Property Type

Opus Completes 217-Unit Luxury Apartment Property in St. Louis

by Kristin Harlow May 25, 2017

ST. LOUIS — The Opus Group, in partnership with AIG Global Real Estate, has completed Citizen Park, a 217-unit luxury apartment property in the Central West End neighborhood of St. Louis. Located at the corner of Lindell Boulevard and Euclid Avenue, the 12-story building features penthouse suites as well as one- and two-bedroom units. A third-floor amenity deck includes a fitness center, pool terrace with outdoor grilling space and fire pits, guest suites, dog wash and full-time concierge services. Orangetheory Fitness will occupy 2,700 square feet of the 10,000-square-foot retail space. Joshua Roedemeier and Nick Cascella of CBRE are marketing the remaining 7,300 square feet of retail space for lease. Opus Development Co. served as developer, while Opus Design Build served as design-builder. Opus AE Group was the architect and structural engineer of record, while ESG Architects provided conceptual design services.

May 25, 2017

Healthcare Indiana Loans Midwest

KeyBank Provides $15.3M Refinancing for Skilled Nursing Portfolio in Indiana

by Kristin Harlow May 25, 2017

NOBLESVILLE AND LAFAYETTE, IND. — KeyBank Real Estate Capital has provided $15.3 million in loans for the refinancing of a two-property skilled nursing portfolio in Indiana. KeyBank provided a $9.6 million loan for Trilogy-Prairie Lakes Health Campus located in Noblesville, about 25 miles north of Indianapolis. Built in 2010, the 132-bed facility consists of 49 skilled nursing units, 33 assisted living units and 29 memory care units. KeyBank provided a $5.7 million loan for Trilogy-St. Mary Healthcare Center located in Lafayette, about 60 miles northwest of Indianapolis. The 71-bed facility was built in 1969 and renovated in 2010. John Randolph and Laura Conway of KeyBank Healthcare Group arranged the loans through the FHA 232/223(f) mortgage insurance program. Both loans include 35-year amortization schedules.

May 25, 2017

Illinois Industrial Loans Midwest

Bellwether Arranges $9M Refinancing Loan for Industrial Property in Chicago

by Kristin Harlow May 25, 2017

CHICAGO — Bellwether Enterprise has arranged a $9 million loan for the refinancing of a 700,000-square-foot industrial property in Chicago. Constructed in the late 1990s, the building features 30-foot clear heights and 120-foot truck courts. Shelley Magoffin and Max Sauerman of Bellwether arranged the loan for the Los Angeles-based owner. Thrivent Financial for Lutherans provided the loan.

May 25, 2017

Industrial Texas Top Stories

Daikin Industries Opens $400M HVAC Manufacturing Campus Near Houston

by John Nelson May 25, 2017

WALLER, TEXAS — Daikin Industries Ltd., a manufacturer of indoor heating and cooling systems and refrigerants, has opened the 500-acre Daikin Texas Technology Park (DTTP) in Waller, about 43 miles northwest of Houston. The Japanese company’s new $400 million business campus consolidates many of the company’s HVAC (heating, ventilating and air conditioning) manufacturing and logistics facilities in Texas and Tennessee. “The DTTP is the largest facility investment our company has made in its 90-year history, and we believe that investing in Texas and keeping jobs in the United States is mutually beneficial for both our company and the economy,” says Takeshi Ebisu, president and CEO of Goodman Global Group Inc., a subsidiary of Daikin. Spanning roughly 4 million square feet, the DTTP supports the design, engineering and assembly of heating and cooling products for residential and commercial use, marketed under the Daikin, Goodman and Amana brands. Amana is a registered trademark of Maytag Corp. or its related companies (including Whirlpool) and is used under license to Goodman Co. Daikin also plans to assemble VRV (variable refrigerant volume) products at the DTTP that were previously imported from other Daikin business units outside of North America. Noriyuki Inoue, Daikin’s chairman of the …

