Irving. According to LoopNet Inc., the rail-served property was built in 2004 and totals 447,400 square feet. Tom Walrich of Lee & Associates represented the tenant, supply chain operator KGP Logistics Co. Mitch Pruitt represented the landlord, Prologis, on an internal basis.

December 18, 2019

Acquisitions Illinois Midwest Multifamily

JVM Acquires 115-Unit Apartment Complex in Downers Grove, Illinois

by Kristin Harlow December 18, 2019

DOWNERS GROVE, ILL. — JVM Realty Corp. has acquired Maple & Main, a 115-unit luxury apartment complex in Downers Grove, from an undisclosed seller. Completed in 2018, Maple & Main is home to a fitness center, yoga room, rooftop lounge, clubroom, package room, pet spa and heated pool. The community’s ground floor features The FoxTail, a 4,289-square-foot restaurant that is slated to open in January. JVM Management Inc. will manage the property. JVM also announced it will close two equity funds that are expected to raise a combined $115 million. The two funds, Fund 7 and Premier Fund III, are currently co-invested in five apartment communities: The Landing at Briarcliff in Kansas City; Summit Ridge Apartments in Lee’s Summit, Mo.; Randall Highlands in North Aurora, Ill.; Uptown LaGrange in LaGrange, Ill.; and Maple & Main. The total acquisition cost of the five properties was $291.4 million.

December 18, 2019

Illinois Industrial Loans Midwest

Associated Bank Provides $15.8M Construction Loan for Spec Industrial Building in Des Plaines, Illinois

by Kristin Harlow December 18, 2019

DES PLAINES, ILL. — Associated Bank has provided a $15.8 million loan for the construction of Sherwin Industrial, a redevelopment project of a 7.8-acre industrial site in Des Plaines. Panattoni Development Co. is the borrower and developer. Panattoni plans to tear down two existing industrial buildings on the site and build a 162,000-square-foot speculative warehouse. Completion is slated for fall 2020. The project is situated in the O’Hare submarket. Krista Casper of Associated Bank handled the loan arrangements and closing.

December 18, 2019

Acquisitions Illinois Industrial Midwest

NKF Brokers Sale-Leaseback of Suburban Chicago Industrial Property

by Kristin Harlow December 18, 2019

AURORA, ILL. — Newmark Knight Frank (NKF) has brokered the sale-leaseback of 1175 S. Frontenac St., a 120,000-square-foot industrial building in Aurora. The sales price was undisclosed. Elise Couston and Adam Marshall of NKF represented the seller, design studio Embossed Graphics Inc., which will lease back the property from Exeter Property Group. Located in the Meadow Lakes Corporate Park, the facility was constructed in 1999 as a build-to-suit for Embossed Graphics. The building features a clear height of 24 feet, 10,000 square feet of office space and parking for 135 vehicles.

December 18, 2019

Loans Multifamily Texas

NXT Capital Provides $37.8M Acquisition Loan for Apartment Community Near Fort Worth

by Taylor Williams December 18, 2019

HALTOM CITY, TEXAS — Chicago-based NXT Capital has provided a $37.8 million acquisition loan for an undisclosed, 312-unit apartment community in Haltom City, about eight miles north of downtown Fort Worth. The property features a pool, fitness center, business center, playground, outdoor grilling station, game room and a sport court. Alex Inman of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.

December 18, 2019

Acquisitions Hospitality Texas

NewcrestImage Acquires 148-Room SpringHill Suites Hotel in Downtown Dallas

by Taylor Williams December 18, 2019

DALLAS — Hospitality development and investment firm NewcrestImage has acquired the 148-room SpringHill Suites by Marriott hotel in downtown Dallas. The hotel is an adaptive reuse of a historic 10-story building and features a fitness center, complimentary breakfast and 615 square feet of meeting space. NewcrestImage will undertake further renovations to the property that will take about four months to complete, during which time the hotel will remain open. The seller of the hotel was not disclosed.

December 18, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

by Amy Works December 18, 2019

LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …

December 18, 2019

Newer Posts

Older Posts