Property Type

Flex-N-Gate Signs 288,000 SF Industrial Lease in Chicago

by Kristin Harlow May 24, 2017

CHICAGO — Flex-N-Gate has signed a 288,000-square-foot industrial lease on Chicago’s south side. The property, slated to open early next year, is located at 2924 126th St. The automotive equipment supplier will begin its lease of the facility in January 2018 and will convert the existing warehouse into a modern automotive operation that will serve multiple automakers, including the nearby Ford Chicago Assembly Plant. Conversion of the space is slated for completion by the first quarter of 2019. Flex-N-Gate has entered into a 10-year Economic Development for a Growing Economy (EDGE) partnership with the State of Illinois and the City of Chicago. Through the partnership, Flex-N-Gate has committed to hiring at least 286 full-time employees over the next three years and investing $30 million into the facility over the next 10 years. The firm will receive various tax credits and abatements during the 10-year period. CBRE Asset Services manages the property and surrounding Chicago Manufacturing Campus. Mitch Adams and George Maragos of CBRE represented ownership in the transaction, while Jason West and Mike Magliano of Cushman & Wakefield represented Flex-N-Gate.

May 24, 2017

Illinois Industrial Midwest

PREMIER to Construct 49,835 SF Headquarters Expansion for ECHO in Lake Zurich, Illinois

by Kristin Harlow May 24, 2017

LAKE ZURICH, ILL. — PREMIER Design + Build Group is constructing a 49,835-square-foot expansion for ECHO Inc.’s headquarters in Lake Zurich, a suburb of Chicago. The new addition will bring the outdoor power equipment supplier’s corporate campus to 578,000 square feet of office and manufacturing space. The property is situated on 35 acres at 400 Oakwood Road. The new parking lot will feature space for 212 cars. Mark Melone, Samantha Skopek and Tom Johnson of PREMIER are responsible for the project. Stephen Rankin Associates is the architectural firm for the expansion. Structurelogic Inc. is providing structural engineering expertise, while Kimley-Horn is providing civil engineering services.

May 24, 2017

Midwest Office Ohio

Health Care Company Enters Into 15,000 SF Office Lease in Centerville, Ohio

by Kristin Harlow May 24, 2017

CENTERVILLE, OHIO — Premier Independent Quality Services (PIQS) has entered into a 15,000-square-foot office lease in Centerville, about 20 miles south of Dayton. The property, now fully leased, is located at 6501 Centerville Business Parkway. PIQS is a local health care agency that provides home health care and non-medical transportation to Medicaid recipients and private sectors. Chris Carey and Beau Nimer of CBRE represented the landlord in the lease transaction.

May 24, 2017

Illinois Midwest Multifamily

BARBERMurphy Arranges Sale of 16-Unit Apartment Property in O’Fallon, Illinois

by Kristin Harlow May 24, 2017

O’FALLON, ILL. — BARBERMurphy Group has arranged the sale of a 16-unit apartment property in O’Fallon, 17 miles east of St. Louis. The sales price was not disclosed. The 16,880-square-foot property is located at 109-111 Sugar Pine Lane. BARBERMurphy represented both the buyer, Sugar Pine Apartments LP, and the seller, Pineview Inc.

May 24, 2017

Florida Multifamily Southeast

Allen Morris Co. Opens $73M Apartment Community in Tampa Bay Area

by John Nelson May 24, 2017

ST. PETERSBURG, FLA. — The Allen Morris Co. has opened The Hermitage Apartment Homes, a $73 million multifamily community located at 151 7th St. in downtown St. Petersburg. The Tampa Bay-area property features 348 studio apartments, as well as one- and two-bedroom units. The community also displays artwork in the lobby in homage to its namesake, the Hermitage Art Museum in St. Petersburg, Russia. Community amenities include a rooftop pool and spa, outdoor grilling area, fitness center, pet spa, bike shop and storage and private dining and meeting areas. The Hermitage is Allen Morris Co.’s 81st development.

