SOUTHFIELD, MICH. — Money360 has provided a $3.2 million bridge loan for the acquisition of a 60,000-square-foot office building in Southfield. The two-year loan features a loan-to-value ratio of 74.4 percent. The borrower was not disclosed.
CHICAGO — Away Travel has signed a 1,200-square-foot retail lease at the corner of State and Cedar streets in Chicago. The travel and lifestyle brand offers high-quality luggage at affordable prices. Expected to open in time for the holiday shopping season, this will be the seventh retail storefront for Away Travel. The brand originally started as an online-only concept. Founded by two Warby Parker alumni, Away Travel will be located adjacent to a Warby Parker store. Janika Brenner and Adam Secher of Baum Realty Group LLC, along with Peter Block of Colliers International, represented the undisclosed landlord in the lease transaction. Jason Trombley of JLL represented Away Travel.
BOSTON — MP Boston, a local mixed-use and residential developer, broke ground Wednesday on Winthrop Center in downtown Boston. The $1.35 billion mixed-use development represents the largest private investment for a single project in Boston’s history. The site was formerly owned by the City of Boston and housed the Winthrop Square Garage. Set for a spring 2022 completion, Winthrop Center will feature 750,000 square feet of office space, 420 condominiums, retail and restaurants, as well as a public gathering space. The tower will rise 691 feet tall, making it the fourth-largest tower in Boston. At the base of Winthrop Center will be the Great Hall, an open civic space available to the public. The center will also feature an open mid-block alley between Winthrop Square/Downtown Crossing and Federal Street/the Financial District. Handel Architects LLP and Steven Winter Associates Inc. designed the tower to achieve LEED Platinum certification with hopes to also be a certified Passive House Pilot Project. Begun by Germany-based research organization Passivhaus Institut, Passive House is the only internationally recognized energy standard in commercial construction. If achieved, Winthrop Center would be the largest Passive House office building in the world. MP Boston is developing the tower in conjunction …
CARLSBAD, CALIF. — Institutional, private and foreign investors all continue to pour capital into the industrial sector in the Midwest and nationwide, confirming there is still “plenty of runway left,” according to the 2018 Industrial Investor Sentiment Report from Real Capital Markets (RCM) and SIOR. The steady flow of capital and positive momentum within the sector comes despite looming threats from rising interest rates, tariffs and a diminishing supply of quality assets. “The industrial market and those who invest in it have enjoyed an incredible, long run because of its ability to adapt to the needs of specific users and subsectors, and embrace the ongoing evolution of the global economy,” says Tina Lichens, COO of Carlsbad, Calif.-based RCM. “Given this performance and consistency, we have every reason to believe there is plenty of runway left.” RCM and SIOR compiled the study through a survey of RCM principals, SIOR members and subsequent interviews with key industry leaders. Year-over-year comparisons Questions in the survey tracked participants’ perceptions of investment activity, pricing and cap rates. Notably, more than 48 percent of respondents believe that industrial activity will remain at or about the current level. One year ago, that figure was 43 percent. More …
CHICAGO — Some 92 percent of executives from the seniors housing and long-term care industry expect the pace of mergers and acquisitions within the sector to remain the same or increase over the next 12 months, according to newly released findings in a Capital One survey. Conversely, only 8 percent expect M&A activity to decrease. Conducted in September, the e-mail survey asked professionals to provide their 12-month outlook on a number of issues in the seniors housing space. The survey netted 147 respondents. “I was a little surprised by people expecting M&A activity to increase next year. Obviously, the market has been fairly robust for a number of years,” said Chris Taylor, managing director at Capital One Healthcare, during an interview with Seniors Housing Business at the fall conference of the National Investment Center for Seniors Housing & Care (NIC). The three-day event, held Oct. 17-19 at the Sheraton Grand Chicago, attracted more than 3,100 attendees. One possible explanation for survey respondents’ optimism over M&A prospects in the year ahead, according to Taylor, is that while it’s getting more difficult for investors to acquire Class A product in light of the compressed cap rates and rising interest rate environment, they see more …
Columbus is a city on the rise. While that’s not exactly a new development, the fact that the arc of commercial development continues to bend up in Ohio’s capital city is noteworthy — and the pace of growth is impressive, to say the least. Columbus is the gateway market for the state of Ohio, with an impressive civic and economic resume. The counties making up the greater Columbus region have not only added approximately 160,000 jobs since 2010, they have brought in more than $8 billion in capital investments during that time. Columbus is home to The Ohio State University (OSU), one of the largest and most influential public universities in the nation; a long and expanding list of headquarters of national brands and businesses; and Columbus boasts a combination of arts, culture and commercial creativity that has led some to refer to it as the “Austin of the Midwest.” Downtown’s Arena District, home to the city’s professional hockey team the Columbus Blue Jackets, is the standard bearer for large-scale urban infill projects. The new Grandview Yard development brought additional mixed-use horsepower to the city. Retail expansions Easton Town Center is the major retail destination in Columbus, located in the …
DALLAS — Ziegler has arranged $91.9 million in tax-exempt bond financing for Presbyterian Village North, a 63-acre, nonprofit continuing care retirement community (CCRC) in Dallas. The campus is spread across 89 buildings featuring a total of 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. Proceeds of the bonds, along with trustee funds on hand were used to refund all outstanding debt, finance a project fund for pre-finance costs related to a future expansion, fund a debt service reserve and pay costs of issuance.
FORT WORTH, TEXAS — Multifamily investment and development firm Wood Partners has opened Alta Waterside, a 361-unit multifamily community in Fort Worth. The property, which features one-, two- and three-bedroom units, is located within a larger mixed-use development called Waterside, which is anchored by a Whole Foods Market and features an array of retailers. Alta Waterside’s amenities include a pool, kitchen-style bar, clubhouse, conference room, cyber lounge, fitness center and hiking trails.
EL PASO, TEXAS — Pilot Freight Services, a transportation and logistics firm, has signed an 87,726-square-foot industrial lease at 445 Pan American Drive in El Paso. The company will occupy 100 percent of the property, which represents the first speculative industrial space built in El Paso during this cycle. Arturo de La Mora and Christian Perez Giese of CBRE represented the landlord and developer, Hanson Asset Management LP, in the lease negotiations. Chad McCleskey of CBRE represented the tenant.
DALLAS — TIG Real Estate Services has negotiated the sale of a 35,478-square-foot industrial building located at 9886 Chartwell Drive in Dallas. Matthew Hickey and Kristin Grammar of TIG represented the seller in the transaction. Beam Real Estate represented the buyer. Other terms of sale were not disclosed.