Property Type

F&B Dominates Discussion at ICSC’s Chicago Deal Making

by Kristin Harlow October 24, 2019

CHICAGO — The food and beverage industry dominated much of the programming and sessions at this year’s Chicago Deal Making, hosted by the International Council of Shopping Centers (ICSC). In fact, the keynote speaker was Fabio Viviani, a celebrity chef and hospitality developer. Examples of other food-oriented workshops and panels included “How to Craft Restaurant Deals,” “From Automation to Ghost Kitchens, Understanding the Trends Reshaping F&B” and “Small Bites: New Restaurant Concepts.” The two-day ICSC event took place at Navy Pier on Wednesday and Thursday, Oct. 16-17. The show kicked off with an hour-long session in which retailers pitched their expansion plans in the Midwest. An overwhelming number of participants were restaurants. “Chicago is recognized for being a gastronomical center, not one or two really good chefs and restaurant tours but many,” said Steven Weinstock, first vice president and regional manager of Marcus & Millichap’s Chicago Oak Brook office. “We win as residents of Chicago because they keep trying new concepts.” Weinstock cited the influx of residents in Chicago’s River North, Streeterville and West Loop neighborhoods for helping grow the food industry within the city. This younger, affluent crowd views restaurants as a source of enjoyment and entertainment, he argued. …

October 24, 2019

Acquisitions Florida Industrial Southeast

AVE Aviation & Commerce Center Sells Industrial Portion of Mixed-Use Development in Metro Miami for $126M

by Alex Tostado October 23, 2019

HIALEAH, FLA. — AVE Aviation & Commerce Center Inc. has sold the industrial portion of AVE Aviation & Commerce Center, a 2.6 million-square-foot master-planned development in Hialeah. Bridge Development Partners and BentallGreenOak acquired the assets in a joint venture for $126 million. The sold portion comprises 948,000 square feet of industrial space that is fully leased to the United States Post Office, which occupies 478,000 square feet; and three multi-tenant buildings totaling 470,000 square feet. Also included in the sale is Off Lease Only, a wholesaler of cars that spans 15 acres. In addition, the buyers acquired 1 million square feet of industrial and aviation-related development rights situated on 47 acres. AVE Aviation and Commerce Center Inc. will retain ownership of 41 acres, which is planned for the 13-acre development of a Fairfield Inn & Suites under the Marriott flag, and 28 acres of aeronautical space that is set to be the future home of Banyan Air Services. CPF Investment Group is the master-developer of AVE Aviation & Commerce Center. which is fully leased to more than 30 tenants including Turbopower, Boars Head, Johnson Controls, Rolls Royce and Herbalife. The property is situated at 14350 NW 56th Court, 17 miles …

October 23, 2019

Development Industrial South Carolina Southeast

Keith Corp., Frampton Construction Break Ground on 615,000 SF Logistics Facility Near Charleston

by Alex Tostado October 23, 2019

MONCKS CORNER, S.C. — The Keith Corp. and Frampton Construction Co. LLC have broken ground on a 615,000-square-foot industrial facility for A&R Logistics within West Branch Commerce Park in unincorporated Moncks Corner. The building will feature 36-foot clear heights and the potential for future expansion. CSX will provide rail services, granting A&R Logistics direct access to the Port of Charleston, which is located about 30 miles southeast of the site. Keith Corp. and Frampton Construction expect the facility to be operational in November 2020.

October 23, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates $41M Sale of Multifamily Community in Augusta

by Alex Tostado October 23, 2019

AUGUSTA, GA. — Cushman & Wakefield has negotiated the $41 million sale of Estates at Perimeter, a 240-unit multifamily community in Augusta. The property offers one- through three-bedroom floor plans. Communal amenities include a bark park, clubhouse, media center, car care center, fitness center, playground and a swimming pool. Estates at Perimeter was built in 2007 in west Augusta where Interstates 20 and 520 meet. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield represented the sellers, Coastal Ridge Real Estate and H. Katz Capital, in the transaction. Young Homes acquired the property.

