Property Type

CBRE Arranges $55.9M Refinancing for HERE Creative Office Campus in Orange County

by Amy Works July 17, 2019

LAGUNA HILLS, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $55.9 million loan for the refinancing of HERE, an office campus in Laguna Hills. Originally built between 1988 and 1989, the five-building property features 223,974 square feet of office space. The borrower, a joint venture between Cigna Investments Management and Cruzan, originally acquired the property in 2015 and invested more than $13 million in capital and tenant improvements, transforming the traditional office space into a creative office campus. Updates include a fitness center with resort-style showers and lockers, an on-site café operated by Steelhead Coffee, a conference center and an open-air tenant lounge. At the time of refinancing, the property was leased to 42 tenants. The asset is located at 23332, 23382, 24322 Mill Creek Drive and 24411 and 24461 Ridge Route Drive. Mark McGovern, Scott Peterson, Morgon Fraser and Brian Cruz of CBRE arranged the two-year, floating-rate loan through ARES for the borrower.

July 17, 2019

Arizona Development Multifamily Seniors Housing Western

Koelsch Communities Completes $40M Seniors Housing Property in Chandler, Arizona

by Amy Works July 17, 2019

CHANDLER, ARIZ. — Koelsch Communities has completed The Park at Copper Creek, an independent living community in Chandler. The $40 million property features more than 130 apartments. Amenities include a woodworking shop, theatre, veranda, and patio. In addition, there are two interior courtyards, outdoor exercise stations, and fitness center equipped with compressed air workout stations. A classic 1956 Dodge Custom Royal Lancer is also featured near the entrance, a unique feature of many Koelsch communities as an homage to the CEO’s father, who loved cars. Diana Escobedo is executive director of the new community.

July 17, 2019

California Development Multifamily Western

Intracorp Purchases Land Parcel for Apartment Development in Southern California

by Amy Works July 17, 2019

IRVINE, CALIF. — Intracorp has acquired a land parcel located at 2055 Main St. in Irvine’s Business Complex. LBA Realty sold the asset for an undisclosed price. Intracorp plans to develop a 178-unit apartment building on the 2.2-acre site, which is located at the corner of Main Street and Gillette Avenue. The property will feature five stories of residential living with a rooftop amenity deck. Construction is scheduled to begin in summer 2020, with leasing starting in late 2021.

July 17, 2019

Development Illinois Midwest Office

Blackstone’s EQ Office Reopens Willis Tower Lobby in Chicago

by Kristin Harlow July 17, 2019

CHICAGO — EQ Office, an office company wholly owned by Blackstone, has reopened the Wacker Drive lobby at Willis Tower. The lobby features a new art installation by artist Jacob Hashimoto that hangs from the ceiling and spans 42 feet. The lobby transformation is part of the office tower’s $500 million renovation project. Now that the Wacker Drive lobby has reopened, the Adams Street lobby will be closing for redevelopment. The Franklin Street lobby will remain open. The renovation project will add more than 300,000 square feet of new retail, dining and entertainment space at the base of the tower as well as 150,000 square feet of new tenant amenity spaces and a 30,000-square-foot outdoor deck. More than 15,000 employees work at the 110-story Willis Tower.

July 17, 2019

Development Illinois Industrial Midwest

PREMIER Breaks Ground on 219,000 SF Spec Industrial Warehouse in Suburban Chicago

by Kristin Harlow July 17, 2019

BOLINGBROOK, ILL. — PREMIER Design + Build Group has broken ground on a 219,000-square-foot speculative warehouse in the southwest Chicago suburb of Bolingbrook. Known as Fountain Square Building 5, the facility is the final development within Fountain Square Commerce Center. The developer, Bridge Development Partners LLC, acquired the commerce center in November 2018. Fountain Square Building 5 will include 48 docks, two drive-in doors, a clear height of 32 feet and parking for 30 trailers and 178 cars. Completion is slated for March 2020. The project team includes Cornerstone Architects Ltd., SPACECO and Structural Resources Inc.

