Property Type

Whitman Family Development Wins Approval for $400M Enhancement Plan of Bal Harbour Shops

by John Nelson May 18, 2017

BAL HARBOUR, FLA. — Whitman Family Development has gained final approval from the Bal Harbour Village Council for the $400 million enhancement plan for Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour, an incorporated village near Miami Beach. The plan has been revised multiple times over the past decade, according to the Miami Herald. Whitman Family Development will add 340,387 square feet of retail space at Bal Harbour Shops, nearly doubling its footprint. The upgraded center will feature the first Barneys New York flagship store in the Southeast, upgrades to longtime anchor tenant Neiman Marcus and new dining options, including Freds at Barneys. The plan also calls for a new plaza at the shopping center’s main entrance along Collins Avenue. (Click here to view an animated video showcasing the improvements to Bal Harbour Shops.) Whitman Family Development aims to begin the early stages of the enhancement later this year, with major construction taking place in phases over the following five to six years in order to minimize the impact of construction on the surrounding area and the shopping center. “We’re thrilled to be making this major investment in the future of Bal Harbour Shops, which …

May 18, 2017

Features Multifamily Top Stories

Study: Renters Prefer Suburbs in Most Major Metros

by Taylor Williams May 18, 2017

The days of renting in the city and buying in the suburbs may have come to an end. According to a recent study from national apartment locator service RentCafé, in 19 of America’s 20 largest metros, the suburbs are attracting more renters than urban neighborhoods. Between 2011 and 2015, several metros — New York, Los Angeles, Houston, Philadelphia — experienced greater overall population growth in urban neighborhoods than in suburban ones. However, only Philadelphia saw a greater year-over-year percentage increase in the growth of renter households inside the city limits as opposed to outside of them The difference in renter households that flocked to the suburbs over the city during that period was most pronounced in Riverside, Calif., which saw an additional 42,700 households move to the suburbs. Riverside was followed by Atlanta (37,200 households), Miami (29,800 households) and Chicago (20,600 households). Cheaper rent remains the primary incentive behind the trend. Of the 20 metros surveyed, only St. Louis posted a higher average rent in its suburban areas than its urban neighborhoods. The differences in average rent between the suburbs and the city were smallest in Dallas, Phoenix, Houston and Denver. The average amount of rent saved by moving to …

May 18, 2017

Indiana Market Reports Midwest Midwest Market Reports Office

Tech Jobs, Population Surge Give Indianapolis Office Market a Big Lift

by Kristin Harlow May 18, 2017

No matter where you turn in the Indianapolis metro area, there is one common thread — change. From Mile Square to Downtown Fishers to Main Street in Speedway to Fletcher Place, all are nearly unrecognizable from a few years ago, and they are just a sampling of central Indiana commercial districts that are transforming at a rapid pace. Restaurants, retail and mixed-use developments are a big part of this rapid evolution, but the ripple effects on office real estate are taking hold. Tech jobs are catalyst Downtown Indy Inc. estimates the population in the central business district (CBD) will double from 2010 to 2020. According to the Indy Partnership, approximately 60 percent of the market’s 11,100 new jobs in 2016 came from the information technology and logistics fields. The downtown office market, where a majority of these jobs are landing, is evolving as a result of this technology job growth. In the past few years, large blocks of vacancy have plagued the Indianapolis CBD, specifically in high-rise office towers. In mid-2016, the largest of those availabilities became an asset. San Francisco-based Salesforce.com signed a new lease to consolidate operations into nearly 250,000 square feet on 11 floors in the tallest …

May 18, 2017

Arizona Multifamily Seniors Housing Western

RJ Development Buys Parcel Near Phoenix for $40M Independent Living Community

by Nellie Day May 17, 2017

CHANDLER, ARIZ. — Colliers International has brokered the sale of a 5.8-acre parcel in the Phoenix suburb of Chandler for $3.2 million. The buyer will use the land to build The Park at Copper Creek, a $40 million independent living community. RJ Development is building the property. The Park at Copper Creek Independent Living will span approximately 170,000 square feet of space across 135 units. Koelsch Communities is the sponsor of the project, and Koelsch Construction will be the general contractor. Construction will start this June for delivery in September 2018. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the seller in the land deal, Henry Bosma of Arizona Acres and Cinder Butte Properties Inc. Tim Dulany, also of Colliers International in Greater Phoenix, represented the buyer, RJ Development.

