Property Type

Accesso Completes 3,000 SF Park at Office Property in Chicago

by Kristin Harlow May 5, 2017

CHICAGO — Accesso Partners LLC has completed a pocket park with seating for 50 between the office towers at 200 and 230 W. Monroe St. in Chicago’s West Loop. The 1.2 million-square-foot property has been renamed Monroe Plaza and is entering a second phase of upgrades. The new 3,000-square-foot park is open to employees and the public. Phase II renovations of the property will include enhancements to the lobbies, entrances, corridors and common areas of both buildings. Accesso has also named Cushman & Wakefield as the leasing broker for the office property. The leasing team consists of Andrea Saewitz, Ben Cleveland and Mark Baby.

May 5, 2017

Illinois Midwest Multifamily

SVN Arranges $1.9M Sale of Multifamily Portfolio in Rockford, Illinois

by Kristin Harlow May 5, 2017

ROCKFORD, ILL. — SVN | Chicago Commercial has arranged the sale of two multifamily buildings in Rockford for $1.9 million. Totaling 41 units, the properties are located at 902 and 948 N. Main St. Reid Bennett of SVN represented the seller, Windsor Apartments Limited Partnerships, while Cody Doran represented the buyer, Illinois FZ Property LLC.

May 5, 2017

Loans Massachusetts Northeast Office

Capital One Provides $60M Acquisition Loan for Historic Boston Seaport District Property

by Haisten Willis May 5, 2017

BOSTON — Capital One has provided a $60 million leasehold mortgage to The Davis Cos. (TDC) for the acquisition of 88 Black Falcon Ave., a pair of office/industrial buildings totaling 376,000 square feet in Boston’s Seaport District. TDC plans to make improvements including upgrades to the building’s common areas, bathrooms, elevator lobbies, entrances and restaurant/café, as well as the addition of a fitness center. Lisa Greeley of Capital One’s Boston office originated the transaction. The property is 94 percent leased, with 17 office tenants and 18 industrial tenants.

May 5, 2017

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Secures $25.5M Loan for Cambridge Apartments in Cambridge, Mass.

by Haisten Willis May 5, 2017

CAMBRIDGE, MASS. — Fantini & Gorga has secured a $25.5 million first mortgage for a 61-unit multifamily property with ground-floor retail and underground parking. The property is located at 603 Concord Ave. in the Fresh Pond/Alewife neighborhood of Cambridge. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga arranged the financing. The six-story property is comprised of a mix of studios, one- and two-bedroom units. It is 100 percent leased including 5,511 square feet of retail space. Retail tenants include an orthodontist, an eye clinic and an urgent care center.

May 5, 2017

Multifamily New York Northeast

Rosewood Arranges $15.3M Sale of Five-Building Multifamily Portfolio in NYC

by Haisten Willis May 5, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the $15.3 million sale of a five-building multifamily portfolio in the Hollis neighborhood of Queens. The portfolio consists of five two-story apartment complexes with 100 apartments and 37 parking spots. The addresses are: 196-03, 196-07 and 196-11 Jamaica Ave. and 91-15 and 91-21 196th St. The portfolio totals 45,000 square feet and the buildings were built in 1950. Black Spruce Management, a Manhattan-based real estate investment/management company, was the seller. A private investor was the buyer. Rosewood’s Aaron Jungreis brokered the deal.

May 5, 2017

Industrial Northeast Pennsylvania

Colliers Brokers $1.7M Sale of Industrial Building in Bath, Pa.

by Haisten Willis May 5, 2017

BATH, PA. — Colliers International’s Allentown office has brokered the $1.7 million sale of a 39,064-square-foot industrial building on 6.3 acres located at 7 Allen St. in Bath. The buyer, Wade Property Holding Bath LLC, will use the facility as a furniture shipment location. Kelly Berfield and Ryan Dietrick of Colliers International represented the seller, Penn Bath Properties, in the transaction.

