Property Type

MoxieBridge Acquires 169,808 SF Office Complex in Dallas

by Taylor Williams June 19, 2019

DALLAS — Local investment firm MoxieBridge has acquired Midtown Office Center, a 169,808-square-foot office complex in Dallas. The new ownership will implement a value-add program that will deliver new amenities, such as a fitness facility, conference room and a lounge/bar. Midtown Office Center was less than 10 percent leased when MoxieBridge officially acquired the asset in May, but the company has since negotiated nearly 50,000 square feet worth of new leases. MoxieBridge, which launched in 2018, now owns approximately 700,000 square feet of office space in North Texas. The seller was not disclosed.

June 19, 2019

Loans Multifamily Texas

NorthMarq Arranges Loan for Refinancing of 124-Unit Multifamily Asset in San Antonio

by Taylor Williams June 19, 2019

SAN ANTONIO — NorthMarq Capital has arranged a loan of an undisclosed amount for the refinancing of Hidden Oaks Apartments, a 124-unit multifamily community in San Antonio. Bryan Leonard of NorthMarq negotiated the loan, which carried a fixed interest rate and a 10-year term followed by an amortizing payment schedule, on behalf of the undisclosed borrower. UNUM Group, a life insurance company based in Tennessee, provided the funds.

June 19, 2019

Acquisitions Industrial Texas

Nordic Realty Partners Buys 76,000 SF Industrial Property in Northeast Austin

by Taylor Williams June 19, 2019

AUSTIN, TEXAS — Nordic Realty Partners, a privately held investment firm with offices in Los Angeles, Austin and Chicago, has purchased a 76,000-square-foot industrial property located within Cameron Industrial Park in northeast Austin. The property spans four acres and houses three warehouse buildings. The seller, Byram Properties, has owned the buildings since 1984.

June 19, 2019

Acquisitions Industrial Midwest Self-Storage Wisconsin

Marcus & Millichap Brokers $8.9M Sale of Self-Storage Portfolio in Sheboygan, Wisconsin

by Kristin Harlow June 19, 2019

SHEBOYGAN, WIS. — Marcus & Millichap has brokered the $8.9 million sale of Champion Self-Storage, a 999-unit self-storage portfolio in Sheboygan. The portfolio includes five facilities, three of which are located on Playbird Road. The unit mix is comprised of 65 climate-controlled units, 734 non-climate controlled units, 18 storage containers, six warehouse spaces and 176 parking spaces for boats and recreational vehicles. The portfolio accounts for nearly half of the available self-storage space in Sheboygan, according to Marcus & Millichap. Sean Delaney of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

June 19, 2019

Acquisitions Illinois Industrial Midwest

SEDCO Purchases 306,448 SF FedEx Ground Distribution Center in Niles, Illinois

by Kristin Harlow June 19, 2019

NILES, ILL. — SEDCO Capital, an asset management company headquartered in Saudi Arabia, has purchased a distribution facility occupied by FedEx Ground in the Niles submarket of Chicago. The purchase price was not disclosed. SEDCO used a separate account managed by ElmTree Funds LLC to acquire the property. The 306,448-square-foot facility is located at 5959 W. Howard St. Originally constructed in 2015 as a build-to-suit for FedEx Ground, the net-leased property features 101 dock doors. FedEx has approximately 11 years remaining on its lease.

June 19, 2019

Development Industrial Midwest Wisconsin

Zilber to Develop 300,000 SF Spec Industrial Building in Janesville, Wisconsin

by Kristin Harlow June 19, 2019

JANESVILLE, WIS. — Zilber Property Group has unveiled plans to develop a 300,000-square-foot speculative industrial building in Janesville. Known as Zilber Industrial 1 at Janesville, the building will be situated on an 18-acre site at the corner of Beloit Avenue and Highway 11. The facility will feature a clear height of 32 feet, LED lighting, an ESFR sprinkler system, on-site trailer parking and expandable loading options. A timeline for completion was not disclosed.

