Property Type

CRG, Koman Group Complete 262,000 SF Student Housing Property in Cleveland

by Kristin Harlow July 17, 2017

CLEVELAND — CRG and The Koman Group have completed The Edge on Euclid, a 262,000-square-foot student housing property located directly across from Cleveland State University in downtown Cleveland. Early move-in began on July 1. The property features 240 residential suites, a fitness center, lounge, café, study areas and a 163-car garage. The 11-story building features a mix of one- to four-bedroom units. The 11th floor features a sky deck. Clayco served as the design-builder and its subsidiary, Forum Studio, served as the architect.

July 17, 2017

Illinois Midwest Retail

Chicago Harley-Davidson Signs 10,000 SF Retail Lease at Addison & Clark

by Kristin Harlow July 17, 2017

CHICAGO — Chicago Harley-Davidson has signed a 10,000-square-foot retail lease at Addison & Clark, a mixed-use project under development in Chicago’s Lakeview neighborhood. The retail and residential complex is located directly across from Wrigley Field. One of three Chicago-area Harley-Davidson stores owned by Grand Rapids, Mich.-based Fox Motors, Chicago Harley-Davidson will occupy 10,000 square feet of retail space at the development. The showroom will primarily be a retail outlet offering new and used sales, light maintenance services, Harley-Davidson parts and accessories and MotorClothes.

July 17, 2017

Illinois Industrial Midwest

NKF Arranges Sale of 30,864 SF Industrial Property in Elgin, Illinois

by Kristin Harlow July 17, 2017

ELGIN, ILL. — Newmark Knight Frank (NKF) has arranged the sale of a 30,864-square-foot industrial property in Elgin, 35 miles northwest of Chicago. The sales price was not disclosed. Situated on a two-acre site, the property is located at 1320 Holmes Road. Designated for light manufacturing and warehouse use, the property features one exterior dock, two drive-in doors, four existing cranes, and 18- to 24-foot clear heights. Adam Marshall and Mark Deady of NKF represented the seller, Reis Robotics USA Inc. The firm relocated to a nearby property earlier this year, which provided more space efficiency and functionality for its operations. Rick Anesi of Lee & Associates represented the buyer, Ultra Polishing Inc. The metal polishing company is based in Schaumburg.

July 17, 2017

Midwest Minnesota Retail

Marcus & Millichap Brokers $2.5M Sale of Retail Property in Champlin, Minnesota

by Kristin Harlow July 17, 2017

CHAMPLIN, MINN. — Marcus & Millichap has brokered the sale of South Pond Center in Champlin, a northern suburb of Minneapolis, for $2.5 million. The 26,020-square-foot retail property is located at 11350 Aquila Drive North. Tenants include Hudy’s Café, Totally Tan, Trailhead Cycling and Champlin Nails. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Claire J. Roberts and Marc C. Paylor of Marcus & Millichap secured and represented the buyer, also a limited liability company.

July 17, 2017

Industrial Top Stories

Ivanhoé Cambridge Acquires 150-Property Industrial Portfolio for Reported $1B

by Taylor Williams July 17, 2017

MONTREAL, SAN FRANCISCO AND FORT WORTH, TEXAS — Montreal-based investment firm Ivanhoé Cambridge has acquired the 150-property portfolio of Evergreen Industrial Properties from TPG Real Estate. Canadian newspaper The Globe and Mail reports a sale price of approximately US$1 billion. Evergreen specializes in operating infill, multi-tenant assets under 250,000 square feet. The portfolio totals roughly 16 million square feet across 18 major American markets, including Dallas, Portland, Atlanta, Denver and Chicago. Evergreen’s industrial facilities largely focus on handling logistics of local distribution for e-commerce companies. San Francisco- and Fort Worth-based TPG created Evergreen in 2014, building the platform with a 7.5 million-square-foot portfolio as its base. In subsequent years, Evergreen acquired an additional 127 properties via 11 different transactions. “Industrial real estate offers an attractive current return and good diversification for our office portfolio in terms of underlying economic drivers,” says Arthur Lloyd, president of Ivanhoé Cambridge’s North American office. “We believe we have found the right fit with Evergreen.” With the acquisition, Ivanhoé Cambridge’s holdings total roughly CA$56 billion, or US$44.3 billion, based on the exchange rate on Monday, July 17. TPG’s assets under management now total approximately $73 billion. — Taylor Williams

