Property Type

Highridge Costa Cos., Coastal Rim Properties Break Ground on $130M Mixed-Use Seniors Housing Project in Hawaii

by David Cohen October 3, 2018

KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property. Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases. The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor. The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019. The final phase will be a single-story retail space to serve the residents and larger community. “My administration has been working hard to expand affordable rental housing …

October 3, 2018

Features Georgia Restaurant Retail Southeast Southeast Feature Archive

Communities’ Appetite for Food Halls Grows But Risks Abound, Says IEDC Panel

by John Nelson October 2, 2018

ATLANTA — Five years ago, there were about 30 food halls across the entire country. By 2020, Cushman & Wakefield predicts there will be 300. “I agree we have a lot of food halls coming,” said Jamestown president Michael Phillips. “In some regards it signals the end of the food hall.” The comments from Phillips came Monday morning during a panel discussion at the annual conference of the International Economic Development Council (IEDC). The four-day conference, which ends Wednesday, has drawn 1,600 economic developers, city planners, marketing professionals, consultants and community leaders to the Hyatt Regency in Atlanta. It’s the largest number of conference attendees ever and the first time in a decade that Atlanta has served as the host city for the annual gathering. The panel Phillips participated in was titled “Intersection of Food and Economic Development.” His fellow panelists included Adam Schwegman, senior vice president of Brookfield Properties Retail, who is stationed in Atlanta; Thomas McNair, executive director of Cleveland-based Ohio City Inc.; and Haile Johnston, founder of The Common Market in Philadelphia. Catherine Timko, CEO of Wilmington, Del.-based economic development consulting firm The Riddle Co., served as panel moderator. Food traffic, the right demographics, and a community …

October 2, 2018

Acquisitions Illinois Midwest Office

Bridge Investment Group Buys 47-Story Office Tower in Downtown Chicago

by Kristin Harlow October 2, 2018

CHICAGO — Bridge Investment Group’s office division has purchased One North LaSalle, a 47-story office tower in downtown Chicago. A joint venture of Hilco Real Estate and a pair of MB Real Estate executives sold the property for $113 million, according to Crain’s Chicago Business. The 493,738-square-foot building is currently 84.6 percent occupied. Originally built in 1929, the building has undergone more than $35 million in capital improvements over the last decade. An amenity floor known as The Landmark features a fitness center, conference facilities, lounge areas and a rooftop deck. Melissa Rubenstein, Annie Nicolau and Jay Miller of JLL will oversee lease-up of the property on behalf of Bridge.

October 2, 2018

Acquisitions Michigan Midwest Office

Oxford Cos. Acquires 290,000 SF Office Building in Ann Arbor, Michigan

by Kristin Harlow October 2, 2018

ANN ARBOR, MICH. — Oxford Cos. has acquired 777 East Eisenhower Parkway on Ann Arbor’s south side. The purchase price was $29.5 million, according to local media reports. The office building spans 10 stories and 290,000 square feet. Oxford will all retain all leasing and property management services for the asset. Tenants include a mix of financial, technology, legal and health companies. Oxford plans to invest $10 million in building improvements, including renovations to the first floor. The seller was not disclosed.

October 2, 2018

Acquisitions Illinois Midwest Multifamily Student Housing

Arrimus Capital Purchases 428-Bed Student Housing Property Near University of Illinois

by Kristin Harlow October 2, 2018

CHAMPAIGN-URBANA, ILL. — Arrimus Capital has purchased 212 East, a 428-bed student housing property near the University of Illinois in Champaign-Urbana. XFD Real Estate Partners sold the asset for an undisclosed price. The property is located along Green Street in the heart of the Campustown district. Property amenities include a fitness center, community lounge, outdoor courtyard and study rooms. HFF represented the seller in the transaction.

October 2, 2018

Acquisitions Midwest Missouri Office

NAI Desco Brokers $5.5M Sale of Office Building in Suburban St. Louis

by Kristin Harlow October 2, 2018

CREVE COEUR, MO. — NAI Desco has brokered the sale of Ballas Place in Creve Coeur for $5.5 million. The 78,252-square-foot office building is located at 425 N. New Ballas Road. Constructed in 1980, the property is 74 percent occupied by tenants such as Central Bank of St. Louis, Trileaf Corp., Brookdale Senior Living and Povaddo. Bamboo Equity Partners, the buyer, plans to invest $4 million in building upgrades over the next year. Plans call for the transformation of the two-story atrium into shared collaborative space. Carl Conceller and Stephen Gwinnup of NAI Desco represented the undisclosed seller. Intelica Commercial Real Estate represented Bamboo.

October 2, 2018

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $3.1M Refinancing for Multifamily Property in Omaha

by Kristin Harlow October 2, 2018

OMAHA, NEB. — NorthMarq Capital has arranged a $3.1 million loan for the refinancing of Harney Place at Midtown, a 32-unit multifamily property in Omaha. The property is located at 3327 Harney St. Steve Ruff of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

October 2, 2018

Acquisitions California Multifamily Western

MG Properties Acquires 264-Unit Carillon Apartment Homes in Los Angeles for $93M

by Amy Works October 2, 2018

LOS ANGELES — MG Properties has purchased Carillon Apartment Homes, a multifamily property located in the Warner Center/Woodland Hills area of Los Angeles. Fairfield Warner LLC, represented by Fairfield Residential, sold the property for $93 million, or $352,272 per unit. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2008 on five acres, the 235,214-square-foot property features 264 apartment units.

October 2, 2018

Acquisitions Industrial Oregon Western

CBRE Negotiates $22.2M Sale of Airport Way Industrial Park in Portland

by Amy Works October 2, 2018

PORTLAND, ORE. — CBRE has brokered the sale of Airport Way Corporate Park, an industrial park located at 12021 NE Airport Way, 12067 and 12055 NE Glenn Widing in Portland. An undisclosed buyer acquired the property from Airport Way LLC for $22.2 million. Constructed between 1992 and 2008, the 140,693-square-foot property comprises three buildings featuring full sprinkler systems, dock-high and grade-level loading, abundant parking, above-standard parking and high visibility from Airport Way. At the time of sale, the park was 95 percent leased to 15 tenants. Cara Nolan of CBRE’s Portland office and Barbara Emmons of CBRE National Partners represented the seller in the deal.

October 2, 2018

Acquisitions Multifamily Utah Western

Alpha Wave Investors Purchases 76-Unit Cove on Bruce Apartments in Metro Salt Lake City

by Amy Works October 2, 2018

CLEARFIELD, UTAH — Alpha Wave Investors has acquired Cove on Bruce Apartments, a multifamily property in the Salt Lake City suburb of Clearfield, for an undisclosed price. The 76-unit property features two-bedroom/one-bath floorplans with in-unit washer/dryer hookups. Community amenities include covered parking, a children’s playground and a pet-friendly environment. The buyer plans to invest more than $750,000 in capital improvements, including a new leasing office and fitness center, exterior paint, signage and landscape upgrades, interior renovations, and the installation of energy-efficient fixtures. Jason Wadsworth of Carpenter Commercial represented the buyer and undisclosed seller in the deal. This transaction is Alpha Wave’s fourth acquisition in the Salt Lake City metro area in the past 12 months.

October 2, 2018

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