Property Type

$151M Origin Investments’ Fund III Targets Value-Added Properties

by Kristin Harlow July 18, 2017

CHICAGO — Origin Investments has raised $151 million from 450 investors through its third private equity real estate fund, paving the way for it to acquire $600 million in value-added commercial and multifamily properties. Since July 2016, the now closed and fully subscribed Origin Investments’ Fund III has spent $38 million to acquire eight assets, including The Clayson, a 448-unit apartment complex in Palatine, Ill. The eight properties are valued in excess of $257 million. The investment strategy for the third fund mirrors Chicago-based Origin Investments’ first two funds, which are currently on track to generate more than a 24 percent annualized net return. When fully invested, Origin Investors’ Fund III is expected to own more than 15 multifamily and office properties in eight markets across the United States.

July 18, 2017

Industrial Loans Michigan Midwest

Cohen Financial Arranges $4M Refinancing for Industrial Property in Suburban Detroit

by Kristin Harlow July 18, 2017

ROMULUS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4 million loan for the refinancing of a single-tenant industrial property in Romulus, a western suburb of Detroit and home to Detroit Metropolitan Airport. The 121,500-square-foot building is 100 percent leased to a user that primarily services the automotive industry. Cathy Bronkema of Cohen Financial arranged the 15-year loan, which includes a 15-year amortization schedule. A life insurance company provided the loan.

July 18, 2017

Illinois Midwest Retail

Missner Group to Renovate 40,000 SF Subaru Dealership in Chicago

by Kristin Harlow July 18, 2017

CHICAGO — The Missner Group has been selected to renovate the Berman Mid City Subaru car dealership, located at 4330 and 4444 Irving Park Road in Chicago. Renovations will be made to two buildings, and include improvements to both the office and service areas of the dealership. The project will encompass 40,000 square feet, and include a new, 22,000-square-foot service area. This new space will feature a customer lounge, café and service bays. The Missner Group will also install a new HVAC system. Robert Papineau will lead the project on behalf of The Missner Group with Steve Bulger serving as project superintendent. Becker Architects is providing the architectural services. The project is slated for completion late this fall.

July 18, 2017

Illinois Midwest Office

Ankura Consulting Signs 9,500 SF Office Lease in Chicago

by Kristin Harlow July 18, 2017

CHICAGO — Ankura Consulting has signed a 9,5000-square-foot office lease at 1 N. Wacker Drive in Chicago. The Washington, D.C.-based consulting firm provides advisory and expert services for corporate turnaround and restructurings, forensic investigations, compliance and regulatory government issues and cybersecurity. Ankura is building out its new office space on the 19th floor of the building while working out of temporary space on the 29th floor. The company is scheduled to occupy its new permanent space this fall. Kyle Kamin and Dan Persa of CBRE represented Ankura in the lease transaction, while Brad Despot of Avison Young represented the building owner, Irvine Cos.

July 18, 2017

California Mixed-Use Office Top Stories Western

Lincoln Property Co., Alcion Ventures Break Ground on $141.6M Phase I of Creative Office Campus in California

by Katie Sloan July 18, 2017

ORANGE COUNTY, CALIF. — Lincoln Property Co. and Alcion Ventures have broken ground on Phase I of FLIGHT at Tustin Legacy, a 38-acre creative office campus located within the master-planned community of Tustin Legacy in Orange County. ACORE Capital and iStar Inc. recently provided the joint venture with $141.6 million in construction financing for the initial phase of the development. Mark Wintner and Doug Bond of HFF secured the three-year loan on behalf of the borrowers. The mixed-use campus, at completion, will include 18 low-rise office buildings, retail and open space for gathering. The first phase of the development will offer 470,000 square feet of office space including a collection of four custom-built, incubator-style buildings dubbed Platform Campus, a 12,000-square-foot food hall and a 7,000-square-foot conference center. Campus amenities will include outdoor meeting spaces and flexible break-out rooms; indoor and outdoor fitness areas; a bike share program; dog walk and walking trails; and electric vehicle charging stations. The 12-vendor food hall, known as Mess Hall Market, will serve breakfast, lunch and dinner and offer a full-service bar. Anchor tenants for the space will be announced this fall, with the completion of Phase I slated for late 2018. The project is …