May 25, 2017

Features Retail Top Stories

RECon Recap: ‘The Magic’ Is Reimagining Real Estate, Panel Concludes

by Jeff Shaw May 25, 2017

LAS VEGAS — In the midst of a particularly tumultuous period for the retail sector, evidenced by waves of store closures, what advice do seasoned shopping center executives have for aspiring young professionals seeking to make their mark in this business? The question arose Monday during a panel discussion moderated by Marcus & Millichap’s Bill Rose, national director of the brokerage firm’s retail group, at the Renaissance Las Vegas Hotel. The hour-long program, titled “Retail eVolution: A New Beginning, Not the End As We Know It,” analyzed the strengths and weaknesses of today’s retail market. The panel discussion capped off the first day of events at RECon 2017, the shopping center industry’s biggest deal-making event of the year. This year’s show, which is put on by the International Council of Shopping Centers, included 37,000 registrants, 1,200 exhibitors spread across 853,000 square feet and participants from 58 countries. The panelists pointed out that the current disruption taking place in the retail real estate sector — driven by a combination of shifting demographics, the growth of online retailing and a U.S. market that is over-retailed in some categories — creates both risk and opportunity. Hessam Nadji, president and CEO of Marcus & …

May 25, 2017

Industrial Market Reports Midwest Midwest Market Reports Ohio

Toledo’s Industrial Market Is in Need of Large-Format Speculative Construction

by Kristin Harlow May 25, 2017

A snapshot of Toledo’s industrial real estate market at the end of 2016 reveals a well-performing sector, maintaining the steady improvement recorded during the prior year. In fact, the vital signs of the property sector hit some of their best levels in a decade last year. By the end of the year, every key metric was up from midyear 2016 and year-end 2015. One bit of cloudiness trying to sneak in on the otherwise very sunny picture, however, is the limited supply of available space options. Demand clearly exists for additional space, but users are unable to find options that fit their needs. The dearth of adequate space alternatives is restraining potential transaction volume and, by extension, probable job growth. By Toledo standards, the market has been absorbing an impressive amount of space over the past several years. Overall, the 85 million-square-foot market absorbed 763,065 square feet in the second half of 2016. However, as strong as the absorption numbers have been, it is easy to speculate they would be much higher if more of the right kind and sizes of space existed in the market. There is a shortage among all building sizes, but the need is most acute …

May 25, 2017

Arizona Multifamily Western

P.B. Acquisitions LLC Purchases Club 7 Apartments in Phoenix for $19M

by Nellie Day May 24, 2017

PHOENIX — P.B. Acquisitions LLC has acquired the 219-unit Club 7 Apartments in Phoenix for $19 million. The community is located at 3030 N. 7th St. The property sits on 7.3 acres in the Midtown Phoenix submarket, across the street from the Phoenix Country Club. It underwent a renovation in 2015 and 2016. Todd Braun and Bryson Fricke of Lee & Associates represented the seller, 3030 North Equity LLC, in this transaction.

May 24, 2017

California Office Western

JV Buys Officer Tower Near LAX for $12.5M

by Nellie Day May 24, 2017

LOS ANGELES — A joint venture between Roxborough Fund I and the Ruth Group LLC has purchased a 304,821-square-foot office tower in Los Angeles for $12.5 million. The 15-story tower is located at 9841 Airport Blvd. near Los Angeles International Airport (LAX). The asset is currently 62 percent occupied.

May 24, 2017

Arizona Multifamily Student Housing Western

Core Spaces to Deliver Six Student Housing Communities in 2018

by Nellie Day May 24, 2017

FLAGSTAFF, ARIZ. — Chicago-based Core Spaces is set to deliver six student housing communities in summer 2018. Developments include Hub on Campus Flagstaff, a 591-bed community near Northern Arizona University. Other Hub on Campus communities will be built in West Lafayette near Purdue University; Minneapolis near the University of Minnesota; Ann Arbor near the University of Michigan; Tuscaloosa near the University of Alabama; and Orlando near the University of Central Florida.

May 24, 2017

California Retail Western

Three New Tenants to Open at Redeveloped Shopping Center in Metro Los Angeles

by Nellie Day May 24, 2017

GLENDORA, CALIF. — Three new tenants are set to open at 655 S. Grand Ave., a 70,500-square-foot shopping center currently undergoing redevelopment in the Los Angeles suburb of Glendora. Creamistry, an ice cream shop, signed a lease for 1,271 square feet; Oke Poke, a fast-casual poke restaurant, signed a lease for 1,289 square feet; and Orangetheory Fitness, a fitness center franchise, signed a lease for 3,497 square feet. All new locations will open in October. Shauna Mattis and Blake Kaplan of JLL represented the landlord, Champion Real Estate Co., in each leasing transaction. Scott Simcik and Shaun Kennedy of FGP Commercial Leasing represented Creamistry. Minerva Baral represented Oke Poke. Jesse Rehmeier of Retail Select Services represented Orangetheory Fitness. The redevelopment is set for completion in July.

May 24, 2017

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