Property Type

JLL Negotiates Sale of 275,000 SF Warehouse in Houston

by Taylor Williams September 25, 2017

HOUSTON — JLL has negotiated the sale of a 275,000-square-foot warehouse located at 550 Aleen St. in Houston. The property features 27-foot clear heights, 44 dock-high doors and a fully fenced truck court. Ryan Fuselier and Travis Secor of JLL represented the buyer, Polymers Packaging and Warehousing Inc., a Houston-based supplier of plastic resins. The space will serve as the company’s new global manufacturing and distribution center. Bob Berry and Grant Hortenstine of Avison Young represented the seller, Aleen Street Associates Ltd.

September 25, 2017

Marcus & Millichap Brokers Sale of 26,820 SF Retail Asset in Norman, Oklahoma

by Taylor Williams September 25, 2017

NORMAN, OKLA. — Marcus & Millichap has brokered the sale of a 26,820-square-foot, net-leased retail property located at 2590 Boardwalk St. in Norman. Vincent Knipp of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties request anonymity. The property is currently leased to Service King Collision Repair Center.

September 25, 2017

Loans Multifamily Texas

BMC Capital Secures $6.7M Bridge Loan for Purchase of Houston Apartment Community

by Taylor Williams September 25, 2017

HOUSTON — BMC Capital has secured a $6.7 million bridge loan for the purchase of a 163-unit multifamily property in Houston. Clayton Wells of BMC Capital arranged the non-recourse loan, which includes a 75 percent loan to value (LTV) ration and 18 months of interest-only payments. The names of the lender, borrower and property were not disclosed.

September 25, 2017

Industrial Midwest Wisconsin

ORG Acquires 879,704 SF Industrial Portfolio in Milwaukee

by Kristin Harlow September 25, 2017

MILWAUKEE — Oak Realty Group Inc. (ORG) has acquired an 879,704-square-foot industrial portfolio in Milwaukee. The 10 buildings are situated on approximately 57 acres near Milwaukee’s General Mitchell International Airport. Originally constructed in phases through 2004 by a local developer, the buildings range in size from 40,000 to 215,000 square feet. ORG plans to upgrade and renovate the portfolio, as well as work with several tenants who want to expand. ORG partnered with The Africk Family Office for the acquisition.

September 25, 2017

Illinois Loans Midwest Multifamily

Associated Bank Provides $13M for Apartment Property Renovation in Chicago

by Kristin Harlow September 25, 2017

CHICAGO — Associated Bank has partnered with National Equity Fund Inc. to provide $13 million of Low Income Housing Tax Credit (LIHTC) equity for the rehabilitation of West Town Crossing Preservation. The apartment community spans 318 units and 68 buildings in several Chicago neighborhoods. The buildings scheduled for rehabilitation include 60 townhomes constructed between 1982 and 1991, and eight three-story buildings constructed between 1889 and 1948. The project, expected to take 24 months, will help preserve quality affordable housing. Bickerdike Redevelopment Corp. was the borrower.

September 25, 2017

Illinois Midwest Office

Tucker Development Completes Lease-Up of Office Building in Chicago’s Fulton Market

by Kristin Harlow September 25, 2017

CHICAGO — Tucker Development has completed the lease-up of the Offices at 900 West in Chicago. The property, which includes 45,000 square feet of retail space, is located in the heart of the Fulton Market neighborhood. Spaces, an Amsterdam-based co-working space provider, signed a 40,000-square-foot lease. Bill Rogers and Kerry Gilar of JLL represented Spaces in the deal. The firm will occupy its space in early 2018. In a separate transaction, private investment firm ParkerGale leased 6,146 square feet. Jud Henry of EnTrust Realty Advisors represented the firm in the lease transaction. Ron Lakin, Jessica O’Hara and Ellen Zalatoris of CBRE represented Tucker Development in both leases.

September 25, 2017

Illinois Midwest Multifamily

Marcus & Millichap Brokers $9M Condo Deconversion in Chicago

by Kristin Harlow September 25, 2017

LAKEVIEW, ILL. — Marcus & Millichap has brokered the sale of 3244 N. Clifton Ave. in Chicago’s Lakeview neighborhood for $9 million. The condominium building features 32 units. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the condo owners. Stengle also secured the buyer, Beal Properties. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent 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 25, 2017

Midwest Missouri Retail

Hilliker Corp. Arranges $3.3M Sale of Retail Property in St. Louis

by Kristin Harlow September 25, 2017

ST. LOUIS — Hilliker Corp. has arranged the sale of a 28,840-square-foot retail property in St. Louis for $3.3 million. The center is located on 3.6 acres at 5228 and 5240 South Lindbergh Blvd. Outback Steakhouse is the primary tenant at the property. Frank Yocum of Hilliker Corp. represented the seller, NICO Properties I LLC. Stephen F. Bahn Commercial Real Estate represented the buyer, DLJ Lindbergh LLC.

September 25, 2017

Arizona Colorado Indiana Michigan Midwest Multifamily Oregon Student Housing Top Stories Washington Western Wisconsin

American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M

by Taylor Williams September 25, 2017

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …

September 25, 2017

Florida Market Reports Office Southeast Southeast Market Reports

Orlando’s Suburban Office Sector is Ready for its Time to Shine

by John Nelson September 25, 2017

The Central Florida market continues to be a bright ray in the Sunshine State with 68 million plus tourists in 2016, and over $10 billion currently invested in major projects either recently completed or underway. Area theme parks, such as Disney World, Universal Studios and Sea World, continue investments in new rides and attractions, drawing even more visitors to Orlando, and setting record attendance numbers on an annual basis. Tourism isn’t the whole story in Central Florida, though. Notable projects in the urban core include the University of Central Florida’s downtown campus at Creative Village for 10,000 students, the 650,000-square foot Orlando Magic mixed-use entertainment complex adjacent to the Amway Center, and the new $450 million second phase expansion to the Dr. Phillips Center for the Performing Arts. All of these new urban core projects are creating a true live-work-play dynamic in downtown Orlando. The suburban market is also seeing significant activity. For example, the Health & Wellness cluster at Lake Nona; the $3.1 billion redevelopment at Orlando International Airport; the $43 million improvement of the Orlando Sanford International Airport; and the $1 billion West Orange County mixed-use community all showcase that new investment is not centered in one part …

September 25, 2017

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