May 5, 2017

North Carolina Office Southeast

Education Tech Firm Expands Office Footprint in Downtown Raleigh

by John Nelson May 5, 2017

RALEIGH, N.C. — VitalSource Technologies, an education and technology firm, has expanded its footprint at 227 Fayetteville in downtown Raleigh. VitalSource, which moved into the mixed-use office building in 2015, will occupy an additional 11,163 square feet, resulting in a total of 33,151 square feet on three full floors. Other tenants at the office building include RATIO Architects, Cohera Medical, Indy Week and a newly announced, 26,000-square-foot YMCA. The owner of 227 Fayetteville, LRC Properties, recently completed a $14.5 million renovation of the 10-story building. Robin Roseberry Anders of NAI Carolantic represented the landlord in the lease deal.

May 5, 2017

Healthcare Northeast Pennsylvania Top Stories

PennFIRST Designs $1.5B Hospital Pavilion for University of Pennsylvania

by Kristin Harlow May 5, 2017

PHILADELPHIA — PennFIRST is completing the planning and design process for the University of Pennsylvania’s new $1.5 billion hospital. The “Pavilion” will be situated on Penn Medicine’s West Philadelphia campus where it will create a new public square and a focal point for all surrounding buildings to anchor the health system. An official groundbreaking took place on Wednesday, May 3. The Pavilion will house inpatient care for the Abramson Cancer Center, heart and vascular medicine and surgery, neurology and neurosurgery, and a new emergency department. The project is slated for completion in 2021. Located on the former site of Penn Tower, the Pavilion will be home to about 500 new private patient rooms and 47 operating/interventional rooms in a 1.5 million-square-foot, 16-story facility. The Pavilion will be linked to the Hospital of the University of Pennsylvania and the adjacent Perelman Center for Advanced Medicine as well as the train station via a network of public bridges and walkways. Long-term flexibility was incorporated into the design so that patient rooms can be adapted and changed over time with minimal impact to the building fabric. The patient rooms will be equipped with in-room technologies to strengthen communication between patients, families and care …

May 5, 2017

Industrial Market Reports Texas Texas Market Reports

Big-Footprint Developments Lead the Way in Fort Worth Industrial Market

by Taylor Williams May 5, 2017

When Ross Perot Jr. broke ground on the world’s first industrial airport in north Fort Worth in 1988, even he didn’t realize what a big deal it would become. Named “Alliance” in recognition of the collaboration between Perot’s Hillwood, the city of Fort Worth and the Federal Aviation Administration, the project kicked off a development spree that now spans 18,000 acres. With the airport, a major intermodal yard, two Class I rail lines and a number of interconnecting highways, Alliance has had a profound impact on establishing the industrial real estate market in Fort Worth’s northern sector. The development is still going strong, but other firms such as Trammell Crow Co., IDI and Stream Realty Partners have joined the party with surrounding projects that build on Hillwood’s foundation. The latter recently completed work on a new 538,000-square-foot Northlake headquarters for Farmer Brothers Coffee, which includes a 125,000-square-foot roasting plant and 258,000-square-foot distribution center. Industrial development remains brisk in other areas of Fort Worth, too, most notably in Railhead Industrial Park, Mercantile Center and Carter Industrial Park, where Hunt Southwest is underway with a 657,000-square-foot spec project. This project follows a 301,500-square-foot facility the developer opened at the Riverbend West development …

May 5, 2017

Georgia Mixed-Use Southeast

Cousins, Gables Residential Sell Emory Point Development in Atlanta for $199M

by John Nelson May 4, 2017

ATLANTA — Cousins Properties and Gables Residential have sold Emory Point I and II, a mixed-use property in Atlanta’s Druid Hills area comprising the 750-unit Gables Emory Point and 125,000 square feet of retail space. Blackstone purchased the development for a gross price of $199 million. The project was owned through a 75/25 joint venture between Cousins and Gables Residential, and Cousins’ portion of the sales proceeds, before transaction costs and debt payments, was approximately $150 million. Tenants at Emory Point include American Threads, Fab’rik, Francesca’s, Lizard Thicket, Loft, Fresh to Order, Marlow’s Tavern, Tin Lizzy’s, CVS/pharmacy, Earth Fare, Orangetheory Fitness, Empower Yoga and Pink Barre. Paul Berry, John Whitlow, Chris Decoufle and Kevin Hurley of CBRE represented Cousins Properties and Gables Residential in the transaction. CBRE’s Robert Kadoori secured acquisition funding on behalf of Blackstone. Atlanta-based Cousins plans to sell another $150 million to $175 million worth of assets for the remainder of 2017.

May 4, 2017

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