Property Type

Cushman & Wakefield Arranges $14.9M Sale of Manufacturing Facility in Broward County

by Camren Skelton September 27, 2017

CORAL SPRINGS, FLA. — Cushman & Wakefield has brokered the $14.9 million sale of 4520 Coral Ridge Drive, a 245,000-square-foot manufacturing facility in Coral Springs. Richard Etner Jr., Christopher Metzger, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the buyer, Philadelphia-based Exeter Property Group. Hoerbiger Corp. of America sold the asset. Formerly known as the Alliance Building, 4520 Coral Ridge Drive is situated on 38.4 acres within Corporate Park of Coral Springs. Of that land, 17.6 acres is developable. Constructed in 1981 and fully renovated in 1995 to meet Category 5 hurricane safety standards, the building features 196,000 square feet of warehouse and manufacturing space, 63,000 square feet of office space, a data room, auditorium-style theater and 537 parking spaces. In addition, 4520 Coral Ridge Drive offers ceilings heights ranging from 24 to 35 feet, nine dock-high doors and one drive-in door.

September 27, 2017

Mixed-Use Retail South Carolina Southeast

Stiles Signs Publix to Anchor New Mixed-Use Project in Charleston

by Camren Skelton September 27, 2017

CHARLESTON, S.C. — Fort Lauderdale, Fla.-based Stiles has signed Publix to anchor Point Hope Commons, a 90,000-square-foot shopping center located within Cainhoy Plantation, a mixed-use community under development in Charleston. Point Hope Commons will be designed with a low country architectural theme and feature spaces for gathering and dining, with direct frontage along Clements Ferry Road. Stiles’ development team based in the company’s Charlotte office is managing the Point Hope Commons portion of the project, and Eric Meyer and Fritz Meyer of Meyer Kapp & Associates are providing property leasing representation. DI Development Co. is managing Cainhoy Plantation, which is being developed by combination of Guggenheim corporate and family interests. Upon completion, Cainhoy Plantation will include up to 9,000 single-family residences, a 264-unit apartment community and over 500 acres of retail, restaurant and office space.

September 27, 2017

Midwest Minnesota Multifamily

CBRE Arranges $87M Sale of Luxury Multifamily Property in St. Paul

by Kristin Harlow September 27, 2017

ST. PAUL, MINN. — CBRE has arranged the sale of the Vintage on Selby in St. Paul for $87 million. The 210-unit multifamily property features a 39,506-square-foot Whole Foods Market on the first floor. Completed in 2015, the property is located at the intersection of Snelling and Selby avenues. The building features a mix of units ranging from studios to three-bedroom units. Amenities include a rooftop terrace with swimming pool, fitness center and yoga room, club room, electric car charging stations and bike storage. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, The Vintage on Selby LLC. The entity is related to Ryan Cos. and The Excelsior Group, which developed the property. An affiliate of Zurich North America purchased the property.

September 27, 2017

Hospitality Illinois Midwest

Graycor Completes Renovations at Marriott Resort in Lincolnshire, Illinois

by Kristin Harlow September 27, 2017

LINCOLNSHIRE, ILL. — Graycor Construction Co. has completed the first two phases of renovations at the Chicago Marriott Lincolnshire Resort in Lincolnshire, a northern suburb of Chicago. Graycor renovated all 390 guest rooms and suites with new windows, HVAC, carpet, ceramic tile, shower door and bathroom fixtures, wall covering and fresh paint. Phase II also included the construction of the Lakeside Pavilion, a 5,000-square-foot, climate-controlled space for weddings and other events. Graycor has also completed nearly 75 percent of the final phase of renovations, which includes rebuilding of King’s Wharf into two new restaurants — Three Embers and Wright’s Brew & Bistro; renovating the lobby Brewpub; adding a Starbucks on the premises; and a new M-Club and Spa. Steven Crowley of Graycor led the project team. The Gettys Group and Stantec provided design services, while Daccord LLC provided project coordination services. LA RFMBG Lincolnshire LLC owns the property and The Bricton Group manages the hotel.

September 27, 2017

Illinois Industrial Midwest

Principle to Build 107,000 SF Industrial Warehouse in Elk Grove Village, Illinois

by Kristin Harlow September 27, 2017

ELK GROVE VILLAGE, ILL. — Seefried Properties has selected Principle Construction Co. to build a 107,000-square-foot industrial warehouse in Elk Grove Village. The speculative property will be located at 2080 Lunt Ave. The building will feature 32-foot clear heights with 16 dock positions, two drive-in doors and parking for 134 vehicles. The property will be able to accommodate a single user or multiple tenants. Completion is slated for December. Mark Augustyn, Darrin Dehmlow and Mark Frane are leading the project team for Principle. Harris Architects is the project architect.

