Property Type

CIBC Provides $31.1M Construction Financing for Condominium Development in Chicago’s Wicker Park

by Kristin Harlow December 10, 2018

CHICAGO — CIBC Bank USA has provided $31.1 million in construction financing for 43 luxury condominium units and 12 townhomes in Chicago’s Wicker Park. The development is named Alcove M.D.P. for its proximity to Milwaukee Avenue, Division Street and Paulina Street. Vermilion Development is the developer. The seven-story condominium building will include units averaging almost 2,000 square feet. Units start at $600,000. The 12 four-bedroom townhomes, each attached with garages, are sized between 3,000 and 3,500 square feet. The townhomes start at $1 million. Vermilion is expected to break ground on the project in the first quarter of 2019, but a timeline for completion was not disclosed. Christopher Knight of HFF arranged the financing.

December 10, 2018

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Arranges Sale of 151-Unit Apartment Property in Indianapolis

by Kristin Harlow December 10, 2018

INDIANAPOLIS — Cushman & Wakefield has arranged the sale of The Coil Apartments in Indianapolis for an undisclosed price. The 151-unit apartment property, located at 6349 N. College Ave., includes a 33,500-square-foot retail space occupied by Fresh Thyme Farmers Market. Todd Stofflet, Jason Stevens and Susan Tjarksen of Cushman & Wakefield represented the sellers, Sheehan Cos. and Browning Investments. RDG Funds purchased the asset.

December 10, 2018

Development Industrial Midwest Missouri Office

Keystone Construction Completes Renovation of UniGroup Headquarters in Fenton, Missouri

by Kristin Harlow December 10, 2018

FENTON, MO. — Keystone Construction has completed the renovation of UniGroup’s headquarters in Fenton. UniGroup, the parent company of multiple transportation-related companies, is offering excess office space for lease. The campus totals approximately 450,000 square feet and is situated near the interchange of I-270 and I-44. The multi-million dollar renovation included upgrades to the HVAC system, roof, façade, windows, workout facility and cafeteria. Keystone Construction served as contractor and ACI Boland was the architect. NAI DESCO has been hired to market the 50,000-square-foot vacant space at One Premier Drive.

December 10, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers Sale of Apartment Building in Chicago for $24.5M

by Kristin Harlow December 10, 2018

CHICAGO — Essex Realty Group Inc. has brokered the sale of The Northland Apartments in Chicago’s Old Town neighborhood for $24.5 million. The luxury apartment building comprises 60 units and one restaurant, Two Lights Seafood & Oyster. Amenities include a dog run and rooftop deck. Monthly rents start at $1,700. Jim Darrow and Jordan Gottlieb of Essex represented the seller, local developer JAB Real Estate. Kate Verde of Essex represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.

December 10, 2018

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Negotiates $3.7M Sale of Property Occupied by DaVita Dialysis in Northern Illinois

by Kristin Harlow December 10, 2018

SOUTH HOLLAND, ILL. — Marcus & Millichap has negotiated the $3.7 million sale of a 9,703-square-foot property occupied by DaVita Dialysis in South Holland, about 20 miles south of Chicago. The facility, located at 16110 LaSalle St., opened in 2016. DaVita operates under a 15-year, double net lease. Valerie Cook, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the asset.

December 10, 2018

Development Industrial Texas

Perot Development to Build 2.4 MSF Industrial Park Near DFW Airport

by Taylor Williams December 10, 2018

IRVING, TEXAS — Perot Development Co. will build a 2.4 million-square-foot industrial park on a 196-acre tract located at the eastern end of Dallas-Fort Worth International Airport. The site, which is located near the regional hubs of FedEx and UPS, fronts the George Bush Turnpike and connects to a Dallas Area Rapid Transit (DART) station. The project is expected to break ground by March 2019 and will deliver four buildings that are anticipated to be available for lease by 2020. Halff Associates is serving as the project architect and civil engineer, and Peinado Construction will be the general contractor.

December 10, 2018

Acquisitions Hospitality Texas

Chatham Lodging Acquires Marriott-Branded Hotel in Downtown Dallas for $49M

by Taylor Williams December 10, 2018

DALLAS — Florida-based hospitality REIT Chatham Lodging Trust (NYSE: CLDT) has acquired the 167-room Courtyard by Marriott Downtown Dallas for $49 million. The 12-story hotel, which opened in September, features 3,500 square feet of meeting space and a rooftop restaurant and bar. Island Hospitality Management will manage the property, the seller of which was not disclosed.

December 10, 2018

Acquisitions Industrial Self-Storage Texas

StorageMart Purchases 500-Unit Self-Storage Facility in San Antonio

by Taylor Williams December 10, 2018

SAN ANTONIO — Missouri-based self-storage owner-operator StorageMart has purchased a facility located on Braun Road in northwest San Antonio. The property totals 72,000 square feet of net rentable space across 500 units, 212 of which are climate-controlled. The property also offers 23 parking spaces for rent. The new ownership will upgrade the facility’s security systems and fencing. The seller was not disclosed.

December 10, 2018

Development Office Texas

Adolfson & Peterson Delivers Apache’s New 70,000 SF Office in Midland

by Taylor Williams December 10, 2018

MIDLAND, TEXAS — Minneapolis-based general contractor Adolfson & Peterson Construction (AP) has delivered a new, 70,000-square-foot regional office for oil and gas firm Apache Corp. in the West Texas city of Midland. Designed by Kirksey Architecture, the property offers amenities such as a cafeteria, fitness center, childcare center, meeting space and a health clinic. Construction began in July 2017.

December 10, 2018

Leasing Activity Office Texas

Coworking Firm to Open 31,152 SF Space at West Plano Village

by Taylor Williams December 10, 2018

PLANO, TEXAS — Coworking firm Spaces, which was founded in Amsterdam, will open a 31,152-square-foot space at West Plano Village on the northern outskirts of Dallas. The space is scheduled to open in late summer 2019. Fults Commercial and Weitzman, the latter of which manages the retail and office space at West Plano Village, handled lease negotiations for the landlord. CBRE represented Spaces.

December 10, 2018

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