Property Type

First Industrial Realty Acquires Warehouse Property in Orlando for $8M

by Camren Skelton September 7, 2017

ORLANDO, FLA. — First Industrial Realty Trust Inc. has acquired a warehouse facility located at 550 Gills Drive in Orlando for $8 million. The 102,568-square-foot building features 30-foot clear heights, 22 dock-high doors, two drive-in doors, 128 parking spaces and ESFR sprinkler systems. The facility sits on 5.4 acres and is roughly two miles from Highway 528 and the Florida Turnpike. At the time of sale, the property was fully leased to two tenants. Richard Prokup and Brad Kluever of First Industrial led the efforts internally to acquire the property. Rich Cavano of Cavano Realty LLC helped facilitate the transaction.

September 7, 2017

Indiana Midwest Mixed-Use

HCP Acquires Former Coca-Cola Bottling Plant Site in Indianapolis

by Kristin Harlow September 7, 2017

INDIANAPOLIS — Hendricks Commercial Properties (HCP) has acquired the former Coca-Cola bottling plant site located at 850 Massachusetts Ave. in Indianapolis. The purchase price was not disclosed. The 12-acre site will be home to the $260 million mixed-use Bottleworks District development. Indianapolis Public Schools had previously owned the site and used it to house the school system’s bus maintenance operations. The bottling plant will soon be transformed into a development that will feature a 150-room boutique West Elm hotel, a nine-screen cinema, 180,000 square feet of office space, 200,000 square feet of retail space and a combination of apartments and condominiums. The project will occur over seven to 10 years in five phases, starting with the restoration and redevelopment of the historic Coca-Cola administration building and garages. HCP will begin phase I of Bottleworks in the spring of 2018, with plans to open the West Elm Hotel, food hall, cinema and more than 70,000 square feet of retail space by the end of 2019. The food hall will feature a community-focused marketplace, which will house independently owned Indianapolis businesses. Eppstein Uhen Architects and Indianapolis-based Ratio Architects will provide design services.

September 7, 2017

Industrial Midwest Ohio

CBRE Brokers Sale of 465,256 SF Freezer Warehouse in Columbus, Ohio

by Kristin Harlow September 7, 2017

COLUMBUS, OHIO — CBRE has brokered the sale of Mars Petcare warehouse and distribution facility in Columbus. The sales price was not disclosed. The 465,256-square-foot freezer warehouse is located at 5303 Fisher Road. Mars Petcare US, a subsidiary of Mars Inc., occupies the property with a long-term lease. The property is located immediately adjacent to Mars Petcare’s largest pet food production plant. The property underwent extensive renovations this year to install freezer-cooler equipment. Andrew Sandquist, JC Asensio and Briggs Goldberg represented the sellers, Singerman Real Estate and Green Door Capital. Chicago-based Syndicated Equities and Green Door Capital purchased the property.

September 7, 2017

Illinois Midwest Office

Draper and Kramer Mortgage Corp. Opens New Headquarters in Downers Grove, Illinois

by Kristin Harlow September 7, 2017

DOWNERS GROVE, ILL. — Draper and Kramer Mortgage Corp. has opened a new 23,000-square-foot headquarters in Downers Grove, about 20 miles west of Chicago. Over 125 employees, area business professionals and government officials were in attendance for the grand opening and ribbon-cutting ceremony on Aug. 22. Draper and Kramer Mortgage Corp. has moved to the office, located at 1431 Opus Place, from nearby Lombard, Ill. Staffed by over 100 employees, the Downers Grove headquarters features private and team offices, an open-concept kitchen and dining/gathering area, two conference rooms and a dedicated training room. Occupying the new office are the company’s loan processing, underwriting, closing, training, information technology, secondary shipping, accounting and human resources departments. Staff members were transitioned into the new space from the company’s previous location beginning this spring. Draper and Kramer Mortgage Corp. is a division of Draper and Kramer Inc., which is still based in Chicago.

September 7, 2017

Illinois Loans Midwest Retail

Aries/Conlon Capital Arranges $3.4M Bridge Loan for Shopping Center in Hoffman Estates, Illinois

by Kristin Harlow September 7, 2017

HOFFMAN ESTATES, ILL. — Aries/Conlon Capital has arranged a $3.4 million bridge loan for the refinancing of Golf Higgins Center in Hoffman Estates. Formerly anchored by Tiger Direct, the 28,308-square-foot retail strip mall is located at 675 W. Golf Road. Rushi Shah of Aries/Conlon Capital arranged the loan and is also a co-owner of the new Ace Hardware store, which will anchor the property. The store will officially open on Friday, Sept. 15. The non-recourse loan paid off the borrower’s existing loan and enabled the funding of the necessary tenant improvements to open the Ace Hardware store. The loan will be refinanced to permanent debt in the future. Jagmohan Jayara is the property owner and borrower.