September 27, 2017

Illinois Midwest Multifamily

Interra Arranges $5M Sale of Condo De-conversion in Chicago’s Hyde Park

by Kristin Harlow September 27, 2017

CHICAGO — Interra Realty has arranged the sale of Everett Hyde Park in Chicago for $5 million. The 32-unit condominium building is located at 5454 S. Everett Ave. The property was renovated and converted to condominiums in 2007. Joe Smazal of Interra represented the condominium association and the purchaser, Chicago-based Tricap Residential Group. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent of residents or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

September 27, 2017

Industrial Kansas Midwest

Colliers Brokers Sale of 12,000 SF Industrial Building in Olathe, Kansas

by Kristin Harlow September 27, 2017

OLATHE, KAN. — Colliers International has brokered the sale of a 12,000-square-foot industrial building in Olathe for an undisclosed price. The property is located at 15150 South Keeler St. John Stafford of Colliers represented the seller, Fisher Properties LLC. Rob Holland of Cushman & Wakefield represented the buyer, March Properties LLC.

September 27, 2017

California Multifamily Top Stories Western

Essex Apartment Homes Acquires 24-Story Mixed-Use Property in San Jose

by Nellie Day September 27, 2017

SAN JOSE, CALIF. — An affiliate of Essex Apartment Homes (NYSE: ESS) has purchased 360 Residences, a 24-story, mixed-use residential and retail tower in downtown San Jose. The purchase price was $133.5 million, according to Silicon Valley Business Journal. The mixed-use asset is located at 360 Market St., situated one mile from Google’s proposed office campus as well as the future downtown San Jose and Diridon BART stations. The transit-oriented property also provides access to Interstates 280, 680 and 880, U.S. Highway 101 and State Highway 87. 360 Residences was built in 2010. It features 213 ultra-luxury condominium units with high-end finishes and floor plans that average 1,320 square feet. Community amenities include a resort-style pool, fitness center, community lounge with chef’s kitchen, and executive business center with conference room and concierge services. The asset also contains 10,167 square feet of ground-floor retail that is fully leased. The seller, Capri Capital Partners LLC, purchased 360 Residences from Kennedy Wilson for $118 million in April 2012. HFF’s Scott Bales, Peter Yorck and Miles Kersten represented Capri in this transaction. San Mateo, Calif.-based Essex Apartment Homes is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops apartment communities …

September 27, 2017

Market Reports New York Northeast Northeast Market Reports Office

A Second Wind: Large Transactions Invigorate the Manhattan Office Market in 2017

by Taylor Williams September 27, 2017

The office market in 2017 has rebounded from the slowdown of 2016 — suggesting that Manhattan market conditions remain stronger than some might have imagined at the end of last year. Growth in office-using employment has picked up steam this year, and New York’s Gross City Product expanded at a faster rate than in 2016. Buoyed by large transactions in the financial services and government sectors, leasing activity also expanded in the first half of 2017, outpacing 2016’s mid-year leasing activity by 19 percent. Asking rents continued their trajectory of modest growth, though tenant improvement allowances have grown at a far faster rate, suggesting tenants are paying lower net effective rent; meanwhile, the number of upward repricings on existing listings fell off considerably in the first half of 2017, while downward repricings continue unabated from last year. Despite the increase in both leasing activity and velocity in the first half of 2017, Manhattan continues to see negative net absorption this year, largely due to the delivery of new office product in Midtown South and Downtown. This has pushed up the availability rate to 12.0 percent — suggesting increasingly tenant-favorable conditions in the market. New York City Employment After a relatively …

September 27, 2017

Colorado Multifamily Western

Oak Coast Buys 384-Unit Apartment Community in Denver for $52.5M

by Nellie Day September 26, 2017

DENVER — Oak Coast Properties has purchased a majority interest in the 384-unit Villas on 76th apartment community in Denver for $52.5 million. The property is located at 2002 W. 76th Ave. Villas features a playground, pet park, swimming pool and newly renovated clubhouse. The seller, BMC Investments, will maintain a minority interest in the project. BLDG Management, an affiliate of BMC Investments, will continue to operate the property. BMC acquired Villas on 76th in 2013. At that time, the company made investments to complete deferred maintenance and update the look and feel of the community.

September 26, 2017

Newer Posts

Older Posts