Property Type

WEST DUNDEE, ILL. — The Opus Group has built two warehouse headquarters facilities for Renishaw Inc. and oelheld U.S. Inc. in the Oakview Corporate Park in West Dundee, a western suburb of Chicago. A new 134,000-square-foot facility will serve as the North American headquarters for Renishaw. The two-story building will allow the measurement and motion control company to consolidate and house all of its divisions in one location. The facility consists of approximately 69,000 square feet of office space, 38,000 square feet of warehouse space and 27,000 square feet of space designed for fabrication, demonstrations and trainings. The building also features custom areas for the company’s 3D metal printing. The new 23,400-square-foot headquarters for oelheld U.S., a machine-based lubricants and packaged oil products producer, consists of 7,600 square feet of office space and 15,800 square feet of warehouse space. Unique features of the building include a recessed warehouse floor and drainage barriers designed to contain spilled lubricants during the loading and unloading process in the warehouse. Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record, as well as the interior designer for both projects.

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STRONGSVILLE, OHIO — Meridian Design Build has completed construction of a 185,210-square-foot industrial building for developer Scannell Properties in Strongsville, a suburb of Cleveland. The property is situated on a 21.8-acre site at 14700 Foltz Parkway. The multi-tenant building features 28 loading docks, two drive-in doors and parking for 164 cars. The design of the building incorporates a thermoplastic polyolefin roof and LED lighting. Precept Design provided architectural services, while Weber Engineering Services completed civil engineering work.

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CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $4.4 million loan for the refinancing of Cypress Pointe Apartments in Cedar Rapids. The 108-unit multifamily property is located at 211 1st Ave. Jason Kinnison of NorthMarq arranged the loan with a life insurance company. The borrower was not disclosed.

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SUGAR LAND AND RICHMOND, TEXAS — Marcus & Millichap has brokered the $58 million sale of a portfolio of fully leased medical office properties in the western Houston metros of Sugar Land and Richmond. The portfolio includes Memorial Hermann Surgical Hospital and Physicians Pavilion in Sugar Land, as well as UT Physicians facilities in Sugar Land and Richmond. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a public pension fund.

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AUSTIN, TEXAS — New York Life Real Estate Investors has originated a $30.2 million mortgage loan for Fox Hill Apartments, a 288-unit, Class A apartment complex located at 8800 U.S. Highway 290 in Austin. Brian Eisendrath and Annie Rice of CBRE arranged the five-year, fixed-rate loan on behalf of The Praedium Group, a New-York based investment firm.

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AUSTIN — Arrive Hotels & Restaurants will open an 83-room hotel at the corner of East Sixth and Chicon streets in Austin, the company’s second location in the state capital. The 58,600-square-foot property will feature 3,500 square feet of event and meeting space, including an outdoor courtyard, as well as restaurant and retail space. Construction is scheduled for an early 2019 completion. Austin-based hospitality firm Alexa Management has been named co-developer of the project. Burton Baldridge Architects, also based in Austin, will serve as project consultant.

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IRVING, TEXAS — Bradford Commercial has arranged the sale of Las Colinas Distribution Center, a two-building, 103,054-square-foot industrial property in Irving. Located at 3242-50 N. Skyway Circle and 3241-51 W. Story Road, the properties were 100 percent occupied at the time of sale to tenants such as JMP Engineering and PCI Logistics. Brian Pafford and Jason Miller of Bradford represented the seller, a family trust from North Texas, in the transaction. Hahn Franklin-Mitchell of Younger Partners represented the buyer, Austin-based Gretzinger Investment Group LLC.

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DALLAS — Lee & Associates has negotiated a 51,555-square-foot industrial lease at 11470 Hillguard Road in Dallas. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, GLP, in the transaction. Tom Walrich of Lee & Associates represented the tenant, Supreme Custom Fabricators Inc., an Arkansas-based construction and remodeling firm.

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VANCOUVER, WASH. — Gramor Development Inc., a privately held firm based in Oregon, has secured a round of construction financing for Phase I of its $1.5 billion mixed-use project along the Columbia River in Vancouver. Known as The Waterfront Vancouver, the project will span 20 city blocks and 32 acres and feature residential, office, retail and restaurant space, as well as a Hotel Indigo. U.S. Bank provided a $42.5 million construction loan to Gramor Development for Block 6 Office and Block 6 Residential — a seven-story office building and a six-story, 63-unit apartment building. The street level of both assets will house the Shops at Waterfront Way, which will include retail and restaurants. Committed tenants include M.J. Murdock Charitable Trust at Block 6 Office and Cascade Sotheby’s International Realty and MidiCi The Neapolitan Pizza Co. at Block 6 Residential. The project team for Block 6 includes architect Ankrom Moison and general contractor Robertson & Olson. “Gramor is a driving force in revitalizing Vancouver’s waterfront and the local community,” says Ann Young, senior vice president, and Oregon market manager of U.S. Bank. “U.S. Bank is excited to be part of the project and to help bring this vibrant and unique development …

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In a major victory for subsidized housing developers and investors, the Wisconsin Supreme Court has reaffirmed longstanding principles governing the assessment of these properties. The Dec. 22, 2016 decision in Regency West Apartments LLC v. City of Racine confirms that the assessment of a subsidized housing project is a property-specific exercise that must take into account the type of federal program involved, specific restrictions on the property, and actual property income and expenses. The decision also affirms that the value of a subsidized property cannot be determined by comparison to conventional apartment properties that have no restrictions and can charge full market rents. Historical context The Wisconsin Supreme Court first upheld these principles in a 1993 case involving a Milwaukee apartment project subject to rental and other restrictions imposed by the U. S. Department of Housing and Urban Development (HUD). The assessor had valued the property based on market rents at conventional apartments, ignoring the property owner’s inability to legally charge market rents. The Supreme Court nullified the assessment, stating that the assessor had illegally assessed the property by “pretend[ing]” that the HUD restrictions did not apply. The new decision In the December 2016 decision, the Supreme Court reaffirmed the …

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