Property Type

Bridge Development Sells 899,278 SF Industrial Park in Cicero, Illinois

by Kristin Harlow September 6, 2018

CICERO, ILL. — Bridge Development Partners has sold Bridge Point 290 Business Park in Cicero for an undisclosed price. Cabot Properties purchased the industrial development, a large portion of which is currently under construction. When completed, the development will total 899,278 square feet across three buildings. In March, Bridge delivered the 323,343-square-foot Building 1, which is fully leased to Royal Box Group. Buildings 2 and 3 are slated for completion in August 2019. Michael Caprile, Ryan Bain and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the sale. Steve Connolly and Mark Moran of NAI Hiffman are marketing Buildings 2 and 3 for lease.

September 6, 2018

Acquisitions Midwest Office Wisconsin

MBH Brokers Sale of Historic Sentinel Building in Downtown Milwaukee

by Kristin Harlow September 6, 2018

MILWAUKEE — MBH Investment Real Estate LLC has brokered the sale of the historic Sentinel Building in downtown Milwaukee. Sentinel Suites LLC purchased the 31,848-square-foot office property, located at 225 E. Mason St., for an undisclosed price. The 10-story building was 51 percent occupied at the time of sale. The Milwaukee Journal Sentinel originally occupied a three-story building on the site beginning in 1864. As the newspaper grew in circulation, the current 10-story building was constructed in 1893 to replace the smaller building. The newspaper continued to operate at the site until 1930. The new owner plans to rebrand the office building as Sentinel Suites. Matson Holbrook of MBH marketed the property on behalf of the seller, 225 East Mason Property LLC.

September 6, 2018

Leasing Activity Michigan Midwest Retail

Crunch Fitness to Open Fourth Location in Michigan

by Kristin Harlow September 6, 2018

TAYLOR, MICH. — Crunch Fitness has signed a lease to occupy a 29,200-square-foot building for its fourth Michigan location. The property is located at 21592 Ecorse Road in Taylor, a southwest suburb of Detroit. Michele Rosenblum of Dominion Real Estate Advisors and Alan Stern of Friedman Real Estate negotiated the lease on behalf of Crunch. The landlord was not disclosed. Crunch expects to expand to additional Michigan locations in the coming months, according to Dominion.

September 6, 2018

Illinois Leasing Activity Midwest Restaurant Retail

Two New Restaurants Sign Leases at Wheeling Town Center in Suburban Chicago

by Kristin Harlow September 6, 2018

WHEELING, ILL. — Two new restaurants have signed leases at Wheeling Town Center, which is slated to open in early 2019. Meat and Potato Eatery and Eggsperience will occupy 4,000 square feet each and provide outdoor seating for patrons. Both restaurants have other locations in the Chicagoland area. The retail portion of Wheeling Town Center is now 83 percent leased. Previously signed tenants include City Works Eatery and Pour House, Mia’s Cantina, Starbucks, Inland Bank, CMX Cinemas, 312 Nails & Spa and The Learning Experience. The Lynmark Group is the developer for the mixed-use project.

September 6, 2018

Illinois Loans Midwest Multifamily

Philipsborn Arranges $1.2M Refinancing for Apartment Building in University Park, Illinois

by Kristin Harlow September 6, 2018

UNIVERSITY PARK, ILL. — The Philipsborn Company has arranged a $1.2 million loan for the refinancing of Burnham Oaks in University Park, about 30 miles south of Chicago. The 59-unit apartment building is situated on 2.2 acres at 745 Red Oak Lane. Constructed in 1975, the property is fully leased and managed by Lincoln Way Management. Andrew Philipsborn arranged the loan on behalf of the borrower, an Illinois limited partnership that has owned the property since 1981. Innovative Capital Advisors provided the loan.

September 6, 2018

Hospitality Top Stories

LaSalle Hotel Properties Changes Course, Accepts Pebblebrook’s $5.2B Merger Offer as Blackstone Bows Out

by Jeff Shaw September 6, 2018

BETHESDA, MD. —It appears the sixth time’s a charm as LaSalle Hotel Properties (NYSE: LHO) has accepted Pebblebrook Hotel Trust’s (NYSE: PEB) merger proposal made in late August. The two Maryland-based hotel REITs jointly announced today that Pebblebrook will acquire all of LaSalle’s outstanding common shares in a deal valued at $5.2 billion. In accepting the unsolicited Pebblebrook bid, LaSalle has terminated its previously announced merger agreement with affiliates of The Blackstone Group LP (NYSE: BX). Blackstone declined to revise its $4.8 billion bid, including $1.1 billion in debt, which LaSalle previously accepted in May. According to The Wall Street Journal,Blackstone is entitled to a $112 million termination fee. Under terms of the merger agreement, each LaSalle shareholder will have the option to receive for each LaSalle common share owned either a fixed amount of $37.80 in cash or a common share of Pebblebrook stock at a fixed exchange ratio of 0.92. A maximum of 30 percent of outstanding LaSalle common shares may be exchanged for cash. “We are very pleased to have reached an agreement to bring Pebblebrook and LaSalle together in a strategic combination that represents a terrific value-maximizing opportunity for both LaSalle and Pebblebrook shareholders,” says Jon …

