Property Type

Marcus & Millichap Directs $2.5M Sale of Two-Property Multifamily Portfolio in Aurora, Colorado

by Amy Works February 18, 2019

AURORA, COLO. — Marcus & Millichap has arranged the sale of a two-property apartment portfolio located in Aurora. A private investor acquired the assets for $2.5 million. Totaling 12,300 square feet, the two properties — 1643 Clinton Street and 1680 Akron Street — feature a total of 24 units. Each building has one studio unit and 11 one-bedroom/one-bath units. Portfolio amenities include off-street parking, on-site laundry and hard-surface flooring in the units. Clayton Primm of Marcus & Millichap represented the buyer, while Boomer Beatty and Peter Standley, also of Marcus & Millichap, represented the seller, a private investor, in the deal.

February 18, 2019

Acquisitions Indiana Industrial Midwest Ohio

Industrial Logistics Properties Trust Acquires Industrial Portfolio in Metro Indianapolis, Cincinnati for $280M

by Kristin Harlow February 18, 2019

INDIANAPOLIS AND CINCINNATI — Industrial Logistics Properties Trust (Nasdaq: ILPT) has acquired an eight-property industrial portfolio in metro Indianapolis and Cincinnati for $280 million. The buildings total 4.2 million square feet and are fully leased to 10 tenants. On average, the properties are 13 years old and feature clear heights of 34 feet. The seller was not disclosed. ILPT also acquired a portfolio of 18 properties located in 12 states from affiliates of Cole Office & Industrial REIT Inc. for $625.3 million.

February 18, 2019

Affordable Housing Illinois Loans Midwest Multifamily

Associated Bank Secures $20M Construction Financing for Affordable Housing Renovation Project in Chicago

by Kristin Harlow February 18, 2019

CHICAGO — Associated Bank has secured a $7 million construction loan and $13 million in low-income housing tax credit equity for the acquisition and rehabilitation of the Johnson Butler-Lindon Apartments in Chicago’s Woodlawn neighborhood. The Illinois Housing Development Authority issued the tax credits for the project. Associated Bank partnered with Boston Capital to provide the equity portion. Preservation of Affordable Housing will complete the renovation in partnership with Powers and Sons Construction Co. and Johnson & Lee Architects Ltd. Built in the late 1920s, the buildings are located two-tenths of a mile from each other and total 106 units. Units and common areas will be modernized. Completion of the renovation project is slated for the second quarter of 2020. The units will be restricted to households earning 30, 50 or 60 percent of the area median income. Krista Casper of Associated Bank handled the loan arrangements and closing, while Teresa Rubio managed the equity investment.

February 18, 2019

Industrial Kansas Leasing Activity Midwest Self-Storage

StorageMart Opens New Facility in Overland Park, Kansas

by Kristin Harlow February 18, 2019

OVERLAND PARK, KAN. — StorageMart has opened a self-storage facility in Overland Park. This is the fourth location in the area and the 32nd in metro Kansas City for StorageMart. The property, located at 15415 Metcalf Ave., was constructed in 2017. The facility contains 639 climate-controlled units and nearly 80,000 square feet of rentable space. Special features include an onsite office, video surveillance and keypad access.

February 18, 2019

Illinois Industrial Leasing Activity Midwest

Oberg Medical Signs 60,126 SF Industrial Lease in Chicago

by Kristin Harlow February 18, 2019

CHICAGO — Oberg Medical Products Co. has signed a 60,126-square-foot lease to occupy the entire industrial building in Chicago. The company is consolidating its facilities in Elk Grove Village and Niles at the Chicago-based industrial property, located at 4311 N. Normandy Ave. The facility features a clear height of 25 feet, four exterior docks, one drive-in door and parking for approximately 100 cars. Venture One Real Estate purchased the property in October 2018 and has since conducted interior demolition and renovation work. Chris Volkert and Brendan Green of Colliers represented the tenant. Brett Kroner of Cushman & Wakefield represented the landlord.

