Property Type

JLL to Complete Lease-Up of $1B Mixed-Use Development in Indianapolis

by Kristin Harlow November 5, 2018

INDIANAPOLIS — JLL has been selected to complete the lease-up of Waterside, the redevelopment of the former GM Stamping Plant in Indianapolis. The project is expected to take 15 years and include more than $1 billion in development. Plans call for 2.8 million square feet of office space and 100,000 square feet of retail space, as well as 1,350 residential units, 620 hotel rooms and public green space. Ambrose Property Group, the developer, purchased the 103-acre site from RACER Trust in March. The site had been vacant since GM shuttered operations in 2011. The name Waterside is a nod to the company’s vision of making the river accessible to the public, according to the Indy Star.

November 5, 2018

Development Illinois Midwest Office

Franklin Partners Unveils Redevelopment Plans for Former OfficeMax Headquarters in Naperville, Illinois

by Kristin Harlow November 5, 2018

NAPERVILLE, ILL. — Franklin Partners has unveiled its redevelopment plans for the former OfficeMax headquarters in Naperville. Known as The Shuman, the five-story office building, located at 263 Shuman Blvd., will include a 30,000-square-foot amenity space. This includes a dining hall, in-house barista, game room, golf simulator and bike room. Franklin Partners acquired the 350,000-square-foot building in a joint venture with Bixby Bridge Capital in April. The building had been vacant since 2014 when OfficeMax, now a subsidiary of Office Depot, moved its headquarters to Boca Raton, Fla. Francis Prock and David Florent of Colliers International will market the renovated property for lease. Wright Heerema Architects is the project architect. Construction is underway, but a timeline for completion was not disclosed.

November 5, 2018

Acquisitions Arkansas Multifamily Southeast

Vanguard REA Arranges Sale of 205-Unit Multifamily Portfolio in Fort Smith, Arkansas

by Amy Works November 5, 2018

FORT SMITH, ARK. — Vanguard Real Estate Advisors (Vanguard REA) has completed the sale of a two-property multifamily portfolio in Fort Smith. A Dallas-based private investor acquired the asset from Fort Smith-based Fairway FSM Properties LLC and Southbrook Properties of Fort Smith LLC for an undisclosed price. The portfolio includes the 128-unit Southbrooke Apartments and the 77-unit The Fairway at Fianna Hills. The properties are located less than two miles from each other. Jordan Cortez of Vanguard REA, along with Flake & Kelley Commercial, represented the sellers. Vanguard REA also helped procure the buyer in the deal.

November 5, 2018

Development Industrial Midwest Wisconsin

Logistics Property Co. Breaks Ground on 1 MSF Industrial Project in Kenosha, Wisconsin

by Kristin Harlow November 5, 2018

KENOSHA, WIS. — Logistics Property Co. LLC (LPC) has broken ground on a 1 million-square-foot industrial development in Kenosha. The 67-acre site is situated just off I-94, less than 50 miles from Chicago. The speculative development, known as 94 Logistics Park, is slated for completion by the end of summer 2019. Building One will span 750,000 square feet for regional distribution use. Building Two will span 288,000 square feet and will be geared toward manufacturing and local distribution companies. Fred Regnery, Ned Frank and Steve Sewart of Colliers International will market the development for lease.

November 5, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $7.5M Sale of Apartment Property in Plainfield, Illinois

by Kristin Harlow November 5, 2018

PLAINFIELD, ILL. — Marcus & Millichap has brokered the sale of Lincolnshire Court Apartments in Plainfield for $7.5 million. The property consists of four buildings on South Wood Farm Road. Built in 2002, the property features balconies, in-unit washers and dryers, garage parking and off-street parking. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the California-based buyer.

November 5, 2018

Hospitality Loans Midwest Nebraska

Petros PACE Finance Provides $2.3M Loan for Hotel Conversion Project in Omaha

by Kristin Harlow November 5, 2018

OMAHA, NEB. — Petros PACE Finance LLC has provided a $2.3 million Commercial Property Assessed Clean Energy (C-PACE) loan for energy efficiency upgrades to a 30-year-old hotel undergoing redevelopment in Omaha. The efficiency project is part of the conversion of the former University Inn Midtown Crossing into a Four Points by Sheraton hotel. Lucky Omaha Hospitality LLC, the borrower, will utilize the loan to implement energy efficiency across lighting, elevators, restaurant and bar equipment and a building automation system. Plans also call for low-flow plumbing in the guest rooms. The upgrades are expected to generate $2.3 million in energy savings over the 20-year loan. Completion is slated by the end of this year.