September 6, 2018

Conference Coverage Features Multifamily Property Type Seniors Housing

Senior Living Communities Invest in Technology to Improve Resident Care

by David Cohen September 6, 2018

ATLANTA — As internet-connected technology continues to become ubiquitous in our everyday lives, residents at senior living facilities across the United States are using more and more devices. “From seven years ago to today, the average resident has gone from two devices to seven to nine devices,” said Kevin Merrill, business development director at Inviacom during an “Investing in Technology” panel at the InterFace Seniors Housing Southeast conference. The event was held Wednesday, Aug. 29 at the Westin Buckhead hotel in Atlanta, drawing nearly 520 developers, lenders, investors and operators from the senior living space. “Seniors are adopting the technology and bringing it into communities like you wouldn’t believe,” added Merrill. “We continue to see the evolution of technology pushing in and contributing to the improvement of every aspect of the community. The panel was moderated by Matt Haywood, CEO of Tazergy, and tackled how seniors housing communities can invest in technology that both increases revenue and improves resident care. Participating were: Kevin Isakson, director of sales and marketing at Isakson Living; Jesse Marinko, CEO and founder at Phoenix Senior Living; Dan Phelps, SVP Healthcare at ServingIntel; and Merrill. Technology Empowers Businesses, Prospects Technology is changing the way that those …

September 6, 2018

Industrial Market Reports Midwest Midwest Market Reports Missouri

Economic Incentives Fuel Industrial Development in St. Louis Market

by Kristin Harlow September 6, 2018

It has been a banner year thus far for the St. Louis industrial market with yet another milestone achieved. Mid-year absorption totaled 2.5 million square feet of space, a number more closely suited for the entire year versus the halfway point. Fueled by continued absorption, the market has more than 5 million square feet of space under construction with vacancy of approximately 4.9 percent. The continued success is no surprise. But economic incentives, often overlooked and underappreciated, are the unsung heroes behind each industrial development around town. Gaining knowledge Economic incentives have been a prerequisite in attracting or retaining businesses like Amazon, World Wide Technologies and Best Buy. But they do not just benefit large corporations; local and regional users are able to enjoy new Class A real estate in these developments as well. Why? Incentives help bridge the gap for the developer and the user to account for being in a low-rent, high-construction cost market, which is not a great recipe for new development. Yes, St. Louis boasts some of the lowest asking rents in the Midwest, currently averaging $4.70 per square foot for available industrial space. One would think that businesses would flock here because of the low …

September 6, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $33.6M Acquisition Financing for Affordable Housing in Stamford

by David Cohen September 5, 2018

STAMFORD, CONN. — Greystone has provided a $33.6 million acquisition loan for Park Square West, a 143-unit, affordable housing community in Stamford. Dan Sacks of Greystone provided the financing to a New Jersey-based borrower who purchased the property for $42 million. The Fannie Mae acquisition financing features a 12-year fixed rate and five years of interest-only payments. Built in 2001, 20 percent of the units at the property are reserved for renters earning 50 percent of the area median income. Amenities at the community include a rooftop sundeck, fitness center and gated parking.

September 5, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

USDA Approves $34M Funding for 240-Bed Skilled Nursing Facility in Pennsylvania

by David Cohen September 5, 2018

COLLEGE TOWNSHIP, PA. — The U.S. Department of Agriculture has approved a $34 million direct loan for development of Centre Care Health Center in College Township. Located in Central Pennsylvania near Penn State University, the 240-bed, 135,645-square-foot skilled nursing facility will replace the existing Centre Crest property. The USDA’s funding is contingent upon the developer — Centre Care — providing an additional $6 million for the project through a fundraising campaign. Miles Kingston of Lancaster Pollard structured the financing and helped Centre Crest secure the USDA commitment. The loan represents an 85 percent loan-to-cost ratio, and features a fixed interest rate of 3.9 percent for the entire 36-year term. The loan also has a year of interest-only payments and no pre-payment penalties. In March, the College Township Council unanimously approved plans for the facility. In June, Centre Care closed on a 30-acre parcel of land where construction would occur. The development is scheduled to open in 2020.

September 5, 2018

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