OAK BROOK, ILL. — JLL has arranged $29.8 million in renovation financing for 2001 York Road, a 184,525-square-foot office property in Oak Brook. Christopher Carroll of JLL secured the three-year, floating-rate loan on behalf of the borrower, Pembroke IV LLC. The five-story building, located near I-88 and I-294, is fully leased. Comcast occupies the majority of the property, which was built in 1999. Specific renovation plans were not disclosed.
INDIANAPOLIS — Time Equities Inc. (TEI) has acquired Brookside Industrial Park in Indianapolis for $6.9 million. The Class B property spans 303,764 square feet and 10 buildings across 33.9 acres. The asset was 90 percent leased at the time of sale to tenants such as United Rentals, California Closets, Alloyd Supply Co. Inc., Purposeful Design, AH Furnico Inc., Health and Hospital Corp. of Marion County, Agile Engineering & Manufacturing and Siddique Enterprises. Julia Evinger and Damien Yoder of Marcus & Millichap brokered the transaction on behalf of the private seller. Brian Soto, Max Pastor and Raymond Cazis of TEI self-represented the comapny as acquisition and asset managers. TEI also acquired 1.9 acres of undeveloped land on the site, enabling the firm to further develop the complex.
INDIANAPOLIS — Mag Mile Capital has arranged a $5.4 million CMBS loan for the acquisition of an 83-room Courtyard by Marriott hotel in southeast Indianapolis. The property is located at 4650 Southport Crossing Drive near I-65. Rushi Shah and Prabhat Jayara of Mag Mile Capital arranged the fixed-rate loan on behalf of the borrower, Trivedi Hospitality. Rialto Mortgage Finance provided the 10-year, nonrecourse loan, which features a 30-year amortization schedule.
GRAND RAPIDS, MICH. — Engineering consulting firm Hubbell, Roth & Clark Inc. (HRC) is relocating from its 3,500-square-foot office in the American Seating building to a 7,000-square-foot office at 1925 Breton Road SE in Grand Rapids. The 44,000-square-foot Breton Road building, owned by an affiliate of Rockford Construction, was formerly medical office space. Rockford updated the formerly vacant building. HRC expects to move into its new space in mid-October. Colliers International | West Michigan handles leasing for the entire building.
DALLAS — The 2020 presidential election as well as tariffs, the primary economic weapon of the incumbent candidate, are weighing heavily on the decisions of industrial users and investors in Dallas-Fort Worth (DFW), according to a panel of experienced leasing and capital markets professionals at the InterFace DFW Industrial conference. Moderated by Coni Hennersdorf, principal of CODA Consulting Group, the event was held Sept. 4 at the Westin Galleria Hotel and attended by more than 200 people in its first year of existence. The panelists agreed that President Donald Trump’s tariffs, which at this point primarily target goods imported from China, have prompted some industrial users to stockpile inventories in advance of the tariffs going into effect. According to the Wall Street Journal, since July 2018, the administration has imposed tariffs on more than $250 billion worth of Chinese goods, not including the additional $150 billion in tariffs set to take effect in mid-December. Other tenants have opted to wait out the election and see if the tariffs will be repealed, effectively delaying key decisions on capital expenditures like labor and materials. The former scenario creates more demand for industrial space, while the latter puts potential expansion deals on hold. …
CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal. “With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP. HCP expects to close the acquisition in December. The REIT also recently purchased the …
A persistent need for a tenant mix that is resistant to e-commerce and which facilitates a unique, authentic experience is prompting owners of older retail centers and malls to assume high levels of risk and redevelop their properties. While there can be a plethora of non-tenant-related factors that spur redevelopment projects — the basic need to charge higher rents, the structural and aesthetic deterioration over time, a desire to restore a public perception of vibrancy — the ultimate success of almost every retail redevelopment project hinges on the tenancy. For shopping centers, this typically entails adding more restaurant users and other retail categories that offer a critical service or a unique shopping experience, as well as integrating open recreational spaces. For malls, adding entertainment uses is becoming increasingly important, particularly when an anchor space has been vacated or sold back to the owner. When paired with a telltale sign like sluggish sales and/or negative rent growth, any of the aforementioned factors can be the catalyst for pulling the trigger on a redevelopment project. But whatever the impetus for the project, without marketing to and leasing tenants that can afford market-rate rents, align with the surrounding demographics and drive foot traffic throughout …
HOUSTON — A partnership between MetroNational and Slate Real Estate Partners has completed The McAdams, a 333-unit apartment community located in the Memorial City area of Houston. The property offers a mix of one-, two- and three-bedroom units ranging in size from 563 to 1,821 square feet and features custom cabinetry and stainless steel appliances. Amenities include a rooftop pool, resident lounge, fitness center, a game room and a pet park. Rents at The McAdams range from $1,515 to $4,865 for a three-bedroom unit, according to The Houston Chronicle.
PHILADELPHIA — Pearl Properties has completed development of The Harper, a 183-unit mixed use building in Philadelphia. The 280,000-square-foot property includes office and retail space, as well as a ground-floor restaurant, co-working lounges and a fitness center with an indoor basketball court. An outdoor rooftop area features a heated pool, lounge and grilling area. DAS Architects designed the building.
DALLAS — Private equity investment firm Admiral Capital Group has acquired Fourteen555, a 249,564-square-foot, Class A office building located in the Lower Tollway submarket of Dallas. The seller, Cawley Partners, developed the asset in 2018. Amenities at the six-story property a full-service restaurant, a fitness center and a covered terrace with lounge seating. BOKA Powell designed the building.