November 5, 2018

Alabama Development Hospitality Southeast

Hilton Reopens 350-Room Hotel in Gulf Shores, Alabama

by Amy Works November 5, 2018

GULF SHORES, ALA. — Hilton Hotels & Resorts has rebuilt and reopened The Lodge at Gulf State Park, A Hilton Hotel, located at 21196 E. Beach Blvd. in Gulf Shores, after the property was irreparably damaged by Hurricane Ivan. Originally established in 1974, the newly rebuilt hotel features 350 rooms with views of the Gulf of Mexico and Lake Shelby. Designed by LakeFlato and Rabun Architects, the new hotel features more than 40,000 square feet of flexible indoor and outdoor meeting space, including The Gulfview Ballroom that can accommodate indoor events up to 1,000 guests. On-site restaurant options include Foodcraft, Perch, Roasted Oak Coffee & Wine Bar and Dragon Pool Bar & Grill. Guests will also have direct access to more than 6,150 acres of trails and activities within Gulf State Park. Valor Hospitality Partners manages the property. Sasaki Associates provided native landscape design, while Dallas-based Looney & Associates served as interior designer for the redevelopment.

November 5, 2018

Civic North Carolina Southeast

Updated Estimates Show Hurricane Florence Caused $17B in Damage in North Carolina

by Amy Works November 5, 2018

RALEIGH, N.C. — In a new report released by the North Carolina Office of State Budget and Management, the updated damage estimate from Hurricane Florence has increased to $17 billion, up from an earlier estimate of $13 billion. “Six weeks ago, Hurricane Florence’s powerful storm surges, winds and rains brought unprecedented devastation to our state, causing an estimated $17 billion in damage,” said North Carolina Gov. Roy Cooper. “I’ve spent time since then visiting with families, businesses and local officials in the impacted area and it’s clear that we have to recover smarter and stronger to better withstand future storms.” Damage from Hurricane Florence has topped the charts for storm damage across North Carolina. Hurricane Matthew caused $4.8 billion, and when adjusted for inflation, Hurricane Floyd caused between $7 billion and $9.4 billion. To date, more than 130,000 people have registered with FEMA for individual assistance and more than $108 million in individual assistance has been approved for homeowners and renters. Additionally, Small Business Administration loans have been approved for nearly 400 hurricane-affected small businesses. The updated figure is based on new data from the North Carolina Department of Insurance, as the original $13 billion figure was based on estimates …

November 5, 2018

Acquisitions Industrial Office Washington Western

PCCP, SteelWave Acquire 632,591 SF Multi-Tenant Office/Flex Park in Metro Seattle

by Amy Works November 5, 2018

BOTHELL, WASH. — A joint venture between PCCP and SteelWave has purchased Canyon Park Business Center, a 17-building office/flex property located in Bothell, an eastern suburb of Seattle. A venture between SteelWave and Colony NorthStar sold the office park for an undisclosed price. Totaling 632,591 square feet, the campus features 13 Class A flex/office buildings, totaling 450,961 square feet, and four Class A life science lab and data center buildings, totaling 181,630 square feet. At the time of sale, the portfolio was 99 percent occupied. Canyon Park Business Center was built between 1985 and 1997. Kevin Shannon, Nick Kucha, Ken White, Michael Moll, James Childress and Bill DeLacy of Newmark Knight Frank represented the sellers, while the buyers were self-represented in the deal.

November 5, 2018

California Development Multifamily Seniors Housing Western

Sunshine Retirement Plans 150-Unit Seniors Housing Community in Southern California

by Amy Works November 5, 2018

FOUNTAIN VALLEY, CALIF. — Bend, Oregon-based Sunshine Retirement Living has announced plans for Park View Estates, a 100,000-square-foot assisted living and memory care community in Fountain Valley, located approximately 35 miles southeast of downtown Los Angeles. The property will sit on 3.5 acres and feature 150 units adjacent to Fountain Valley Regional Hospital and Medical Center. Construction is scheduled for completion in the first quarter of 2020. The memory care neighborhood will total 44 units, all located on the first floor. The assisted living neighborhood will total 106 units spread across the first and second floors. Lantz-Boggio Architects & Interior Designers designed the community. Sunshine Retirement Living is a family-owned seniors housing company with 21 retirement communities in 10 states.

November 5, 2018

Newer Posts

Older Posts