May 24, 2017

North Carolina Office Southeast

Sealed Air Opens New Office, R&D Campus in Charlotte

by John Nelson May 24, 2017

CHARLOTTE, N.C. — Sealed Air Corp., the company behind brands such as Bubble Wrap and Cryovac, has opened its new office and research campus within LakePointe Corporate Center in Charlotte. Situated south of the Charlotte Douglas International Airport, the project features two office buildings totaling 220,000 square feet, a 170,000-square-foot research and development laboratory and two parking decks. Designed by Atlanta-based tvsdesign, the property is expected to house 1,300 of Sealed Air’s employees. Amenities at the campus include a fitness center, cafeteria and social spaces, including an outdoor pavilion.

May 24, 2017

Georgia Multifamily Southeast

Terwilliger Pappas Breaks Ground on 290-Unit Apartment Property in Metro Atlanta

by John Nelson May 24, 2017

DECATUR, GA. — Terwilliger Pappas has broken ground on Solis Decatur, a 290-unit apartment community that will be situated within the North Decatur Square mixed-use development in Decatur, a suburb of Atlanta. The property will be the multifamily component of the development, which will feature 89,000 square feet of retail and restaurant space leased to tenants including 365 by Whole Foods. Terwilliger Pappas partnered with SJ Collins Enterprises to develop Solis Decatur on an 11-acre parcel about a mile outside of downtown Decatur. JP Morgan and Atlantic Creek provided construction financing.

May 24, 2017

Georgia Loans Seniors Housing Southeast

BMO Harris Provides $44.2M in Financing for Seniors Housing Community Near Atlanta

by John Nelson May 24, 2017

DECATUR, GA. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed $44.2 million in construction and mini-perm financing for Solomon Holdings. The capital will be used to build The Holbrook of Decatur, a 200-unit seniors housing community in the Atlanta suburb of Decatur. The community will feature 71 independent living units, 96 assisted living units and 33 memory care units. The upscale property is located near Emory University and will feature multiple dining venues, a spa and indoor pool. Choate Construction Co. will build the community, which CDH Partners designed. Once completed, Speak Life Management will be the operator. Construction began in April, and an estimated completion date has not yet been announced.

May 24, 2017

Hospitality Loans New York Northeast

Gehr Group Completes $181M Recapitalization for Gehr Hospitality in NYC

by Haisten Willis May 24, 2017

NEW YORK CITY — The Gehr Group has arranged $20 million in financing from MidFirst Bank for the leasehold interest in the Fairfield Inn & Suites Manhattan/Times Square, completing a $181 million recapitalization of the New York assets held by its newly formed subsidiary, Gehr Hospitality. The first phase of the recapitalization took place in July 2016, when the company secured a $60 million loan from French bank Natixis for the fee interest in the Fairfield Inn & Suites Manhattan/Times Square, a $46.7 million loan from Wells Fargo for the fee interest in the Four Points by Sheraton/Midtown Times Square, and a $54.5 million loan from Guardian Life Insurance Company for the leasehold interest in the Four Points by Sheraton / Midtown Times Square.

May 24, 2017

Mixed-Use North Carolina Office Southeast

F.N.B. Corp. to Anchor 22-Story Mixed-Use Tower in Downtown Raleigh

by John Nelson May 24, 2017

RALEIGH, N.C. — F.N.B. Corp., parent company of First National Bank, has signed on as the anchor tenant of a planned 22-story office and residential tower at 501 Fayetteville St. in downtown Raleigh. Named FNB Tower, the project will feature 150,000 square feet of Class A office space, 240 residential units and street-level retail space, including a branch of First National Bank. F.N.B. Corp. will occupy more than 40,000 square feet of office space with options to expand to accommodate future growth. The developer, Dominion Realty Partners, is aiming for FNB Tower to be LEED Platinum-certified. The groundbreaking for FNB Tower will take place this December, with delivery anticipated by the summer of 2019. CBRE | Raleigh will handle FNB Tower’s office and retail leasing responsibilities, and Dominion Realty will manage the property once complete. Gregg Broujos and Kathy Gigac of Colliers International and David Thor of JLL represented F.N.B. Corp. in the lease transaction.

May 24, 2017

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