Property Type

Anthem Opens $12.5M, 82-Bed Memory Care Community in Illinois

by Christina Cannon July 21, 2016

TINLEY PARK, ILL. — Anthem Memory Care has opened its ninth community, Porter Place, in Tinley Park, approximately 30 miles southwest of Chicago. Development costs were estimated at $12.5 million for the 82-bed memory care community. LTC Properties Inc., a real estate investment trust that primarily invests in seniors housing and healthcare properties, financed the development and construction. CB Two Architects designed the community. Adair Group and Pickus Construction served as general contractors. Woolpert Inc. handled civil engineering services.

July 21, 2016

Hospitality Michigan Midwest

NAI Wisinski Brokers Sale of Land for Future Hotel Development in Michigan

by Christina Cannon July 21, 2016

HOLLAND, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 2.5-acre plot of land in Holland, approximately 30 miles southwest of Grand Rapids, which will be home to a new hotel. The Home 2 Suites by Hilton will be located on West Shore Drive. The extended-stay hotel will be pet friendly and feature full kitchens. Doug Taatjes of NAI Wisinski of West Michigan represented the seller, West Shore Investors LLC. Berkshire Hathaway’s Cheri Renfeld represented the buyer, IMDC Acquisitions LLC.

July 21, 2016

Iowa Midwest Multifamily Seniors Housing

Hubbell Realty to Break Ground on $12M, 60-Unit Assisted Living Community in Des Moines

by Christina Cannon July 21, 2016

DES MOINES, IOWA — Hubbell Realty Co. will break ground July 28 on Edencrest at Beaverdale, an assisted living and memory care community in Des Moines. The community will feature 30 units each of assisted living and memory care. Development costs are estimated at $12 million. When completed, Senior Housing Management will operate the community. Edencrest at Beaverdale will be Hubbell’s third community, all located within the greater Des Moines area. The company is also planning to build two more Edencrest communities in the region.

July 21, 2016

Illinois Industrial Midwest

Principle Construction Finishes Work on 70,000 SF Industrial Project in Illinois for Saia

by Christina Cannon July 21, 2016

GRAYSLAKE, ILL. — Principle Construction Corp. has completed two industrial buildings for Saia LTL Freight. The buildings, located at 2260 S. Midlothian Road in Grayslake, will serve as administrative, maintenance and operations space for Saia. The two buildings are situated on 33 acres and total 70,000 square feet. Amenities at the property include 16-foot clear heights, over 100 docks and a fueling facility with 12 service bays and two wash bays. The project also features parking for 94 automobiles, 294 trailers, 34 tractors and 30 dollies. Larry L. Christian Architects designed the project, and Cushman & Wakefield represented Saia.

July 21, 2016

Industrial New York Northeast Top Stories

GFI Brokers $195M Sale of 656,000 SF Warehouse in Queens

by John Nelson July 21, 2016

NEW YORK CITY — GFI Realty Services LLC has arranged the $195 million sale of 23-02 49th Ave., a seven-story, 656,000-square-foot warehouse in the Long Island City section of Queens. The property is fully occupied by three tenants whose leases are expiring in 2020: the New York City Housing Authority, Eagle Transfer Co. and Mayo Studios. The undisclosed buyers plan on converting the building into office space upon the termination of the current leases. According to Crain’s New York, the buyers are Westbrook Partners, a privately owned real estate investment management firm, and investor Andrew Chung, a former executive with the Carlyle Group. Crain’s reports the sellers are Ruby Schron and the Fruchthandler family. “Long Island City office is booming, and industrial conversion is bringing many new office properties to market,” says Yisroel Pershin, director of GFI Realty. “Once the property is converted to office use, the buyers anticipate strong leasing activity because of the unmet demand for creative office facilities and the ability to offer space at a 50 percent discount to Manhattan rates.” Pershin and Yosef Katz of GFI Realty brokered the sale of the warehouse, which traded at a capitalization rate below 3 percent. “The extremely low …

