Property Type

IPC Sells Mariano’s-Occupied Retail Building in Palatine, Illinois for $29M

by Kristin Harlow December 15, 2017

PALATINE, ILL. — Inland Private Capital Corp. (IPC) has sold a 71,324-square-foot retail building occupied by Mariano’s Fresh Market in Palatine, about 30 miles northwest of Chicago, for $29 million. The property sits on 6.5 acres at 545 N. Hicks Road. The building, constructed in 2011, is 100 percent leased to Roundy’s Supermarkets Inc., which is owned by Kroger Co. IPC facilitated the sale of the property on behalf of one of its 1031 exchange investment programs. Christian Williams and Michael Kaider of CBRE represented IPC in the sale. The buyer was a private investor.

December 15, 2017

Illinois Industrial Midwest

Avison Young Brokers Sale of 190,000 SF Industrial Portfolio in Mount Prospect, Illinois

by Kristin Harlow December 15, 2017

MOUNT PROSPECT, ILL. — Avison Young has brokered the sale of a 190,000-square-foot industrial portfolio in Mount Prospect within Chicago’s O’Hare submarket. The sales price was not disclosed. The four-building portfolio is 97 percent leased to tenants such as EPP Corp., Nikuni America and Lapmaster International. The buildings include: 501 Algonquin Road (62,344 square feet), 401-411 West Algonquin Road (15,278 square feet) and 1840-1864 and 1870-1894 South Elmhurst Road (56,182 square feet in each complex). Erik Foster and Mike Wilson of Avison Young represented the seller, Clear Height Properties. The buyer was not disclosed.

December 15, 2017

Midwest Minnesota Office

WeWork Signs 46,000 SF Office Lease in Minneapolis

by Kristin Harlow December 15, 2017

MINNEAPOLIS — WeWork has signed a 46,000-square-foot office lease at MoZaic East in the Uptown neighborhood of Minneapolis. The 198,000-square-foot creative office and retail property is currently under construction, with completion slated for late 2018. This lease represents one-quarter of the total office space available at MoZaic East. WeWork is a shared workspace for entrepreneurs, freelancers, startups and small businesses. WeWork currently has more than 170 locations spread across 56 cities in 18 countries. The company maintains one other location in Minnesota at Capella Tower in downtown Minneapolis. Emily Nicoll of CBRE represented WeWork in the lease transaction. Mark McCary, Larissa Champeau, Brent Karkula and Joe Conzemius of CBRE represented the landlord, Ackerberg.

December 15, 2017

Loans Midwest Missouri Multifamily

Maverick Arranges $5.4M Bridge Loan for Mobile Home Community in Fenton, Missouri

by Kristin Harlow December 15, 2017

FENTON, MO. — Maverick Commercial Mortgage has arranged $5.4 million in bridge and subsequent permanent financing for Ravinia Estates in Fenton. The 217-site mobile home community spans 74 acres at 1103 Robindale Drive. Maverick arranged the 10-year loan on behalf of the borrower, JWW Robinland LLC. The bridge loan enabled the borrower, a private real estate investment firm, to fully renovate the infrastructure of the park including new signage, retaining walls, perimeter fencing, new office, parking lot, new asphalt, sealcoating and significant tree removal. The borrower invested in excess of $150,000 in capital improvements. Maverick was then able to secure permanent financing that paid off the existing bridge lender, returned equity to the borrower and paid for closing costs.

December 15, 2017

Midwest Retail Wisconsin

Baceline Investments Acquires Retail Center in Madison, Wisconsin for $3.2M

by Kristin Harlow December 15, 2017

MADISON, WIS. — Baceline Investments LLC has acquired Meadowood Retail Center in Madison for $3.2 million. The 45,319-square-foot retail center is located at 5759 Raymond Road. The property is 90 percent leased to tenants including Old National Bank, Madison Community Center and the Madison Library. Baceline purchased the property from an affiliate of MLG Capital. This is Baceline’s third asset in Wisconsin. The Denver-based privately held real estate investment and management company specializes in the acquisition, management and sale of neighborhood shopping centers in secondary markets across the Midwest.

