Property Type

Seefried, James Campbell Co. Complete Industrial Project in Franklin, Wisconsin

by Kristin Harlow October 17, 2019

FRANKLIN, WIS. — Seefried Industrial Properties, in partnership with James Campbell Co. LLC, has completed the shell construction of the 88,667-square-foot Franklin Business Center in suburban Milwaukee. The facility is available for users ranging from 20,000 to 88,667 square feet. Located at Oakwood Park Drive near Mitchell International Airport, the development is situated on 5.7 acres and features a clear height of 28 feet, 92 auto parking spaces, eight dock doors and two drive-in doors. Peak Construction Corp., Partners in Design Architects Inc. and Pinnacle Engineering Group made up the project team. Trent Poole, Christian Chambers and Paula Wink of CBRE are marketing the property for lease.

October 17, 2019

Development Hospitality New York Northeast

Marshall Hotels & Resorts Opens Three Hotels in Metro New York

by Alex Patton October 17, 2019

NEW YORK CITY AND LONG ISLAND CITY, N.Y. — Marshall Hotels & Resorts has opened three new hotels in metro New York. In Manhattan, the company opened a 68-room Wingate by Wyndham and a 79-room La Quinta by Wyndham. The Wingate hotel is near Madison Square Garden, Times Square and Central Park. The La Quinta property is near Times Square, the Empire State Building and the Theater District, as well as the LaGuardia, JFK International and Newark Liberty International Airports. In Long Island City, the company opened 140-room Wingate by Wyndham near Icahn Stadium and Arthur Ashe Stadium.

October 17, 2019

Development Midwest Minnesota Multifamily

Stahl to Renovate The Carlyle Residential Building in Minneapolis

by Kristin Harlow October 17, 2019

MINNEAPOLIS — Stahl has been selected to renovate The Carlyle, the tallest residential building in Minnesota. Stahl will renovate the first- and fifth-floor common areas, including the lobby; build a new clubroom and yoga room on the fifth floor; and install new finishes on all residence floors. The 39-story building was originally built in 2007. It includes 249 units. Renovation work is slated for completion in May 2020. Stahl has partnered with ESG Architects for the project.

October 17, 2019

Acquisitions New York Northeast Retail

NuRealty Arranges Sale of 22,735 SF Retail Center in Yonkers, New York

by Alex Patton October 17, 2019

YONKERS, N.Y. — NuRealty has arranged the sale of 778 Yonkers Ave., a 22,735-square-foot retail center in Yonkers, a northern suburb of New York. The property, which is valued at $4.9 million, is located one block from the Empire City Casino. Tenants include HSBC Bank, Beck Chevrolet and Paradise Lanes bowling alley. Ludlow Avenue Corp., a locally based limited liability firm, acquired the property, as part of a larger $5.6 million transaction. Lukasz Przybylek of NuRealty Advisors represented the undisclosed seller in the transaction.

October 17, 2019

Development Illinois Midwest Office

Skender Completes Interior Construction of 80,000 SF Spaces Location in Chicago

by Kristin Harlow October 17, 2019

CHICAGO — Skender has completed the interior construction of the eight-story, 80,000-square-foot Spaces location in Chicago. Spaces has assumed occupancy of the former Sports Authority building, located at the intersection of LaSalle Drive and Ontario Street. As the sole tenant, Spaces will enjoy private access to the building’s roof terrace, also renovated by Skender. At its new location, coworking company Spaces will provide workspace access to more than 500 business professionals from companies of all sizes. Users will have access to a gym space, large reception area and conference rooms of varying sizes. Skender collaborated with Nelson Cos., Loring Engineers, Himes Associates and Spaces parent company IWG. The property will serve as the third location in Chicago for Spaces.

October 17, 2019

Development Northeast Pennsylvania Restaurant Retail

Taco Bell to Open 2,700 SF Restaurant in Wind Gap, Pennsylvania

by Alex Patton October 17, 2019

WIND GAP, PA. — Taco Bell will open a new 2,700-square-foot restaurant in Wind Gap, located approximately 70 miles north of Philadelphia. The building will be constructed on the former site of the Wind Gap Professional Center and will be the first Taco Bell in the area. Scott Horner of Colliers International brokered the deal.