October 23, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Arranges $29M Refinancing for Two Jekyll Island Hotels

by Alex Tostado October 23, 2019

JEKYLL ISLAND, GA. — PMZ Realty Capital LLC has arranged a $29 million refinancing loan for two hotels on Jekyll Island in Georgia: Holiday Inn Resort Jekyll Island and Beachview Club, both of which have recently been fully renovated. The borrower, Georgia Coast Holdings, acquired the 157-room Holiday Inn in 2013, fully gutted it and reopened the property in 2015. Amenities at the oceanfront hotel include fully renovated rooms, a fitness center, coffee bar, outdoor bar and grill, new swimming pool and a play area for children. Georgia Coast Holdings bought Beachview Club in 2017. The ownership renovated the 38-room asset into a boutique beachfront hotel with amenities such as a courtyard, beach access and a Keurig coffee machine in each room. North Pointe Hospitality LLC will manage both properties. The lender was not disclosed.

October 23, 2019

Acquisitions North Carolina Retail Southeast

First Washington Realty Acquires Shopping Center in Raleigh for $21M

by Alex Tostado October 23, 2019

RALEIGH, N.C. — First Washington Realty has acquired Harvest Plaza, a 99,479-square-foot retail center in Raleigh. The seller and sales price were not disclosed, although Triangle Business Journal reports Capital Partners and York Properties sold the property for $21 million. Walgreens and Planet Fitness anchor the retail center, which is located at 9650 Strickland Road, 10 miles north of downtown Raleigh.

October 23, 2019

Acquisitions Midwest Office Ohio

JLL Arranges $41.4M Sale of Two-Building Office Property in Easton, Ohio

by Kristin Harlow October 23, 2019

EASTON, OHIO — JLL has arranged the sale of One & Two Easton Oval, a two-building office property in Easton, for $41.4 million. The Class A asset spans 252,461 square feet and is situated approximately 10 miles northeast of Columbus’ central business district. Completed in the late 1990s, the property is 91.4 percent leased. Jim Postweiler, Peter Harwood, Derek Fohl and Patrick Shields of JLL represented the seller, Garrison Investment Group. Steve Buss and Marc Nanne of JLL represented the buyer, Minneapolis-based Founders Properties. Local JLL brokers Collin Wheeler and Aaron Duncan supported the sales effort. Keith Largay and Patrik Modig of JLL secured $27.8 million in acquisition financing. TCF Bank provided the seven-year, floating-rate loan.

October 23, 2019

Development Illinois Industrial Midwest

Bridge Development Breaks Ground on Final Phase of Industrial Campus in Waukegan, Illinois

by Kristin Harlow October 23, 2019

WAUKEGAN, ILL. — Bridge Development Partners LLC has begun development of the third and final phase of its Bridge Point North campus in Waukegan. Phase III will consist of four new buildings totaling 918,972 square feet. The buildings will range in size from 100,314 to 500,800 square feet. Clear heights will range from 32 to 36 feet. Phase III buildings are slated for completion in summer and fall 2020. Whit Heitman, Sam Badger and Jared Paff of CBRE are the leasing agents for the project. Premier Design + Build Group is the general contractor. The project team also includes architect Cornerstone Architects Ltd., structural engineer LJB Inc. and civil engineer Manhard Consulting Ltd. CIBC Bank and Simmons Bank provided project financing. Bridge Point North is a 225-acre campus that Bridge has been developing since 2015. Tenants include Amazon, Medline, Thermoflex and Bolke-Miller Corp.

October 23, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10.6M Sale of Apartment Property in Chicago’s Lincoln Park

by Kristin Harlow October 23, 2019

CHICAGO — Interra Realty has brokered the sale of 1540 Fullerton in Chicago’s Lincoln Park neighborhood for $10.6 million. The four-story, 25-unit apartment property is located at 1540 W. Fullerton Ave. Completed in 2015, the fully leased asset includes 12 two-bedroom units, 12 three-bedroom units and one commercial space. Joe Smazal of Interra represented the private seller while Jeremy Morton and Ted Stratman of Interra represented the undisclosed buyer. At $425,400 per unit, the sale was the largest multifamily sale in Lincoln Park so far this year, according to CoStar data.

October 23, 2019

Acquisitions Midwest Retail Wisconsin

Next Realty Acquires 17,000 SF Retail Center in Metro Milwaukee

by Kristin Harlow October 23, 2019

DELAFIELD, WIS. — An affiliate of Next Realty LLC has acquired Hillside Terrace Shopping Center in Delafield, about 25 miles west of Milwaukee. The purchase price was not disclosed. The 17,000-square-foot retail center is located on Hillside Drive. The property is fully leased to tenants such as Jimmy John’s, Pizza Hut, Stone Creek Coffee and Chris & Co. Salon. This is the seventh acquisition for Next Realty Fund IX LP.

October 23, 2019

Newer Posts

Older Posts