July 17, 2019

Acquisitions Illinois Industrial Midwest Retail

MK Asset Investment Acquires Two Industrial Properties in Illinois, Sells Shopping Center

by Kristin Harlow July 17, 2019

ILLINOIS — MK Asset Investment has acquired industrial properties in Franklin Park and Waukegan and sold a retail center in Round Lake Beach. The aggregated value of the transactions exceeded $10 million. The Franklin Park industrial property spans 87,500 square feet and is situated on 5.9 acres at 11608 Copenhagen Drive. MK Asset will add new docks, upgrade the lighting and provide a fresh coat of paint. The Waukegan building spans 35,500 square feet and is located at 1850 S. Lakeside Drive within Amhurst Industrial Park. A private investor acquired the 61,685-square-foot Eagle Creek Shopping Center, which is anchored by Big Lots.

July 17, 2019

Illinois Industrial Leasing Activity Midwest

Blanket Manufacturer Signs 96,810 SF Industrial Lease in Green Oaks, Illinois

by Kristin Harlow July 17, 2019

GREEN OAKS, ILL. —Biddeford Blankets has signed a 96,810-square-foot industrial lease at 13820 S. Business Center Drive in Green Oaks in northeastern Illinois. The manufacturer of heated blankets is moving to Green Oaks Business Center from Mundelein, where it had occupied space for 15 years. The new location offers proximity to I-94 and includes 3,305 square feet of office space. Michael Fonda and John Hauser of Avison Young represented the tenant in the lease transaction. The landlord, Colony Capital Inc., was self-represented by Scott Cordes, a vice president at the company.

July 17, 2019

Acquisitions Illinois Midwest Multifamily

Colliers Brokers $3.9M Sale of Two-Building Apartment Portfolio in Chicago’s Hyde Park

by Kristin Harlow July 17, 2019

CHICAGO — Colliers International has brokered the sale of a two-building apartment portfolio that contains 24 units in Chicago’s Hyde Park neighborhood for $3.9 million. The buildings are located at 5427-29 and 5430-32 S. University Ave. Both properties rise three stories and were built in the early 1900s. Tyler Hague of Colliers represented the seller, The Lutheran School of Theology at Chicago. RDG Funds LLC purchased the portfolio.

July 17, 2019

Connecticut Industrial Market Reports Northeast Northeast Market Reports Office

Industrial, Office Investment Demand Rises in Westchester, Fairfield Counties

by Taylor Williams July 17, 2019

The investment markets for office, industrial and flex properties in Westchester and Fairfield counties have seen significant activity over the last 12 months. Both debt and equity capital have been flowing into the urban and suburban areas of the counties, demonstrating that these submarkets are viable alternatives to New York City. This year has witnessed one of the largest transactions to ever take place in Westchester and Fairfield counties since we have been recording statistics. This past spring, HFF sold a portfolio of 52 industrial flex assets in multiple parks in both Westchester and Fairfield counties for $488 million, or $167 per square foot. The demand was very strong for these industrial assets, and the buyer pool spanned from private groups to some of the largest money managers in the world. In addition, cap rates are in the 4.25 to 4.85 percent range for more traditional industrial product. Cap pricing is absolutely on track to surpass $200 per square foot, as there is a lack of available land for development and institutional funds’ continue to display an insatiable appetite for the product type. Consequently, these kinds of deals continue to dominate the conversations and market activity. Office Market Interest …

July 17, 2019

California Loans Multifamily Top Stories Western

Bellwether Enterprise Arranges $126.5M Refinancing for Newly Completed Apartment Complex Near Los Angeles

by Kristin Harlow July 17, 2019

BURBANK, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged a $126.5 million loan for the refinancing of Talaria at Burbank in Los Angeles County. Completed in February, the apartment community is home to 241 luxury units, a ground-floor Whole Foods Market and subterranean parking. The four-story property is located at 3401-3425 W. Olive Ave. across the street from NBC, ABC, Warner Bros. and other major film/television studios. The complex features a mix of one-, two- and three-bedroom floor plans as well as two penthouse units. VTBS Architecture designed the project. Amenities at Talaria at Burbank include a resort-style pool, fitness club, rooftop bar and lounge, business center, bicycle repair shop, electronic vehicle charging stations and 24-hour concierge services. The 42,000-square-foot Whole Foods Market also features a restaurant and pub. Tom Kenny of Bellwether Enterprise arranged the 10-year loan on behalf of the borrower, Cusumano Real Estate Group. The structure enabled the borrower to lock in a long-term, fixed-rate loan prior to lease-up and included recouping a significant amount of equity at closing, according to Bellwether Enterprise. PGIM Real Estate Finance provided the funds. The mixed-use complex is somewhat infamous in the area for taking nearly 20 years to …

July 17, 2019

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