September 7, 2017

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 8,500 SF Industrial Building in Brookfield, Wisconsin

by Kristin Harlow September 7, 2017

BROOKFIELD, WIS. — The Dickman Co. Inc./CORFAC International has negotiated the sale of an 8,500-square-foot industrial building in Brookfield. The sales price was not disclosed. The property is located at 21825 Doral Road. Cale Berg of the Dickman Co. represented the buyer, McCarthy Property Management LLC. Stephen Provancher of MLG Commercial represented the seller, Millicent F. Hawley.

September 7, 2017

Office Texas Top Stories

Intercontinental Real Estate Purchases Office Tower in Austin’s CBD for $119M

by John Nelson September 7, 2017

AUSTIN, TEXAS — Intercontinental Real Estate Corp., a Boston-based real estate investment and development firm, has purchased 5th + Colorado, a newly built, 18-story office tower in Austin’s central business district. The company acquired the property from the developer, a joint venture between Lincoln Property Co. and Goldman Sachs, for $119 million, according to the Austin Business Journal. Located at the corner of 5th and Colorado streets within Austin’s Warehouse District, the 179,000-square-foot office tower comprises eight levels of structured parking, nine floors of Class A office space and a lobby level with 5,822 square feet of retail space. Built in 2016, 5th + Colorado is home to companies including Indeed.com, an online job search forum; Industrious, a co-working office concept; SoftServe Inc., a Ukranian software firm; Plains Capital Bank; and Sherri Hill, an Austin-based fashion brand relocating from 9011 Tuscany Way, according to the Journal. Amenities at the office tower include on-site management and security and a fitness center with showers and locker rooms. Located at 201 W. 5th St., the office building is within walking distance of Lady Bird Lake Hike and Bike Trail, the State Capitol, Austin City Hall, the Austin Convention Center and Republic Square Park. …

September 7, 2017

Illinois Market Reports Midwest Midwest Market Reports Multifamily

The Middle Ground: The Next Great Opportunity for Chicago Multifamily

by Kristin Harlow September 7, 2017

Like other metros, Chicago is in the midst of an apartment boom where the hum of multifamily construction has become commonplace. In fact, approximately 8,000 new rental units are slated to deliver by the end of next year, according to Appraisal Research Counselors. Nearly 4,000 units are expected to deliver in 2019. The majority of this multifamily construction is concentrated on Class A rental high-rises. SixForty (640 N. Wells St.) by JDL Development and 8 E. Huron by CA Ventures — both of which The Habitat Co. will be managing — aim to meet the demand of those looking to be closer to the influx of new businesses moving downtown, as well as an urban lifestyle with robust dining and entertainment options. Like its metro counterparts, Chicago has become a city of renters. According to Harvard University’s Joint Center for Housing Studies, the U.S. homeownership rate hovered at just 64 percent at the start of 2017, following 12 years of decline, while the number of renters continued its upswing. In the past five years, an average of 1 million new renter households were formed every year, per the National Multifamily Housing Council. Indeed, these have been good years for those …

September 7, 2017

California Loans Multifamily Western

JPI Obtains $103.5M Construction Financing for Jefferson Pacific Beach Apartments in San Diego

by Nellie Day September 6, 2017

SAN DIEGO — JPI has obtained a $103.5 million construction loan for the 172-unit Jefferson Pacific Beach apartment community in San Diego. The community is situated on a three-acre site of the former Guy Hill Cadillac dealership, directly adjacent to Mission Bay Park. The property will feature luxury apartments, as well as 14,000 square feet of ground-floor retail and creative office space. Groundbreaking is scheduled for late September 2017. PCCP provided the construction loan.

September 6, 2017

California Multifamily Student Housing Western

SC Student Housing Breaks Ground on 108-Bed Community Near California State University, Chico

by Nellie Day September 6, 2017

CHICO, CALIF. — SC Student Housing has broken ground on The Urban, a 108-bed student housing community located near the California State University, Chico campus in Chico. The property will offer three-bedroom townhome units with bed-to-bath parity. Shared amenities will include a rooftop deck, spa, plunge pool, barbecue area and arcade. Modern Building Inc. is building the property, which Entwood Property Management will operate. Completion is slated for June 2018.

September 6, 2017

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