July 17, 2017

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market Continues to Thrive, Though a Test Looms on the Horizon

by John Nelson July 17, 2017

It is no secret that Atlanta has been a booming market in the post-recession era. Metro Atlanta added more than 85,000 jobs in 2016, while the unemployment rate has dropped to 4.9 percent, back to a prerecession level (2007). Atlanta has ranked near the top of the largest 10 office markets in annual job growth, outpacing the likes of New York, Los Angles and Chicago. There was 3.3 percent job growth in 2016, outpaced by only one large metropolitan peer, Dallas-Fort Worth. Rent Growth The Atlanta office market has shared this success as rents have continued to climb to record levels and vacancy levels have dropped. Since the end of 2012, overall gross asking rents have risen 22.1 percent, or $4.41 per square foot. Thanks to major relocations by companies such as Honeywell, GE Digital and Synovus, and major expansions by Kaiser Permanente, Sage, Anthem and Kabbage, among others, Atlanta’s overall office vacancy rate has plummeted 540 basis points from the end of 2012 (from 22.3 percent to 16.9 percent in the first quarter of 2017). Construction With market fundamentals in a stronger state than at any other time in recent history, the introduction of new product presents a litmus …

July 17, 2017

Multifamily Texas

RADCO Acquires 278-Unit Apartment Community in Houston

by Taylor Williams July 14, 2017

HOUSTON — The RADCO Cos. has acquired City Gate at Champions, a 278-unit, Class B apartment community situated on 10.6 acres at 12811 Greenwood Forest Drive in Houston. Built in 1978, the property consists of 27 two-story buildings with units averaging 874 square feet each. Amenities include a pool, picnic and grilling area and community clubhouse. The seller and other terms of sale were not disclosed. Atlanta-based RADCO plans to spend approximately $14,500 per unit on capital improvements. BBVA Compass provided debt and capital for the acquisition.

July 14, 2017

Retail Texas

DIG Sells Two Shopping Centers Totaling 58,578 SF in North Texas for $24M

by Taylor Williams July 14, 2017

DALLAS AND DENTON, TEXAS — Disney Investment Group (DIG) has sold two shopping centers totaling 58,578 square feet in North Texas for a combined $24 million. The company sold Sprouts Village, a 46,380-square-foot, grocery-anchored center in Denton to The Inland Real Estate Group of Cos. Inc. DIG also sold Midway Plaza, a 12,198-square-foot shopping center in Dallas shadow-anchored by Walmart and Sam’s Club, to a private investor.

July 14, 2017

Retail Texas

Mimco Acquires 100,000 SF Shopping Center in San Antonio

by Taylor Williams July 14, 2017

SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired 5530 Walzem Road, a 100,000-square-foot shopping center in San Antonio. The center is home to tenants such as Melrose Clothing, Freedom Fitness, Octapharma and Taco Bell. With this acquisition, Mimco’s San Antonio portfolio now consists of more than 1 million square feet of shopping centers.

July 14, 2017

Loans Multifamily Texas

Hunt Mortgage Arranges $10M Acquisition Loan for 192-Unit Apartment Complex in San Antonio

by Taylor Williams July 14, 2017

SAN ANTONIO — Hunt Mortgage Group has arranged a $10 million Fannie Mae loan for the acquisition of Richland Apartments, a 192-unit, garden-style multifamily complex located at 7791 Woodchase Drive in San Antonio. The 14-story property features an Internet café, tennis court and an outdoor pool and spa. The 12-year loan was arranged on behalf of Richland Living LLC.

July 14, 2017

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