July 18, 2017

Company News Features Retail Top Stories

Amazon-Whole Foods Merger ‘Reinforces Importance of Brick-and-Mortar Presence,’ Says Marcus & Millichap

by Jeff Shaw July 18, 2017

The recent announcement that online retail giant Amazon plans to acquire upscale grocery chain Whole Foods for $13.7 billion sent ripples through the commercial real estate industry when it was announced in June. The move signals a lot of trends and changes within the retail sector, according to a newly released report by real estate brokerage firm Marcus & Millichap. “The purchase highlights the importance of omnichannel platforms, which incorporate a blend of brick-and-mortar establishments with an online footprint to drive traffic and sales,” states the report. “In addition, grocery stores are typically retail center anchors, underscoring the importance of strip and neighborhood centers in the retail landscape.” The 11 largest grocery chains in the country all plan to expand this year, with many doing so aggressively. Discount grocer Aldi, which already has more than 1,600 locations, expects to open 900 new stores by 2022. This expansion within the grocery sector is snapping up a lot of available real estate. Combined with a low rate of new retail construction over the past seven years since the Great Recession, retail vacancy has reached a 16-year low of 5.4 percent. The flip side is that existing space is extremely constrained, and increased …

July 18, 2017

California Market Reports Multifamily Western Western Market Reports

L.A. County Apartment Sector is Feeling the Pressure From Buyers, Renters

by Camren Skelton July 18, 2017

Los Angeles County is facing a significant lack of housing product — an issue that can’t be resolved any time soon. With the fight to limit new development, it is a very uphill and challenging battle that is unfortunate for the economy, business and, most of all, residents. An influx of about 160,000 new residents moved to the county from 2010 through 2015, but we have only seen upwards of 25,000 new housing units built during that same time frame. The demand drivers are extremely significant for new housing, but supply constraints like zoning and regulations are preventing an adequate supply. Additionally, with an unemployment rate currently at a historical low of about 4 percent, projections for housing demand over the next decade all point to a severe shortage in this growing region. Despite all the news about companies moving out of state to enjoy less expensive business costs as well as more affordable housing for their employees, this region, along with California as a whole, continues to see a population increase. Even with all this being said, the multifamily sector has and will continue to be the darling of the commercial real estate industry as it’s fueled by a …

July 18, 2017

Loans Northeast Retail Rhode Island

Colliers Arranges $31M Refinancing for Parking Asset in Warwick, Rhode Island

by Amy Works July 17, 2017

WARWICK, R.I. — Colliers International has arranged $31 million in refinancing for a parking asset and adjacent retail site located at 1960 Post Road at T.F. Green Airport in Warwick. The borrower was New England Parking LLC. Patrick Boyle and Kevin Phelan of Colliers secured the financing through Blue Hills Bank for the borrower. The 1,536-space parking asset, known as Garage C, offers long-term parking for T.F. Green travelers, and Bertucci’s occupies the 6,000-square-foot retail building.

July 17, 2017

New York Northeast Office Retail

Savanna Acquires 144,500 SF Office, Retail Building in Manhattan

by Amy Works July 17, 2017

NEW YORK CITY — Savanna has purchased a 12-story, 144,500-square-foot office and retail building located at 31 W. 27th St. in Manhattan’s NoMad District for an undisclosed price. Originally constructed in 1910, the building features 11,578-square-foot open floorplates, 12-foot to 16-foot barrel-arched ceilings and abundant natural light. Savanna plans to implement a comprehensive capital improvement plan at the property. The scope of the plan includes renovations of the lobby, building systems, façade, roofs and sidewalk vault, as well as the reposition and renovation of the retail storefront. Will Silverman, Paul Gillen and Daniel Parker of Hodges Ward Elliott represented the undisclosed seller in the transaction. Aareal Capital Corp., a subsidiary of Germany-based Aareal Bank AG, provided acquisition financing. Lawrence Britvan, Matt Jacobs and Michael Straw, also of Hodges Ward Elliott, arranged the financing for Savanna.

July 17, 2017

Multifamily New York Northeast

Akelius US Purchases 35-Unit Apartment Building in Brooklyn for $13.3M

by Amy Works July 17, 2017

NEW YORK CITY — Akelius US has acquired an apartment building, located at 290 Clinton Ave. in the Clinton Hill neighborhood of Brooklyn. An undisclosed seller sold the asset for $13.3 million. The building features 35 apartment units.

July 17, 2017

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