December 15, 2017

Midwest Ohio Retail Top Stories

DDR to Spin Off 50 Assets With Gross Book Value of $3B into Separate REIT

by Kristin Harlow December 15, 2017

BEACHWOOD, OHIO — As part of what DDR Corp. (NYSE: DDR) calls a “strategic transformation,” the shopping center REIT has approved a plan to spin off a portfolio of 50 assets — including 38 continental U.S. assets and all 12 of its properties in Puerto Rico — into a separate publicly traded REIT to be named Retail Value Trust (RVT). The gross book value of the assets in the RVT portfolio is approximately $3 billion. “We believe that these two distinct companies with two distinct business plans will appeal to a much broader pool of investors than the combined DDR today,” said David Lukes, president and CEO of Beachwood-based DDR, during an investor conference call late Thursday afternoon. “This strategy adds value for all of our stakeholders and maximizes both our growth and optionality well into the future.” Specifically, the RVT portfolio consists of 38 high-quality, lower-growth assets in the continental U.S. and all 12 assets in the Puerto Rico portfolio. The properties within the RVT portfolio in the continental U.S. are mostly located in suburbs outside metro areas. Common tenants include Bed Bath & Beyond, Michaels, Kohl’s and T.J. Maxx. The remaining company, known as the “New DDR,” will …

December 15, 2017

Market Reports Multifamily Texas Texas Market Reports

Strong Demand Underserved in San Antonio Multifamily Market

by Taylor Williams December 15, 2017

San Antonio is one of the nation’s fastest-growing cities, with a booming, diversified economy that’s luring new businesses and young people at a rate that most other metro areas can only envy. Lacking Austin’s hipster cred, Dallas’ moneyed glamour and Houston’s perennial position at the epicenter of a global industry, San Antonio’s many strengths are often overlooked. While this lower profile hasn’t slowed growth in the Alamo City, it has left its expanding market for Class A apartments comparatively underserved. Led by education and health services, the San Antonio area’s economy added approximately 21,500 new jobs in 2016. This represents a 2.1 percent growth rate, a healthy pace for the San Antonio MSA, albeit a slight reduction from the 2.8 percent growth rate in 2015, according to the Federal Reserve Bank of Dallas. This steady expansion fueled a population boom that saw 47,906 new residents join the metro between July 2015 and July 2016. This 2 percent growth rate ranked San Antonio as the 10th fastest-growing MSA with a population greater than 1 million people, according to estimates by the U.S. Census Bureau. Millennials Lead the Way San Antonio isn’t just a leader in total population growth; it also ranks …

December 15, 2017

Multifamily Oregon Western

Security Properties, Cigna Investment Buy 348-Unit Apartment Complex Near Portland for $81M

by Nellie Day December 14, 2017

TIGARD, ORE. — A joint venture between Security Properties and Cigna Investment Management has purchased the 348-unit Arbor Heights apartment complex in Tigard for $81 million. The community is located at 15199 S.W. Royalty Parkway in the Beaverton submarket. The Class A asset was built in 1997. Units feature walk-in closets, full-size washers/dryers and private patios/balconies. The JV plans to carry out a renovation of the property. This will include upgrades to the current amenities, a dog park area and an outdoor kitchen adjacent to the pool. The JV will also add a package concierge, bike storage and outdoor living area.

December 14, 2017

Colorado Multifamily Student Housing Western

Whiting-Turner Starts Construction of 700-Bed Residence Hall at the University of Colorado Boulder

by Nellie Day December 14, 2017

BOULDER, COLO. — Construction is underway on Williams Village East, a 178,000-square-foot, 700-bed residence hall located at the University of Colorado Boulder. The design-build team for the project consists of KWK Architects, alm2s and Whiting-Turner Contracting Co. The $96.7 million residence hall is being built in accordance with LEED Gold standards, and will include solar panels, LED lighting, recycling areas, occupancy sensor lighting, green outlets and thermostats in each room. The development — which targets upperclassman — will open for occupancy in August 2019.

December 14, 2017

Multifamily Northeast Pennsylvania

Joint Venture Breaks Ground for 319-Unit Apartment Property in Pittsburgh

by Amy Works December 14, 2017

PITTSBURGH — High Street Residential and Northwestern Mutual have broken ground for Glasshouse, a five-story, Class A residential mixed-use building located in Pittsburgh’s historic glassmaking district. Slated for completion in summer 2019, the property will feature 319 apartments in a mix of studio, one-, one+den, and two-bedroom units ranging in size from 665 square feet to 1,200 square feet. Additionally, the property will offer ground-floor restaurant retail space and 335 indoor parking spaces. On-site amenities include a club room, a game room, an e-lounge, an entertainment kitchen, a fitness center, a yoga room, a conference center, three outdoor courtyards and an outdoor pool. The project team includes Rycon Construction, Hord Coplan Macht, Langan Engineering, Tower Engineering, Structura, RD Jones Associates and Steven Winter.

December 14, 2017

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