February 18, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.7M Sale of Retail Building in Flossmoor, Illinois

by Kristin Harlow February 18, 2019

FLOSSMOOR, ILL. — Marcus & Millichap has brokered the $3.7 million sale of a 7,098-square-foot retail building in Flossmoor, about 30 miles south of Chicago. AT&T, Jersey Mike’s, Starbucks and Captain Hooks occupy the property, which is located at 3820 Vollmer Road. Meijer shadow-anchors the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. The asset sold to a local buyer completing a 1031 tax-deferred exchange.

February 18, 2019

Kansas Leasing Activity Midwest Retail Top Stories

Payless ShoeSource’s 2,100-Store Shutdown Due to Inability to Compete with Department Stores, Says Analyst

by Taylor Williams February 18, 2019

TOPEKA, KAN. — Payless ShoeSource will close all 2,100 of its stores in the United States and Puerto Rico as it moves toward liquidation. According to a statement by the company provided to USA Today, which first reported the news on the evening of Friday, Feb. 15, Payless expects all stores to remain open through March. The announcement comes nearly two years after the Topeka-based shoe retailer filed for Chapter 11 bankruptcy protection, a move that coincided with the shuttering of 673 American stores at the time. The company is also in the process of de-commissioning its online sales platform, but it remains unclear whether Payless stores in Latin America will remain open. Payless had undergone an aggressive expansion plan that required taking on a greater debt load. After filing for bankruptcy in April 2017, the company restructured its finances to eliminate $435 million in debt and whittle its store count to 3,500 locations worldwide. According to longtime retail consultant Jeff Green, Payless’ financial woes can be traced in part to the lack of name-brand shoe offerings, a product segment that is especially popular with millennial shoppers. “Even after Payless restructured its debt, the changing nature and growing competition from …

February 18, 2019

Market Reports North Carolina Office Southeast Southeast Market Reports

Strong Tenant Demand Propels New Office Developments Underway in Charlotte

by Alex Tostado February 18, 2019

With 3.2 million square feet of new office space under construction, much of it in the city’s urban core, Charlotte’s skyline is in the midst of a significant transformation. Due to strong preleasing activity and solid economic underpinnings, however, the city’s office vacancy rate is projected to remain stable over the coming months as many of those projects deliver. Approximately 60 percent of Charlotte’s construction pipeline has been preleased, according to JLL research, and 2.3 million is concentrated in the city’s central business district. In Uptown Charlotte, the 33-story Legacy Union office tower recently topped out, signaling the end of vertical construction. The 850,000-square-foot development by Lincoln Harris is scheduled to deliver early next year and will be anchored by Bank of America, which has signed a lease for 550,000 square feet. Lincoln Harris recently revealed plans for a second office tower with 388,835 square feet of office space and 22,763 square feet of retail space at the high-profile site, which was once home to The Charlotte Observer. Across the street from Legacy Union, construction is also underway on Ally Charlotte Center, a 26-story, 742,000-square-foot office tower by Crescent Communities. Last year Ally Financial announced that it had leased 400,000 …

February 18, 2019

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Secures $60M Acquisition Loan for Multifamily Portfolio in New Jersey

by David Cohen February 15, 2019

HUDSON COUNTY, N.J. — Progress Capital has secured a $60 million acquisition loan for an 18-property multifamily portfolio in Hudson County. The undisclosed borrower acquired the portfolio for $75 million. Brad Domenico of Progress Capital arranged the seven-year loan, which featured a fixed 4.14 percent interest rate, 30-year amortization schedule and two years of interest-only payments. The lender was undisclosed.

February 15, 2019

Acquisitions Connecticut Northeast Retail

HFF Arranges $12.9M Sale of Grocery-Anchored Retail Center Near New Haven

by David Cohen February 15, 2019

CLINTON, CONN. — HFF has arranged the $12.9 million sale of Clinton Plaza, a 100,360-square-foot grocery-anchored shopping center in Clinton. Located at 215 Main St., the property is approximately 22 miles east of New Haven. The 92-percent-leased center is anchored by Stop & Shop supermarket. Additional tenants include T.J. Maxx and Dunkin’ Donuts. Jim Koury of HFF represented the seller, JMH Associates LLC, in the transaction. The buyer was Jerome Properties 215 LLC.

February 15, 2019

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