BRIGHTON, MASS. — Northeast Private Client Group has arranged the $3 million sale of a 6,000-square-foot mixed-use property located at 270 Parsons St. in Brighton. Drew Kirkland and Francis Saenz of Northeast Private Client Group represented the seller and procured the buyer in the transaction. The property is a 100 percent-leased, multi-tenant industrial building near the Massachusetts Turnpike. Eastern Equity Partners was the seller and City Realty Group was the buyer.
CHICAGO — Fifield Realty Corp. and F & F Realty Ltd. have broken ground on 727 West Madison, a 492-unit luxury apartment tower in Chicago’s West Loop. The 44-story tower will be the tallest building in Chicago’s West Loop upon completion in late 2018. The property will also include 10,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the building. Lendlease is serving as general contractor and Morgante Wilson Architects is providing interior design services. The residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet. Amenities will include a large outdoor sun terrace and pool, fitness club with yoga studio, massage room, conference rooms and dog spa.
ST. LOUIS — The first Element by Westin hotel will open in St. Louis in 2019. Midas Forest Park LLC, a subsidiary of Midas Hospitality, recently bought the current home of Habitat for Humanity Saint Louis located at 3763 Forest Park Ave. for $2.4 million. The 1.5-acre property will serve as the site for the $25 million hotel, which will consist of eight stories and 119,000 square feet. The eco-conscious hotel will be constructed with an efficient use of space and sustainability in mind, and include 153 extended-stay rooms, 10,000 square feet of retail space and a rooftop lounge. Amenities will include a fitness center, saline pool and bike program. Midas Hospitality will manage the hotel, while sister company MC Hotel Construction will serve as the general contractor. Gray Design is the architecture firm. Carrolton Bank provided acquisition financing. Midas will lease the non-profit organization space for up to one year while Habitat for Humanity relocates.
SAN DIEGO — A joint venture between Hill Properties and ReCap has purchased Scripps Ranch Business Park, a 185,738-square foot industrial complex in San Diego, for $31.4 million. The nine-building industrial park is located on Willow Creek Road. It is currently leased to nine tenants. JLL’s Lynn LaChapelle, Bob Prendergast and Sach Kirpalani executed the transaction.
LAFAYETTE, IND. — Marshalls and Ulta have signed retail leases at Lafayette Pavilions in Lafayette, northwest of Indianapolis. Marshalls will occupy 22,000 square feet and Ulta will occupy 10,000 square feet. Seth Biggerstaff, Jamison Downs and Kyle Hughes of Veritas Realty represented the landlord, ARCP MT Lafayette LLC.
HARTSDALE, N.Y. — Ariel Property Advisors has arranged a $1.3 million loan on an office property located at 210 N. Central Ave. in Hartsdale. Ariel arranged the 4.5-year recourse loan at 4.4 percent for the 17-unit, 46,000-square-foot office property. Situated near White Plains, the building — originally an elementary school — was owned free and clear by a family and leased to Empire State College as its anchor tenant. Currently 55 percent occupied, Ariel also negotiated the option for an additional $1.6 million in proceeds once the property reaches a predetermined occupancy threshold.
PASADENA, CALIF. — DICK’S Sporting Goods has opened 36 new Golf Galaxy stores throughout the United States. This includes two stores in Arizona, five in California, two in Colorado and one in Oregon. These new locations were formerly Golfsmith properties acquired by DICK’S and have been converted to Golf Galaxy stores, bringing the specialty golf retailer’s footprint to 98 locations across 33 states. Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omnichannel sporting goods retailer. As of January 28, 2017, the company operated more than 675 DICK’S Sporting Goods locations nationwide. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.
OKLAHOMA CITY — A joint venture between The Outlet Resource Group (TORG) and Singerman Real Estate has acquired The Outlet Shoppes at Oklahoma City, a 400,000-square-foot retail center located in Oklahoma City, for $130 million. The mall is the only outlet center in the state of Oklahoma, according to TORG. The center — which opened in 2011 — is home to more than 90 retail outlets, including Nike, Vera Bradley, Michael Kors, Polo Ralph Lauren, Brooks Brothers, Disney, Forever 21, The North Face, Bath & Body Works and Under Armour. A joint venture between Michigan-based Horizon Group Properties Inc. and Chattanooga, Tenn.-based CBL & Associates Properties Inc. sold the property. Richard Frolik of CBRE represented the sellers in the transaction. “We are excited to enter the Oklahoma City market,” says Lisa Wagner, principal of TORG. “The previous ownership established the center as a shopping destination, and we look forward to optimizing and improving the experience for shoppers and retailers.” The new ownership is currently reviewing all aspects of operations, and expects to rebrand the center in the coming months. Avison Young will handle property management. The Outlet Resource Group is a global alliance of experts focused on the acquisition, management, …
CHICAGO — Six in 10 apartment landlords say it is more profitable and attractive to be a landlord than it was five years ago, according to a new survey from TransUnion SmartMove, a tenant screening service for owners. The survey was conducted in March 2017 and included responses from 689 landlords across the country. At the close of the first quarter of 2017, property owners indicated it was easier to find qualified renters and that resident turnover had declined compared with the same time last year. Only 21 percent of respondents found it more difficult to find qualified renters. Data also shows that landlords utilized rent screening solutions to evaluate prospective tenants during the past year. “Our survey clearly shows it is a landlord’s market as the number of renters rises and these renters are remaining in units longer,” says Jason Norton, vice president of TransUnion SmartMove. “As a result, landlords are using sophisticated tools and screening solutions to evaluate potential long-term renters with greater certainty.” Six in 10 landlords reported that renters are remaining in their units for longer than they were a year ago. To ensure these residents are good prospects, the majority of owners (90 percent) conduct …
Local market conditions are always related in some way to what’s happening on the national stage, so let’s first acknowledge our new leadership. Trump has continued talking like the businessman he is and in very much the same style that got him elected. In reaction, equities markets have continued to boil over into record-setting heights as the business sector embraces the potential for more business-friendly stances that will sooner or later emerge from Washington. Business resurgences always impact Northern Nevada, thanks to both its strategic location advantage in distributing to the 11 Western states and its highly business-friendly state climate. As for Tesla, 2016 showcased increasingly tangible direct and indirect effects from the expanding Gigafactory. Tesla leased a large warehouse in the Tahoe Reno Industrial Center near the Gigafactory to receive product for several years. Panasonic, Tesla’s quieter partner in the Gigafactory, also leased a large warehouse in the same park that is close to the plant. Another Tesla vendor, Daehan Solutions America, an international company supplying the automotive industry and headquartered in South Korea, leased a large space in the vacant ex-Amazon space in Fernley. These three transactions alone comprise a large portion of the market’s total quarterly absorption. …
