CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Lincoln Park for $3.7 million. The property, located at 1955 N. Lincoln Ave., features four studios and 12 one-bedroom units. Brad Feldman and Adam Saxon of Interra represented the buyer, a local developer, as well as the sellers, Ron and Nancy Hollmeier. The Hollmeiers have owned the property since 1999. The new owner plans to renovate the units to increase rents.
LOWELL, MICH. — NAI Wisinski of West Michigan has negotiated a third Michigan location for Fettig Employment Agency in Lowell, about 18 miles east of Grand Rapids. The agency began occupying the 1,087-square-foot retail storefront at 11635 Fulton St. last month. The company, founded in 1995, also maintains locations in Rockford and Grand Rapids. Todd Leinberger and Doug Taatjes of NAI Wisinski negotiated the two-year lease on behalf of Fettig. Tri-Cord Enterprises is the building landlord.
SEATTLE — Online retail giant Amazon (NASDAQ: AMZN) has agreed to acquire high-end grocery chain Whole Foods Market Inc. (NASDAQ: WFM) for $13.7 billion. The all-cash transaction amounts to $42 per share and includes the Austin, Texas-based grocer’s net debt. Whole Foods Market will continue to operate stores under the Whole Foods Market brand. John Mackey will remain CEO of Whole Foods Market, and the company’s headquarters will remain in Austin. “This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” says Mackey. Completion of the transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017. “It seems that Amazon, after all, is one of brick and mortar’s biggest believers — and for good reason. The grocery sector has been in major growth for some time now, and Amazon’s entry into the space will be a game changer,” says Rafael Romero, vice president on the retail team at Coral Gables, Florida-based CREC, an independent real estate firm. “It will be interesting to see how other high-end and organic …
Much like the overall U.S. economy, the Dallas-Fort Worth (DFW) office market is statistically trending upward and will experience continued growth in 2017 as indicated by first quarter numbers. Overall, the marketplace is experiencing sustained growth thanks to small- to medium-sized businesses expanding at a rapid rate, investors selectively chasing higher yields and market cores shifting to suburban areas. According to Stream’s first quarter 2017 data, the market experienced cautious growth in the latter half of 2016, with stagnations that are common during election years. Yet the report indicates 2017’s outlook is very promising. With 75 percent of the metro’s office markets posting a decrease in vacancy, we have much to look forward to over the remainder of the year. Only submarkets with heavy volumes of speculative office construction have not seen as much in the way of decreasing vacancies. Kicking off with a bang, the Dallas office market saw leasing activity ramp up dramatically to begin 2017. With quarter one in the books, we can project continued job growth, a robust local economy and heavy deal activity. Noteworthy Dallas Developments Similar to 2016, buildings that primarily focus on improving parking availability and walkable retail options will have the best …
SEATTLE — Union Investment has purchased the Midtown21 office building in Seattle for approximately $330 million. The 21-story building is located at 1007 Stewart St. in Denny Triangle within the South Lake Union submarket. Amazon is leasing the entire 35,000-square-foot office space. A joint venture between MetLife Real Estate and Trammell Crow Co. developed the property.
EL SEGUNDO, CALIF. — HFF has arranged a $125 million refinancing for Plaza El Segundo, a 380,558-square-foot shopping center located roughly 20 miles outside Los Angeles in El Segundo. The center is 97 percent leased and comprises 13 buildings in three shopping districts: The Plaza, The Collection and The Edge. Tenants at the center include Whole Foods Market, Dick’s Sporting Goods, lululemon athletica, Anthropologie and Salt Creek Grill. Kevin MacKenzie and Matthew Stewart of HFF worked on behalf of the borrower, Federal Realty, to secure the 10-year, fixed-rate loan through PGIM Real Estate Finance.
TEMPE, ARIZ. — Bridge Investment Group has purchased the 659-unit Onnix apartment property in Tempe for $77 million. The community is located at 1440 and 1500 E. Broadway Road. Onnix was built in 1984, one mile from a Valley Metro light rail station. It was developed in two phases as the 375-unit Onnix West and the 284-unit Onnix East. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and institutional seller in this transaction.
LOS ANGELES — BCBG Max Azria Group LLC (BCBG) and some of its affiliates have agreed on a comprehensive restructuring that will consider the sale of substantially all the assets of the company to Marquee Brands LLC and Global Brands Group Holding Limited through a Chapter 11 bankruptcy plan. Consummation of the transactions with Marquee and Global Brands is expected to immediately follow approval by the United States Bankruptcy Court for the Southern District of New York with an expected closing date no later than July 31. According to BCBG, Marquee and Global Brands intend to continue to operate a substantial majority of BCBG’s core businesses. Marquee will acquire the intellectual property associated with the BCBG brand and Global Brands will acquire certain of the assets associated with the operation of the BCBG business. Global Brands will operate the wholesale operations, select retail stores and e-commerce platform of the BCBG brands. Founded in 1989, BCBG Max Azria Group is a label sold online, in freestanding boutiques and partner shops at top department stores across the globe. Marquee Brands is a brand acquisition, licensing and development company. Global Brands Group Holding Limited is a branded apparel, footwear and fashion accessories companies.
SAN DIEGO — A high-net-worth individual has acquired a 40,000-square-foot office building that is fully leased to the University of Southern California (USC) for $12.5 million. The building is located at 9860 Mesa Rim Road. USC’s Alzheimer’s Therapeutic Research Institute, which is a part of the Keck School of Medicine, occupies the property. It was built in 2000. The 1031 exchange buyer plans to keep the property as a long-term investment. CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Mark Shaffer represented the seller, Washington Capital Management, in this transaction.
BEACHWOOD, OHIO — Beachwood-based DDR Corp. and an affiliate of Madison International Realty have closed the $1.05 billion recapitalization of a joint venture with 52 shopping centers previously owned by DDR and various partners through the DDR Domestic Retail Fund I. Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80 percent of the common equity of the joint venture and an affiliate of DDR retained 20 percent. The portfolio, totaling 7 million square feet, consists primarily of grocery-anchored shopping centers located predominantly in Florida and the Southeastern U.S., and was originally formed in 2007. Three properties previously held by the partnership have been excluded from the recapitalization and are being held in a separate joint venture with the previous partners of DDR Domestic Retail Fund I, including DDR. The recapitalization includes the repayment of all outstanding mortgage debt previously held by the partnership with a new $707 million mortgage loan secured by the 52 assets. DDR will continue to provide leasing and management services.
