Property Type

Avison Young Negotiates Sale of 538,236 SF Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow October 27, 2017

ELK GROVE VILLAGE, ILL. — Avison Young has negotiated the sale of a three-building, 538,236-square-foot industrial portfolio in Elk Grove Village for an undisclosed price. The buildings are located near the Chicago O’Hare International Airport in the O’Hare submarket. The properties include: 1900 Pratt Blvd., a 111,338-square-foot building; 1950 Pratt Blvd., a 165,212-square-foot building; and 2000-2020 Pratt Blvd., a 261,686-square-foot building. The portfolio is 100 percent leased to Clear Lam and D&W Fine Pak, both of which are packaging manufacturers for the food industry. Erik Foster and Mike Wilson of Avison Young represented the seller, Australia-based Mirvac. LBA Realty purchased the portfolio.

October 27, 2017

Midwest Multifamily Wisconsin

CBRE Brokers Sale of 144-Unit Apartment Property in Milwaukee

by Kristin Harlow October 27, 2017

MILWAUKEE — CBRE has arranged the sale of Sunset Ridge in Milwaukee for an undisclosed price. The 144-unit apartment property is located at 8183 N. 107th St. Constructed between 1981 and 1992, the property features a mix of one- and two-bedroom units across seven buildings. The property was 98 percent occupied at the time of sale. Patrick Gallagher, Benjamin Schmitt, Peter Langhoff and Max Schultz of CBRE represented the seller, Mandel Group. Weidner Apartment Homes purchased the property.

October 27, 2017

Industrial Midwest Ohio

EFL Expo Freight Inks 70,955 SF Industrial Lease in Columbus, Ohio

by Kristin Harlow October 27, 2017

COLUMBUS, OHIO — EFL Expo Freight has signed a 70,955-square-foot industrial lease at Creekside Industrial Center in Columbus. The company will occupy the space in the 155,866-square-foot CreekSide XVI building, one of two speculative facilities nearing completion at the center. The building features 32-foot clear heights. Mike Spencer of Lee & Associates represented EFL Expo Freight in the lease transaction. Phil Rasey of The Pizzuti Cos. represented ownership, a partnership between Pizzuti and USAA Real Estate.

October 27, 2017

Illinois Midwest Office

NEC Display Solutions Signs 47,714 SF Lease for Headquarters in Downers Grove, Illinois

by Kristin Harlow October 27, 2017

DOWNERS GROVE, ILL. — NEC Display Solutions of America has signed a 47,714-square-foot office lease in Downers Grove, a western suburb of Chicago. The property is located at 3250 Lacey Road. Included in the new headquarters will be a 6,000-square-foot technology showcase and demo facility for client engagement, as well as a 5,000-square-foot research and development lab. The designer and provider of LCD displays is moving from a 40,000-square-foot office in Itasca, Ill. Chad Freese, Paul Diederich, Matthew Frazee and Jon Springer of CBRE represented NEC in the lease transaction. Phil Sheridan of CBRE represented the owner, Hamilton Partners.

October 27, 2017

Illinois Midwest Net Lease Retail

Baum Arranges $6.3M Sale of Net Leased Car Dealership in Schaumburg, Illinois

by Kristin Harlow October 27, 2017

SCHAUMBURG, ILL. — Baum Realty Group LLC has arranged the sale of a 4.8-acre property net leased to a Hyundai car dealership in Schaumburg for $6.3 million. The property is located at 1020 E. Golf Road near Woodfield Mall. Patrick Forkin represented the seller, a local investor who had owned the property for over 30 years.