July 21, 2016

Indiana Market Reports Midwest Midwest Market Reports Multifamily Uncategorized

College Students, Tech Jobs Are Drivers of Niche Apartment Construction

by Christina Cannon July 21, 2016

Growth in the Indianapolis downtown multifamily market is as dynamic as the city itself. Since 2013, 3,000 units have been delivered and leased up rapidly. The vacancy rate registers 4.5 percent in a submarket that historically has seen vacancy rates of around 8 percent. Demand is healthy and growth continues, with another 283 units scheduled for delivery by the end of this year. A unique contributor to this multifamily construction boom is the downtown campus of Indiana University-Purdue University Indianapolis (IUPUI), the IU Law School and the IU Medical School. A sudden building spree of more than $100 million of student-focused projects is occurring downtown near IUPUI. With more than 1,000 units currently under construction or in the works, these new deliveries signal a real change for IUPUI from a commuter orientation to that of a residential campus. These off-campus locations will likely appeal to young professionals as well, and savvy developers are making certain to provide conventional units as part of their mix. The largest such development currently under construction is Trinitas Ventures’ 193-unit, 669-bed project at the northeast corner of Michigan Street and Capitol Avenue. Known as Lux On Capitol, the student housing development is due to open …

July 21, 2016

California Retail Western

Regency Acquires Klahanie Shopping Center in Metro Seattle for $36M

by Nellie Day July 20, 2016

ISSAQUAH, WASH. — Regency Centers Corp. has acquired Klahanie Shopping Center, a grocery-anchored shopping center located in the Seattle suburb of Issaquah, for $36 million. A 40,000-square-foot Quality Food Centers (QFC) anchors the property. Tenants at the center include Starbucks Coffee, Great Clips, Wells Fargo and Subway.

July 20, 2016

California Multifamily Seniors Housing Western

Richman Group Completes 95-Unit Affordable Seniors Housing Community in Fullerton

by Nellie Day July 20, 2016

FULLERTON, CALIF. — The Richman Group of California Development Company has completed construction of Ventana, a 95-unit affordable seniors housing community in Fullerton. The six-story, 130,000-square-foot midrise building on 0.6 acres features 3,200 square feet of retail space and a subterranean parking garage. The community is already fully leased. Richman Property Services will operate and handle leasing for Ventana. Irwin Partners of Costa Mesa was the architecture firm and Cannon Constructors of San Diego was the general contractor. City of Fullerton Housing Bonds, tax credit funds and Bank of America all provided financing for the project. Founded in 1987, The Richman Group is a residential real estate investment, development and asset management firm based in Connecticut. The California branch is based in La Jolla.

July 20, 2016

Arizona Retail Western

Marcus & Millichap Arranges $3.4M Sale of Raising Cane’s in Arizona

by Nellie Day July 20, 2016

CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $3.4 million sale of a 3,616-square-foot, net-leased property occupied by Raising Cane’s in Casa Grande. Jamie Medress and Mark Ruble of Marcus & Millichap represented the seller, an undisclosed developer, and secured and represented the buyer, an undisclosed limited liability company, in the transaction.

July 20, 2016

California Retail Western

Irvine Co. Adds Seven Tenants to Santa Clara Square Marketplace in Silicon Valley

by Nellie Day July 20, 2016

SANTA CLARA, CALIF. — Irvine Co. Retail Properties has added seven new tenants to Santa Clara Square Marketplace, a 125,000-square-foot shopping center located in Silicon Valley. New additions include Sur La Table, Lula’s Chocolates, Specialty’s Café & Bakery, Opa!, CorePower Yoga, Books Inc. and COMEBUY Drinks. Sur La Table and Lula’s Chocolates are set to open this summer, with the rest of the new retailers opening later this year. The shopping center is located within the 100-acre, master-planned community of Santa Clara Square.

July 20, 2016

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