Property Type

McShane Completes Construction of 181-Unit Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow March 28, 2017

LOMBARD, ILL. — McShane Construction Co. has completed Apex 41, a 181-unit luxury apartment complex in Lombard, for developer GlenStar Properties LLC. The three-acre property is located at 2760 S. Highland Ave. across from Yorktown Shopping Center. The apartments were constructed atop a two-story parking deck. The complex incorporates a mix of studio, one- and two-bedroom units. Amenities include a community clubhouse, fitness center, yoga studio, business center and resort-style swimming pool. Stephen Rankin Associates provided architectural services, and Greystar will manage and lease the property.

March 28, 2017

Illinois Midwest Multifamily

Waterton Acquires 81-Unit Apartment Property in Chicago

by Kristin Harlow March 28, 2017

CHICAGO — Waterton has acquired an 81-unit apartment property in Chicago’s West Loop for an undisclosed price. Formerly known as Aberdeen Place, the property has been rebranded as The Aberdeen West Loop. Located at 20 N. Aberdeen St., the property is situated near Randolph Street’s Restaurant Row, Google’s Midwest headquarters and McDonald’s future global headquarters. The four-building property features a mix of studio, one-, two- and three-bedroom units. All units feature bamboo hardwood flooring, granite countertops and private patios.

March 28, 2017

Industrial Kansas Midwest

Colliers Brokers Sale of 515,132 SF Industrial Building in Olathe, Kansas

by Kristin Harlow March 28, 2017

OLATHE, KAN. — Colliers International has brokered the sale of a 515,132-square-foot industrial building located at 16600 S. Theden St. in Olathe. John Stafford of Colliers brokered the transaction on behalf of the buyer, Himoinsa Power Systems Inc., while Mike Mitchelson of CBRE represented the seller, Lone Elm 515 LLC. The sales price was not disclosed.

March 28, 2017

Illinois Midwest Retail

Adelphia Arranges Sale of 4,765 SF Retail Building in Chicago Suburb

by Kristin Harlow March 28, 2017

NORTH RIVERSIDE, ILL. — Adelphia Properties has arranged the sale of a 4,765-square-foot retail building in North Riverside, a suburb of Chicago. The sales price was not disclosed. The building is located at 8409 W. Cermak Road. Tenants include Sliccily Pizza Pub, Lacey’s Place and a law office. Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. A Chicago-based investment group purchased the property.

March 28, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

XIN Development International Receives $108M Construction Loan for Mixed-Use Development in Hell’s Kitchen

by Katie Sloan March 28, 2017

NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan

March 28, 2017

Arizona Market Reports Mixed-Use Western Western Market Reports

Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

by Camren Skelton March 28, 2017

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. The balance between schedule shifts and a backlog of work has proven particularly challenging for the entire industry, and presumably shows no sign of relief. For optimal success, teams must diligently focus on cross-functional communication, design-build principles and early strategic planning to protect from the pitfalls of 2017’s momentum. Focusing on this early planning gives clients two of the greatest advantages available in our current building climate: a forum for unearthing issues proactively and time to plan for solutions. In cases where design-build isn’t possible, teams can still capture the benefits of this concept by getting the right knowledge leaders at the table early on, providing significant results to project cost savings, resource management and logistics planning. The Labor Issue While the industry jockeys …

March 28, 2017

Massachusetts Northeast Office

Senior Housing Properties Trust Forms Joint Venture to Own Life Science Buildings in Boston’s Seaport District

by Haisten Willis March 27, 2017

BOSTON — Senior Housing Properties Trust (NASDAQ: SNH) has formed a joint venture with a sovereign institutional investor to own 11 Fan Pier and 50 Northern Ave. in Boston. The investor will contribute $261 million for a 45 percent equity interest in the new venture, and SNH will own the remaining 55 percent. The investment amount is based on a property valuation of $1.2 billion, less $620 million of existing secured debt on the property. Senior Housing Properties Trust acquired the property included in the joint venture in May 2014 for $1.1 billion. It consists of two 15-story, LEED Gold-certified life science buildings with structured parking located in Boston’s Seaport District. The two buildings are 95 percent leased to Vertex Pharmaceuticals through 2028 and include 1.1 million square feet of lab, office and retail space. Senior Housing Properties Trust expects to use the cash proceeds from the transaction to repay a portion of the amounts outstanding under its revolving credit facility. Eastdil Secured acted as Senior Housing Properties Trust’s advisor and Sullivan & Worcester LLP provided legal counsel to the company in the transaction. SNH is a publicly traded REIT that invests in seniors housing, medical office buildings, wellness centers and …

March 27, 2017

Loans Multifamily New Jersey Northeast

HFF Arranges $32.5M Financing for Apartment Property in Jersey City, N.J.

by Haisten Willis March 27, 2017

JERSEY CITY, N.J. — HFF has arranged $32.5 million in financing for the development of a 163-unit apartment property in Jersey City. HFF worked on behalf of the developer, a joint venture between The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments to secure the construction loan through M&T Bank. The project is part of the New Jersey City University (NJCU) west campus master plan, also known as University Place. Situated three blocks from NJCU’s main campus, university place will encompass 22 acres with more than 200,000 square feet of retail, 110,000 square feet of education space and a 425-bed student housing community. The development will be the first phase of University Place’s market-rate unit component, which will total 600 units at full build out. The project will feature a mix of studio, one- and two-bedroom units along with more than 10,000 square feet of ground-floor retail and 177 parking spaces. Jon Mikula and Michael Klein led the HFF debt placement team representing the borrower.

March 27, 2017

Multifamily New York Northeast

RXR Realty to Develop The Beacon Condominium Project in Glen Cove, N.Y.

by Haisten Willis March 27, 2017

GLEN COVE, N.Y. — RXR Realty is developing The Beacon, a condominium project that’s part of the $1 billion Garvies Point development on 56 acres in Glen Cove. RXR Realty has unveiled a model residence for The Beacon, which will be the first condominium property scheduled to open at the project, and sales begin this month. Studio Grella is the design firm for the project. The Beacon will offer one-, two- and three-bedroom residences ranging from 897 to 2,052 square feet. The 167-unit property will be located near Glen Cove creek, Garvies Point Preserve and Long Island Sound. Amenities will include an outdoor pool, fitness center and yoga studio, library, lounge, club room, screening room and marina.

March 27, 2017

Massachusetts Northeast Retail

New England Retail Properties Brokers 22,140 Lease to Planet Fitness in Springfield, Mass.

by Haisten Willis March 27, 2017

SPRINGFIELD, MASS. — New England Retail Properties has brokered a 22,140-square-foot retail lease to Planet Fitness at the corner of Parker Street and Boston Road in Springfield. Matthew Halprin of New England Retail Properties was the only real estate broker involved in the transaction. T & R Fitness, the western Massachusetts Planet Fitness franchisee, now operates nine full-service facilities in the region. The property was previously a Circuit City electronics store that closed several years ago. Basser Kaufman 312 LLC is the landlord.

March 27, 2017

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