Property Type

Phoenix Investors Acquires 2 MSF Distribution Center in Wauwatosa, Wisconsin for $31.2M

by Kristin Harlow March 15, 2018

WAUWATOSA, WIS. — An affiliate of Phoenix Investors has acquired the JCPenney Logistics Warehouse and Furniture Outlet Center for $31.2 million. JCPenney sold the 2 million-square-foot property, which is located at 18000 W. Burleigh St. in Wauwatosa, just west of Milwaukee. The buildings are situated adjacent to Interstate 45 and feature 100 loading docks. The first buildings were constructed in the 1950s. JCPenney has made regular improvements to the buildings and infrastructure over the years. Phoenix plans to renovate the property, both structurally and cosmetically.

March 15, 2018

Multifamily Seniors Housing Texas

Hill & Wilkinson Completes Renovation, Expansion of Seniors Housing Community in Austin

by Taylor Williams March 15, 2018

AUSTIN, TEXAS — Hill & Wilkinson has completed the renovation and expansion of Buckner GreenRidge Villas, a seniors housing community in Austin that provides housing and services to 400 seniors each year. O2 Architecture provided design services for the project, which delivered 69 additional one- and two-bedroom units and 70 parking spaces, as well as a central courtyard. The community will now be able to house and serve up to 138 more seniors.

March 15, 2018

Leasing Activity Michigan Midwest Office

Signature Associates Negotiates 68,305 SF Office Lease for Marketing Firm in Dearborn, Michigan

by Kristin Harlow March 15, 2018

DEARBORN, MICH. — Signature Associates has negotiated a 68,305-square-foot office lease renewal and expansion for Jackson Dawson Communications Inc. and its subsidiary Benmar Communications in Dearborn. The creative marketing and branding company, headquartered in Dearborn, occupies the space at 1 Parklane Blvd. Chris Secontine of Signature Associates represented both the tenant and the landlord, Fairlane Venture One LLC, in the lease transaction.

March 15, 2018

Acquisitions Midwest Minnesota Multifamily

CBRE Arranges Sale of 112-Unit Apartment Community in Minneapolis

by Kristin Harlow March 15, 2018

MINNEAPOLIS — CBRE Multifamily has arranged the sale of Minneapolis Grand, a 112-unit apartment community in Minneapolis. The sales price was not disclosed. The property is located at 2401 Chicago Ave. near Abbott Northwestern Hospital. Built in 2005, the community features a mix of studio, one- and two-bedroom units with an average size of 833 square feet. Amenities include a newly renovated clubroom, fitness center, tenant lounge and underground parking. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, CAP/SP Minneapolis Grand Apartments LLC, an entity related to CAPREIT. Trillium Grand Owner LLC, an entity related to Trillium Investments, purchased the asset. Cathy Bronkema of Cohen Financial, a division of SunTrust Bank, arranged a $15.3 million bridge loan for the acquisition. A private real estate investment fund based in New York provided the loan.

March 15, 2018

Affordable Housing Loans Multifamily Oklahoma Texas

Greystone Closes $38.5M in Financing for Affordable Housing Portfolio in Oklahoma

by Taylor Williams March 15, 2018

RALEIGH, N.C. — Raleigh-based Greystone Affordable Development has closed $38.5 million in financing for the rehabilitation and development of a portfolio of affordable housing properties in Oklahoma. The multifamily portfolio consists of 13 properties totaling 294 units and serving low-income households across eight counties in Oklahoma. The financing was secured on behalf of Oklahoma-based Green Cos. Development Group Inc., which owns and operates the properties. Most of the funds were placed through USDA’s Rural Housing Services and the Oklahoma Housing Finance Agency.

March 15, 2018

Illinois Leasing Activity Midwest Office

Euromonitor International Signs 36,023 SF Office Lease in Chicago’s Loop District

by Kristin Harlow March 15, 2018

CHICAGO — Euromonitor International LLC has signed a 36,023-square-foot office lease at 1 N. Dearborn St. in Chicago. The independent provider of strategic market research will move its North American headquarters from 224 S. Michigan Ave. in October of this year. Euromonitor will occupy the 17th floor of the Central Loop office tower, which is owned by Beacon Properties. Tony Karmin and Corby Marx of Colliers International represented the tenant in the lease transaction. Jack O’Brien and Caroline Colnon of Telos Group represented Beacon Properties.

March 15, 2018

Illinois Leasing Activity Midwest Retail

Bluemercury to Open Store in Chicago’s Fulton Market

by Kristin Harlow March 15, 2018

CHICAGO — Bluemercury, a luxury beauty retailer, has signed a lease to open an 1,800-square-foot store at 900 West in Chicago’s Fulton Market district. The store is expected to open this summer. Tucker Development Corp. completed 900 West last year. The project included the renovation of 10 historic buildings along West Randolph Street. Together, the buildings comprise 45,000 square feet of street-level retail space and 45,000 square feet of upper-level office space. Bluemercury joins lululemon athletica and Bonci Pizza, both of which opened last year.

March 15, 2018

Loans Multifamily Seniors Housing Texas

Love Funding Secures $5.6M HUD Refinancing for Seniors Housing Community in Texarkana, Texas

by Taylor Williams March 15, 2018

TEXARKANA, TEXAS — Love Funding has secured a $5.6 million loan for the refinancing of Winfield Estates, a 156-unit affordable seniors housing community in Texarkana, a city on the Texas-Arkansas state line. Built in 2001, the property consists on 39 one-story buildings with units that are all reserved for senior residents earning no more than 60 percent of the area median income. The financing was secured through HUD’s 223(f) loan insurance program and will be used to implement capital repairs to the property, as well as to pay off existing debt.

March 15, 2018

Leasing Activity Office Texas

NAI Partners Negotiates 54,891 SF Office Lease Renewal in Houston

by Taylor Williams March 15, 2018

HOUSTON — NAI Partners has negotiated a 54,891-square-foot office lease renewal at 2600 N. Loop West in Houston. Jon Silberman of NAI Partners represented the tenant, PFS Group LLC, a provider of accounts receivables solutions and programs, in the lease negotiations. The name and representative of the landlord were not disclosed.

March 15, 2018

Company News New Jersey Northeast Retail Top Stories

Toys ‘R’ Us to Close or Sell All 735 U.S. Stores

by John Nelson March 15, 2018

WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said David Brandon, chairman and CEO of Toys ‘R’ Us, in an official statement. In January, the toy chain announced plans to shutter up to 182 underperforming stores, including those under the Babies ‘R’ Us banner, as part of its restructuring efforts to revive business. The 70-year-old retailer filed for Chapter 11 Bankruptcy last September. Toys ‘R’ Us was facing $5 billion in debt, largely stemming from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Continued debt, combined with poor holiday sales, forced the retailer’s latest move. For …

March 15, 2018

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