Property Type

City of Wauwatosa Approves Master Development Agreement for Future Phases of The Mayfair Collection in Wisconsin

by Kristin Harlow February 8, 2019

WAUWATOSA, WIS. — The city of Wauwatosa has approved the terms of a development agreement that will facilitate future phases of The Mayfair Collection, a 69-acre mixed-use project. HSA Commercial Real Estate is the developer. By demolishing existing warehouse buildings and installing additional infrastructure improvements, the agreement supports the creation of seven development sites, which can accommodate up to 750 additional residential units and 360,000 square feet of office space. Demolition and site work are scheduled to begin this summer, with development sites available as soon as spring 2020. Recent additions to The Mayfair Collection include a 146-room Hilton Homewood Suites and a 269-unit luxury apartment building. Both are located adjacent to more than 500,000 square feet of retail space anchored by Whole Foods Market and Nordstrom Rack.

February 8, 2019

Affordable Housing Illinois Loans Midwest Multifamily

NHP Foundation Receives $53M Financing for Renovation of Affordable Housing Property in Chicago

by Kristin Harlow February 8, 2019

CHICAGO — The NHP Foundation has received $53 million for the renovation of the 90-year-old Mark Twain Hotel, a single-room occupancy property in Chicago that the organization acquired in 2016. Single-room occupancy is a form of housing that is typically aimed at residents with low incomes who rent small, furnished rooms. Upon renovation, the property will include 148 studio apartments and seven retail stores. The $53 million recapitalization was made possible by Bellwether Enterprise, Chicago Community Loan Fund, city of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority and NHP. The Mark Twain Hotel was originally built in 1932 and was added to the National Register of Historic Places in 2017. Renovation plans call for the addition of private kitchenettes, a new elevator, new plumbing and electrical work, a roof deck, handicap accessibility and restoration of the building’s façade and common areas. Upgrades will also be made to the building’s ground-floor retail space. Upon completion, the residential units will be income-restricted. The development team includes Weese Langley Weese Architects Ltd. and Linn-Mathes Inc. Heartland Housing Property Management is the property manager. Completion is slated for the end of this year.

February 8, 2019

Acquisitions Indiana Midwest Multifamily

Emma Capital Purchases Two Apartment Properties in Indianapolis for $38.5M

by Kristin Harlow February 8, 2019

INDIANAPOLIS — Emma Capital Investments Inc. has acquired Courts I and Courts II in Indianapolis for $38.5 million. Courts I is a 148-unit apartment property located at 2000 W. 79th St. and Courts II is a 336-unit community located at 8002 Harcourt Road. The properties were built in 1967 and 1973, respectively. The buildings, which are adjacent to each other, are currently being operated as one property. However, Emma Capital intends to run each of the communities separately. Each property features a swimming pool, playground, pet park and fitness center. The seller was not disclosed.

February 8, 2019

Indiana Industrial Leasing Activity Midwest

Opus Completes Lease-up of 496,416 SF Industrial Development in Greenwood, Indiana

by Alex Tostado February 8, 2019

GREENWOOD, IND. — The Opus Group has completed the lease-up of Greenpointe Logistics Center in Indiana. VMInnovations Inc., an e-commerce company, has fully leased the 496,416-square-foot speculative industrial development. Situated on 31 acres, the property offers convenient access to major transportation routes, including I-65. The facility features a clear height of 36 feet. Opus developed the project in partnership with Diamond Realty Investments Inc. Luke Wessel of Cushman & Wakefield represented Opus in the lease transaction. Adam Campbell of Cushman & Wakefield represented the tenant, which sells toys, home and outdoor products and electronics.

February 8, 2019

Acquisitions Midwest Minnesota Multifamily Seniors Housing

New Perspective Senior Living Acquires Facility in Minnetonka, Minnesota

by Kristin Harlow February 8, 2019

MINNETONKA, MINN. — New Perspective Senior Living has acquired a new community in Minnetonka. Now known as New Perspective-Carlson Parkway, the 89,883-square-foot, three-story community is located at 500 Carlson Parkway. The facility features 87 assisted living units and 45 memory care apartments. As part of the acquisition, Eden Prairie-based New Perspective is planning a multi-million-dollar renovation. The seller was not disclosed. The property, built in 1999, was formerly known as Brookdale Minnetonka Carlson Parkway.