June 19, 2019

Acquisitions Illinois Midwest Retail

Berger Sells Tesla Building in Highland Park, Illinois

by Kristin Harlow June 19, 2019

HIGHLAND PARK, ILL. — Berger Asset Management has sold a 52,000-square-foot retail building known as the Tesla Building in Highland Park. The sales price was not disclosed. The two-story property is located at 1200 Old Skokie Valley Road. The anchor tenant, Tesla, occupies 32,000 square feet. Bystol Performance Center, a sports performance and personal training firm, occupies the remaining 20,000 square feet. In order to develop the property, Berger Asset Management first had to complete three different acquisitions from unrelated parties to form an assemblage that would ultimately create the existing asset and 140-space parking lot. The site originally consisted of a series of buildings with 10 parking spaces. Tesla signed on as a tenant at the building in 2014. At the location Tesla provides sales, service and charging stations for its north suburban Chicago and southeast Wisconsin clientele. Bystol Performance Center also signed its lease in 2014. Joshua Silverglade of The Equitable Group of Companies represented Berger in the transaction. The buyer, a Hawaii-based private investor, purchased the asset while completing a 1031 tax-deferred exchange.

June 19, 2019

Development Healthcare Illinois Midwest

HSA PrimeCare Begins Development of 40,000 SF Medical Office Building in New Lenox, Illinois

by Kristin Harlow June 19, 2019

NEW LENOX, ILL. — HSA PrimeCare, the national healthcare real estate division of HSA Commercial Real Estate, has begun development of a 40,000-square-foot medical office building on Silver Cross Hospital’s campus in New Lenox, immediately west of the I-355/I-80 interchange and about 40 miles southwest of Chicago. Scheduled for completion in December, the facility will house the hospital’s urgent care, occupational health and primary care clinics. Eppstein Uhen Architects is the architect. PREMIER Design + Build is the general contractor.

June 19, 2019

Development Maryland Seniors Housing Southeast

Capitol Seniors Housing Opens $27.5M Assisted Living, Memory Care Community Near D.C.

by John Nelson June 19, 2019

FULTON, MD. — Capitol Seniors Housing has opened Arbor Terrace Fulton, an assisted living and memory care community in Fulton, approximately 20 miles north of Washington, D.C. The $27.5 million, 73,000-square-foot community features 86 apartments. The location is immediately adjacent to the Marketplace at Maple Lawn, a mixed-use community anchored by Harris Teeter. Arbor Terrace Fulton is also next to Fulton Elementary, Lime Kiln Middle School and the Reservoir High School, which will add an intergenerational quality to the community. The Arbor Co. partnered with Capitol on the project, and will serve as operator. Baltimore-based BCT Architects designed the property, while Dallas-based Faulkner Design Group handled the interiors.

June 19, 2019

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Rent Growth in Pittsburgh Office Market Leads to Development Wave

by Taylor Williams June 19, 2019

The Pittsburgh office market has experienced significant new development over the last five years, particularly in the urban and downtown fringe submarkets. This is expected to continue in the coming years, with several new developments that are currently in planning or under construction. Historically, urban office supply in Pittsburgh has been constrained due to the economic hurdles of new development. With limited sites for new projects, land costs at a premium and significant site work required, Pittsburgh’s nominal rent growth did not allow for economically viable projects. However, rent growth in recent years has led to a new wave of development, which has accommodated companies moving to Pittsburgh along with existing businesses growing and/or relocating within the market. Most of the new office development has taken place in urban submarkets surrounding downtown, including the Strip District, Oakland, East Liberty and the North Shore. These submarkets have attracted more development than the CBD due to greater availability of development sites, as well as lower construction costs. Development Pockets Total development costs of Class A office buildings on the fringe of the CBD are generally $250 to $300 per square foot. For this project cost, gross rents in the range of $30 …

June 19, 2019

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