October 17, 2019

Acquisitions Michigan Midwest Multifamily

Twins Real Estate Acquires 96-Unit Apartment Property in Jackson, Michigan

by Kristin Harlow October 17, 2019

JACKSON, MICH. — Twins Real Estate LLC has acquired North Pointe Apartments in Jackson, about 40 miles west of Ann Arbor. The five-building, 96-unit apartment property is located at 3021 N. Pointe Drive. Amenities include a pool, playground, picnic area and community room. Jack Johns and Stephen Hershfield of CBRE arranged the sale on behalf of the seller, Madison North Pointe LLC. Jason Brown of CBRE structured a $3.1 million Freddie Mac acquisition loan on behalf of the buyer. The 10-year, fixed-rate loan is amortized over 30 years. Andover Management will manage the property.

October 17, 2019

Acquisitions Hospitality New York Northeast Top Stories

Marriott International Acquires W New York in Union Square for $206M

by Alex Tostado October 17, 2019

NEW YORK CITY — Marriott International Inc. has acquired W New York — Union Square, a 270-room hotel in Manhattan’s Union Square, for $206 million. Marriott plans to significantly renovate the 20-story hotel to include a spa and expanded restaurant. Existing amenities include a fitness center, five meeting rooms and three restaurants. “When W was launched as a single hotel in New York 21 years ago with ground-breaking design and a bold approach to nightlife, it pushed the boundaries of how people thought about a hotel,” says Arne Sorenson, president and CEO of Marriott International. “Given how much travelers crave these types of experiences today and the brand’s global reach, we see limitless potential for the W brand with hotel owners and developers, travelers and locals.” The property, located at 201 Park Ave. S., adjacent to Union Square Park and two miles north of downtown New York City, first opened in 1911 as the headquarters for Guardian Life Insurance Company of America. In 2000, Rockwell Group converted the building into its current use as a W hotel. The purchase and renovation of W New York — Union Square is part of a strategy by Marriott International to reinvigorate the W portfolio in North America. The plan also includes …

October 17, 2019

Illinois Market Reports Midwest Midwest Market Reports Office

Chicago CBD Office Market in the Groove, Even Property Taxes Unlikely to Bring It Down

by Kristin Harlow October 17, 2019

Despite recent concerns of an imminent market correction, the Chicago central business district (CBD) still has room to run. There are many signs of optimism in the market, including continued healthy fundamentals and a wealth of redevelopment projects injecting new life and vibrancy into various submarkets. In the second quarter, downtown Chicago wrapped up its busiest quarter for office leasing since 2016. Additionally, the downtown office vacancy rate of 11.6 percent was the lowest it had been since 2016. To top it off, Chicago is experiencing historically high annual levels of net absorption, which potentially could put upward pressure on rents, and sublease space is relatively scarce. It’s hard to find stronger evidence of a robust CBD office market. Redevelopment projects Market statistics aside, noteworthy redevelopments have Chicagoans genuinely excited as they look forward to a new crop of influential spaces that will drive the next iteration of the Chicago office market. The real estate fairy tale that has real estate aficionados entranced — not only in Chicago but nationally — is 601W Cos.’ Old Post Office project at 433 W. Van Buren. More than 1 million square feet has already been leased at the 2.8 million-square-foot space, largely thanks …

October 17, 2019

Features Loans Multifamily Seniors Housing

Expect Seniors Housing Lenders To Boost Deal Volumes

by Alex Tostado October 17, 2019

The sharp drop in interest rates over the past several months has not only lowered the cost of capital for borrowers, but it has also helped offset higher operating costs at a critically important time, say seniors housing lenders. At the close of business on Oct. 16, the 10-year Treasury yield — a benchmark for long-term, fixed-rate permanent financing in commercial real estate — stood at 1.75 percent, down about 125 basis points from the start of 2019. Meanwhile, the 30-day London Interbank Offered Rate (LIBOR), which is used to help set interest rates on construction loans, registered 188 basis points as of Oct. 16, a drop of about 60 basis points since the beginning of the year. Adding an element of drama and complexity to the overall picture is the inverted yield curve scenario, the point at which the 10-year Treasury bond falls below the level on the two-year bond. That’s precisely what occurred in mid-August, resulting in high volatility on Wall Street. Historically, an inverted yield curve is a strong indicator that the risk of recession is increasing. It means that investors are concerned about the economic outlook in the short term, but it provides no guarantee that …

October 17, 2019

Newer Posts

Older Posts