Property Type

Natixis Provides $34.7M Acquisition Financing for Retail Center in Arlington Heights, Illinois

by Kristin Harlow June 23, 2017

ARLINGTON HEIGHTS, ILL. — Natixis has provided $34.7 million in acquisition financing for Northpoint Center in Arlington Heights. The 276,333-square-foot retail center is located at the corner of Rand and Arlington Heights roads. A 68,237-square-foot Jewel-Osco anchors the center. A tenant at the property since 1991, Jewel-Osco recently renewed its lease and renovated the store. An initial $30.2 million loan will be provided, with the remaining $4.5 million earmarked to fund future leasing. Jeff Black of Colliers International arranged the financing for the borrower, an institutional investor.

June 23, 2017

Hospitality Indiana Midwest

CBRE Arranges Sale of 291-Room Hotel Property in South Bend, Indiana

by Kristin Harlow June 23, 2017

SOUTH BEND, IND. — CBRE Hotels has arranged the sale of the DoubleTree by Hilton Hotel South Bend for an undisclosed price. The 291-room hotel is located at 123 N. Dr. Martin Luther King Blvd. in South Bend. In 2013, the hotel changed brands from a Marriott to a DoubleTree and underwent a comprehensive renovation. The property is connected to the Century Center Convention Complex. Nate Sahn and Drew Noecker of CBRE Hotels represented the seller, Jenna Hotel Investments LLC. United Capital Corp. purchased the property.

June 23, 2017

Illinois Industrial Midwest

PREMIER Completes 110,439 SF Freezer Expansion Project in Northlake, Illinois

by Kristin Harlow June 23, 2017

NORTHLAKE, ILL. — PREMIER Design + Build Group LLC has completed a 110,439-square-foot addition to an existing freezer facility at a business park in Northlake, about 20 miles west of Chicago. More than 1 million square feet of space is undergoing construction or redevelopment at the park. The freezer facility features 58 truck stalls, a 104-car parking lot and 40 dock doors. The project team included Samantha Skopek and Rip Pogue of PREMIER. Cornerstone Architects LLC provided architectural services, while Structure-Logic provided engineering expertise. Bridge Development Partners LLC was the developer.

June 23, 2017

Illinois Midwest Multifamily

Interra Brokers $3.9M Sale of Multifamily Property in Chicago

by Kristin Harlow June 23, 2017

CHICAGO — Interra Realty has brokered the sale of a 43-unit multifamily property in Chicago’s Rogers Park neighborhood for $3.9 million. The property is located at 7245 N. Rogers Ave. The building features a mix of 12 studios, 24 one-bedroom units and six two-bedroom units. A 1,200-square-foot, vacant commercial space is best suited for office tenants. Craig Martin of Interra represented both the sellers and the buyers, local investors.

June 23, 2017

Illinois Industrial Midwest

Printing Arts Signs 46,973 SF Industrial Lease in Broadview, Illinois

by Kristin Harlow June 23, 2017

BROADVIEW, ILL. — Printing Arts has signed a 46,973-square-foot industrial lease in Broadview, about 12 miles west of Chicago. The printing production and materials storage company will occupy the space at 2105 W. 21st St. Printing Arts is expanding from an adjacent building. Mandy Lewandowski of Darwin Realty represented the landlord, Welbic III Broadview 21 LLC, in the lease transaction.

June 23, 2017

Georgia Mixed-Use Southeast Top Stories

NAP Breaks Ground on $80M Mixed-Use Project on Atlanta BeltLine

by Kristin Harlow June 23, 2017

ATLANTA — North American Properties (NAP) has broken ground on Edge, an $80 million mixed-use project on the Atlanta BeltLine’s Eastside Trail. NAP is partnering with Atlanta BeltLine Inc. (ABI) and The Conservation Fund Partner to transform the environmentally contaminated site. Edge will line both sides of the BeltLine’s Eastside Trail with 29,000 square feet of retail, dining and loft office space, connected by a pedestrian bridge. Of 350 residential units, 30 percent will be dedicated to affordable workforce housing for the portion of the property purchased from ABI. Completion of the retail and residential components is slated for spring 2019. “This initiative is the first redevelopment project on the Atlanta BeltLine where activation is occurring on three corridors: the Atlanta BeltLine, DeKalb Avenue and Edgewood Avenue, and it represents the vision of building an Atlanta BeltLine that everyone can call home,” says Paul Morris, president and CEO of ABI. The Atlanta BeltLine currently consists of four open trails, two trails under construction and seven parks. The 22-mile loop of pedestrian-friendly transit is slated for full completion in 2030. Founded in 1954, NAP is a privately held, multi-regional real estate operating and development company that has acquired, developed and managed …

June 23, 2017

Market Reports Retail Texas Texas Market Reports

New Retail Concepts Abound in Expanding Dallas-Fort Worth Market

by Taylor Williams June 23, 2017

It’s no secret retail vacancies in the Dallas-Fort Worth (DFW) area are at all-time lows. Vacancy rates at the end of first quarter 2017 were 4.6 percent, down from 5.5 percent a year ago, according to CoStar. More tenants are actively looking for the right spaces for their businesses so the retail sector is not overbuilt. Junior anchor tenants have “right-sized” requirements, thus decreasing their space needs. For example, Office Depot is downsizing its typical footprint from 24,000 square feet to 14,000 square feet. Grocery stores that have gone dark have been backfilled with fitness gyms, other grocers or entertainment-type tenants. In addition, market rents jumped markedly from $30 per square foot plus NNNs to $35 to $40 per square foot plus NNNs in the high demand spaces. In Class A retail environments such as the Frisco Mile, rates are $50 to $65 per square foot plus NNNs. Even in the new 99 Ranch Market space in Frisco, rents are $50 per square foot plus NNNs and the tenants are not blinking. Requests for higher finish-outs are continuing, but tenants are willing to pay these higher rents in order to use the landlords’ money for their improvements. Job and Housing …

June 23, 2017

California Industrial Western

Rexford Industrial Buys Two Industrial Properties in Los Angeles for $35.9M

by Nellie Day June 22, 2017

LOS ANGELES — Rexford Industrial Realty has purchased two industrial assets in Los Angeles for a total of $35.9 million. The first acquisition was 4175 E. Conant St. in the Long Beach area for $30.6 million. The Class A asset is fully leased to a single tenant on a triple-net basis with 13 years remaining on the lease term. The second acquisition was 5421 Argosy Ave. in the Orange County West submarket. It is fully leased as a mission-critical facility. Rexford funded the acquisitions with cash on hand.

June 22, 2017

Arizona Multifamily Western

Jevan Capital Acquires La Reserve at Forty-Fifth Apartments in Phoenix for $12.7M

by Nellie Day June 22, 2017

PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.

June 22, 2017

California Retail Western

Hanley Investment Brokers $7.6M Sale of Retail Property in Rosamond

by Nellie Day June 22, 2017

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 2938 Rosamond Blvd. in Rosamond. Newmar LLC acquired the property from a private partnership for $7.6 million. Rite Aid occupies the 17,277-square-foot property, which was built in 2016. Bill Asher of Hanley Investment Group represented the seller, while Jim Halferty of Lee & Associates represented the buyer in the deal.

June 22, 2017

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