Property Type

Prime Property Investors Sells 281-Unit Apartment Complex in Metro Chicago for $60M

by Christina Cannon September 2, 2016

NAPERVILLE, ILL. — Prime Property Investors Ltd. has sold a 281-unit apartment complex in Naperville, approximately 30 miles southwest of Chicago, for $60 million, or $214,000 per unit. The Arbors of Brookdale is a Class A community and was fully occupied at the time of sale. The complex, situated on 26 acres, consists of 35 buildings, a clubhouse and 138 private garages. Amenities at the property include an indoor and outdoor pool, hot tub, sauna, fitness center, business center, tennis courts and a playground. Dan Cohen, John Jaeger and MJ Zaring of CBRE represented Prime Property Investors in the transaction. The buyer was undisclosed.

September 2, 2016

Midwest Missouri Office

Cushman & Wakefield Brokers Sale of Office Building in Kansas City Slated for a $43M Apartment Conversion

by Christina Cannon September 2, 2016

KANSAS CITY, MO. — Cushman & Wakefield has brokered the $5.7 million sale of a 207,421-square-foot office building in downtown Kansas City. Stencil Group sold the Executive Plaza Office Building, more commonly known as The Flashcube, to Worcester Investments. HOK designed the facility, which was built in 1974. The buyer plans to convert the building into a 181-unit residential property, a project expected to cost $43 million. The property is located at 710-720 Main St., and the sale included an adjacent surface parking lot.

September 2, 2016

Market Reports Retail Texas Texas Market Reports

The Prospect for Major Retail Expansion in the Rio Grande Valley is Predictable

by Haisten Willis September 2, 2016

Last summer, NAI Rio Grande Valley and Michael Uhrbrock, senior vice president of research at the University of Texas Rio Grande Valley, examined eight Rio Grande Valley cities to examine the history of retail sales between 2002 and 2014 and to forecast the future. The cities examined were McAllen, Brownsville, Harlingen, Edinburg, Pharr, Weslaco, Mission and Mercedes. We were working on a piece for the Rio Grande Valley Partnership’s Economic Development magazine. What we learned is quite interesting and presents an unusual view into the future potential for retail expansion in the Rio Grande Valley. Total retail sales in the eight cities increased $4.47 billion between 2002 and 2014. Forecasting the future required a view of low, median and high ranges of potential sales. Based on the high projections, it is anticipated that valley sales in these cities will increase by $13.68 billion between 2015 and 2030. A number of factors go into the results, but several factors are expected contribute to the expected increases. Growth in Many Sectors With 1,450,000 residents, the population of the Rio Grande Valley today is larger than that of nine states. Forecasts show the population will grow to 2.5 million by 2040, which does …

September 2, 2016

Midwest Missouri Retail Top Stories

BIG Shopping Centers, RED Development Acquire 516,268 SF Shopping Center Near Kansas City

by Christina Cannon September 2, 2016

LEE’S SUMMIT, MO. — A joint venture between BIG Shopping Centers USA and RED Development has acquired Summit Fair, a 516,268-square-foot shopping center, for an undisclosed price. Located 25 miles southeast of Kansas City in Lee’s Summit, Summit Fair is anchored by Macy’s and JCPenney. Other tenants in the open-air lifestyle center include Victoria’s Secret, Chico’s, Francesca’s and LOFT. Summit Fair boasts approximately 50 tenants. Along with the news of the acquisition, the joint venture also announced a 50,000-square-foot DICK’S Sporting Goods and a 20,000-square-foot H&M will open at Summit Fair in spring 2017. DICK’S Sporting Goods will relocate to Summit Fair from its existing store currently open at RED’s sister property, SummitWoods Crossing. An additional 5,000 square feet of space is available in the H&M building. “Summit Fair is already a dynamic, high-performing retail property serving a vibrant market, and the addition of DICK’S Sporting Goods, H&M and other top-drawing retail concepts sets the stage for continued success,” says Mike Ebert, managing partner at RED Development. The joint venture, known as BIG RED Portfolio LLC, has a portfolio consisting of 10 retail assets totaling over 3.5 million square feet in four states. Within the joint venture, BIG USA, acts primarily as a co-investment …

September 2, 2016