Property Type

Oden Hughes Breaks Ground on 279-Unit Multifamily Project in East Austin

by Taylor Williams August 20, 2019

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox 7th, a 279-unit multifamily project that will be located within one of East Austin’s opportunity zones. Designed by Davies Collaborative, the project will include 28 affordable housing units. Floor plans will consist of one- and two-bedroom units ranging in size from 528 to 1,157 square feet. Amenities will include two pools, a skyline terrace and coworking office space. Rents are expected to start at $1,560 per month. The opening is slated for early 2021.

August 20, 2019

Leasing Activity Office Texas

Coworking Firm to Open Four DFW Locations Totaling 173,395 SF

by Taylor Williams August 20, 2019

DALLAS AND PLANO, TEXAS — Coworking firm Spaces will open four new coworking facilities totaling 173,395 square feet in the metroplex over the next few months. Spaces will occupy 48,171 square feet at Legacy Central, 47,046 square feet at the Shops at Legacy, 31,152 square feet in West Plano Village and 47,026 square feet at The Epic in Deep Ellum. Baron Aldrine, Steve Rigby, Mike Cleary, Mike Kay and Pete Danna of CBRE represented Spaces in the lease negotiations.

August 20, 2019

Industrial Leasing Activity Texas

American Specialty Health Signs 164,000 SF Office Lease in Fort Worth

by Taylor Williams August 20, 2019

FORT WORTH, TEXAS — American Specialty Health, a provider of musculoskeletal and fitness solutions, has signed a 164,000-square-foot office lease at Heritage Commons IV at AllianceTexas in Fort Worth. Steve Aldrich and Ian Kinne of Hillwood represented the landlord, Griffin Capital Essential Asset REIT, in the lease negotiations. Jenny Schreiner and Jon Altschuler of Altschuler & Co. represented the tenant. Mercedes-Benz Financial Services previously occupied the building before moving into a new space at AllianceTexas.

August 20, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 823-Unit Self-Storage Portfolio in Odessa

by Taylor Williams August 20, 2019

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of the Guardian Self-Storage portfolio, which comprises 823 units across three facilities. The facilities span 143,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private investor based in the Permian Basin that developed the portfolio in 2000. Karr also secured the buyer, a Texas-based private investment group.

August 20, 2019

Illinois Leasing Activity Midwest Office

Uber Signs 463,000 SF Office Lease at Chicago’s Old Post Office

by Kristin Harlow August 20, 2019

CHICAGO — Uber Technologies has signed a 10-year office lease for 463,000 square feet at Chicago’s Old Post Office. The ridesharing company will serve as the building’s anchor tenant and expects to take over the space beginning Jan. 5. The office will be Uber’s second-largest office behind its headquarters in San Francisco. The owner and developer of the property, 601W Cos., is underway on an $800 million redevelopment of the 2.8 million-square-foot former post office. Walgreens, Home Chef, Ferrara Candy Co. and AbelsonTaylor have previously signed leases at the project.

August 20, 2019

Acquisitions Affordable Housing Illinois Midwest Multifamily

Avanath Acquires Two Affordable Housing Properties in Chicago for $43.7M

by Kristin Harlow August 20, 2019

CHICAGO — Avanath Capital Management LLC has acquired two affordable housing properties in Chicago for $43.7 million. Avanath purchased Scotland Yard Apartments in the Buena Park neighborhood for $28.3 million. Built in two phases in 1915 and 1917, the 156-unit property was renovated in 1982. Avanath plans to make a number of improvements to the property. The second community is Renaissance North, a 59-unit property that Avanath purchased for $15.4 million. Constructed in 2003, the community features one-, two- and three-bedroom units in addition to first-floor retail space. Renaissance North, built in conjunction with the Chicago Housing Authority, offers both market-rate and affordable units. Avanath will also make a series of upgrades to this property.

August 20, 2019

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners to Break Ground on First Phase of Affordable Housing Project in South Minneapolis

by Kristin Harlow August 20, 2019

MINNEAPOLIS — Lupe Development Partners is set to break ground on the first phase of its affordable housing project in the Lyn-Lake area of Minneapolis. Located at 410 W. Lake St. south of Minneapolis, the first of three buildings will feature 111 units, nine of which will be intended for homeless veterans. The range of annual household income to be eligible for housing is $30,000 to $42,000. The development will include a mix of studio, one- and two-bedroom units. Construction on an identical Phase II is scheduled to begin in 2020. Plans are also underway for a third building. The project received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.3 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. Other funding partners for Phase I include Hennepin County and the AFL-CIO Housing Investment Trust. The nearby Ballentine VFW Post 246 also served as a development partner. Completion of Phase I is slated for June 2020.

August 20, 2019

Development Illinois Midwest Office

J.C. Anderson Completes 29,000 SF Renovation Project at Chicago’s Aon Center

by Kristin Harlow August 20, 2019

CHICAGO — J.C. Anderson has completed a 29,000-square-foot renovation project at the Aon Center in Chicago. The project scope included new amenities for the building’s 70th floor. Known as the Cloud Level, the project features a new fitness center, conference center, bar area, dining area, game room, library and private event meeting space. Gary Lee Partners provided architectural services and JLL provided project management services. Property owners include 601W Cos. and Brickell 13 Chicago. Located downtown, the Aon Center is an 83-story skyscraper. It is currently the third-tallest building in Chicago and was completed in 1973. Major tenants include Aon, JLL and Kraft Heinz.

August 20, 2019

Industrial Loans Midwest Nebraska

NorthMarq Arranges $1.4M Acquisition Loan for Industrial Property in Ralston, Nebraska

by Kristin Harlow August 20, 2019

RALSTON, NEB. — NorthMarq has arranged a $1.4 million loan for the acquisition of Ralston Business Park in Ralston near Omaha. The 59,488-square-foot industrial property is located along 77th Street. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.

August 20, 2019

Development Northeast Pennsylvania Retail

PMC Breaks Ground on 65,000 SF GIANT Food Store in Philadelphia

by Alex Patton August 20, 2019

PHILADELPHIA — PMC Property Group, a Philadelphia-based developer, has broken ground on a 65,000-square-foot flagship store for GIANT Food Stores in Philadelphia. Located within the Gensler-designed Riverwalk mixed-use project, the store will offer more than 600 varieties of fresh and local produce, as well as curbside pickup and delivery services. The store is slated to open by fall 2020.

August 20, 2019

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