October 27, 2017

Office Texas Top Stories

CBRE Arranges Sale of 634,381 SF Office Tower in Dallas

by Katie Sloan October 27, 2017

DALLAS — CBRE has arranged the sale of Trinity Towers, a Class A, 634,381-square-foot office tower located in the Medical and Love Field District of Dallas. The 20-story building was recently renovated and features structured parking, a full-service deli, conference center and fitness center with locker rooms. The tower is 97 percent leased to tenants including Aetna, Children’s Medical Center and Southwest Airlines. Gary Carr, Eric Mackey, Evan Stone, John Alvarado, Jared Chua and Robert Hill of CBRE worked on behalf of the seller, JP Realty Partners. Stanton Road Capital acquired the property. The price was not disclosed, but a website affiliated with The Dallas Morning News, dallasnews.com, reports that the asset was sold for $50 million. “As one of the market’s most recognizable buildings, Trinity Towers presented investors with an exceptional asset located within Dallas’s premier emerging marketplace,” says Carr. “The building’s outstanding tenants and low-risk upside potential attracted a wide range of investor interest.” The property is positioned along Stemmons Freeway, and is located near both Dallas Love Field Airport and DFW International Airport. Stanton Road Capital is a Los Angeles-based investment management firm focused on commercial real estate and private equity strategies. — Katie Sloan

October 27, 2017

Market Reports Office Texas Texas Market Reports

How Will XTO’s Move Impact Fort Worth’s Office Market?

by Taylor Williams October 27, 2017

The recent announcement that XTO Energy Inc., a division of energy giant ExxonMobil, will be moving 1,600 jobs to Houston was not the best news for Fort Worth. The move, which will occur in waves between 2018 and 2020, will reduce downtown’s private workforce by 3 percent over the next few years and lead to several of the company’s CBD properties hitting the market for sale. Broader economic implications notwithstanding, many tenants, landlords and city officials are wondering what impact XTO’s move will have, not only on the office market, but also on the downtown area’s commercial real estate market. However, any worries that the move would drastically upset the downtown market’s equilibrium appear to be misplaced. Most office sectors, especially the CBD’s Class A market and the suburban market that includes the West 7th and West/Southwest Fort Worth areas — should see minimal impact. It is even possible that most of the Class B market in the CBD will remain unaffected, as demand for re-development or from existing office users may consume much of XTO’s spaces. To understand how this move could affect downtown Fort Worth, it helps to look at the bigger picture. The current CBD office inventory …

October 27, 2017

Colorado Hospitality Loans Western

Grandbridge Arranges $65M Refinancing for St. Julien Hotel and Spa in Boulder

by Nellie Day October 26, 2017

BOULDER, COLO. — Grandbridge Real Estate Capital has closed a $65 million first mortgage loan to refinance the 201-room St. Julien Hotel and Spa in Boulder. The hotel is located at 900 Walnut St. John Stewart arranged the permanent, fixed-rate loan. One of Grandbridge’s insurance company correspondents provided the funds.

October 26, 2017

Colorado Industrial Western

Eyzenberg & Co. Arranges Equity Partner for Northstar’s $37M Industrial Redevelopment in Broomfield, Colo.

by Nellie Day October 26, 2017

BROOMFIELD, COLO. — Northstar Commercial Partners, with its new equity partner Red Starr Investments, has plans to redevelop a property at 800 Hoyt St. in Broomfield, just east of Boulder. The company is demolishing the existing 110,000-square-foot structure to build a new industrial park on the 20-acre, environmentally remediated site. The finished project will contain two buildings totaling 315,720 square feet of Class A warehouse space. David Eyzenberg and Diana Davidson of Eyzenberg & Co. secured the equity partner for this $37 million development deal.

October 26, 2017

California Multifamily Western

JB Matteson Acquires 130-Unit Tralee Village Apartments in Dublin, California

by Nellie Day October 26, 2017

DUBLIN, CALIF. — JB Matteson has purchased the 130-unit Tralee Village Apartments in Dublin for an undisclosed sum. The community is located at 6599 Dublin Blvd. in the 680 Corridor. Tralee Village was built in 2011 in the East Bay submarket. It offers a range of units including studios, three-bedrooms, lofts and townhomes. Each residence features nine-foot ceilings, granite kitchen countertops, stainless-steel appliances, full-sized washers and dryers, dual-pane windows and patios with balconies. Shared community amenities include a fitness center, large pool, business center, secured underground parking with elevator access and open green space. Tralee Village Apartments is less than a mile from the Pleasanton and Dublin BART stations, as well as interstates 580 and 680.

October 26, 2017

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