February 8, 2019

Market Reports Retail Texas Texas Market Reports

Retail Landlords Aim to Connect on First Swing

by Taylor Williams February 8, 2019

Developers of new retail product in the e-commerce era face an array of roadblocks, from rising land and construction costs to heightened scrutiny from lenders on cash flows. Besides a larger economic downturn, in today’s Darwinian retail environment, nothing makes a new project fizzle or a stabilized center depreciate faster than lost income and occupancy brought on by an un-engaging, uninspiring tenant mix. Consequently, developers are devoting more of their budgets than they have in years past to researching, meeting and analyzing users to ensure they nail their tenant rosters on their first try. This is particularly true for developers whose business models center on long-term holds of their properties. “If we put a problem tenant in a center on day one, we inherit that problem for the term of the lease,” says Anderson Smith, co-founder of Capital Retail Properties, a Houston-based retail firm that holds its developments for the long term. “So it’s very important that we do it right the first time.” Smith says that his firm’s first move when researching a potential tenant is to check out that company’s Instagram account, which provides insight on the retailer’s approach to store build-outs and quality of product or service. …

February 8, 2019

California Multifamily Top Stories Western

Hankey Investment, Jamison Properties Break Ground on $300M Residential Tower in Los Angeles’ Koreatown

by Kristin Harlow February 8, 2019

LOS ANGELES — Hankey Investment Co. LP and Jamison Properties LP have broken ground on a $300 million residential tower in Koreatown, a submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the unnamed development will rise 25 stories. The project will include 644 apartment units and a 1,000-space parking podium. Floor plans will range from studios to three-bedroom units, as well as two-story penthouses. Monthly rents will range from $2,000 to $10,000. A one-acre amenity deck will house a gym, clubhouse, pool, spa, business center, dog park and zen garden. The project will also include 15,000 square feet of ground-floor retail space. The building’s design features a unique floor shape as to avoid casting shade on two nearby parks, as well as providing unobstructed views of downtown Los Angeles and the Hollywood Hills. “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location,” says W. Scott Dobbins, president of Hankey. The project team also includes Large Architecture, Dianna Wong Architecture + Interior Design, AECOM and Wilshire Construction. Completion is slated for early 2021. — Kristin Hiller

February 8, 2019

Leasing Activity Massachusetts Northeast Office

PTC Relocates to 250,000 SF Global Headquarters in Boston’s Seaport District

by Alex Tostado February 7, 2019

BOSTON — Computer software and services company PTC has relocated to a new 250,000-square-foot global headquarters in Boston’s Seaport District. PTC relocated its headquarters in Needham to 121 Seaport Blvd., a newly constructed 17-story, 400,000-square-foot office building. The property will house 1,000 of PTC’s 6,000 employees worldwide. The open design of PTC’s office includes conference rooms and meeting spaces around the building core on each floor as well as a themed work café and coffee space. The office will feature no private offices and no assigned seats. Cresa represented PTC in the site-selection process, lease administration, transaction management, workplace strategy and project management. Gilbane Building Co. served as construction manager and Margulies Perruzzi Architects served as architectural and interior designer on the project. A joint venture of American Realty Advisors and Norges Bank Real Estate Management owns 121 Seaport.

February 7, 2019

Development Industrial Texas

Airbus, Helisim Break Ground on $40M Helicopter Training Facility in Grand Prairie

by Alex Tostado February 7, 2019

GRAND PRAIRIE, TEXAS — Airbus Helicopters Inc. and France-based Helisim have broken ground on a $40 million helicopter training facility in Grand Prairie, roughly midway between Dallas and Fort Worth. The facility will serve as the new training center for pilot personnel and flight simulations. Completion is slated for later this year. The venture is expected to bring several thousand pilots and maintenance personnel to Grand Prairie every year, sometimes for two weeks or more.

February 7, 2019

Loans New Hampshire Northeast Retail

Fantini & Gorga Secures $11M Refinancing for Shopping Center in Salem, New Hampshire

by Alex Tostado February 7, 2019

SALEM, N.H. — Fantini & Gorga has arranged an $11 million loan to refinance North Broadway Crossing, a four-building shopping complex in Salem. Located at 236 N. Broadway, the nearly 10-acre property was completed in 2007 and features a tenant roster that includes Pentucket Bank, McKinnon’s Market, Maddie’s Bagel & Eatery, Wasabi Hibachi Restaurant and Edible Arrangements. Casimir Groblewski and Lindsay Feig of Fantini & Gorga represented the borrower, the original developer, in the transaction. The lender was a major Massachusetts-based financial institution. Terms of the financing were undisclosed.

February 7, 2019

Newer Posts

Older Posts