May 17, 2017

California Retail Western

RedMill Capital to Break Ground on The Shops at Livermore

by Nellie Day May 17, 2017

LIVERMORE, CALIF. — RedMill Capital and ANICO Eagle LLC will break ground this month on The Shops at Livermore, a 115,000-square-foot mixed-use development in the upscale Bay Area suburb of Livermore. The center is expected to have a variety of fashion retailers and a mix of sit-down, quick-service and fast casual restaurants. The center is immediately adjacent to San Francisco Premium Outlets, a popular outlet center in the Bay Area. The 13-acre site for The Shops at Livermore is located the intersection of El Charro Road and West Jack London Boulevard. The Shops at Livermore is scheduled to open in the summer of 2018. Julie Taylor and Stephen Rusher of Colliers International are handling leasing. RedMill Capital, based in Summit, N.J., is the developer along with finance partner ANICO Eagle, a subsidiary of American National Life Insurance Co.

May 17, 2017

California Retail Western

Passco Acquires Temescal Village Shopping Center in Corona for $16.9M

by Nellie Day May 17, 2017

CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $16.9 million. The Corona market has a retail vacancy rate of 4.4 percent, limiting opportunities for expansion in the area, and making retail space in demand, according to Todd Siegel, vice president of retail acquisitions at Passco. The center is current 93.5 percent leased to 19 tenants, including CVS/pharmacy, Citibank, Carl’s Jr., Wells Fargo, The UPS Store and Metro PCS. Passco plans to modernize the property through strategic renovations and capital improvements. Additions include redesigned landscaping and updating the facade of the center. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, a private investor, in the sales transaction. Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco through Fannie Mae.

May 17, 2017

California Office Western

Help U Buy Purchases Bayfront Office Building in San Diego for $5.2M

by Nellie Day May 17, 2017

SAN DIEGO — Help U Buy LLC has acquired the 8,656-square-foot Bayfront office building in San Diego for $5.2 million. The building is located at 2877 Historic Decatur Road within Liberty Station. Central SD Real Estate States anchors the space. The office features a conference room and board room with full audio/visual capabilities, plus a “bull pen” style layout surrounded by private offices with view of the bay. Kelly Nicholls of Lee & Associates – North San Diego County and Peter Quinn of McKinney Advisory Group, represented both the buyer and the seller, Sea Pro LLC, in this transaction.

May 17, 2017

Company News Northeast Pennsylvania Retail

Rue21 Files Chapter 11 Bankruptcy

by Haisten Willis May 17, 2017

WARRENDALE, PA. — Teen apparel retailer Rue21 filed Chapter 11 bankruptcy on Monday, May 15 with plans to reorganize and restructure its assets and debts. In April, the company began to close approximately 400 underperforming stores of the 1,179 stores that it operates. The company stated Monday that it may evaluate further store closures as it continues to manage its real estate lease portfolio. The company expects to emerge from Chapter 11 in fall 2017 with a significantly deleveraged balance sheet. The company has obtained $125 million in debtor-in-possession financing, enabling it to continue day-to-day operations, including payment of employee wages, payment of vendors and honoring customer programs, such as gift cards. Kirkland & Ellis LLP is Rue21’s legal advisor, Rothschild Inc., as its investment banker and financial advisor and Berkeley Research Group as its restructuring advisor.

May 17, 2017

Illinois Midwest Mixed-Use

McShane Completes 84-Unit Mixed-Use Property in Chicago

by Kristin Harlow May 17, 2017

CHICAGO — McShane Construction Co. has completed Clybourn 1200, an 84-unit mixed-use property in Chicago’s Old Town neighborhood. The seven-story building is located at the corner of Clybourn Avenue and Division Street and offers mixed-income housing. The property is within walking distance to several shops, restaurants and entertainment options as well as the CTA Clark/Division Red Line Station. The infill site is also easily accessible to the Kennedy Expressway. Clybourn 1200 also features 17,000 square feet of ground-floor retail space and a 25,295-square-foot parking garage. Studio, one-, two- and three-bedroom floor plans are available. Amenities include a community room, computer lab, party room and fitness center. The rooftop features a vegetable garden and bee keeping area. Brinshore-Michaels was the developer, while Pappageorge Haymes Partners served as the project architect.

May 17, 2017

Loans Midwest Missouri Multifamily

Meridian Capital Arranges $29M Bridge Loan for Acquisition of Multifamily Property in Creve Coeur, Missouri

by Kristin Harlow May 17, 2017

CREVE COEUR, MO. — Meridian Capital Group has arranged a $29 million bridge loan for the acquisition of Vanguard Heights in Creve Coeur, a western suburb of St. Louis. The luxury multifamily property consists of 174 units and is located at 10362 Old Olive St. Amenities include a fitness training studio, valet dry cleaning service, car charging station, heated salt water swimming pool and fire pit lounge area. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the 15-month loan, which features a floating rate of 250 basis points over the 30-day LIBOR rate and full-term, interest-only payments. Strategic Properties of North America was the borrower.

May 17, 2017

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